Oman Invests $740 Million in Cryptocurrency

Oman’s Department of Transport, Communications, and Information Technology has just unveiled a new center for data storage and cryptocurrency mining in the Salalah Free Zone, worth an estimated $350 million. This comes after another center was announced last November, valued at nearly $390 million, bringing the total investment to $740 million. This could give a big boost to Oman’s digital economy, create jobs, and establish the country as a key player in data and crypto mining.

Kyrgyzstan is also getting in on the action, spending millions on a crypto mining facility that will run on hydroelectric power from the Naryn River.

The company behind Oman’s new centers is Exahertz International, led by CEO Sam Fedows. He indicated that this could be the beginning of a broader network of blockchain-focused centers in Oman, starting with a pilot program in the Salalah Free Zone.

The project is already up and running with over 2,000 machines and plans to add another 15,000 by October. Trials could also expand to other areas like Al Jabal Al Akhdar and the Al Dakhiliyah Governorate.

Fedows mentioned that the centers will rely on local resources, including electricity and workforce, to stimulate Oman’s economy. The machines used are manufactured by China’s Bitmain Technologies. Fedows believes that the project will be a win for Oman’s economic progress and is a strong advocate for blockchain as the technology of the future.

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