Oman Is Set To Invest Over $1.1Bn In Privately-Owned Bitcoin Mining Facilities

“H.E Sheikh Mansour Bin Taleb Bin Ali Al Hinai, Chairman of Oman’s Authority for Public Services Regulations, publicly commented in a press statement about his nation’s government support of privately-owned bitcoin mining facilities, which are set to attract a total investment of over $1.1 billion,” reported Forbes.”This initiative aligns with our goal to diversify our economy, integrating modern technologies while upholding our commitment to ethical and sustainable practices,” he was quoted as saying.”Oman’s forward-thinking vision has paved the way for Exahertz International, a homegrown startup, to take center stage in this digital evolution.”Earlier this week, Exahertz launched a pilot bitcoin mining site of 11 MW capacity and 2000 machines in Salalah Free Zone, with plans to set up 15,000 machines by October 2023. The center reportedly cost $350 million and will use the latest miners from Bitmain Technologies. Another mining center, Al-Madina Al-Khadraa, was announced in November 2022, and is valued at 150 million Omani rials (~$389 million).Eventually, the company plans to expand to 800 MW capacity backed by a budget of $1.1 billion. “Bitcoin represents more than a digital currency. Its open ledger system is a significant leap for civilization, ushering in a new era of transparency and innovation,” said Jad Fredrick Kharma, the CEO of Exahertz.

Forbes Article / Archive
Oman Observer Article / Archive

Leave a Reply

Your email address will not be published. Required fields are marked *