A bank of cryptocurrency miners operates at the Scrubgrass Plant in Kennerdale, Pennsylvania. The mining process results in high energy usage. Reuters
A bank of cryptocurrency miners operates at the Scrubgrass Plant in Kennerdale, Pennsylvania. The mining process results in high energy usage. Reuters
A bank of cryptocurrency miners operates at the Scrubgrass Plant in Kennerdale, Pennsylvania. The mining process results in high energy usage. Reuters
A bank of cryptocurrency miners operates at the Scrubgrass Plant in Kennerdale, Pennsylvania. The mining process results in high energy usage. Reuters

UAE’s Phoenix Group links up with Green Data City to start $300m crypto farm in Oman


Alkesh Sharma
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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.

From left, Fadi Dahlan, Phoenix Group chairman; Hisham Malak, chairman of Abu Dhabi Stock Exchange and board member of Phoenix Group; Saeed Al Maawali, Oman's Minister of Transport, Communication and IT; and Olivier Ohnheiser, Green Data City chief executive, during the signing of the agreement. Photo: Green Data City
From left, Fadi Dahlan, Phoenix Group chairman; Hisham Malak, chairman of Abu Dhabi Stock Exchange and board member of Phoenix Group; Saeed Al Maawali, Oman's Minister of Transport, Communication and IT; and Olivier Ohnheiser, Green Data City chief executive, during the signing of the agreement. Photo: Green Data City

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.

It is also the exclusive distributor of mining equipment MicroBT.

The entities said they chose the Gulf nation Oman to set up the mining farm due to the long-term security provided by the Green Data City mining licence and the comparatively cooler weather in the country, particularly in the region of Dhofar.

Cooler weather reduces mining farms' energy consumption.

Green Data City is operating on the first licence for sustainable crypto-mining in Oman, issued in March last year. Under this licence, industrial mining companies can register directly with the city and operate within the development.

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

The developers will build the new facility with modular units to reduce the impact on the land and they will install solar shades and employ specialised technicians from the local community.

Students and recent graduates will become acquainted with the mining operations through a partnership with Oman universities, with the long-term vision aimed at strengthening the country’s capabilities in cryptocurrencies and next-generation finance, the statement said.

Overall, the cryptocurrency industry has struggled with continued price declines since last year.

Bitcoin, the first and biggest cryptocurrency, fell below $16,000 in November – a year after it hit a peak of almost $68,000 – after a series of events rattled the industry.

These include the collapse of a number of digital asset companies, most notably the bankruptcy of the once-dominant FTX and a series of investigations by authorities.

The cryptocurrency has since recovered and was priced at about $26,020 at 6.40pm UAE time on Wednesday, according to data from CoinMarketCap.

Oman's economy is on a strong footing as it presses forward with its economic diversification initiatives, buttressed by favourable oil prices and fiscal reforms at a time when inflation remains contained, the International Monetary Fund said in June.

Fitch Ratings expects the sultanate’s economy to expand 1.1 per cent in 2023, slowing from 4.3 per cent in 2022 on lower oil production. It estimates non-oil sector growth of 2.3 per cent, driven by the recovery of the construction industry.

Top investing tips for UAE residents in 2021

Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.

Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.

Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.

Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.

Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.

Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.

Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”

Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI. 

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Gertrude Bell's life in focus

A feature film

At one point, two feature films were in the works, but only German director Werner Herzog’s project starring Nicole Kidman would be made. While there were high hopes he would do a worthy job of directing the biopic, when Queen of the Desert arrived in 2015 it was a disappointment. Critics panned the film, in which Herzog largely glossed over Bell’s political work in favour of her ill-fated romances.

A documentary

A project that did do justice to Bell arrived the next year: Sabine Krayenbuhl and Zeva Oelbaum’s Letters from Baghdad: The Extraordinary Life and Times of Gertrude Bell. Drawing on more than 1,000 pieces of archival footage, 1,700 documents and 1,600 letters, the filmmakers painstakingly pieced together a compelling narrative that managed to convey both the depth of Bell’s experience and her tortured love life.

Books, letters and archives

Two biographies have been written about Bell, and both are worth reading: Georgina Howell’s 2006 book Queen of the Desert and Janet Wallach’s 1996 effort Desert Queen. Bell published several books documenting her travels and there are also several volumes of her letters, although they are hard to find in print. Original documents are housed at the Gertrude Bell Archive at the University of Newcastle, which has an online catalogue.
 

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Updated: August 24, 2023, 2:43 AM