Oman inaugurates a $370 million mining center

While many governments criticize and fight cryptocurrency, the trend seems to be the opposite in the Gulf countries. Indeed, the government of Oman has announced a few days ago the establishment of a new mining center. Valued at $370 million, the center aims to promote cryptocurrency in the country.

Oman launches into crypto mining

Cryptocurrency mining takes center stage of virulent criticism for years. However, this does not mean that crypto mining is declining worldwide – quite the contrary. After private companies, governments are now getting involved in crypto mining. In fact, the Omani authorities have inaugurated a crypto mining center in the city of Oman.

Valued at over $370 million, this center created by Exahertz International aims to increase its mining capacity. Currently estimated at 2,000, the number of crypto mining machines at the center is set to rise to 15,000 by October. In addition, the center will serve as a framework for blockchain education. In particular, internship programs for young people and training programs for locals will be set up to facilitate the transfer of blockchain knowledge.

The center is expected to create new economic opportunities for Omanis, hopes Sam Ferdows, CEO of Moonwalk Systems, partner of Exahertz International. This wish is shared by the Minister of Transport, communications, and information technology of Oman.

The race to crypto in the Gulf

The inauguration of Oman’s mining center confirms the country’s determination to consolidate its cryptofriendly status. However, it will face stiff competition from other Gulf states.

In Bahrain, cryptocurrency is so widespread that it’s facilitates access to real estate.

In Saudi Arabia, the authorities are considering regulate instead of banning it. This prompted many of the country’s leading players to take an interest in the web3. These include compagnies such as Aramco, the national hydrocarbon company.

In the United Arab Emirates, blockchain is used even in the country’s judicial courts. It goes without saying that the adoption rate of cryptocurrency in the country is the highest in the world.

Oman’s crypto mining center thus reinforces this interesting dynamic of opening up to blockchain in the Persian Gulf region.