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.

The cooler weather substantially reduces the energy consumption required for cooling, setting Oman apart from other regional locations.

The deployment of the crypto-mining venture will begin with the utilization of the Avalon Box mining container, which incorporates immersion cooling technology. Moreover, the project has the potential to incorporate Canaan's advanced products, including the latest series A14 Avalon miners known for their efficiency of 20 joules per terahash (J/T). The products are expected to be deployed in 2024.

This collaboration underscores the growing interest in crypto mining in the region and the substantial benefits that Oman offers to the crypto-mining industry. As a matter of fact, on August 14, 2023, Green Data City in Muscat and the Phoenix Group in Abu Dhabi forged a partnership to create a 150-megawatt crypto-mining facility in Oman, with operations expected to commence in the second quarter of 2024.

The facility, hosted at Green Data City, will stand as one of the largest and most advanced crypto-mining data centers in the region.