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
  • English
  • Arabic

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.

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Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

How to join and use Abu Dhabi’s public libraries

• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.

• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.

• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.

• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.

• For more information visit the library network's website.

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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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Bantamweight

Victor Nunes (BRA) beat Siyovush Gulmamadov (TJK)

(Split decision)

Featherweight

Hussein Salim (IRQ) beat Shakhriyor Juraev (UZB)

(Round 1 submission, armbar)

Catchweight 80kg

Rashed Dawood (UAE) beat Otabek Kadirov (UZB)

(Round-1 submission, rear naked choke)

Lightweight

Ho Taek-oh (KOR) beat Ronald Girones (CUB)

(Round 3 submission, triangle choke)

Lightweight

Arthur Zaynukov (RUS) beat Damien Lapilus (FRA)

(Unanimous points)

Bantamweight

Vinicius de Oliveira (BRA) beat Furkatbek Yokubov (RUS)

(Round 1 TKO)

Featherweight

Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)

(Round 1 rear naked choke)

Flyweight

Shannon Ross (TUR) beat Donovon Freelow (USA)

(Unanimous decision)

Lightweight

Dan Collins (GBR) beat Mohammad Yahya (UAE)

(Round 2 submission D’arce choke)

Catchweight 73kg

Martun Mezhulmyan (ARM) beat Islam Mamedov (RUS)

(Round 3 submission, kneebar)

Bantamweight world title

Xavier Alaoui (MAR) beat Jaures Dea (CAM)

(Unanimous points 48-46, 49-45, 49-45)

Flyweight world title

Manon Fiorot (FRA) v Gabriela Campo (ARG)

(Round 1 RSC)

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  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
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Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
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Director: Christian Schwochow

Starring: George MacKay, Jannis Niewohner, Jeremy Irons

Rating: 3/5

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Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 VAT and Dh166,464 VAT 

On sale: now

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1st ODI, UAE win by 6 wickets

2nd ODI, January 12

3rd ODI, January 14

4th ODI, January 16

Family reunited

Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.

She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.

She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.

The couple were married in August 2009 in Winchester and their daughter was born in June 2014.

She was held in her native country a year later.

Updated: August 24, 2023, 2:43 AM