As known from:
known from Coinwireknown from Benchknown from Coinindex
  • About CryptoGmblr.com
Contains commercial content
Cryptogambling / Oman increases investment in crypto mining sector

Oman increases investment in crypto mining sector

Publish Date: 21/08/2023
Stock Photo, tags: oman investment crypto mining - upload.wikimedia.org

Stock Photo – upload.wikimedia.org

According to recent reports, Oman has increased investment in the crypto mining sector. It recently opened a new data hosting and crypto mining facility in the Salalah Free Zone and announced the construction of a second center.

The Ministry of Transport, Communications and Information Technology MTCIT launched the first crypto mining facility, estimated to be worth over RO135 million (more than $350 million) last week. The project was announced in November last year.

The first facility has around 11 MW capacity across 312,000 square meters (3.36 million square feet). It has begun operation and powered more than 2,000 mining machines. The number is expected to expand with 15,000 additional machines by October.

Exahertz International, a subsidiary of Afaaq for Advanced Technologies, is responsible for establishing the new mining facilities.

Exahertz CEO Sam Verdous suggested that the Sultanate of Oman could see a wider network of blockchain-based centers in the near future. The Salalah Free Zone pilot project will be followed by trials at other regions, such as Al Jabal Al Akhdar and Al Dakhiliyah.

The pilot facility will not be the first data center project in Salalah, as it has been home to projects from Ooredo and Equinix. Ooredoo is a Qatari telecommunications company that began constructing its Omani facility in August 2022. It is set to host the 2Africa subsea cable.

According to Verdous, the mining facilities use hardware from Bitmain Technologies, a Chinese crypto mining provider. At the same time, the centers will be utilizing local infrastructure, including electricity and personnel.

The cryptocurrency mining centers could significantly impact the local digital economy, creating numerous job opportunities for Omanis and positioning the country as a global data hosting and mining hub. Exahertz also plans to offer internship programs to young people.

Minister of Transport, Communications and Information Technology Eng. Saeed bin Hamoud bin Saeed Al Mawali said the centers will “help to accelerate the growth of the country’s digital economy and create new opportunities for Omanis.” This “major milestone” in the country’s digital transformation journey helped the Sultanate of Oman to place among the ranks of developed countries in this industry.

Changing landscape

The cryptocurrency mining industry has been the subject of much discussion in recent months. China was a leader in the crypto mining sector until 2021, when Beijing banned the practice. Since then, miners have been forced to relocate to more friendly jurisdictions.

Thailand saw a surge in crypto mining activities following China’s ban. However, the sector is contested in Thailand as there is a spike in illegal mining activities across the country.

Kyrgyzstan is the next developing country to establish its own cryptocurrency mining facilities. President Sadyr Japarov has approved the construction of a $20 million mining facility near the Kambar-Ata-2 Hydropower Plant, which is located near the country’s largest river, the Naryn.

The mining facility will use the excess energy from the station. The hydropower plant generates 120 MW of electricity annually but can only use 90 MW. The remaining 30 MW of energy is currently unused, costing the plant over $37 million in lost revenue.

However, Japarov also noted that the crypto mining facility might have to suspend operations during the winter. This is during the time when the hydropower plant’s output is not that high. Authorities assure that they will closely monitor the mine’s activities. Should the process harm the state, they will take measures.

Top Online Casinos
Top Casinos Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
Up to 27.5 Free Sweepstakes Coins + 57.500 Gold Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 55,000 Lucky Coins and 34 Sweeps Coins with first purchase
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75 million WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5
Latest News
Charles Hoskinson forecasts Altcoin season showdown: ADA vs. DOGE
Cardano (ADA) Faces Dual Meme Coin Competition where ...
Top 5 AI cryptocurrencies ready to thrive during the next bull market
New crypto ventures merge the groundbreaking capabilities of ...
Top Crypto Exchange Sites
Crypto Exchange Guide
  • Crypto Exchanges
  • Betting Exchange
Top Brands
Top Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
Up to 27.5 Free Sweepstakes Coins + 57.500 Gold Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 55,000 Lucky Coins and 34 Sweeps Coins with first purchase
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75 million WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPG
Close
Players accepted in the US US Flag
Stake.us Exclusive Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
Promo Code
Go to Stake.us
Visit Site
T&Cs apply, 18+
Payment Methods
Bitcoin
Litecoin
Ethereum
Dogecoin
Highlights
  • Exclusive promo code: CRYPTGAMBL
  • Play Stake Originals games for free
  • Get free Stake Cash daily just by logging in
Stake Originals
Dice
Crash
Plinko
Mines
×
Your Bonus Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site