Phoenix Group and Green Data City to Forge $300M Crypto-Mining Haven in Oman
In a notable event that transpired on August 14, 2023, Green Data City located in Muscat and the Phoenix Group based in Abu Dhabi joined forces to establish an agreement for the development of a crypto-mining facility boasting a substantial 150 megawatt capacity in Oman.
This pivotal occasion took place at the Ministry of Transport, Communication and IT, in the esteemed presence of H.E. Minister Saeed Al Maawali and H.E. Hisham Malak, a Board Member of Phoenix Group and also the Undersecretary of the Department of Finance in Abu Dhabi.
Anticipated to be operational by the second quarter of 2024, this mining farm is set to be situated within the confines of Green Data City, ultimately positioning itself as one of the most expansive and advanced crypto-mining data centers within the region.
Notably, Phoenix Group holds a prominent status as a regional frontrunner in the realm of mining equipment, gaining additional backing from MicroBT. Their robust expertise in mining endeavors within the Middle-East is well-regarded. In fact, the company behind the installation of the largest mining farm in the Middle East is spreading its roots beyond the region, as the team is developing a large-scale site in the US that will utilize advanced technologies, such as immersive cooling.
Back to the project, the location selection process for the venture was meticulously conducted, culminating in the choice of the Sultanate of Oman. The driving factors behind this decision encompass the enduring security guaranteed by the mining license of Green Data City, a shared vision aligned with the Ministry of Transport, Communication and IT for the cultivation of cryptocurrency mining and artificial intelligence applications, and the climatic advantage offered by Oman’s cooler climate, specifically within the Dhofar region.
This climatic attribute significantly minimizes cooling energy consumption, rendering Oman a paragon of sustainability for mining activities in the region.
Showing a strong dedication to taking care of the environment and society, the people in charge of the project have clearly stated their detailed plan. The envisaged USD $300 million farm will be erected using modular units to mitigate ecological impact, deploying solar shades, and enlisting specialized technicians from the local community.
This endeavor extends its impact to the educational realm as well, as it plans to foster engagement with younger students and recent graduates through partnerships with Omani universities. This collaboration stems from a forward-looking aspiration to fortify the nation’s competence in the domains of cryptocurrencies, avant-garde finance, and innovative IT practices.
Progressing from the proof-of-concept phase launched in November 2022, Green Data City has already accomplished significant strides. Notably, four mining enterprises from Oman and an international participant were involved, all facilitated by immersion cooling systems to decrease excessive water consumption.
Moving forward, Green Data City will persist in allocating mining capacities under the guidance of the Ministry of Transport, Communication and IT. This commitment encompasses the establishment of a steady ecosystem for crypto infrastructure, characterized by diminished power consumption, integration of renewable energy sources, and enduring contracts tailored to miners’ needs.
