Crypto-mining: Oman’s Green Data City signs agreement with Phoenix

Phoenix Group and the Green Data City d’Oman have signed a agreement for the financing of 300 million dollars to build a crypto-mining center from 150 MW.

Unveiled at the end of 2022, the Green Data City d’Oman is the first and only licensed crypto-currency mining entity in the country.

According to ArabianBusinessthe latter joined forces with Phoenix Groupa company founded in 2016 in Abu Dhabi that manages more than 700 MW worldwide, to build a 150 MW farmscheduled to open in 2024.

The $300 million deal follows a proof-of-concept phase launched last November with several miners, taking advantage of immersion cooling systems that consume no water.

Green Data City operates the first sustainable crypto-mining license in Oman, in the cooler climate of Salalah. Under this license, industrial mining companies can now register directly with GDC Mining and operate within the development,” reads the initiative’s website.

Phoenix Groupwhich is also the exclusive distributor for Chinese manufacturer MicroBT, has chosen Oman due to the country’s “relatively cooler” climate, particularly in the Dhofar. Also, ArabianBusiness cites the entities’ “shared vision” of developing crypto mining andAI with the Ministry of Transport, Communication and Information Technology.

Read:  Filecoin (FIL) in SEC's crosshairs, Grayscale alerts

The first phase of the Oman’s Green Data City will include a mining capacity of 200 MW, the second phase will reach a hyperscale data center capacity of 400 MW and will develop downstream activities, notably around renewable energies, according to its website.

The Middle East is a region increasingly turned towards crypto. At United Arab EmiratesDubai and Abu Dhabi have become hubs for this burgeoning industry. Kuwait, however, recently imposed a complete ban, including on mining.

Follow RoyalsBlue.com on TwitterLinkedin, Facebook or Telegram so you don’t miss a thing.

The Best Online Bookmakers July 13 2024

BetMGM Casino

BetMGM Casino

Bonus

$1,000