Crypto mining will be boosted in Oman thanks to the country’s large oil reserves

Crypto mining will be boosted in Oman thanks to the country’s large oil reserves

US-based Crusoe Energy will create an office in Muscat, Oman, to assist with the deployment of power generators and mining equipment for gathering gas at well sites, according to CEO Chase Lochmiller.

“We’ve always felt it was important for us to have a presence in the MENA region,” Lochmiller said, citing the region’s percentage of global flaring. “Having the buy-in from nations that are actively trying to solve the flaring issues is what we are looking for.”

Crypto mining has been criticized for being energy expensive and reliant on natural gas burning. Climate experts, meanwhile, have criticized Crusoe, claiming that the fact that the firm utilizes gas that would otherwise be wasted does not negate the fact that it burns fossil fuel to mine cryptocurrency.

The firm, which keeps all of the money it earns, concentrates on setting up shop in distant places where building infrastructure to reduce flaring is not economically possible.

On Monday, Crusoe hosted a workshop in Oman with OQ SAOC and Petroleum Development Oman, two of the country’s largest producers. Lochmiller stated that the first Middle East pilot will be deployed by the end of the year or early in 2023. While the decline in Bitcoin prices “certainly has some impact on our top-line revenue,” it “doesn’t have impact on our growth and expansion plans.”

In a phone conversation, Al-Harthi said that the Oman government, which signed on to the World Bank’s plan to eradicate regular flaring by 2030, invested in Crusoe early last year and then boosted its investment with the April round.

“Oman is committed to reduce greenhouse gases in line with the Paris climate agreement,” Al-Harthi said in an emailed statement.

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