Oman is making headlines in the world of cryptocurrency and digital transformation. The country’s Minister of IT and Communications recently inaugurated a massive project aimed at establishing Oman as a hub for Bitcoin mining.
This initiative is not just about mining; it’s about creating a digital economy, offering employment, and setting the stage for a tech-driven future. Let’s delve into how Oman is achieving this feat.
Oman’s New Bitcoin Mining Facility
The Ministry of Transport, Communications, and Information Technology (MTCIT) has invested a staggering RO 135 million (over $350 million) in a new data hosting and Bitcoin mining facility.
Developed by Exahertz International, a subsidiary of Afaaq for Advanced Technologies, the facility spans 312,000 square meters and currently has around 11MW of capacity.
“This is a major milestone in Oman’s march toward digital transformation,”Said Hamoud al Maawali, the Minister of IT and Communications
- Capacity: 11MW, expandable over time
- Area: 312,000 square meters
- Mining Machines: Over 2,000, with plans to increase to 15,000 by October
- Developer: Exahertz International
The Role of Bitmain Technologies
Bitmain, a leading manufacturer in China, has provided the hardware systems for the facility. Known for their high-performance computers, Bitmain specializes in hydro technology as a cooling system. Given the heat produced by Bitcoin mining computers, using water as a cooling solution has proven highly efficient.
- High-Performance Hardware
- Hydro Technology Cooling Systems
- Optimum Temperature Maintenance
Oman’s Vision for Employment and Digital Economy
The new facility aligns with Oman’s vision of offering employment opportunities and positioning the country as a leading destination for Bitcoin miners. The government aims to onboard youth into the space through internships and educational programs on blockchain technology.
- Internships for youth
- Blockchain education
- Data center management roles
Regulatory Framework and Market Safety
Earlier this month, the Capital Market Authority (CMA) of Oman initiated a consultation process to draft a regulatory framework for virtual assets. This move aims to prevent market abuse and manipulation, making Oman one of the crypto-regulated countries.
The facility is still in its pilot phase, with plans to add three more locations in Salalah and one in Al Jabal Al Akhdar. The results from this pilot phase will inform future facility establishments and contribute to creating a more sustainable future.
Oman’s multi-faceted approach to embracing cryptocurrency is commendable. From infrastructure development to employment opportunities and regulatory frameworks, the country is leaving no stone unturned. As Eng Al Maawali aptly put it, these centers will “help to accelerate the growth of our digital economy and create new opportunities for Omanis.”