Uzbekistan Legalises Crypto Mining Using Solar Energy

The Tashkent government wants miners to power their farms by installing their own solar panels.

Tashkent:

According to a presidential decree published this week, Uzbekistan will allow companies to mine cryptocurrencies using solar power and exempt all crypto operations by domestic and foreign companies from income tax.

The Tashkent government wants miners to power their farms by installing their own solar panels.

Alternatively, mining companies can be connected to the electricity grid if they pay twice the regular price. However, during the maximum consumption period additional surcharge may be levied as per the decree.

The document states that no license is required for mining, but the company must be registered by the newly formed Uzbek National Agency for Perspective Projects.

Some cryptocurrencies, including bitcoin, are created by a process called proof of work, which requires computers to “mine” the currency by solving complex puzzles. A large amount of electricity is involved in running those computers.

Uzbekistan legalized cryptocurrency trading in 2018 but only on a domestic crypto exchange. The Central Asian nation has also undertaken a series of renewable energy projects, mostly solar and wind power plants.

Neighboring Kazakhstan, which last year became the world’s second largest center for bitcoin mining after the United States, has cracked down on mining, as such operations cripple its power grid dominated by aging coal power plants. Have given.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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