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Oman and Kyrgyzstan Invest Millions of Dollars in Cryptocurrency Mining

The Ministry of Transport, Communications, and Information Technology in Oman has announced the opening of a new cryptocurrency mining center worth 135 million Omani rials (over 350 million dollars) in the Salalah Free Zone. This comes after the announcement of another mining center in November 2022, valued at around 390 million dollars. The combined investment of 740 million dollars is poised to boost Oman’s digital economy, create job opportunities for Omanis, and position the country as a global hub for data hosting and mining. The new facility will utilize over 2,000 machines, with an additional 15,000 machines to be added by October. Exahertz International, the company behind the project, hinted at plans to establish a broader network of blockchain-based centers in Oman.

On the other hand, Kyrgyzstan has allocated 20 million dollars to build a cryptocurrency mining center that will rely on electricity generation from a hydroelectric station near the Naryn River. The facility will be able to utilize excess energy from the Kambar-Ata-2 hydroelectric station. President Sadyr Japarov stated that the cryptocurrency mine might temporarily halt during the winter when the electricity generation of the hydroelectric station is not high. The completion of the center is expected in the second quarter of 2024.

Investments in cryptocurrency mining centers can contribute to the economic growth of Oman and Kyrgyzstan by creating job opportunities and attracting foreign investors. Sam Veedos, the CEO of Exahertz International, emphasized the potential of blockchain technology and stressed that it would shape the future of the economy. By investing in such projects, these countries are joining a global trend towards establishing cryptocurrency mining centers.

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