Muscat-based Green Data City has joined forces with Abu Dhabi’s Phoenix Group to develop a $300 million crypto-mining farm in Oman.
The 150-megawatt farm, which will be one of the largest crypto-mining data centres in the region, will be installed in Green Data City, the entities said in a joint statement.
The farm is expected to be fully operational by the second quarter of next year.
Crypto-mining farms are large-scale facilities designed to mine cryptocurrencies such as Bitcoin and Ethereum using a complex network of software and computers.
The mining process involves solving intricate mathematical calculations and algorithms to authenticate transactions and produce new digital currencies.
These calculations harness a lot of computer resources, which results in extremely high energy usage.
Founded in 2016, Phoenix Group manages 725MW across global mining facilities, with a presence spanning North America and the Emirates.
This article is from The National