Will the launch of $350M crypto mining centre in Oman make a difference? - page 2.

Smartvirus

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Quote from: SquirrelJulietGarden on August 23, 2023, 07:06:29 AM

Bitcoin Mining Map from Cambridge Bitcoin Electricity Consumption Index does not show Oman.

It’s an interesting site you’ve provided and I must say thanks yo that, given all the statistics it’s got set up although, the Greenhouse Gases Emission status wasn’t clickable on my end so, I wasn’t able to verify on what is or what could be on that.

Still, the possible reason as to why the states might not have been recorded is possibly due to the fact that, the project isn’t fully launched or functional yet. The OP states that, it’s got a mapped town for the purpose of mining.

Quote from: CryptSafe on August 22, 2023, 06:03:07 PM

that Oman the well known Oil rich city sets aside a mapped town for Crypto mining

One thing I know for sure is the exposure that would come to this part of the world and not just them but, the globe at large as the campaign for more acceptance and creating a space where bitcoin would be used along with everyday fiat currency for a more stable society would be the case.

Even the more better for Oman, the project is coming just before the halving and would meet a bullrun to spike the economy of its people.

SquirrelJulietGarden

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It will be better for mining industry as it increases decentralization in mining.

I did not know Oman has considerable hashrates in Bitcoin mining so if with this plan, they join the mining party, that is good for Bitcoin network to make it more decentralization which is fundamental for a healthy Proof of Work network.

Bitcoin Mining Map from Cambridge Bitcoin Electricity Consumption Index does not show Oman.

Doan9269

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Quote from: CryptSafe on August 22, 2023, 06:03:07 PM

Looking at this, I see economic diversification if not why would an oil rich city want to go into Crypto mining.

If you're into business, always have a plan B as backup which will serve you an alternative should incase of anything strange happening beyond expectations, they may be rich in oil and having a mining rig is not also a bad idea for their establishment, but we need to be focused here about the particular crypto mining involved, is it a bitcoin mining rig or for other cryptocurrencies, since they have realized the future that comes with cryptocurrency irrespective of the engagements involved, there's a lot of opportunities in it, they must have explore the chances of doing that before embacking on any, these wlare countries we least expect to have cryptocurrency in mind not to begin with adopting other relevant activities that comes with it, who knows maybe the next country to adopt bitcoin as a legal tender will be from the middle east.

Hispo

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Quote from: Kakmakr on August 23, 2023, 12:29:16 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. Roll Eyes

While I welcome any nation running their own crypto farms, because it keeps the network safe and more decentralized, I would prefer if those enterprises were carried out using green and renewable energy, instead gas or oil. For obvious reasons.

I agree on your point of temperature, while it is not impossible to run those farms in Oman, miners who live in the extremes of the world (Chile, Argentina, USA, Russia, Canada, Greenland...) Certainly see more profitability, since they do not need to spend extra money in super efficient artificial convection machines, fans or coolers.

Faisal2202

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Such huge mining center will definitely make an impact as they are planning to implement 15,000 machines to mine BTC which will definitely increase the demand of the hardware but I can assume you are not talking about hardware or other stuff but asking about what difference it could make on BTC. And some basic factors came to my mind are:

1. It will increase the hash power as there will be more competition and the hash power adjust itself after 2 weeks so things might get tricky and not well for miners only.
2. And who knows what mindset these mining centers have like if they only mine and keep the reward limited to themselves amid of putting them in the market then the price of BTC will boost up. Otherwise opposite will happen.
3. Transaction speed and security will be increased as more nodes will add into network.

sesterceshop

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According to a few articles, the new crypto mining facility in Salalah Free Zone is a state-of-the-art project that uses advanced hardware from Bitmain and hydro technology for cooling. It has a capacity of 11 MW and plans to expand to 15,000 machines by October 23.

https://www.cryptopolitan.com/omans-mtcit-unveils-massive-350-million-bitcoin-mining-facility-in-salalah-free-zone/
https://cryptonews.com/news/oman-flags-off-new-crypto-mining-facility-with-expansion-plans-as-country-bets-blockchain.htm

The facility is open to private mining farming companies, as well as individuals who want to use the mining infrastructure provided by the government. There is no profit-sharing system involved, but rather a fee-based model that depends on the power consumption and the duration of the contract.

I think this is great news for Oman, the region, and the whole crypto space.

davis196

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With this policy which they have done, I see giant Crypto mining organisation heading to Oman in the nearest future.

What "giant crypto mining organization" are you talking about?
I have always been skeptical about the big cryptocurrency miners. Crypto mining should be spread across multiple small miners(even though I know that this is impossible for Bitcoin).
I don't think that this crypto mining facility would make any difference in the crypto mining world. I don't know how all this mining hardware will be cooled down. Oman is a hot country. Perhaps they will have to use air conditioners in order to cool down the mining equipment, which wastes energy, but I guess that they will be using free energy from oil and gas production in order to produce electricity for the crypto mining.

Kakmakr

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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. Roll Eyes

DapanasFruit

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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.

noorman0

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Do they also welcome private mining farming companies, or are they limited to mining in collaboration with the government by a profit-sharing system, or also all interested companies/individuals have to use the mining infrastructure provided by the government?

Quote from: CryptSafe on August 22, 2023, 06:03:07 PM

-snip-
If Oman a nation with huge Oil deposit could do such how much more about nations with no natural resources. They have seen the future and are strategically positioning themselves to get the wind towards their direction.

The answer is that they have more resources than other non-petroleum producing countries.

CryptSafe

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Of lately news has it that Oman the well known Oil rich city sets aside a mapped town for Crypto mining for which I strongly believe Bitcoin is not excluded. According to the source, this is the second mining facility set up by the Oman government which costs a whopping sum of $350m and that has so far steered up positive reactions towards the country.

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. With this policy which they have done, I see giant Crypto mining organisation heading to Oman in the nearest future. This has put the nation in the list of Crypto friendly nations in the world and as such would be generating huge revenue from crypto mining projects and other crypto organisation's that want to establish there as a result of their friendly Crypto policies.

If Oman a nation with huge Oil deposit could do such how much more about nations with no natural resources. They have seen the future and are strategically positioning themselves to get the wind towards their direction.

source

This might just be a good catch for other Oil rich nations to follow up.

Topic: Will the launch of $350M crypto mining centre in Oman make a difference? - page 2. (Read 192 times)