JAKARTA - Uzbekistan will allow private companies to mine cryptocurrencies using solar energy. In fact they will also exempt all crypto operations by domestic and foreign companies, from income tax.
The decision was made by the President of Uzbekistan, Shavkat Mirziyoyev, this week. Under the new rules, the Tashkent Government wants miners to power their farms by installing their own solar panels.
Alternatively, crypto mining companies can connect to the power grid if they pay double the regular price. However, during peak consumption periods, additional fees may apply. This rule is also contained in the decision.
However no permit is required for crypto mining however the company must be registered with the newly formed Uzbekistan National Agency for Perspective Projects.
Some cryptocurrencies, including bitcoin, are created through a process called proof of work which requires computers to "mine" the currency by solving complex puzzles. They have to turn on the computer as it involves a large amount of electricity.
Uzbekistan legalized cryptocurrency trading in 2018 but only on domestic crypto exchanges. The central Asian nation has also launched a series of renewable energy projects, mostly solar and wind.
Kazakhstan, its neighbour, is now the world's second largest bitcoin mining hub after the United States last year. But they have cracked down on mining after such operations strained its power grid, which is dominated by aging coal-fired power stations.
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