Oman Debuts $350 Million Crypto Mining Facility

After the first one appeared in November 2022, this is the second large crypto-mining plant to appear in Oman.

According to local reports, Oman’s Ministry of Transport, Communications, and Information Technology (MTCIT) has launched a crypto mining facility and data hosting facility in the Salalah Free Zone. nearly RO 135 million (nearly $350 million) has been placed on the structure.

Kyrgyzstan is yet another nation to invest in a crypto mine; their facility, located near the Naryn River and powered by hydroelectricity, will open in the near future.

According to a local news source, the government of Oman has launched a second cryptocurrency mining facility, this one valued at over $390 million, to complement the first one announced in November 2022. With a total investment of $740 million, Oman could become a worldwide center for data hosting and mining, considerably boosting the local digital economy and creating countless new employment possibilities for Omani citizens.

Exahertz International is responsible for the construction of the facilities. After a successful trial in the Salalah Free Zone, CEO Sam Fedows has suggested that a bigger network of blockchain-based facilities may soon appear in the Sultanate of Oman.

There are currently over 2,000 machines participating in the initiative. The study might expand to other places, including Al Jabal Al Akhdar and Al Dakhiliyah Governorate, and an additional 15,000 devices will be added to the current capacity by October.

The fedows were told that the crypto mining centers would employ locals and utilize local resources (such as power and staff), which might be beneficial to the economy of Oman. He also said that Bitmain Technologies, a Chinese crypto mining equipment vendor, supplies the devices used at the sites.

The executive went on to say that the initiative will be good for Oman’s progress and economic prosperity. He posed as a blockchain technology enthusiast who thought the technology represented “the future.”

Kyrgyzstan, a nation in central Asia, spent $20 million to build a crypto-mining plant and join the sector. It will be situated in close proximity to the Kambar-Ata-2 Hydro Power Plant, allowing it to take advantage of the plant’s surplus electricity.

Also Read: A Single Bitcoin Miner Has Earned A 6.25 BTC Block Reward