Oman grows its crypto mining business with new installations

Oman grows its crypto mining business with new installations

Oman continues to grow its crypto mining business amidst a crypto bull market and possible Bitcoin ETF approvals in early January across the United States. Oman based Green Data City and Italy based Alps Blockchain, through its subsidiary Alps MiddleEast SPC, have agreed to develop a blockchain data center in Oman. The crypto mining farm will be installed in the Green Data City’s hub with a first phase of 6.5MW.

Alps Blockchain will start to deploy the containerized units in January 2024, and use the latest S21 machines released by Bitmain. Alps Blockchain has long been in partnership with Bitmain, the largest manufacturer of mining equipment in the global market.

The new S21 mining ASIC reaches an efficiency rating of 16 to 17 joules per terahash (J/TH), an unprecedented performance in the market. This performance reduces the energy needed to mine and to secure the Bitcoin network.

The location of the Blockchain Bitcoin mining datacenter is energy efficient given it is located in Southern Oman where the summer temperature stays below 29 degrees celsius, naturally decreasing the cooling requirements compared to the rest of the region. In addition, the presence of cold deep ocean water will bring natural cooling in the next phases of the development and further reduce the energy needed to operate the facility to a minimum.

In addition to the geographical advantages of the location, the partners have chosen Oman because of the long-term security provided by the Green Data City mining license, the stability of the Oman Government energy policies, and the large renewable energy development plans in the Country.

This announcement follows a previous agreement in October 2023 between China’s Bitcoin crypto mining and Blockchain hardware manufacturer, Canaan and Oman’s Green Data city to pilot phase of a new crypto mining operation in Oman. The new site would also be installed in the facility of Green Data City, and under the agreement, Canaan has the option to expand the total capacity to up to 100MW.

As part of the Oman’s strategy to build  crypto mining datacentres in Oman, the first phase of Asyad Group crypto mining center was launched in August 2023 in the Free zone in Salalah.

Built and managed by Exahertz, a subsidiary of Afaq Advance Technologies firm, the first phase was inaugurated during a ceremony attended by top Omani governmental officials. The ceremony was held under the auspices of Eng. Said Hamoud Al Ma’awali, Minister of Transport, Communications and Information Technology. It was attended by HH Sayyid Marwan Turki Al Said, Governor of Dhofar.

In the same month, Oman’s Green Data City and Abu Dhabi’s Phoenix Group signed an agreement to develop a 150MW crypto-mining farm in Oman. The new farm will be set up in Green Data City was noted that it will be operational by Q2 2024, becoming one of the largest crypto-mining data centers in the region.

The first Bitcoin was mined in Oman back in December 2022.

UAE Triterras and Mamun partner to bolster trade finance in Oman

UAE Triterras and Mamun partner to bolster trade finance in Oman

UAE and Singapore based Triterras, a fintech company focused on digital trade and supply chain finance, using Blockchain enabled trade finance platform Kratos, has partnered with Oman based Mamun, fintech infrastructure provider to bolster trade finance in Oman.

This collaboration harnesses Triterras’ technological expertise and leverages Mamun’s experience in Oman’s financial services sector. The duo will initially target the Micro, Small and Medium-sized Enterprise (MSME) finance sector in Oman, with a specific emphasis on the food and beverage industry. The collaboration will also enable Triterras to offer the blockchain enabled KRATOSTM financing platform to banks in Oman on a white-label basis.

As part of the alliance, Triterras will introduce eDirect Debit, a direct debit payment technology developed by Mamun, in the UAE. eDirect Debit is designed to offer businesses a seamless and highly efficient payment solution, with the aim of enhancing the ease of handling transactions within the region.

“One of the key challenges for startups and micro businesses is a lack of capital and financing, which hinders growth and accessibility to markets. Our primary aim is to enable MSMEs with access to immediate and workable financial solutions to maintain business continuity and foster growth opportunities,” said Ashish Srivastava, Chief Commercial Officer at Triterras. “This collaboration strengthens our commitment to deliver cutting-edge finance solutions that meet the evolving needs of businesses in Oman, and the wider Middle East region. This 2-way agreement facilitates Triterras’ expansion in the MENA region.”

