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News

Oman Commits $800M for Crypto Mining Renaissance, Empowering Investors

August 28, 2023 - Around 2 mins mins to read

Key Points:

  • $300M deal with Abu Dhabi’s Phoenix Group for a 150MW mining farm.
  • $370M allocated for a new mining center with 15,000 rigs in Salalah Free Trade Zone.
  • Operations set to start in October; Oman aims to lead in crypto mining.
The government of Oman has unveiled plans to inject approximately $800 million into the realm of cryptocurrency mining.
The government of Oman has unveiled plans to inject approximately $800 million into the realm of cryptocurrency mining.

This strategic initiative marks a significant step toward harnessing the potential of digital currencies and capitalizing on their growing prominence in the global financial landscape.

At the forefront of this ambitious endeavor is a monumental collaboration with the Phoenix Group based in Abu Dhabi. The government has secured a staggering $300 million deal with the industry leader to pave the way for the development of a colossal 150-megawatt cryptocurrency mining farm. This visionary partnership aims to leverage the expertise of both parties to create a cutting-edge facility that will undoubtedly make waves in the cryptocurrency mining sector.

The government of Oman has unveiled plans to inject approximately $800 million into the realm of cryptocurrency mining.

Oman’s commitment to this transformative venture extends even further. A remarkable allocation of $370 million has been earmarked to establish a state-of-the-art crypto mining center within the Salalah Free Trade Zone. Set to be operational by October, this facility is set to house an impressive array of 15,000 mining rigs. Such an extensive mining capacity underscores Oman’s determination to establish itself as a significant player in the global cryptocurrency mining arena.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Abu Dhabi's Phoenix Group

Crypto mining

Oman Commits

Phoenix Group

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Oman Commits $800M for Crypto Mining Renaissance, Empowering Investors

Key Points:

  • $300M deal with Abu Dhabi’s Phoenix Group for a 150MW mining farm.
  • $370M allocated for a new mining center with 15,000 rigs in Salalah Free Trade Zone.
  • Operations set to start in October; Oman aims to lead in crypto mining.
The government of Oman has unveiled plans to inject approximately $800 million into the realm of cryptocurrency mining.
The government of Oman has unveiled plans to inject approximately $800 million into the realm of cryptocurrency mining.

This strategic initiative marks a significant step toward harnessing the potential of digital currencies and capitalizing on their growing prominence in the global financial landscape.

At the forefront of this ambitious endeavor is a monumental collaboration with the Phoenix Group based in Abu Dhabi. The government has secured a staggering $300 million deal with the industry leader to pave the way for the development of a colossal 150-megawatt cryptocurrency mining farm. This visionary partnership aims to leverage the expertise of both parties to create a cutting-edge facility that will undoubtedly make waves in the cryptocurrency mining sector.

The government of Oman has unveiled plans to inject approximately $800 million into the realm of cryptocurrency mining.

Oman’s commitment to this transformative venture extends even further. A remarkable allocation of $370 million has been earmarked to establish a state-of-the-art crypto mining center within the Salalah Free Trade Zone. Set to be operational by October, this facility is set to house an impressive array of 15,000 mining rigs. Such an extensive mining capacity underscores Oman’s determination to establish itself as a significant player in the global cryptocurrency mining arena.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.