Oman Launches An Over $350M Data Hosting And Crypto Mining Centre
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Oman’s Ministry of Transport, Communications, and Information Technology (MTCIT) has launched a new data hosting and crypto mining center. This center is situated within the Salalah Free Zone.
Oman launches a crypto mining center
The Salalah Free Zone mining center will be worth more than RO 135 million, equivalent to over $350 million. The launch marks a major move by yet another country in the cryptocurrency industry.
A local media outlet noted that authorities based in Oman had launched another cryptocurrency mining facility after another opened in November 2022. This first facility is valued at nearly $390 million.
The combined value of investment between the two companies is $740 million, and it could play a significant role in supporting the growth of the local digital economy. The initiative will also provide many job opportunities for people in the country, transforming Oman into a major data hosting and mining location globally.
The company behind this mining center is known as Exahertz International. The CEO of this company is Sam Fedows, and he noted that the initiative would be expanded in the coming months. According to Fedows, more blockchain-based centers would be situated in the Sultanate of Oman.
The center at the Salalah Free Zone is running on a pilot basis. This project is currently live, and it has involved over 2,000 machines. The capacity of the mining center will be amplified with an extra 15,000 devices by October this year. The pilot program might also be expanded into regions like Al Dakhiliyah Governorate, Al Jabal, and Al Akhdar.
According to Fedows, the crypto mining centers launched by the company will leverage the local infrastructure, supporting the economy. The executive believes the project will benefit Oman’s development and economic growth, adding that blockchain technology is the future.
Kyrgyzstan crypto mining efforts
Besides Oman, the other country also promoting crypto mining efforts is Kyrgyzstan. The country will spend millions of dollars on a new crypto mine. The mining center will be run in a hydroelectric station based in the Naryn River, and it will launch during the second quarter of 2024.
Kyrgyzstan has made several efforts in the crypto mining industry. The country invested $20 million in a crypto mining center. The center is near the Kambar-Ata-2 Hydro Power Plant, and it will leverage the excessive energy from the power station.
The center will also use the excess electricity produced in the Kambar-Ata-2 Hydro Power Plant to prevent wastage. The President of Kyrgyzstan, Sadyr Japarov, approved the initiative saying the country had ample electricity during the summer. As such, having mining sites use the extra energy is poised to benefit the power grid.
The president has also said that this crypto-mining center might be temporarily halted when power from the energy system is low. Such instances include during winter when power demand by households is high.
