The Sultanate of Oman is making significant strides in the world of cryptocurrencies with the recent launch of a cutting-edge crypto mining center, marking the second such facility to open in the country within the past 10 months.
This development signifies Oman’s commitment to diversifying its economy and embracing digital transformation.
Located in the Salalah Free Zone, a special economic zone known for its favorable corporate tax environment, the new data hosting and cryptocurrency mining center is a collaborative effort between Exahertz, a local company, and Moonwalk Systems, a blockchain company headquartered in Dubai.
The project comes at a substantial cost of 135 million Omani rials, equivalent to around $350 million, reflecting the nation’s dedication to cryptocurrency infrastructure.
The facility, currently in a pilot phase, is already operational, with 2,000 machines running and consuming 11 megawatts of power. Plans are in place to scale up the operation to a total of 15,000 machines by October 2023.
Notably, the center is equipped with state-of-the-art hardware from Bitmain Technologies, a leading player in the cryptocurrency mining industry.
Read More: Tesla stock as colletral for loans, Now Elon Musk gets Margin Call
This initiative aligns with Oman’s broader strategy to accelerate the digitalization of its economy, which has traditionally been reliant on oil exports.
In November 2022, the country inaugurated another cryptocurrency mining center, underscoring its determination to seize the opportunities presented by the digital economy.
In addition to these developments, the Omani government has taken proactive steps to establish a national crypto framework.
A consultation paper, launched on July 27, outlines potential regulations that could require digital asset providers to establish local offices in Oman, enhance security measures, and demonstrate proof of reserves.
These measures aim to ensure the responsible growth of the cryptocurrency sector within the country.
As Oman continues to make strides in the cryptocurrency space, its commitment to fostering a digital economy is becoming increasingly evident.
With the establishment of cutting-edge mining facilities and a regulatory framework, Oman is poised to play a pivotal role in the evolving landscape of cryptocurrencies and blockchain technology.