With Oman’s vibrant market in mind, this collaboration potentially makes a substantial impact on businesses looking for finance by simplifying access to financial resources. As with Triterras’ global mission, the collaboration will support MSMEs, enhancing financial inclusivity for businesses in Oman.

“We are excited to witness the expansion of our eDirect Debit technology into the UAE through our collaboration with Triterras,” said Mohammed Al Tamami, Co-Founder and Chief Commercial Officer, at Mamun.

R3 Blockchain Bolsters its presence in GCC with relocation of its Head of partnerships to Abu Dhabi

R3 Blockchain Bolsters its presence in GCC with relocation of its Head of partnerships to Abu Dhabi

R3 Blockchain is establishing itself more in the GCC and MENA region, with Bryan D’Souza announcing his move to Abu Dhabi as Business Development and Partnerships Manager in the Middle East.

As D’Souza noted on Linkedin, “I’m delighted to finally announce my move to Abu Dhabi with R3, where I will lead Business Development and Partnerships in the Middle East. After extensive travel between London and the GCC, the prospect of making Abu Dhabi my home is thrilling as I embark on this exciting new chapter.

He adds that he is excited to collaborate with GCC’s thriving financial services ecosystem. According to D’Souza, the GCC stands out as a forward-thinking hub of progress due to its dynamic blend of tradition and innovation, as well as a remarkable ability to execute on transformation.

He will be working to flourish digital economies and align with national visions of Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, Oman and Jordan, helping these countries to realize their financial sector developments including banking and capital markets transformation.

R3 will be working with Central banks, FMIs, commercial banks, FinTech, providing practical groundbreaking solutions for digital assets tokenization and regulated digital currencies, including CBDCs.

Last month Bryan D’Souza discussed his fruitful visit to Kuwait.

R3 has been a strong proponent in the Middle East and GCC region working with governments and enterprise on several projects, most prominently the CBDC projects in Saudi Arabia and UAE.

In addition the Qatar Financial Centre Authority and R3 signed an MOU to develop and grow Qatar’s fintech industry using technologies such as DLT (Distributed Ledger Technology) back in April 2023.

D’Souza stated after his visit to Kuwait, “I am thrilled to have experienced my first trip to Kuwait over the last couple of days as part of a mini GCC tour. I am grateful for the warm welcome from our great partners and potential clients. The hospitality of the Kuwaiti people left a lasting impression; warm, friendly, and eager to collaborate.”

He added, “Exciting opportunities ahead and looking forward to returning back to Kuwait soon!”

China’s Bitcoin and Blockchain manufacturer Canaan to install 100 MW crypto mining site in Oman

China’s Bitcoin and Blockchain manufacturer Canaan to install 100 MW crypto mining site in Oman

China’s Bitcoin crypto mining and Blockchain hardware manufacturer, Canaan, has signed a crypto mining agreement with Oman’s Green Data city to pilot phase of a new crypto mining operation in Oman.

The new site will be installed in the facility of Green Data City, and under the agreement, Canaan has the option to expand the total capacity to up to 100MW.

The crypto mining operations in Oman will start in Q4 of 2023.

In August 2023 Oman’s Green Data City and Abu Dhabi’s Phoenix Group signed an agreement to develop a 150MW crypto-mining farm in Oman. The new farm will be set up in Green Data City was noted that it will be operational by Q2 2024, becoming one of the largest crypto-mining data centers in the region.

Phoenix Group is experienced in the development, operation, and management of crypto data centers. It is also the exclusive distributor of industry-leading mining equipment, MicroBT.

Oman was chosen as a location due to the long-term security provided by the Green Data City mining license, the entities’ common vision to develop cryptocurrencies mining and AI applications with the Ministry of Transport, Communication and IT (MTCIT), and the cooler weather in Oman, in particular in the region of Dhofar, which reduces the cooling energy consumption to a minimum, making the sultanate a sustainable destination for mining in the region.

The deployment will start with the new Avalon Box mining container featuring immersion cooling. The project also has the potential to deploy Canaan’s other advanced products, including the latest series A14 Avalon miners with a record efficiency of 20J/T, later in
2024.

