In an exciting development reported by the Oman Daily Observer, a cutting-edge data hosting and crypto mining center has been established within the Salalah Free Zone. This strategically positioned economic enclave offers favorable corporate tax rates, further making it an ideal location for the endeavor.
The project is spearheaded by local company Exahertz in collaboration with the Dubai-based blockchain firm Moonwalk Systems. Notably, the center is projected to play a pivotal role in the cryptocurrency mining landscape.
A Facility with Robust Infrastructure
Impressively, the establishment of this mining hub represents an investment of 135 million Omani rials, equivalent to around $350 million. Bolstered by state-of-the-art hardware supplied by Bitmain Technologies, the center’s operational capacity is set to expand significantly.
Furthermore, by October 2023, a remarkable fleet of 15,000 machines will be operational. This will further propel Oman’s prominence in the crypto mining domain. At present, the facility operates in a pilot phase, leveraging 2,000 machines and consuming 11 megawatts of power.
This crypto mining initiative aligns seamlessly with Oman’s broader mission of diversifying its economy and hastening digitalization. The government’s investment in cryptocurrency infrastructure showcases its commitment to embracing technological innovation and steering the nation toward sustainable growth. This is also in recognition to the need to reduce reliance on oil exports.
Evolving Landscape: Past Initiatives and Future Prospects
It’s worth noting that this isn’t Oman’s first venture into the cryptocurrency mining realm. Back in November 2022, another mining center was established at a cost of 150 million Omani rials ($389 million). Moreover, as the nation continues to explore opportunities within the crypto sector, its commitment to innovation further remains unwavering.
Government’s Forward-Thinking Approach
Underpinning its dedication to shaping a conducive environment for crypto-related activities, Oman’s government introduced a consultation paper on July 27 outlining a national crypto framework. Among the potential provisions, digital asset providers might be required to establish a local presence within Oman.
Additionally, mandates could include maintaining a specific portion of assets in hot wallets, conducting regular audits of safeguarded assets, and providing evidence of reserves.
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