Uzbekistan Legalizes Tax-Free Solar Cryptocurrency Mining
As per reports, the government of Uzbekistan has officially allowed cryptocurrency mining operations, however the mining sites will only be allowed to run under a green energy source, the Sun.
Strictly using Solar Energy for Crypto Mining
Uzbekistan has recently made cryptocurrency mining legal, but only one certain condition that the mining companies and facilities must use solar energy to power their ongoing operations. As an incentive the government is also removing any income tax for companies that utilize solar energy for their mining operations. This is an excellent way to promote the use of green energy sources and make cryptocurrency mining sustainable in the long term.
The Deputy Prime minister of Uzbekistan, Sardor Umurzakov also emphasized the use of solar energy, stating that the government recognizes the potential of this energy source and will continue to promote its use. In addition, Umurzakov stated that solar power is “not only fashionable”, but it is also a legitimate option in terms of the development of a sustainable economic system.
To force this new law, the government has also stated that any cryptocurrency mining facilities that decide to use power from the main grid stations will have to pay double the taxes than the usual amount cut. On top of that, additional surcharges will also be imposed when there is a surge in demand.
Uzbekistan is already known for its focus towards utilizing renewable energy sources. The country had released its first evert sustainable energy project back in August, which boasted a 100 Mega Watts solar energy power station. As per new regulations, new mining operations and facilities must register their projects with the Uzbekistan National Agency and provide complete transparency on what energy source they will be utilizing to power their cryptocurrency mining operations in the country.
Kazakhstan and Crypto
On the opposite side, Uzbekistan’s neighbor, Kazakhstan banned the use and mining of cryptocurrencies due to the high energy utilizing, that was causing stress on the main power grid, since the country’s power grid is mostly dependent on coal mining. However, on a later date the country allowed mining operations to continue, but the taxation numbers for the operations were increased to an absurdly high level, making it difficult for mining operations to work in the region.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
