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Oman’s Ministry of Transport, Communications, and Information Technology (MTCIT) has reportedly opened a new data hosting and cryptocurrency mining center in the Salalah Free Zone. The facility’s estimated value exceeds RO 135 million (more than $350 million).
Kyrgyzstan is another nation committing millions of dollars to cryptocurrency mining, with its new center powered by a hydroelectric station near the Naryn River.
Doubling Down
According to local media reports, Oman has introduced a second cryptocurrency mining center following the one announced in November 2022, which was valued at nearly $390 million. The combined investment of $740 million could significantly boost the local digital economy, create numerous job opportunities for Omanis, and establish the country as a global hub for data hosting and mining.
The facilities were established by Exahertz International. CEO Sam Fedows hinted that a broader network of blockchain-based centers could emerge in the Sultanate of Oman in the near future, beginning with a pilot project in the Salalah Free Zone.
The project is already operational and currently involves more than 2,000 machines. Capacity will be expanded by an additional 15,000 devices by October, and the trial phase may also extend to other regions such as Al Jabal Al Akhdar and the Al Dakhiliyah Governorate.
Fedows noted that the crypto mining centers will utilize local infrastructure, including electricity and personnel, arguing that they will boost Oman’s economy. He added that the facilities use machines manufactured by the Chinese crypto mining company Bitmain Technologies.
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Subsequently, the executive predicted that the project would benefit Oman’s development and economic growth. He presented himself as a proponent of blockchain technology, describing it as “the future.”
Kyrgyzstan’s Efforts
Kyrgyzstan, a country in Central Asia, has also entered the cryptocurrency mining industry by spending $20 million to construct a facility. It will be located near the Kambar-Ata-2 Hydro Power Plant, allowing it to utilize excess energy from the station.
There are periods throughout the year when the plant produces more electricity than necessary, which could help avoid waste. President Sadyr Japarov commented on the matter, greenlighting the project:
“We have enough electricity on summer days. It even exceeds. We cannot sell anywhere. Therefore, in order to benefit the energy system, we are allowing sites that can carry the load.”
The political leader informed that the crypto mine could temporarily halt activities during winter when the power plant’s productivity is lower. Construction of the facility is expected to be completed in the second quarter of 2024.
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