This is a forward-thinking nation with leaders that have good foresight. They are moving into a digital economy in the coming years their dependence on exportation of oil would have reduced they will begin to export digital products. This is not surprising because most of these Arab countries are already ahead of the rest of the world in regard to crypto. Look at Dubai it is almost like the crypto hub of the world. And Oman wants to be a part of it too.
Oman will experience a boom in businesses going into crypto mining and the next thing the government will do is that they are going to look for way to regulate it.
Topic: Will the launch of $350M crypto mining centre in Oman make a difference? (Read 192 times)
August 25, 2023, 01:11:29 PM
August 24, 2023, 07:57:42 AM
What difference are you specifically referring to? If you're referring to the price, not really. But if you are referring to adoption, this is a big contribution.
This means that cryptocurrency having a bright future ahead is most likely true. No less than a country investing hundreds of millions of dollars, that's something. There must have been serious studies made before this huge project began and they must have found out the potential of cryptocurrency.
This means that cryptocurrency having a bright future ahead is most likely true. No less than a country investing hundreds of millions of dollars, that's something. There must have been serious studies made before this huge project began and they must have found out the potential of cryptocurrency.
August 24, 2023, 07:51:17 AM
Looking at this, I see economic diversification if not why would an oil rich city want to go into Crypto mining.
The main reason will be to reduce the dependence they have on their oil. They are smart to know that it is not good to just depend on oil especially when it is the only raw material that you have in abundance. The decision makers in the country must have tasked people to seek new things that they can diversify into that will have profits for the future even if their oil fails, and cryptocurrency is what they have thought about. They must have a young team of thinking individuals who really understand cryptocurrency and know it for the benefits it has. Any challenges that will face in the future, they will be prepared to find solutions.
August 23, 2023, 11:05:20 PM
A country's positive attitude towards bitcoin and bitcoin mining will show new dimension in the crypto space. Bitcoin mining will be easier for them as they are rich in producing oil. In the meantime, the Muslim countries have changed their thoughts and consciousness, they are now taking similar steps to do those things keeping in mind the potentiality of bitcoin. Meanwhile, the United Arab Emirates has also taken a positive view of Bitcoin. The country's government wants the UAE to be known as a crypto hub in the future. The United Arab Emirates, Saudi Arabia, and Qatar all want to get involved with Bitcoin, as like Oman. In the future, crypto could be a major weapon in the financial war.
August 23, 2023, 10:53:30 PM
One day the world might have a lot less of a need for oil, but that time is nowhere near close. Crude oil frackers should most definitely have an interest in securing their wealth and non renewable income sources for generations to come so why not diversify and put another crypto mining operation in the middle of the desert in tbe middle east?
August 23, 2023, 09:05:52 PM
Looking at this, I see economic diversification if not why would an oil rich city want to go into Crypto mining.
All the Arab Gulf countries know that they won't be able to survive only thanks to oil, thanks the reason why countries like the UAE spent a lot of money to improve cities like Dubai and Abu Dhabi; Qatar also is trying to get a lot of tourism as well, they even hosted the last World Cup; then we have Saudi Arabia that is trying to become more open and welcoming for foreigners. All that to say that I'm not surprised by Oman's decision, it's a smart move. August 23, 2023, 08:37:02 PM
Oman has a warm desert climate and along the coast you will experience great humidity in summer. Temperatures during summer may exceed 50 degrees Celsius, so keeping those miners running.... will be costing them a fortune.
Yes, night temperatures might be a lot cooler, but miners have to run 24/7 to be profitable. I see a lot of these Oil rich nations are diversifying into other projects that are not linked to oil.... possibly a backup option when the oil runs out.
I think that they might be able to offset the cooling system during the day since the temperature drop during the night would be a factor to their cooling system, I think it's stupid of them to not utilize or integrate that into their system. And if we're talking about electricity, I think they have a pretty low expense on that especially as an oil rich country. And also, oil won't run out anytime soon, that's a bullshit created by the scientists that Rockefeller hired to create the illusion that oil is a precious resources and that it's limited so he can have a higher asking price for it. Yes, night temperatures might be a lot cooler, but miners have to run 24/7 to be profitable. I see a lot of these Oil rich nations are diversifying into other projects that are not linked to oil.... possibly a backup option when the oil runs out.
August 23, 2023, 08:14:42 PM
All these Arab countries mostly UAE(Dubai) and Saudi Arabia want to invest their money in the future. They literally spent millions to increase tourism, 0% tax, provide lavish lifestyle and stuff as they know soon they will be over with making money from the Oil wells. So they better find something which will keep the constant earning. I mean they are taking a great bet as compared to many other countries which are still waiting for legal regulations and stuff.
