one green planet
one green planet

Uzbekistan will now allow companies to mine cryptocurrencies using solar energy and will exempt those crypto operations from domestic and foreign companies from income tax, according to a report by Reuters.

Source: Guardian News/Youtube

Uzbekistan first legalized cryptocurrency trading in 2018 but only for domestic crypto exchanges. The neighboring country, Kazakhstan, became the second-largest center for bitcoin mining last year and is also restricting mining after operations strained the power grid that was dominated by old coal power plants.

The Tashkent government wants crypto miners to power the farms by installing solar panels. Mining companies can use the power grid if they pay double the regular price, but during peak consumption, extra surcharges can be levied, according to a presidential decree published this week. The document states that although no license will be required for mining, the company needs to register with the Uzbek National Agency for Perspective Projects.

Source: LDSreliance/Youtube

According to a Reuters article, some crypto companies, like bitcoin, are made through a process called proof of work, which requires computers to “mine” the currency through complex puzzles. However, the downside of this is that powering these computers takes a significant amount of electricity and energy.

Read more about the environmental impacts of bitcoin and other cryptocurrencies on One Green Planet.

Being publicly-funded gives us a greater chance to continue providing you with high-quality content.Click here to Support Us

Related Content:

For more Animal, Earth, Life, Vegan Food, Health, and Recipe content published daily, subscribe to the One Green Planet Newsletter! Also, don’t forget to download the Food Monster App on the App Store or Google Play Store. With over 15,000 delicious recipes, it is the largest meatless, vegan, and allergy-friendly recipe resource to help reduce your environmental footprint, save animals and get healthy!

Lastly, being publicly-funded gives us a greater chance to continue providing you with high-quality content. Please consider supporting us by donating!