Bitcoin

Recently, Oman’s Ministry of Transport, Communications, and Information Technology (MTCIT) took a significant step in the realm of cryptocurrency by inaugurating its second major crypto-mining facility within the Salalah Free Zone. According to local media reports, this move closely follows the establishment of a similar venture in November 2022, which was valued at nearly $390 million.&nbsp; 
With a substantial valuation surpassing $350 million, the ministry’s latest initiative demonstrates its continued commitment to this rapidly growing industry. Combined, these investments total a whopping $740 million, signifying Oman’s serious commitment to bolstering its digital economy, job creation, and global prominence in data hosting and crypto mining. 
Driving this endeavor is Exahertz International, the company responsible for setting up the facilities. Currently operational, the project has already deployed 2,000 machines, with plans to scale up to 15,000 machines by October. The infrastructure utilizes crypto mining equipment from Bitmain Technologies, a prominent Chinese manufacturer.&nbsp; 
Notably, the CEO of Exahertz International, Sam Fedows, envisions a brighter economic future for Oman through these crypto-mining centers. He’s optimistic about the potential of blockchain technology, emphasizing its role as a transformative force shaping industries. 
The impact of these facilities goes beyond the immediate economic boost as they position Oman as a tough player in the ever-expanding landscape of digital innovation. As a visionary supporter of blockchain’s potential, Sam Fedows’ visionary leadership and the country’s investment hold the promise of shaping Oman’s technological progress and financial growth.&nbsp; 
In a world increasingly influenced by digital transformations, Oman’s strides in cryptocurrency and data hosting stand to mark a defining chapter in its journey toward becoming a global technology hub. 
On August 5, 2023, the Sultanate of Oman <a href="https://news.todayq.com/oman-proposes-crypto-regulation-in-line-with-fatf-guidelines/" rel="noopener noreferrer nofollow">began</a> developing crypto regulations through its Capital Market Authority (CMA). The proposed framework aims to govern digital assets, including cryptocurrencies, by implementing business requirements and preventing market abuse. This initiative seeks to offer an alternative investment platform while managing associated risks. 
Despite the Bitcoin halving, miners continue to demonstrate strong support for Bitcoin mining. Additionally, countries such as Kyrgyzstan are making <a href="https://news.todayq.com/kyrgyzstan-is-set-to-develop-hydro-powered-crypto-mining-to-boost-its-economy/" rel="noopener noreferrer nofollow">significant</a> investments in Bitcoin mining. In a report by Todayq News on June 1, 2023, it was revealed that Tether has made a substantial <a href="https://news.todayq.com/tether-expands-horizons-sets-sights-on-sustainable-bitcoin-mining-in-uruguay/" rel="noopener noreferrer nofollow">move</a> in the crypto world by initiating the mining of Bitcoin using eco-friendly methods in Uruguay. 
© Todayq News

Oman’s $740 million Crypto-mining industry surges with the latest $350 million investment

Todayq News

Other articles published on Aug 21, 2023

Singapore regulator seeks input from Ripple and Circle on stablecoin regulation

Catapult Your Crypto Project to New Heights with AAudience.com

Friend.tech targeted by phishing scam as its volumes grow

Token Scammers Breach Blockchain Capital's X Account

Binance support hints at euro transfer and withdrawal issues

Bitget To Introduce KYC by September 2023

Join our free newsletter for daily crypto updates!