- Green Data City and Canaan Creative have partnered to launch a crypto-mining initiative in Oman.
- The initial phase will be established within Green Data City’s facilities, with the possibility for Canaan to expand to a total capacity of 100 MW.
- Canaan Creative is the first publicly traded company to exclusively manufacture mining machines for cryptocurrencies and is also involved in AI chip development.
In a significant development, Green Data City, a company based in Oman, and Canaan Creative, a Singaporean enterprise listed on Nasdaq (CAN), have teamed up to launch an innovative crypto-mining initiative in Oman. The initial phase of this partnership will be established within the facilities of Green Data City, with an option for Canaan to expand the operation to a total capacity of 100 megawatts (MW).
Canaan Creative holds the distinction of being the first company to exclusively manufacture mining machines for cryptocurrencies. Notably, it is also the first publicly traded company among the industry leaders in crypto miner production. In addition to this, Canaan is actively involved in the development of AI chips through its Kendryte brand. The plan is to kick off mining operations in the fourth quarter of 2023.
The choice of Oman as the location for this initiative can be attributed to several compelling factors. These include the long-term security offered by Green Data City’s mining license, the stability of the Omani Government’s energy policies, and the naturally cooler climate in southern Oman. The cooler climate is of particular importance as it significantly reduces the energy consumption required for cooling, making Oman a standout choice among regional locations.
Read More: Abu Dhabi’s IHC Ventures into Cryptocurrency with Phoenix Group Stake
The deployment of this crypto-mining venture will begin with the use of the Avalon Box mining container, which incorporates immersion cooling technology. Furthermore, the project has the potential to incorporate Canaan’s advanced products, including the latest series A14 Avalon miners known for their remarkable efficiency of 20 joules per terahash (J/T). These products are expected to be deployed in 2024.
This collaboration underscores the increasing interest in crypto mining within the region and highlights the substantial benefits that Oman offers to the crypto-mining industry. In fact, on August 14, 2023, Green Data City in Muscat and the Phoenix Group in Abu Dhabi formed a partnership to establish a 150-megawatt crypto-mining facility in Oman, with operations slated to begin in the second quarter of 2024.
The facility, hosted at Green Data City, is set to become one of the largest and most advanced crypto-mining data centers in the region, marking a significant step forward in the crypto-mining landscape.
