The Sultanate of Oman, traditionally known for its vast desert landscapes and rich history, is making headlines in the modern digital world. According to a recent Forbes report, the nation is set to invest over $1.1 billion in privately-owned bitcoin mining facilities, signaling a significant shift in its economic focus. 

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

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.

JUST IN: 🇴🇲 Oman’s #Bitcoin mining facility will grow to 800 MW and use gas from oil fields that is usually flared – Forbes

— Bitcoin Archive (@BTC_Archive) August 24, 2023

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. 

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.