Phoenix Group Partners with Green Data City to Launch a $300 Million Crypto Farm in Oman
Muscat's Green Data City and Abu Dhabi's Phoenix Group have partnered to construct a $300 million crypto-mining farm in Oman, making it one of the largest crypto-mining data centers in the region.
The 150-megawatt farm will be located in Green Data City and is projected to become fully operational by the second quarter of the next year.
Crypto-mining farms are expansive facilities dedicated to the mining of cryptocurrencies like Bitcoin and Ethereum through sophisticated software and computer networks.
Phoenix Group, established in 2016, specializes in managing 725MW across mining facilities worldwide and operates as the exclusive distributor of MicroBT mining equipment.
The mining process entails solving complex mathematical calculations and algorithms to validate transactions and generate new digital currencies, but this process consumes significant computer resources, leading to high energy consumption.
A mining farm is being established in Oman by these entities due to the secure environment provided by Green Data City's mining license and the region's cooler weather, particularly in Dhofar.
The favorable climate will lower energy consumption in the mining farms.
Green Data City holds the first sustainable crypto-mining license in Oman, encouraging industrial mining companies to register and operate within the city's development.
The city's development includes 200MW mining capacity in the first phase and plans to expand to a 400MW hyperscale data center capacity in the second phase, alongside various downstream activities like renewable energy, hydrogen production, desalination, and more.
The new facility will utilize modular units to minimize land impact and incorporate solar shades, with a focus on employing specialized local technicians.
In a bid to enhance the country's expertise in cryptocurrencies and next-generation finance, Oman universities are collaborating with students and recent graduates to provide them exposure to mining operations.
This partnership aims to bolster the nation's capabilities in the cryptocurrency sector.
However, the cryptocurrency industry has faced persistent price declines since the previous year.
(Alkesh Sharma / The National News)