ZoneBitcoin EditorialA country located in the Arabian Peninsula, Oman has taken bold steps to position itself as a major power in the Bitcoin mining sector. Like El Salvador and Bhutan, Bitcoin mining is carried out with a general aim of national development.
Indeed, the installation of mining farms is managed by the country's Ministry of Transport, Communications and Information Technology (MTCIT). Minister Al Maawali said that the opening of these mining centers ” will help accelerate the growth of the digital economy and create new opportunities for Omanis".
An assumed digital shift for Oman
The Sultanate of Oman, a country traditionally dependent on oil exports, is resolutely committed to the digital transformation of its economy. At the heart of this strategy is a clear ambition: to become a Bitcoin mining hub. To do this, the country has launched the construction of ultra-modern mining centers. The country currently has two mining centers and plans to install other farms in the future.
In the Salalah special economic zone, two cryptocurrency mining centers have emerged in less than a year. The first, inaugurated in November 2022, required an investment of 150 million Omani rials ($389 million). The second, inaugurated in August 2023, required an investment of 135 million Omani rials ($350 million). The total amount of the investment amounts to more than $700 million and underlines Oman's ambition to become a hub for bitcoin mining.
The inaugural phase of the “Afaaq center” has already started operations with an electrical capacity of 11 megawatts. The facility has no fewer than 2 ASIC machines, putting Oman on the global mining farm map. The capacity of the site will subsequently be able to accommodate up to 000 additional pieces of equipment.
There are several reasons why Oman, like other countries like Kuwait or Algeria (which are among the countries where bitcoin mining costs the least) could consider getting into bitcoin mining or other cryptocurrencies.
The first reason is probably the need for economic diversification. Oman, like other economies, could seek to diversify its sources of revenue by exploring new economic opportunities. Bitcoin mining could be seen as a way to generate income outside of traditional sectors. The impact of these mining centers and the opening to this sector have transformative potential for the social and economic fabric of the country. In terms of employment, these centers could generate hundreds of positions, ranging from engineering to maintenance to project management.
Furthermore, activities related to cryptocurrencies and blockchain can stimulate technological innovation and attract talents to the country. This could strengthen the local technology ecosystem and encourage the development of new skills.
This is also the goal sought by Oman, which wishes to develop the sector as a whole and not be limited to bitcoin mining only. Indeed, the opening of mining centers is part of a broader vision of digital transformation driven by the Omani government. Oman is one of the countries with petroleum resources, and in this sense, the country can benefit from mining facilities to reduce its environmental footprint. Indeed, bitcoin mining is used by oil companies to reduce gas emissions.
Lire: Bitcoin mining helps oil companies reduce their gas emissions
A promising future for Bitcoin mining in Oman
Thanks to its strategic investments and its desire to become a leader in the field of Bitcoin mining, Oman is well positioned to become a major power in the cryptocurrency sector.
With state-of-the-art mining centers, strong digital infrastructure and a favorable regulatory framework, Oman is on track to realize its ambition of becoming a Bitcoin mining hub.
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