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.
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.
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.
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 began 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 significant investments in Bitcoin mining. In a report by Todayq News on June 1, 2023, it was revealed that Tether has made a substantial move in the crypto world by initiating the mining of Bitcoin using eco-friendly methods in Uruguay.