Oman and Kyrgyzstan: The Rising Titans of Cryptocurrency Mining

CryptoMode Oman Cryptocurrency Mining

Oman’s Ministry of Transport, Communications, and Information Technology (MTCIT) recently unveiled a state-of-the-art cryptocurrency mining and data hosting center. Located in the strategic Salalah Free Zone, this facility boasts a staggering investment of over RO 135 million, translating to more than $350 million.

Exahertz International: The Powerhouse Behind The Oman Tech Surge

It is not Oman’s first foray into cryptocurrency mining. In November 2022, a similarly ambitious project was announced, costing almost $390 million. With a combined investment surpassing $740 million, Oman is positioning itself as a global powerhouse for digital economy advancements.

Exahertz International, a leading tech company, has pioneered the setup of these expansive facilities. Sam Fedows, the company’s CEO, alludes to broader prospects, hinting at an expansive network of blockchain-oriented centers emerging in Oman. A pilot project is already underway in the Salalah Free Zone.

Check out our weekly crypto and fintech newsletter here! Follow CryptoMode on Twitter, Youtube and TikTok for news updates!

More than 2,000 machines currently power this project. By October, this capacity is set to amplify with an additional 15,000 devices. Locations like Al Jabal Al Akhdar and Al Dakhiliyah Governorate could soon join this tech revolution.

Utilizing local resources, including electricity and manpower, these centers are a promising boost to Oman’s economy. With machines supplied by China’s crypto mining giant, Bitmain Technologies, the nation’s infrastructural prowess is evident. Fedows envisions immense potential for Oman’s economic landscape, firmly endorsing blockchain technology as the “path forward.”

Kyrgyzstan’s Hydro-Powered Crypto Venture

In Central Asia, Kyrgyzstan is crafting its crypto legacy. The nation committed $20 million towards a state-of-the-art cryptocurrency mining center. It is strategically situated near the Kambar-Ata-2 Hydro Power Plant and’s primed to harness excess energy.

During periods when this plant generates surplus electricity, the crypto mine stands as a sustainable solution against wastage. President Sadyr Japarov approved the project and asserts, “We have ample electricity during summer. Instead of waste, we’re channeling it to energize our crypto mining operations.”

However, Japarov mentions a seasonal adjustment. Mining activities might slow during winter when the power station’s output diminishes. This facility’s completion is anticipated in Q2, 2024.

Oman and Kyrgyzstan are setting commendable examples in harnessing cryptocurrency’s potential, backing their endeavors with substantial investments. As the digital economy evolves, these countries exemplify the merger of technology, sustainability, and economic foresight.

None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website.