Green Data City LLC is the company that operates the first license for sustainable crypto-mining in Oman since 2022. International mining companies can register and operate in Green Data City with long term agreements. The first phase of development consists of 200MW of mining capacity, the second phase will reach 400MW hyperscale data center capacity with natural cooling, renewable energies and downstream applications.

Oman Blockchain digital identity startup selected by Swiss accelerator

Oman Blockchain digital identity startup selected by Swiss accelerator

The Oman blockchain ID tech startup, Nashid has been selected by Swiss Tech4trust accelerator to participate in their program out of Trust Valley of Lausanne, Switzerland.

Nashid’s acceptance into Tech4Trust’s latest season underscores their pioneering approach to harnessing blockchain technology for Identity and Verifiable Credentials.

“Being part of Tech4Trust is a significant stride towards our global expansion ambitions,” shared Ahmed Al Marjeby, Co-founder and CEO of Nashid. “We are enthusiastic about collaborating with a global community, extracting invaluable insights, and honing our solutions to meet the demands of the rapidly evolving digital trust sphere.”

In 2020, co-founder Ahmed Al Marjeby found his online identity had been hacked. Al Marjeby found the fact that paper-based identity documents cannot be verified digitally. Motivated by this event and recognizing the urgent need for secure digital identity solutions, Ahmed, together with Mahmood Al Lawati, launched Nashid in 2022.

Tech4Trust will offer Nashid a golden opportunity to liaise with international experts, regulators, and government agencies.  This collaboration will also open doors to the broader Swiss and European markets, presenting unmatched potential for growth.

The startup previously secured an investment from the Oman Technology Fund and won awards in the Entrepreneurship World Cup 2022 and the GISCO Startup Competition.

Crypto mining firm Phoenix Group sells 10% of its shares to Abu Dhabi IHC

Crypto mining firm Phoenix Group sells 10% of its shares to Abu Dhabi IHC

UAE based Phoenix Group has sold 10% of its company shares to Abu Dhabi conglomerate International Holding Company’s subsidiary.

IHC’s wholly owned unit, International Tech Group, has entered into a definitive agreement to buy 10% stake in Phoenix Group, according to a disclosure on the Abu Dhabi Securities Exchange (ADX).

The company is currently completing all required procedures and obtaining regulatory approvals to complete the transaction, the disclosure noted.

This announcement comes at the heels of an agreement between Muscat-based Green Data City and 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 centers 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.

Pheonix Group had announced on several occasions that it was seeking to have an IPO ( Initial Public Offering). With the 10% acquisition by IHC this could well put the IPO on hold.

Phoenix provides crypto-mining equipment distribution and hosting services. The company has a portfolio of mining facilities in the Middle East, Europe, the US, and Canada.

In the first half (H1) of 2023, IHC  generated net profits valued at AED 10.39 billion, up from AED 10.35 billion during the same period a year earlier.

This is a reflection of Abu Dhabi’s government interest in crypto mining. Prior to this Marathon Digital a digital asset mining entity announced in January 27th 2022, that it had entered into a shareholder’s agreement with FSI ( FS Innovation), the BTC mining subsidiary of UAE ADQ a sovereign fund,  to form an Abu Dhabi, ( ADGM (Abu Dhabi Global Markets) based company.

Marathong Digital will use fossil fule offset or nuclear to power bitcoin mining operation.

BITMAIN enters MENA through collaboration with Oman’s Exahertz and MoonWalk Systems

BITMAIN enters MENA through collaboration with Oman’s Exahertz and MoonWalk Systems

BITMAIN, crypto mining leading ASIC manufacturer enters MENA through a collaboration with Oman’s Blockchain Data center and technology park Exahertz and MoonWalk. This collaboration marks a significant leap forward as Exahertz takes on the role of hosting upwards of 10,000 state-of-the-art BITMAIN machines in the pioneering Exahertz Technology Park, nestled in Salalah, Oman. According to the press release, “This isn’t just any partnership, it’s BITMAIN‘s first-ever hosting venture in the Middle East and a groundbreaking initiative for hydro computers worldwide.

