Oman, while welcoming the new crypto mining center, has shared plans of diversifying into various emerging technologies and digitizing the economy.
The Sultanate of Oman has announced the setting up of a crypto mining center in the country. The center has brought along millions as investments. Moreover, the move will also help Oman progress in diversifying its economy and help digitize it.
The country has also observed a welcoming stance for crypto. Days ago, it also announced plans for crypto regulation.
A couple of crypto firms will work together to run the center. A local company called Exahertz will partner with crypto firm Moonwalk Systems on the project. An expenditure of $350 million was incurred in building the center at the Salalah Free Zone. Both crypto firms have confirmed the network of mining centers in Oman will extend in the future.
The government has also extended its support to the project. Minister Saeed Bin Hamoud Al Mawali said, “Ministry of Transport, Communications and Information Technology seeks to build cooperative partnerships with leading local and international private sector entities in the various types of digital technologies, as the Ministry works to attract foreign investments in this ever-developing industry.”
The mining center will have 2000 machines initially and aim for 15000 within October 2023. Oman is mainly dependent on oil exports for its economy. Becoming a crypto hub will help Oman attract more firms in the future and bring diversification and capital to the economy.