Sheikh Mansour Bin Taleb Bin Ali Al Hinai, the Chairman of Oman’s Authority for Public Services Regulations, has openly discussed his country’s governmental approval of privately owned bitcoin mining facilities.
These facilities are anticipated to draw in investments exceeding $1.1 billion according to Forbes.
He emphasized that this endeavor is in line with the country’s objective to broaden its economic horizons by incorporating contemporary technologies while maintaining its dedication to morally sound and environmentally responsible approaches.
Considering Oman’s traditionally conservative stance and its strong adherence to Islamic principles, the introduction of a revolutionary concept like bitcoin mining must have undergone extensive debates and contemplation.
Following thorough regulatory procedures that commenced in 2019, the Omani government ultimately determined that bitcoin aligns with Islamic law. This acceptance of modern innovation harmoniously merges with Oman’s longstanding customs.
Jad Fredrick Kharma, the Founder of Axeron and CEO of Exahertz, a local Omani company and a subsidiary of Afaaq for Advanced Technologies stated:
Through our project, we aspire to shape the future of software-defined data centers, paving the way for flexible applications that seamlessly adapt to the ever-evolving computing landscape. It is with great conviction that I underscore the immense significance of Blockchain computing as the bedrock of the digital economy.
He adds that their endeavor goes beyond the limitations of conventional data mining centers. Through the harmonious integration of specialized hardware, extensive scalability, and intelligent energy utilization, Oman is constructing a resilient foundation that embodies innovation and environmental responsibility. He emphasized that this approach seamlessly aligns with Oman’s 2040 vision.
Within this perspective, Oman’s progressive vision has cleared the path for the local startup, Exahertz, to emerge as a prominent player in this digital transformation.
The aspiring launch of an initial 11 MW bitcoin mining facility, along with intentions to scale it to 800 MW and supported by a remarkable budget of $1.1 billion, marks a significance beyond mere technological progression. It establishes the foundational framework for the future’s technological infrastructure.
This achievement has been a culmination of efforts over time. Exahertz obtained its regulatory license from local authorities in September 2022 and swiftly brought an operational pilot into existence within a span of just 22 days.
The Sultanate of Oman, recognized for its varied landscape encompassing deserts, mountain ranges, and extensive coastlines, occupies a vital location on the southeastern edge of the Arabian Peninsula.
Despite its modest population of 4.5 million, the nation boasts a storied history of grandeur. During the 17th century, the Omani Sultanate engaged in rivalries with the Portuguese and British empires for control in the Persian Gulf and Indian Ocean regions.
In the present day, Oman finds itself aiming for supremacy in the realm of the bitcoin-oriented economy.
In the meantime, Kuwait, a nearby Arabian country, has taken a harsher and more restrictive approach towards bitcoin, banning bitcoin and all related industries.