Oman Launches New Digital Asset Mining Facility
Oman has unveiled its second digital asset mining facility in an effort to diversify its economy away from oil exports. The facility, built in the Salalah Free Zone, is operated by Exahertz in collaboration with Woonwalk Systems. It cost approximately $150 million and will be equipped with top hardware from Bitmain Technologies, hosting 2000 machines. The CEO of Moonwalk Systems, Sam Ferdows, expressed the company’s commitment to expanding the facility’s capacity and training citizens through programs. The Minister of Transport, Communications, and Information Technology, Engineer Said Hamoud, hailed the project as a major milestone in Oman’s digital transformation.
Oman’s Growing Investment in the Sector
The launch of this new mining facility marks Oman’s second foray into the industry in just nine months. The country’s total investment in the sector is now $740 million, with plans to contribute to the regional efforts around web3. Middle Eastern governments, such as the United Arab Emirates, have also been investing heavily in blockchain-related infrastructure to attract investors and foster growth in the sector. Incentives, such as registration incentives and regulatory measures, are being offered to companies in various web3 sectors.
The Future of Oman’s Blockchain Industry
Oman is positioning itself as an infrastructure hub for blockchain-related companies as part of its economic diversification strategy. With the launch of this new mining facility, the country aims to attract more investments and become a key player in the digital economy. By providing lower tax benefits and creating economic zones, like the Salalah Free Zone, Oman is encouraging corporate institutions to invest in the country. The government’s efforts, including training programs and regulatory measures, demonstrate its commitment to fostering growth and innovation in the blockchain ecosystem.
Hot Take
Oman’s launch of a new digital asset mining facility showcases its determination to diversify its economy and become a leading player in the blockchain industry. By investing in infrastructure and creating a favorable business environment, Oman is attracting both local and international investors. The country’s commitment to training citizens and implementing regulatory measures demonstrates its long-term vision for sustainable growth in the digital economy. As the Middle East continues to embrace blockchain technology, Oman’s efforts position it as a key player in the region’s growing ecosystem.
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