The Middle Eastern nation of Oman has expanded its crypto footprint by establishing its own crypto mining operation and data center.
The Oman Daily Observer reported a data hosting and cryptocurrency mining facility worth approximately $350 million was inaugurated in the Salalah Free Zone of Oman.
As a special economic zone, this area is renowned for its low corporate taxes. This is the second mining facility to arrive in Oman within the last ten months, and the country already has a thriving data hosting and processing industry.
Oman Will Expedite Economic Growth Through Data Mining
The first facility was inaugurated in November 2022 at a cost of approximately $389 million, or 150 Omani rials. The cost of constructing the new facility was around 137 million Omani rials, or approximately $350 million. They have a combined valuation of $740,4 million, which includes the previously existing center.
This new addition to Oman is anticipated to increase regional employment. According to Eng Said Hamoud al Maawali of the Ministry of Transport, Communications, and Information Technology (MTCIT), the new facility will “help to accelerate the growth of our digital economy and create new opportunities for Omanis.”
The Oman MTCIT is extremely pleased about the newest addition. Exahertz International and Moonwalk System, a Dubai-based blockchain company, would administer the Afaaq for Advanced Technologies data hosting and cryptocurrency mining center.
This facility will utilize the most recent Bitmain Technologies hardware, and it is anticipated that 15,000 machines will be operational by October 2023. According to the report, the present pilot phase of the data hosting and processing center has a capacity of approximately 11 megawatts across 312,000 square meters, which can power approximately 2,000 mining machines.
Expanding Crypto Mining in The Middle East
Notable, this is all part of a comprehensive strategy to position Oman as a prominent data mining and processing center. In the meantime, crypto mining is gaining ground in and around the UAE. Phoenix Technology, a UAE-based cryptocurrency mining company, intends to extend its services to include a potential Initial Public Offering (IPO) in Abu Dhabi.
