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Muscat-based Green Data City and Abu Dhabi-based Phoenix Group are collaborating to develop a $300 million crypto-mining farm in Oman.

The 150-megawatt farm will be one of the largest crypto-mining data centers in the region to be installed in Green Data City, according to a joint statement.

It is slated to be fully operational by the second quarter of next year.

Launched in 2016, Phoenix Group manages 725-megawatt global mining facilities across Canada, North America, CIS, and the UAE. It is also the exclusive distributor of mining equipment MicroBT.

Green Data City operates the first license for sustainable crypto-mining in Oman. Since 2022, international mining companies can register and operate with long-term agreements.

The Green Data City mining license is a significant incentive, with both parties agreeing to choose Oman to launch the mining farm and the comparatively cooler weather in the country, particularly in Dhofar. With cooler weather, it will reduce mining farms’ energy consumption.

The city’s first development phase consists of a 200-megawatt mining capacity. The second phase will reach a 400-megawatt hyperscale data center capacity and develop downstream activities, including renewable energy, hydrogen, desalination, food industries, and cosmetics.

The developers will build the farm with modular units to alleviate the impact on the land, install solar shades, and employ specialized technicians from the local community.

To nurture the next generation, young students and graduates will be able to get acquainted with the mining operations through a partnership with universities in Oman. In the long run, the country aims to strengthen the nation’s capabilities in cryptocurrencies and next-generation finance.