Just-In: Oman Unveils $1.1 Billion Investment in Bitcoin Mining

Despite its conservative nature, Oman’s rigorous regulatory discussions have concluded that Bitcoin aligns with Islamic law, merging modern innovation with deep-rooted traditions.

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Economic Diversification and Job Creation

As per the Forbes, among the Gulf Cooperation Council countries, Oman has the lowest GDP. Yet, there’s a silver lining: about 24% of Omani graduates hold degrees in computer science. However, a mere 5% land jobs in their field. 

This investment in Bitcoin mining infrastructure aims to provide ample employment opportunities for these tech-savvy graduates. Exahertz, an Omani startup, has been at the forefront of this digital transformation. With plans to establish a pilot Bitcoin mining site with an 11 MW capacity and ambitions to expand to 800 MW, the nation’s technological landscape is set to experience a paradigm shift.

Oman’s Growing Bitcoin Mining Facilities

Further, according to Coingape, the Salalah Free Zone recently saw the launch of a $350 million data hosting and crypto mining facility. Renowned for its low corporate taxes, this region already boasts a thriving data hosting sector. This recent addition marks the second significant mining facility to be established in Oman within a span of ten months. Together, these centers are valued at a whopping $740.4 million.

Oman’s strategic $1.1 billion investment in Bitcoin mining infrastructure exemplifies its forward-thinking vision and commitment to diversifying its economy. While the nation has always been a blend of tradition and modernity, this move into the realm of cryptocurrency further cements its place on the global stage. 

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