Oman has made a significant step toward modernizing its economy by establishing a $350 million cryptocurrency mining center. This is the second cryptocurrency mining plant to open this year. This simply indicates the country’s commitment to digitalization. They want to work as well as minimize their reliance on oil exports. This is why they are investing in a variety of fields in order to increase revenue and keep the economy running.
The data hosting and crypto mining center will be operated by a local company and will be located in Salalah Free Zone, a special economic zone with attractive tax rates. This company has partnered with Moonwalk Systems, a blockchain firm based in Dubai.
This facility is expected to be able to hold a tremendous amount of machines by the end of the year. According to assumptions, there is enough room for 15,000 machines to function. There are currently just 2000 machines operational, and it consumes 11 megawatts of power. This only demonstrates the potential to have a significant impact on Oman’s energy environment. In a recent piece, we also explored how mining Bitcoin in Asia is less expensive than in Europe.
Oman’s economy has always relied on oil exports. Because of the oil-rich territory they sit on, this is similar to most countries in the region. They do, however, want to find alternative methods to make money, and cryptocurrency mining is one of them. All in all, these measures demonstrate Oman’s intention to diversify its economy away from oil income and support economic growth in developing industries.
NEWS: 🇴🇲 Oman has made a significant step toward modernizing its economy by establishing a $350 million cryptocurrency mining center.
— Walletor (@walletorapp) August 22, 2023
Oman hopes to accelerate digital transformation by embracing cryptocurrency mining. This is done to guarantee that the economy is more resilient and diverse. Moreover, this forward-thinking strategy is consistent with worldwide decentralized finance trends.
The new cryptocurrency mining center is expected to contribute to Oman’s economic development as the country continues to engage in projects that foster digitalization. Oman is establishing itself as a player in the expanding cryptocurrency scene thanks to its strategic location and sophisticated infrastructure.