Home
Cryptocurrency
Cryptocurrency News
Uzbekistan Legalises Solar Powered Crypto Mining, Offers Tax Exemption to Companies

Uzbekistan Legalises Solar-Powered Crypto Mining, Offers Tax Exemption to Companies

Uzbekistan says it wants miners to power farms by installing own solar panels.

By Reuters | Updated: 4 May 2022 16:21 IST

Uzbekistan Legalises Solar-Powered Crypto Mining, Offers Tax Exemption to Companies

Some cryptocurrencies, including Bitcoin, are created by a process called proof of work

Click Here to Add Gadgets360 As A Trusted Source

Highlights

Tashkent government wants miners to power their farms
No license is required for mining
Uzbekistan legalised cryptocurrency trading in 2018

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

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

Alternatively, mining companies can be connected to the power grid if they pay double the regular price. However, during peak consumption periods extra surcharges can be levied, according to the decree.

Square Enix Sells Major Franchises to Help Fund Blockchain Projects

No license is required for mining but the company must be registered by a newly formed Uzbek National Agency for Perspective Projects, the document said.

Some cryptocurrencies, including Bitcoin, are created by a process called proof of work which requires computers to "mine" the currency by solving complex puzzles. Powering those computers involves large amounts of electricity.

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

Dubai’s Virtual Assets Regulator to Set Metaverse HQ in The Sandbox

Neighbouring Kazakhstan, which became the world's second-largest centre for Bitcoin mining after the United States last year, has cracked down on mining after such operations strained its power grid dominated by ageing coal power plants.

© Thomson Reuters 2022

Xiaomi 12 Pro is littered with features, but is that enough? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.