In August, the Omani government announced close to $800 million in fresh investments in cryptocurrency mining operations.
On August 23, a $300 million deal was announced with the Abu Dhabi-based Phoenix Group to develop a 150-megawatt crypto-mining farm with Green Data City—Oman's first licensed crypto-mining entity—that will go online next year.
Weeks earlier, Muscat approved a $370 million farm operated by Exahertz International with plans to launch 15,000 more machines by October, according to a local news report.
The investments mark a "major milestone" in Oman's work to "help accelerate the growth" of its digital economy, Said Hamoud al-Maawali, Oman's Minister of Transport, Communications and Information Technology, said in the announcement.
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