Oman Unveils $1.1 Billion Investment in Bitcoin Mining
The Sultanate of Oman, traditionally known for its vast desert landscapes and rich history, is making headlines in the modern digital world. According to a recent Forbes report, the nation is set to invest over $1.1 billion in privately-owned bitcoin mining facilities, signaling a significant shift in its economic focus.
Despite its conservative nature, Oman’s rigorous regulatory discussions have concluded that Bitcoin aligns with Islamic law, merging modern innovation with deep-rooted traditions.
Economic Diversification and Job Creation
As per the Forbes, among the Gulf Cooperation Council countries, Oman has the lowest GDP. Yet, there’s a silver lining: about 24% of Omani graduates hold degrees in computer science. However, a mere 5% land jobs in their field.
This investment in bitcoin mining infrastructure aims to provide ample employment opportunities for these tech-savvy graduates. Exahertz, an Omani startup, has been at the forefront of this digital transformation. With plans to establish a pilot bitcoin mining site with an 11 MW capacity and ambitions to expand to 800 MW, the nation’s technological landscape is set to experience a paradigm shift.
JUST IN: ???????? Oman’s #Bitcoin mining facility will grow to 800 MW and use gas from oil fields that is usually flared – Forbes
— Bitcoin Archive (@BTC_Archive) August 24, 2023
Oman’s Growing Bitcoin Mining Facilities
Further, the Salalah Free Zone recently saw the launch of a $350 million data hosting and crypto mining facility. Renowned for its low corporate taxes, this region already boasts a thriving data hosting sector. This recent addition marks the second significant mining facility to be established in Oman within a span of ten months. Together, these centers are valued at a whopping $740.4 million.
Oman’s strategic $1.1 billion investment in bitcoin mining infrastructure exemplifies its forward-thinking vision and commitment to diversifying its economy. While the nation has always been a blend of tradition and modernity, this move into the realm of cryptocurrency further cements its place on the global stage.
