Oman opens cryptocurrency mining center

Oman cryptocurrency

Oman recently opened a $370 million crypto mining center. The opening follows after a similar facility began operating in November. Tens of thousands of ASICs are housed. The region is expected to grow into an important location for crypto mining.

This country is opening a crypto mining center for $370 million

Oman is opening a new $370 million crypto mining center, according to reports from Data Center Dynamics and Oman Observer . The facility is intended to serve not only the crypto industry, but also other technology companies as a data center.

The project was supported by Oman’s Ministry of Transport, Communications and Information Technology (MTCIT). The opening was held in the presence of the responsible minister on August 13 in the Salalah Free Zone.

Exahertz International is responsible for the design and opening of the data and mining center. Initially, there is a capacity of eleven megawatts. This means that 2,000 crypto miners can be put into operation.

The facility is to be further expanded by October so that up to 15,000 crypto miners can mine Bitcoin or another cryptocurrency on the total area of ​​312,000 square meters.

The ASICs come from the well-known Chinese manufacturer Bitmain and are supposed to be kept at the right temperature thanks to water cooling.

Oman sticks to crypto engagement

Oman is sticking to its crypto exposure. In November 2022, the country’s first crypto mining center opened, which has the same dimensions and also swallowed up $370 million.

In November, the bear market continued with the collapse of what was then the second largest crypto exchange, FTX. As interest in the crypto market subsequently declined and conflicts with regulators increased, some companies withdrew from the crypto industry or reduced their involvement.

The Oman Observer believes the multi-million dollar spending could establish the country as a major crypto hub in the long term. One hopes for hundreds of jobs for locals.

“The investment is a major leap for Oman’s digital economy,” writes the news magazine. “It’s a huge step forward that opens up a whole new world of opportunities for Omanis,” said Minister Eng Al Maawali.

The responsible company Exahertz International and parent company Afaaq for Advanced Technologies are welcome guests. The minister explains that they are already looking forward to further cooperation in the future.

Other mining centers in Oman are to follow

According to Sam Ferdows, managing director of Moonwalk Systems, these are pilot projects so far. In the future, they want to open more mining centers in the region. Moonwalk Systems acts as a partner of Exahertz International.

For the time being, it is necessary to treat the early mining centers as a pilot project, as one has to find out what adjustments have to be made under the local conditions. It may be possible to improve the sustainability and effectiveness of the project.

Exahertz wants to bring foreign experts into the country to provide the necessary expertise. The training of locals should then result in extensive expertise in the region.

More cryptocurrency news

Leave a Reply

Your email address will not be published. Required fields are marked *