Oman’s Ministry of Transport, Communications, and Information Technology (MTCIT) has officially unveiled a cutting-edge data hosting and cryptocurrency mining center in the Salalah Free Zone, valued at an astonishing RO 135 million (over $350 million USD).
This significant milestone represents Oman’s second major foray into the world of cryptocurrency mining, following the announcement of a similar facility in November 2022, valued at nearly $390 million. With a total investment of $740 million, this endeavor holds the potential to catalyze Oman’s digital economy, create numerous employment opportunities for its citizens, and position the nation as a prominent global data hosting and crypto mining hub.
The driving force behind this ambitious venture is Exahertz International, which envisions the proliferation of a comprehensive network of blockchain-based centers throughout the Sultanate of Oman in the near future, commencing with a pilot project in the Salalah Free Zone.
The newly commissioned facility is already operational, housing over 2,000 mining machines. Plans are underway to augment its capacity by an additional 15,000 devices by October, with considerations to expand the trial to other regions, including Al Jabal Al Akhdar and Al Dakhiliyah Governorate.
Sam Fedows, CEO of Exahertz International, emphasizes the centers’ reliance on local infrastructure, encompassing electricity and personnel, as a strategic approach to invigorate Oman’s economy. Fedows revealed that these facilities are equipped with mining machines crafted by the renowned Chinese crypto mining giant, Bitmain Technologies.
Fedows radiates optimism regarding the project’s potential to positively impact Oman’s development and economic growth. He firmly positions himself as a steadfast advocate of blockchain technology, considering it as “the future.”
Meanwhile, Kyrgyzstan, a Central Asian nation, has embarked on its own crypto mining venture, allocating $20 million for the construction of a comparable facility. Situated in proximity to the Kambar-Ata-2 Hydro Power Plant, this crypto mining center will harness surplus energy generated by the station, particularly during periods of electricity abundance.
President Sadyr Japarov has thrown his support behind the project, underscoring the strategic advantage of utilizing excess summer electricity. He explained, “We have enough electricity on summer days. It even exceeds. We cannot sell anywhere. Therefore, in order to benefit the energy system, we are allowing sites that can carry the load.” The facility is slated for completion in Q2 2024.
Disclaimer: This article is based on information available as of August 20, 2023, and is intended for informational purposes only. It does not constitute financial or investment advice. For the latest developments and personalised financial guidance, readers are encouraged to consult official sources and financial experts.
