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

[lionheart78]

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.

[CryptSafe]

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.

[hatshepsut93]

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.

[ImThour]

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.

[Latviand]

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.

[Ale88]

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.

[tread93]

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? 

[Rabata]

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.

[Queentoshi]

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.

[Fundamentals Of]

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.

[mvdheuvel1983]

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.