August 23, 2023, 06:36:33 PM
Looking at this, I see economic diversification if not why would an oil rich city want to go into Crypto mining. They have seen the future of the new world economy and are beginning to set up something in anticipation so as not to be taken unawares.
You don't need a Bitcoin-led new world order to start mining today, because mining is quite profitable when you have cheap electricity. And having a mining operation today won't give you a lot of edge in the future, because mining equipment becomes obsolete with time when more efficient miners get released. So I doubt that they bet on a Bitcoin revolution, they are just making a rational decision today.
August 23, 2023, 06:07:54 PM
Any means of adding security to the Bitcoin Network through additional hash power can always make a difference because it will help in the decentralization of hashes preventing a possible 51% attack.
If not for any major reasons to celebrate this at least this is a good point you raised that is of very good Importance to the Crypto community. Although the funds weren't pumped to add liquidity but the reasons for which it was used was of great value because more protection edge has been added to making the industry more decentralised and you know it makes the hash power more secure and protected just as you have said. August 23, 2023, 04:22:38 PM
The launch of a $350M crypto mining center is sure to make an impact in terms of securing the Bitcoin Network. However, I do not think that it will have an immediate impact on the Bitcoin market since the fund is not injected directly into the Bitcoin market instead it was injected into the company that sells Bitcoin mining materials.
Any means of adding security to the Bitcoin Network through additional hash power can always make a difference because it will help in the decentralization of hashes preventing a possible 51% attack.
Any means of adding security to the Bitcoin Network through additional hash power can always make a difference because it will help in the decentralization of hashes preventing a possible 51% attack.
August 23, 2023, 03:29:04 PM
I'm uncertain about the news's accuracy, but if it's valid, the Bitcoin community might find relief from concerns about crypto mining bans from other nations. With Oman's ample oil energy, they could burn oil to generate Bitcoin, a prudent choice that could significantly influence Bitcoin's prospects. This is particularly noteworthy since numerous countries curtail Bitcoin mining due to energy usage concerns.
August 23, 2023, 01:47:48 PM
Oman has a warm desert climate and along the coast you will experience great humidity in summer. Temperatures during summer may exceed 50 degrees Celsius, so keeping those miners running.... will be costing them a fortune.
They'll be using bitmain hydro cooling bitcoin miner on the farm. With liquid the system will stay cool at all time, no extra difficulty or charges would arise.
possibly a backup option when the oil runs out.
Not only a back up project, but a way to initiate her citizens into bitcoin technology, which will help the individual economy of their youths in future, thereby increasing the country's economy. They'll be hiring locals to work there, an excellent decision, citizens who work there will practically study bitcoin, how it works etc, in few years the information will circulate amongst other citizens in the country, increasing the use of blockchain technology in Oman. They believe, it's the future and indeed it is. Contrarily to that, profits from mining in Asia countries is quite recommended due to low electricity costs, but mining difficulty keeps increasing; surged at around 6.17% at block height 804,384 and nobody can predict how difficult it would get in future. The only difference that I can point out why the Oman Government invest so much into bitcoin mining is what I said above, enlightening her citizen on the importance and future benefits of blockchain technology.
August 23, 2023, 01:41:54 PM
Big if true.
$350 million is definitely not peanuts. You can establish a very big mining farm with an investment like that. Still though, I am not sure if these news are for real. When did Oman become so interested in the crypto business anyway? Tbh, this is the first tome I hear Oman and crypto in the same sentence. Come to think of it, I don’t know anything about Oman at all… Where was this country located again? In Africa or somewhere near Saudi Arabia? Anyway, If Oman wants to join the party, then they are free to do so. I hope they get their lambo quickly.
$350 million is definitely not peanuts. You can establish a very big mining farm with an investment like that. Still though, I am not sure if these news are for real. When did Oman become so interested in the crypto business anyway? Tbh, this is the first tome I hear Oman and crypto in the same sentence. Come to think of it, I don’t know anything about Oman at all… Where was this country located again? In Africa or somewhere near Saudi Arabia? Anyway, If Oman wants to join the party, then they are free to do so. I hope they get their lambo quickly.
August 23, 2023, 01:30:26 PM
Every oil rich countries know that oil is a depleting asset and in the next couple of decades, their reserve is going to be depleted. So they are trying to get into new businesses which will support them for those unforeseen times. It's good that Oman has chosen crypto as a survival strategy. But if they are not inviting private players and setting up a government funded mining city, that will not be good for cryptocurrency. It will eventually give them the power to manipulate the market as per their own will.
