- The country will invest over $1.1 billion in its Bitcoin mining facilities, signaling a significant change in its economic focus.
- According to reports, Oman has the lowest GDP among the Gulf Cooperation Council countries. However, there is a detail: approximately 24% of Oman’s graduates have degrees in computer science.
- Oman’s strategic investment of $1.1 billion in Bitcoin mining infrastructure showcases its forward-thinking vision and commitment to diversifying its economy.
Traditionally known for its vast desert landscapes and rich history, the Sultanate of Oman is set to invest $1.1 billion in facilities for Bitcoin mining.
Oman Takes Action for Bitcoin Mining
Traditionally known for its vast desert landscapes and rich history, the Sultanate of Oman is also making waves in the modern digital world. According to a recent Forbes report, the country will invest over $1.1 billion in its privately-owned Bitcoin mining facilities, marking a significant shift in its economic focus.
Despite its conservative nature, Oman’s strict regulatory discussions have concluded that Bitcoin is compatible with Islamic law, thus combining modern innovation with deep-rooted traditions.
According to reports, Oman has the lowest GDP among the Gulf Cooperation Council countries. However, there is a detail: approximately 24% of Oman’s graduates have degrees in computer science. However, only 5% of them find jobs in their fields.
This investment in Bitcoin mining infrastructure aims to provide ample employment opportunities for graduates interested in technology. Exahertz, operating in Oman, has been one of the pioneers of this digital transformation. With plans to establish a pilot Bitcoin mining site, Exahertz is preparing to experience a paradigm shift in the national technological landscape, with a capacity of 11 MW and expansion goals of up to 800 MW.
Oman’s Growing Bitcoin Mining Facilities
Additionally, according to information obtained by COINOTAG, the Salalah Free Zone recently hosted the launch of a $350 million data hosting and crypto mining facility. This region, known for its low corporate tax rates, already has a developing data hosting sector. This recent addition stands out as the second-largest mining facility established in Oman within ten months, with a total value of $740.4 million.
Oman’s strategic investment of $1.1 billion in Bitcoin mining infrastructure showcases its forward-thinking vision and commitment to diversifying its economy. The country has always been a blend of tradition and modernity, and its entry into the cryptocurrency world further solidifies its position on the global stage.
