Arab Countries Remain Optimistic On Crypto Market, Oman Announces $350 Million Crypto Mining Center!

<p>&nbsp;Oman's Ministry of Transport, Communications, and Information Technology (MTCIT) has reportedly opened a new crypto mining and data center in the Salalah Free Zone. The estimated value of the facility is more than RO 135 million (more than $350 million).</p><p><br /></p><p>Another country that decided to spend millions of dollars on crypto mining is Kyrgyzstan, where the center will be powered by a hydroelectric station near the Naryn river.</p><p><br /></p><p>Based on local media, the Omani authorities have introduced a second crypto mining center after the one announced in November 2022 (value of almost $390 million). This $740 million co-investment can significantly boost the local digital economy, provide employment opportunities for Omanis, and position the country as a global data hosting and mining hub.</p><p><br /></p><p>The company that established the facility is Exahertz International. Its CEO, Sam Fedows, indicated that a wider network of blockchain centers may appear in Oman in the near future, starting with a pilot test in the Salalah Free Zone.</p><p><br /></p><p>The project is already operational and involves more than 2,000 machines. Its capacity will be supported with an additional 15,000 devices by October, meanwhile this pilot test may also cover other areas such as Al Jabal Al Akhdar and Al Dakhiliyah Region.</p><p><br /></p><p>Fedows stated that this crypto-mining center would use local infrastructure (including electricity and personnel), arguing that it could advance Oman's economy. He added that the facility uses machines produced by Chinese crypto mining manufacturer Bitmain Technologies.</p><p><br /></p><p>Furthermore, the director predicted that this project will benefit the development and growth of Oman's economy.</p><p><br /></p><p>Kyrgyzstan, a country in Central Asia, is also getting involved in the crypto mining industry by spending $20 million to build such a facility. It will be located close to the Kambar-Ata-2 Hydro Electric Plant, so that it can use excess energy from the station.</p><p><br /></p><p>The political leader said that the crypto mining may temporarily stop its activities in winter when the productivity of power plants is not so high. The construction of the facility should be completed in the second quarter of 2024.</p>