Oman Launches $350 Million Crypto Mining Centre, Expanding Its Digital Economy

August 23, 2023

By Anjali Kochhar

Oman has unveiled its second major cryptocurrency mining facility, a state-of-the-art data hosting and crypto mining center, valued at over RO 135 million (approximately $350 million).

The initiative, backed by Oman’s Ministry of Transport, Communications, and Information Technology (MTCIT), aims to propel the nation towards becoming a global hub for data hosting and mining.

The newly launched center follows a similar facility that was announced in November 2022, collectively amounting to a staggering investment of $740 million. This move is expected to usher in economic growth and numerous job opportunities for the local population.

Exahertz International, the company behind the project, has already set the wheels in motion, with more than 2,000 machines operational. The centre’s capacity is set to grow substantially with an additional 15,000 devices expected to be operational by October. The CEO of Exahertz International, Sam Fedows, envisions a broader network of blockchain-based centres emerging across the Sultanate of Oman in the near future. The pilot for this expansion will be situated in the Salalah Free Zone.

Fedows expressed confidence in the project’s potential to bolster Oman’s economy, highlighting the utilisation of local infrastructure, including electricity and manpower. Notably, the mining centre will employ machines produced by Bitmain Technologies, a prominent Chinese crypto mining manufacturer.

According to Fedows, this initiative aligns with his strong belief in the future of blockchain technology. He anticipates positive outcomes for Oman’s development and economic advancement through this endeavor.

In a parallel development, Kyrgyzstan, a country in central Asia, has also entered the crypto mining industry, investing $20 million in the construction of its own facility. The Kyrgyzstan facility will leverage the Kambar-Ata-2 Hydro Power Plant’s excess energy during certain periods of the year, curbing wastage and enhancing the nation’s energy system.

President Sadyr Japarov of Kyrgyzstan noted that the facility’s operations might temporarily cease during winter months when power plant productivity is reduced. The construction of the Kyrgyzstan facility is slated for completion in Q2 2024.

As cryptocurrency mining continues to gain momentum, both Oman and Kyrgyzstan are poised to tap into the potential benefits of this rapidly evolving industry.

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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