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Phoenix Group & Green Data City Plan Crypto Farm In Oman

The $300 million facility is expected to be fully operational by Q2 2024.

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phoenix group and green data city plan crypto farm in oman

Muscat-based Green Data City has teamed up with Abu Dhabi’s Phoenix Group to build a $300 million crypto farm facility in the Gulf state of Oman.

The 150-megawatt data farm will be one of the largest crypto-mining centers in the region and is expected to be fully operational by the second quarter of 2024.

green data city and phoenix group partnership oman crypto farm

Crypto-mining farms are large facilities filled with racks of PCs sporting high-end GPUs. They are designed to mine cryptocurrencies such as Bitcoin and Ethereum using a complex network of software and computers. The process involves solving intricate mathematical calculations to produce new digital currencies — something that requires massive computer resources and lots of electrical power.

Green Data City and the Phoenix Group chose Oman for their mining farm due to the long-term security of the license terms and the comparatively cooler weather in the country’s Dhofar region, which should help to reduce energy consumption.

The first development phase will output 200MW of mining power, while the second phase will reach 400MW, creating a hyperscale data center with downstream activities that will include renewable energy and hydrogen production, desalination, food production, and cosmetics.

Also Read: Help Scout Review: The Only Help Desk Software You’ll Ever Need

The developers will build the new facility in modular sections to reduce environmental impact and intend to install solar shades and employ specialized local technicians.

Oman’s economy is now on a solid footing as the Gulf country forges ahead with its economic diversification initiatives, backed by favorable oil prices and successful fiscal reforms during a time of stable inflation.

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LEAP 2024 Will Shine A Light On Female Innovators In Technology

Women comprise nearly a third of the event’s speaker lineup alongside a dedicated program of high-level content, investment, and mentorship.

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leap 2024 will shine a light on female innovators in technology

LEAP 2024, a premier global technology event, will highlight the achievements of women in the technology sector as it returns for its third edition at the Riyadh Exhibition and Convention Centre in Malham district from March 4 to 7.

Hosted by Tahaluf, a strategic collaboration between Informa PLC, the Events Investment Fund (EIF), and the Saudi Federation for Cybersecurity, Programming, and Drones (SAFCSP), LEAP 2024 will feature a dedicated program titled “Women in Tech”. The program will offer enriching content, investment opportunities, networking sessions, mentorship programs, and a special startup award.

leap 2024 event women in tech

The initiative aims to inspire women to actively participate in the technology industry, aligning with broader diversity efforts. Reflecting the Kingdom’s commitment to equality, the focus on “Women in Tech” coincides with the increasing female participation at LEAP events.

Annabelle Mander, Senior Vice President of Tahaluf, emphasized the event’s commitment to gender inclusivity, stating, “Female representation is across all of LEAP’s features and reflects the event’s mission of driving economic diversification and providing market access to international business. Within Tahaluf itself, half of our team members are women, and women make up half of our SMT, too”.

Also Read: Saudi Arabia Aims For 70% Cashless Transactions By 2025

The “Women in Tech” program will feature distinguished speakers including Nadine Hachach Haram, CEO and Founder of Proximie, and Sahar Albanarna from IMPACTIQUE Bahrain, who explained: “Over 26 million women worldwide with professional experience and degrees are not in the global workplace. This demographic includes a huge pool of untapped talent which technology can help unleash to fuel the co-creation of exponential solutions across multiple sectors. To help women access productive employment, we urge industry leaders to support high-impact female entrepreneurs as a means to boost their economies and accelerate the UN’s sustainable development goals by promoting inclusive and sustainable economic growth”.

The event will also provide a platform for female-led startups and entrepreneurs to pitch for funding and support through various initiatives such as the Women’s Investor Forum, Entrepreneur Mentorship Scheme, and the Aviatrix Award at the Rocket Fuel pitch competition, offering a prize fund of US$150,000.

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