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Oman’s MTCIT unveils massive $350 million Bitcoin mining facility in Salalah Free Zone

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TL;DR Breakdown

  • The MTCIT in Oman has inaugurated a cutting-edge Bitcoin mining and data hosting facility in the Salalah Free Zone, valued at around $350 million.
  • Exahertz International oversees the construction of these advanced mining centers.
  • Kyrgyzstan has initiated a crypto mining venture adjacent to the Kambar-Ata-2 Hydro Power Plant, investing $20 million and leveraging sustainable hydroelectric power.

Description

The Ministry of Transport, Communications, and Information Technology (MTCIT) in Oman has unveiled a state-of-the-art Bitcoin mining and data hosting facility within the Salalah Free Zone. Valued at approximately $350 million (RO 135 million), the newly established facility marks a significant stride toward positioning Oman as a global data hosting and mining epicenter. This recent … Read more

The Ministry of Transport, Communications, and Information Technology (MTCIT) in Oman has unveiled a state-of-the-art Bitcoin mining and data hosting facility within the Salalah Free Zone. Valued at approximately $350 million (RO 135 million), the newly established facility marks a significant stride toward positioning Oman as a global data hosting and mining epicenter.

This recent development is not the first of its kind. Oman’s dedication to this burgeoning industry becomes even more evident as the government opens a second cryptocurrency mining facility, estimated at $390 million.

The combined investment of around $740 million from both the government and private sector could pave the way for Oman to become a thriving hub for data hosting and mining on a global scale. This initiative is poised to breathe fresh life into the local economy and generate numerous employment opportunities.

Exahertz international leads the charge

The task of constructing these pioneering crypto-mining centers falls under the purview of Exahertz International. Following a successful trial period within the Salalah Free Zone, CEO Sam Fedow emphasizes the potential for a burgeoning network of blockchain-based hubs across Oman. Using existing resources, including energy and labor, in these facilities is expected to impact Oman’s economic trajectory positively.

More than 2,000 operational machines are fueling the project’s progress, with plans to introduce an additional 15,000 devices by year’s end. Furthermore, expansion efforts in key areas such as the Governorates of Al Jabal Al Akhtar and Al Dakhiliya are underway, promising broader access to the benefits of these cutting-edge facilities.

Oman’s technological leap

According to Fedow, the utilization of mining hardware from Bitmain Technologies, a leading Chinese company, underscores Oman’s commitment to staying at the forefront of technological advancements. With the potential to significantly shape Oman’s economic landscape, the crypto mining centers are poised to harness the potential of blockchain technology.

Meanwhile, in the Central Asian nation of Kyrgyzstan, a crypto mining venture fueled by a $20 million investment has emerged. Situated near the Kambar-Ata-2 Hydro Power Plant, this initiative capitalizes on the abundant hydroelectric power generated by the station. Kyrgyzstan joins the league of countries harnessing sustainable energy sources for crypto mining.

Oman’s resolute strides into cryptocurrency mining and data hosting underscore its technological ambition and position it as a regional frontrunner in this burgeoning sector.

The government’s visionary approach and private-sector collaboration promise a prosperous future marked by economic growth and innovation. As these initiatives gain momentum, they stand as vivid examples of the transformational power of blockchain technology and its potential to shape economies and industries across the globe.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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