The Exahertz Technology Park, standing tall as the Middle East’s largest private Blockchain Data center, underscores Exahertz’ unwavering commitment to innovation and progress.” Exahertz International, recently kicked off a pilot phase of Exahertz Technology Park in Salalah. In collaboration with their strategic partners Moonwalk Systems, they rigorously testing and optimizing the hydro systems to ensure peak performance in local conditions and challenges. An impressive highlight by Exahertz Team involves using treated grey water to efficiently cool down the data center computers.

This innovative approach maximizes efficiency while staying environmentally responsible. The treated grey water, after being thoroughly cleaned, is returned to the earth responsibly, reflecting the commitment to eco-friendly practices. Jad Fredrick Kharma, CEO of Exahertz, articulate his vision, affirming, “Our mission transcends the introduction and adoption of cutting-edge technology; we are unwavering in our commitment to elevate Oman’s proficiency and prominence within the domains of modular IT infrastructure, the innovative design of hyper-scale data centers, and the cutting-edge landscape of high-performance blockchain technology.

In Sam Ferdows’ words, the CEO of Moonwalk Systems, “We’re excited about this partnership with BITMAIN and look forward to being a key partner for them in the region. Our goal is for Exahertz Technology Park to be the benchmark for all blockchain data centers in the region and the world for hydro solutions.” BITMAIN‘s Director is equally enthusiastic about this strategic partnership. He emphasizes, “This collaboration allows BITMAIN to have a stronger presence in the region, utilizing our advanced technology.”

 

Oman Central Bank reviews stance on crypto in its 3rd meeting for 2023

Oman Central Bank reviews stance on crypto in its 3rd meeting for 2023

In a news piece on Oman News agency, the Board of governors of the Central Bank of Oman, held their third meeting for 2023 where the followed up on developments as well as reviewed the international stance on cryptocurrencies as well as related studies conducted by the executive management team at the central bank on cryptocurrencies.

This comes as Oman works on its virtual asset regulations, having  at the end of July 2023 announced a public consultation paper on virtual assets regulatory framework by the Oman Capital Market Auhtority.The Capital Market Authority, Sultanate of Oman (CMA), which regulates and develops Oman’s financial markets for the capital market and insurance sectors, had earlier announced its plans to establish the new regulatory framework for Virtual Assets (VA) and Virtual Asset Service Providers (VASP).The proposed new regulatory framework is envisaged to cover activities such as crypto assets, tokens, crypto exchanges, and initial coin offerings, among others. CMA had invited relevant stakeholders to provide their views and comments no later than mid August 2023.Oman has also been at the forefront of crypto mining in the region and in August 2023 announced the first phase of Asyad Group crypto mining center was launched in the Free zone in Salalah. Built and managed by Exahertz, a subsidiary of Afaq Advance Technologies firm, the first phase was inaguarated during a ceremony attended by top Omani governmental officials. Later on in the same month Oman-headquartered Green Data City and Abu Dhabi’s Phoenix Group have signed an agreement to develop a 150MW crypto-mining farm in Oman. The new farm will be set up in Green Data City and should be fully operational by Q2 2024, becoming one of the largest crypto-mining data centres in the region.Even in June 2023 the Oma Capital Markets Authority published a decision with regards Instructions for registering virtual asset service providers and applying AML/CFT requirements.So it would seem that while the Central Bank of Oman is reviewing cryptocurrencies both from a local and international perspective, the country is moving forward with its crypto and virtual assets plans.

Oman inaugurates first crypto mining data center in Salalah worth $348 million

Oman inaugurates first crypto mining data center in Salalah worth $348 million

As part of the strategy to build  crypto mining datacentres in Oman, the first phase of Asyad Group crypto mining center was launched in the Free zone in Salalah.

Built and managed by Exahertz, a subsidiary of Afaq Advance Technologies firm, the first phase was inaguarated during a ceremony attended by top Omani governmental officials. The ceremony was held under the auspices of Eng. Said Hamoud Al Ma’awali, Minister of Transport, Communications and Information Technology. It was attended by HH Sayyid Marwan Turki Al Said, Governor of Dhofar.

