March 27, 2024
Oman Establishes a $350 Million Cryptocurrency Mining Facility
Latest Cryptocurrency News

Oman Establishes a $350 Million Cryptocurrency Mining Facility

The mining operation is part of a strategy to speed up the digitalization of Oman’s economy, which is heavily reliant on oil exports.

According to the Oman Daily Observer (a local publication), a data hosting and cryptocurrency mining facility has opened in the Salalah Free Zone, the country’s special economic zone with low corporate taxes. Exahertz, a local company, is managing the center in partnership with Moonwalk Systems, a blockchain company based in Dubai.

The center is expected to cost 135 million Omani rials (about $350 million) to build and will use the latest Bitmain Technologies gear, with plans to install 15,000 computers by October 2023. According to the report, it is currently working in a pilot mode with 2,000 units online and 11 megawatts of used power.

The mining operation is part of a strategy to speed up the digitalization of Oman’s economy, which is heavily reliant on oil exports. Another mining center, costing 150 million Omani rials ($389 million), was opened in November 2022. Prices for electricity for commercial operators in the country were 0.064 rials ($0.166) per kilowatt hour in 2022.

The government of Oman issued a consultation document on a national crypto policy on July 27. The framework could require the creation of a local office in Oman for digital asset providers. It may also compel them to keep a lesser proportion of their assets in hot wallets, conduct audits of secured assets, and provide verification of reserves.

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