Oman Is Set To Invest Over $1.1Bn In Privately-Owned Bitcoin Mining Facilities
"After rigorous regulatory discussions that started back in 2019, the government of Oman eventually found bitcoin to be in line with Islamic law, accepting the modern innovation into Oman's deep-rooted traditions."
"H.E Sheikh Mansour Bin Taleb Bin Ali Al Hinai, Chairman of Oman's Authority for Public Services Regulations, publicly commented in a press statement about his nation’s government support of privately-owned bitcoin mining facilities, which are set to attract a total investment of over $1.1 billion," reported Forbes.
"This initiative aligns with our goal to diversify our economy, integrating modern technologies while upholding our commitment to ethical and sustainable practices," he was quoted as saying.
"Oman’s forward-thinking vision has paved the way for Exahertz International, a homegrown startup, to take center stage in this digital evolution."
Earlier this week, Exahertz launched a pilot bitcoin mining site of 11 MW capacity and 2000 machines in Salalah Free Zone, with plans to set up 15,000 machines by October 2023. The center reportedly cost $350 million and will use the latest miners from Bitmain Technologies.
Another mining center, Al-Madina Al-Khadraa, was announced in November 2022, and is valued at 150 million Omani rials (~$389 million).
Eventually, the company plans to expand to 800 MW capacity backed by a budget of $1.1 billion.
"Bitcoin represents more than a digital currency. Its open ledger system is a significant leap for civilization, ushering in a new era of transparency and innovation," said Jad Fredrick Kharma, the CEO of Exahertz.