The ceremony included the inauguration of a pilot facility for the first phase of the project on the centre for data processing and hosting of cryptocurrency mining.

During the event the second phase of the project was also launched.

Al Ma’awali stated, “The inauguration of the first phase of the project reflects the ministry’s keenness on promoting digital investment and localizing advanced technologies. He added that the company in charge of the project is expected to achieve a quarter of envisaged volume of production before the end of 2023.

Dr. Ali Mohammed Tabook, CEO of Salalah Free Zone, underscored the significance of laying down the foundation stone for the Exahertz Blockchain Data Centre at an investment value of $348 million on an area of 312,000 square metres.

According to Sam Ferdos, CEO of Moonwalk Systems and Strategic Partner of Exahertz International, a wider network of blockchain-based data centres in planned in the Sultanate of Oman, starting with a pilot in Salalah.


Ferdos stated to Observer media, “The pilot is already online with 11 megawatts of power and over 2,000 machines. By October, capacity will be ramped up to have up to 15,000 machines online, with development fast-tracked to cover three locations in Salalah and one in Al Jabal Al Akhdar in Al Dakhiliyah Governorate.”

Prior to this announcement, Oman Ministry of Transport, Communications, and IT in partnership with Green Data City (GDC) the next generation data blockchain ecosystem, launched the first licensed sustainable crypto mining datacenter in Oman, and the GCC.  The delegation witnessed the first Bitcoin officially mined in Oman using immersive cooling technology which will reduce electricity consumption.

Under this license, industrial mining companies can now register directly with GDC Mining and operate within the development.

In addition Oman Investment Authority (OIA) took part in a $350mn equity round in Crusoe Energy Systems. The US firm helps oil and gas producers cut flaring by using stranded natural gas to power cryptocurrency mining. Crusoe systems set up operations in Oman as well.

Oman Easy Coins becomes first registered VASP entity with Capital Markets Authority

Oman Easy Coins becomes first registered VASP entity with Capital Markets Authority

While the Oman Capital Markets Authority awaits feedback for its virtual assets framework consultation paper, it has approved registry of Oman’s Easy Coins, a non custodial crypto provider, as the first VASP in the country.

Easy Coins has been operating in Oman for over two years. In December 2022 Easy Coins launched its trial of Tether USDT on the Tron Blockchain. Accordingly Easy Coin users in Oman could purchase TRC20 USDT.

Prior to that The Oman Water and Waste Water Services Company ( OWWSC), member of Nama Group, trialed its stablecoin linked to the Oman Riyal. The company signed an MOU with Oman based Digital Digits, the creators of Easy coins and Connected Chains to trial “ Hasalah” a stablecoin Wallet.

Easy Coins was launched in Oman in June 2021, as a non custodial crypto Brokerage platform, The platform is powered by Quantoz Blockchain Technology for financial services, and running on Nexus from connectedChains and supported by ThawaniPay.

Given that Easy Coins was already self regulating and adhering to CMA’s FATF KYC nad AML requirements, they were considered the first to be registered as a VASP seeking full license in Oman.

Dr. Khalid M.W. Tahhan, Co-Founder, Easy Coins ME stated, “We at Easy Coins believe that innovation from society will always be ahead of any regulator in any industry and nation. Thats why for vision 2040’s primary innovation pillar to be properly realized, it is essential that innovation from society should not be slowed down or hindered till regulators catch up, but rather it is essential for innovators to innovate and regulators to catch up with them rapidly. We commend the capital markets for their rapid response and acclimatization towards innovations in virtual assets and believe with such adaptable regulators, this industry will have a healthy place in Oman to flourish.”

Speaking to LaraontheBlock Tahhan explained, ” Registration is stage one which means we were cleared for KYC, AML, CDD requirements, full licensing is the next stage and will happen next year. Today we are allowed to operate because our risk measures are covered.” 

HH Sayyid Azzan Bin Qais Al Said Co-Founder of Easy Coins added “ Easy Coins has been in operations for two years and has been self regulating its operations since its launch. Hence when CMA initiated its registration process for Virtual Asset Service Providers, we were able to instantly meet CMA’s and FATF’s KYC/AML requirements.“