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

MUSCAT: Reinforcing Oman’s attraction as a vacation spot for knowledge middle and cryptocurrency mining providers, Muscat-based Inexperienced Information Metropolis and Abu Dhabi-headquartered Phoenix Group have signed an settlement to develop a 150MW crypto-mining farm in Oman.

The settlement was formalised at a ceremony held lately within the presence of Eng Stated al Maawali, Minister of Transport, Communications and Info Expertise, and Hisham Malak, Board Member of Phoenix and Below-Secretary of the Division of Finance of Abu Dhabi.

The brand new farm will likely be put in in Inexperienced Information Metropolis and needs to be totally operational by Q2 2024, turning into one of many largest crypto-mining knowledge facilities within the area. Phoenix Group is a regional chief of mining gear backed by MicroBT, with sturdy experience in mining operations within the Center-East.

The signatories of the settlement have chosen the Sultanate of Oman because of the long-term safety supplied by the Inexperienced Information Metropolis mining license, the widespread imaginative and prescient to develop cryptocurrencies mining and AI purposes with the Ministry of Transport, Communication and IT, and the cooler climate in Oman, specifically within the Governorate of Dhofar, which reduces the cooling vitality consumption to a minimal, making Oman one probably the most sustainable vacation spot for mining within the area.

Environmental and social accountability being on the high of the mission assertion, the builders will construct the $300 million farm with modular models to cut back the influence on the land, set up photo voltaic shades, and make use of specialised technicians from the local people. Youthful college students and graduates will be capable of get acquainted with the mining operations via a partnership with universities in Oman, in a long-term imaginative and prescient to strengthen the nation’s capabilities on cryptocurrencies, subsequent era finance, and IT innovation.

GDC has already accomplished the proof-of-concept part began in November 2022, with 4 mining firms on website (4 miners from Oman and one worldwide), and with probably the most superior immersion cooling techniques to keep away from consuming water. Inexperienced Information Metropolis will proceed to allocate mining capacities, underneath the management of the MTCIT, and to supply a secure eco-system for crypto infrastructure, with energy consumption discount, renewable electrical energy, and long-term contracts for miners.

Inexperienced Information Metropolis LLC operates the primary license for sustainable crypto-mining in Oman since 2022. Worldwide mining firms can register and function in Inexperienced Information Metropolis with long run agreements. The primary part of improvement consists of 200MW of mining capability, the second part will attain 400MW hyperscale knowledge middle capability with pure cooling, renewable energies and downstream purposes. Actual property and hospitality investments will be a part of the event of the brand new eco-system, and create the following era knowledge & blockchain eco-system within the area.

Based in 2016, the Phoenix Group manages 725MW throughout world mining amenities, with a presence spanning Canada, North America, CIS, and the UAE. With a powerful worldwide presence, the Group operates various places and employs over 177 professionals from 16 totally different nationalities. Providers supplied embody mining, internet hosting, and cooling, alongside investments in web3 applied sciences and controlled digital asset exchanges. It has lately added systematic buying and selling to its various portfolio of companies.

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