Oman, a country south of Saudi Arabia, is launching a new $370 million crypto mining operation. This is the second mining facility to open in Oman in a short period of time. In November, Oman opened the first with an investment of US$390 million at the time. That’s what local news channels say.
Oman is unpacking from the crypto mining industry
This means that in less than a year, Oman has already poured $760 million into its crypto mining industry. The company behind the mining facilities is Exahertz International. Partner Sam Ferdows, CEO of Moonwalk Systems, expects to add more facilities in Oman in the near future. The new exchange is already up and running and currently has two active mining rigs. In October, this number should reach 15,000 machines. The hardware comes from the Chinese crypto mining manufacturer Bitmain Technologies.
According to Fedows, Blockchian technology is “the future” and the power plants will benefit the local population. The power plants use local electricity and local staff. He also believes mining assets will boost Oman’s economy and development. Exahertz will train local staff in data management and blockchain technology. In addition, internship programs for young people are being set up.
Kyrgyzstan will also mine Bitcoin
Another country in Asia, Kyrgyzstan, also announces that it will start crypto mining. The Central Asian country will use hydropower for mining. The mining facility, which will cost $20 million, will use surplus energy from a local hydroelectric power station to mine crypto.
During warm seasons, the country’s hydroelectric power plant produces more energy than it consumes. This excess energy can be used for crypto mining to avoid wastage. The mining facility is expected to be commissioned in the second quarter of 2024. The President of Kyrgyzstan Sadyr Japarov has already given the green light to the project, saying:
“On summer days we have enough electricity. Even too much. So we can’t sell it. Therefore, to improve the energy system, we authorize power plants that can absorb the surplus.”
