The Sultanate of Oman has committed $1.1 billion to Bitcoin mining infrastructure investing, signaling a strong dedication to economic diversification.
- Oman, traditionally known for conservatism and adherence to Islamic law, navigated the adoption of disruptive technologies like Bitcoin mining with care.
- Omani startup Exahertz encompasses establishing an 11 MW pilot Bitcoin mining site, accomplished just 22 days after receiving the necessary license.
H.E Sheikh Mansour Bin Taleb Bin Ali Al Hinai, Chairman of Oman’s Authority for Public Services Regulations, emphasized the significance of this initiative in a recent press statement, stating, “This initiative aligns with our goal to diversify our economy, integrating modern technologies while upholding our commitment to ethical and sustainable practices.”
Oman’s reputation for conservatism and its adherence to Islamic law made the adoption of disruptive technology like Bitcoin mining a thoughtful process. The government’s acceptance of Bitcoin after extensive regulatory discussions that commenced in 2019 showcases its willingness to meld contemporary innovations with age-old traditions, a delicate balance.
Despite having the lowest gross domestic product (GDP) among Gulf Cooperation Council countries, the nation is uniquely positioned for digital growth. With 24% of Omani graduates specializing in computer science but only 5% finding relevant employment, the investment in bitcoin mining infrastructure promises to provide a much-needed avenue for these skilled individuals.
Leading this technological transformation is Exahertz, an Omani startup that has quickly risen to prominence. Their plans include the establishment of a pilot bitcoin mining site with an 11 MW capacity, a feat they achieved within 22 days of receiving the necessary license. However, their ambitions extend far beyond this initial endeavor, with plans to expand to an astounding 800 MW capacity.
Crucially, Exahertz’s approach to energy consumption sets them apart. Their facilities are designed with modular flexibility, ensuring support for the electrical grid without overburdening it. Additionally, they intend to harness wasted flared gas and explore hydroenergy sources, demonstrating a strong commitment to sustainability. This aligns well with Oman’s broader vision of fostering a green, sustainable digital economy.
The recently launched $350 million data hosting and crypto mining facility in the Salalah Free Zone further underscores Oman’s commitment to this digital evolution. Known for its low corporate taxes, the Salalah Free Zone is swiftly becoming a hub for data-related activities. This newly inaugurated facility is the second significant mining center established within a ten-month span, contributing to a total valuation of $740.4 million for these centers.
Oman’s strategic move in bitcoin mining infrastructure investing is more than just a financial maneuver; it symbolizes the nation’s readiness to engage with the digital future.
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