Pact signed for new $300mln crypto-mining farm in Oman

Pact signed for new $300mln crypto-mining farm in Oman

MUSCAT: Reinforcing Oman’s appeal as a destination for data center and cryptocurrency mining services, Muscat-based Green Data City and Abu Dhabi-headquartered Phoenix Group have signed an agreement to develop a 150MW crypto-mining farm in Oman.

The agreement was formalised at a ceremony held recently in the presence of Eng Said al Maawali, Minister of Transport, Communications and Information Technology, and Hisham Malak, Board Member of Phoenix and Under-Secretary of the Department of Finance of Abu Dhabi.

The new farm will be installed in Green Data City and should be fully operational by Q2 2024, becoming one of the largest crypto-mining data centers in the region. Phoenix Group is a regional leader of mining equipment backed by MicroBT, with strong expertise in mining operations in the Middle-East.

The signatories of the agreement have chosen the Sultanate of Oman due to the long-term security provided by the Green Data City mining license, the common vision to develop cryptocurrencies mining and AI applications with the Ministry of Transport, Communication and IT, and the cooler weather in Oman, in particular in the Governorate of Dhofar, which reduces the cooling energy consumption to a minimum, making Oman one the most sustainable destination for mining in the region.

Environmental and