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Oman Introduces a Crypto Mining Center Valued at $350 Million (Report)

Oman’s Ministry of Transport, Communications, and Information Technology (MTCIT) has unveiled a cutting-edge data hosting and cryptocurrency mining center in the Salalah Free Zone. With a staggering estimated value exceeding RO 135 million (equivalent to over $350 million), this groundbreaking facility marks Oman’s steadfast commitment to fostering a thriving digital economy.

Following a previous cryptocurrency mining center introduced in November 2022, valued at an impressive $390 million, the authorities of Oman have taken a bold stride by introducing a second center. The cumulative investment of a colossal $740 million positions Oman as a global data hosting and mining hub and promises to invigorate the local economy and generate numerous job opportunities for its citizens

Exahertz International, the visionary company behind these state-of-the-art facilities, has set the wheels in motion. CEO Sam Fedows alludes to a potentially expanded network of blockchain-based centers blossoming across the Sultanate of Oman. The launchpad for this digital transformation will likely commence with a pilot program in the Salalah Free Zone.

Presently operational, the project boasts an arsenal of more than 2,000 machines. By October, this capacity will be amplified by integrating 15,000 devices. The trial phase extends beyond the Salalah Free Zone, encompassing Al Jabal Al Akhdar and Al Dakhiliyah Governorate.

Fedows emphasizes that the crypto mining centers will seamlessly integrate with local infrastructure, including electricity and skilled personnel. A strategic partnership with Chinese crypto mining giant Bitmain Technologies bolsters this endeavor. With unswerving conviction, Fedows envisions Oman’s trajectory toward prosperity through blockchain technology, confidently branding it “the future.”

Across the Central Asian landscape, Kyrgyzstan has also thrown its hat into the crypto mining ring. A $20 million investment paves the way for a cutting-edge facility that leverages the abundant energy resources of the Kambar-Ata-2 Hydro Power Plant. By harnessing surplus energy during periods of electricity abundance, the project showcases an eco-conscious approach to mining.

President Sadyr Japarov champions this initiative, underscoring its impact on energy optimization and economic growth. The power plant’s periods of energy surplus offer an innovative solution to prevent wastage, ensuring a harmonious balance between resource utilization and technological advancement.

As Kyrgyzstan’s crypto mine project nears its completion in Q2 2024 and Oman’s visionary crypto ventures gain momentum, these nations illuminate the path forward for other countries seeking to bridge technology, sustainability, and economic prosperity. In the dynamic world of cryptocurrencies, Oman and Kyrgyzstan stand at the forefront, emblematic of a promising era of innovation and growth.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.