Phoenix Group's Lead Sets Stage for Canaan and Green Data City's Crypto-Mining Venture in Oman

Green Data City, based in Oman, and Canaan Creative, a Singaporean company listed on Nasdaq (CAN), have entered into a joint mining agreement to kickstart a pioneering crypto-mining initiative in Oman. The partnership's pilot phase will be established within Green Data City's facility, with an option for Canaan to scale up the operation to a total capacity of 100 megawatts (MW).

Canaan Creative is the first company to manufacture mining machines exclusively for cryptocurrencies. It is also the first publicly traded company among industry leaders in crypto miner production. Additionally, Canaan is involved in the development of AI chips through its Kendryte brand. Mining operations are slated to commence in the fourth quarter of 2023.

Oman was chosen as the location for this initiative due to several compelling factors. The long-term security offered by Green Data City's mining license, the stability of the Omani Government's energy policies, and the naturally cooler climate in southern Oman were decisive factors.