From Oil To Bitcoin, Oman Plans To Capture 7% Of Hashrate By June 2025 ⚡

Bitcoinist: Oman, traditionally an oil-centric economy, is located on the southeastern coast of the Arabian Peninsula. It shares borders with Saudi Arabia, the United Arab Emirates, and Yemen. Historically, Oman has been the 6th largest oil producer per capita globally. However, the winds of change are blowing, and Oman is shifting its focus to #bitcoin mining.

Oman Set To Become $BTC Mining Heavyweight ⛏️

As of September 2023, Oman has approximately 20 MW of mining capacity in operation. This includes Exahertz’s and Green Data City’s pilot projects of 11 MW and 1.2 MW, respectively. Additionally, there are a few MWs of unlicensed operations. At an efficiency rate of 27.5 J/TH, this 20 MW of power consumption translates to 0.7 EH/s, giving Oman a 0.2% share of the global hash rate at the moment.

By the end of 2023, the total hash rate originating from Oman could touch 4 EH/s, which would be 0.9% of the Bitcoin mining network, according to Mellerud. This growth is primarily attributed to Exahertz’s expansion to 100 MW.

However, the growth doesn’t stop there. By the second half of 2024, Mellerud’s projections indicate that Exahertz will have 275 MW running, generating 9.9 EH/s. Concurrently, Green Data City has plans to commission 150 MW, which would yield an estimated 5.5 EH/s. This combined effort could push Oman’s total hash rate in the second half of 2024 to 15.7 EH/s, or an estimated 2.6% of the network.

The long-term vision for Exahertz and Green Data City is to scale up to 800 MW and 400 MW, respectively. If we assume an average efficiency of 22 J/TH, these projects’ combined 1,200 MW could potentially generate a total of 54.8 EH/s. This would equate to an estimated 7% of the Bitcoin hash rate by June 2025, according to estimates by Mellerud who noted that both companies do not have a stated timeline for their full expansion.