Oman launches $350M crypto mining heart: Report


The Sultanate of Oman has launched a brand new cryptocurrency mining heart, the second mining facility to open within the nation up to now 10 months.

According to an area publication, the Oman Daily Observer, a knowledge internet hosting and cryptocurrency mining heart, was opened within the Salalah Free Zone, which is a particular financial zone within the nation with low company taxes. A neighborhood firm, Exahertz, will run the middle in cooperation with Dubai-headquartered blockchain firm Moonwalk Systems.

The heart reportedly price 135 million Omani rials (roughly $350 million) to assemble, and it’ll use the newest {hardware} from Bitmain Technologies, with plans to arrange 15,000 machines by October 2023. Currently, it operates in a pilot regime with 2,000 machines on-line, working from 11 megawatts of consumed energy, in accordance with the report.

Related: Renewable energy Bitcoin mining company powers up in Sweden

The mining facility comes as a part of a plan to speed up the digitalization of Oman’s economic system, which is principally depending on oil exports. Another mining heart opened in November 2022, costing 150 million Omani rials ($389 million). In 2022, the electrical energy costs for enterprise operators within the nation stood at 0.064 rials ($0.166) per kilowatt hour.

On July 27, the federal government of Oman launched a consultation paper on a nationwide crypto framework. The framework may require digital asset suppliers to determine an area workplace in Oman. It might additionally oblige them to carry a smaller fraction of belongings in scorching wallets, conduct audits of safeguarded belongings and present proof of reserves.

Cointelegraph contacted the Omani Ministry of Transport, Communication and Information Technology and the Public Authority for Special Economic Zones and Free Zones however didn’t obtain a response by publication. 

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