I am never very positive about governments or big corporates getting into crypto market because the decentralised architecture could be at risk.
I am never very positive about governments or big corporates getting into crypto market because the decentralised architecture could be at risk.
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August 23, 2023, 12:51:53 PM
You know that every country's government doesn't reason alike, and despite the fact that Oman is taking this bold step in crypto, other countries have the best reason known to them why they are not taking those steps towards crypto. I can say that some people fear that if they fully allow crypto in their country, there will be more money crimes that can easily escape without being caught due to the decentralisation of Bitcoin, while others are also afraid of price volatility, so they believe they are trying to protect investors. Whatever the reason, some people have not just realised the significance of Bitcoin, and if they do, you will still find enough reasons why they must encourage the free and fair adoption of Bitcoin.
August 23, 2023, 12:45:40 PM
Since it's the second mining centre launched in Oman, and the question is about its impact, I think we gotta ask whether the first one made a difference. I personally must have missed the news about the first one, and that one cost even more to open, according to the article. I tried looking for more info about Bitcoin mining in Oman but failed to find anything useful.
It's good that Oman is looking at other industries, but so far, these are just a couple of experiments to me, not a major policy change and not something that will affect mining globally.
It's good that Oman is looking at other industries, but so far, these are just a couple of experiments to me, not a major policy change and not something that will affect mining globally.
I get your point sir. I am actually looking at the economic aspect of it and the fact that Oman an oil rich city could really have look into Crypto mining business without even thinking about their status at the stance. It shows how smart they are and are swimming in the same direction with the trend of development and innovations. It takes a good, reasonable and listening leader and government to take such step. I believe with this they have done, it would project Oman in a better position as a Crypto friendly nations and this would likely attract mm more mining organisation there and in possibly Oman would start experiencing traffic flow into their nation and you know what that means to a nations economy.
August 23, 2023, 10:59:46 AM
I am sure Oman is taking advantage of its main resources which is oil inorder to be a part of the still-lucrative crypto mining industry. And I heard that there is now a way to use waste output in the making of oil so as to turn something already considered to be useless into profits. Now, the question is: Will this big investment be making a difference? Well, maybe for Oman but as to the cryptocurrency industry that remains to be seen. However, there is no denying that this is an exciting news and I am sure there can be some countries also thinking of the same.
I am not sure that waste can be turned into Oil but I do wish the Oman Bitcoin mining project a success, this is a big opportunity waiting for smart people to grab, like a country in Africa that makes money from feeding another country it's electricity and it's own people lives in darkness most times, imagine if they stop feeding another country electricity and use that to start mining Bitcoin.
August 23, 2023, 08:20:48 AM
Since it's the second mining centre launched in Oman, and the question is about its impact, I think we gotta ask whether the first one made a difference. I personally must have missed the news about the first one, and that one cost even more to open, according to the article. I tried looking for more info about Bitcoin mining in Oman but failed to find anything useful.
It's good that Oman is looking at other industries, but so far, these are just a couple of experiments to me, not a major policy change and not something that will affect mining globally.
It's good that Oman is looking at other industries, but so far, these are just a couple of experiments to me, not a major policy change and not something that will affect mining globally.
August 23, 2023, 08:01:54 AM
Oman has a warm desert climate and along the coast you will experience great humidity in summer. Temperatures during summer may exceed 50 degrees Celsius, so keeping those miners running.... will be costing them a fortune.
Yes, night temperatures might be a lot cooler, but miners have to run 24/7 to be profitable. I see a lot of these Oil rich nations are diversifying into other projects that are not linked to oil.... possibly a backup option when the oil runs out.
Yes, night temperatures might be a lot cooler, but miners have to run 24/7 to be profitable. I see a lot of these Oil rich nations are diversifying into other projects that are not linked to oil.... possibly a backup option when the oil runs out.
Haha, I highly doubt that they are going to have Bitcoin Mining as the alternative to oil mining if it runs out. I am pretty sure they have amazing location that gives them high supply of oil and thus they are really safe for the generations to come. You never know how the oil wells could get linked with each other from the ground when one empties the other might just get forced into the channels. Anyways, with the time oil is gonna get costly so even if the supply start depleting it's gonna call for the high price tag and they will maintain their repo for very long.
I highly doubt country which is that rich will have to mine Bitcoin to keep up with the current status quo. They can have gold, tourism, invest more money on lavish hotels and high risers to make it wonder zone of the world and attract all the dollars to their country.
Also, valid point in terms of temperature.
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