Waves

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Oman's Ministry of Transport, Communications, and Information Technology (MTCIT) has unveiled an initiative by inaugurating a data hosting and crypto mining center in the Salalah Free Zone.With an estimated value exceeding RO 135 million (around $350 million), this strategic move marks Oman's foray into the global cryptocurrency and data hosting arena while contributing to its economic growth.Oman has taken a decisive step by launching its second cryptocurrency mining center, following the announcement of another facility in November 2022 valued at nearly $390 million.This combined investment of $740 million is poised to elevate the nation's digital economy, create numerous employment opportunities for Omanis, and establish the country as a notable global hub for data hosting and mining activities.Exahertz International, the company behind these pioneering facilities, envisions a broader network of blockchain-based centers throughout the Sultanate of Oman.CEO Sam Fedows indicated plans for expansion, commencing with a pilot project in the Salalah Free Zone.The newly operational facility is already operational, boasting over 2,000 machines, and is set to be reinforced by an additional 15,000 devices by October.The scope of the project could extend to other regions like Al Jabal Al Akhdar and Al Dakhiliyah Governorate.Fedows emphasizes that the crypto mining centers are leveraging local resources, including electricity and human capital, to support Oman's economy.The facilities have adopted machines manufactured by the renowned Chinese crypto mining company, Bitmain Technologies.This integration of technology and local resources is poised to propel Oman's economic development and growth, aligning with Fedows' belief in blockchain technology as the future.Kyrgyzstan, a central Asian nation, is also making strides in the crypto mining sector by investing $20 million in constructing a similar facility.Positioned near the Kambar-Ata-2 Hydro Power Plant, the center capitalizes on surplus energy generated by the power station during certain periods of the year.Kyrgyzstan's President Sadyr Japarov underscores the intention to maximize energy utilization, prevent waste, and benefit the national energy system.The post <a rel="noopener noreferrer nofollow" href="https://optimisus.com/market/market-news/oman-launches-350-million-crypto-mining-center-making-waves-in-the-industry/">Oman Launches $350 Million Crypto Mining Center, Making Waves in the Industry</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://optimisus.com">Optimisus</a>.

Oman Launches $350 Million Crypto Mining Center, Making Waves in the Industry

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