The Sultanate of Oman, situated on the southeastern coast of the Arabian Peninsula, is intensifying its engagement with the world of cryptocurrency by channeling substantial investments into the sector. With a strategic vision to establish itself as a prominent digital hub in a competitive region, Oman is taking steps to capitalize on the potential of cryptocurrencies.
In a recent move, the Omani government unveiled plans for approximately $800 million in fresh investments dedicated to cryptocurrency mining operations. Notably, the government announced a significant $300 million deal on August 23rd. This deal, formed in collaboration with the Abu Dhabi-based Phoenix Group, aims to establish a crypto-mining farm boasting a capacity of 150 megawatts. The farm, in partnership with Green Data City, a licensed crypto-mining entity in Oman, is anticipated to commence operations in the coming year.
Preceding this announcement, the capital city of Oman, Muscat, granted approval for a $370 million crypto-mining farm operated by Exahertz International. This initiative intends to deploy an additional 15,000 mining machines by October, according to local news reports.
Said Hamoud al-Maawali, Oman’s Minister of Transport, Communications, and Information Technology, characterized these investments as a “major milestone” in the nation’s endeavor to propel the growth of its digital economy. The ongoing initiatives are set to contribute significantly to Oman’s aspirations of becoming a prominent player in the digital landscape.
As the cryptocurrency industry continues to evolve and gain traction globally, Oman’s proactive approach to embracing this technology underscores its commitment to positioning itself as a hub for digital innovation in the West Asian region.