Uzbekistan Enabled Companies To Mine BTC With Solar Energy

Uzbekistan enabled companies to mine BTC with solar Energy and they will pay even less for electricity so let’s read more today in our latest Bitcoin news.

The Uzbek authorities said that the local miners that power their supercomputers with solar panels will pay less for electricity. Uzbekistan enabled the companies to mine digital assets by using solar energy and will exempt all mining operations from paying income tax. The Central Asian country doesn’t pose as a crypto-friendly destination but by the end of 2019, the authorities prohibited residents from buying digital assets while selling remained legal.

A year ago, the former Soviet republic contemplated a U-turn and lift some of the restrictions and the government aims to allow Uzbeks to conduct the types of crypto operations involving crypto-assets and the token in exchange for both foreign and domestic currency. According to current laws, the people are still prohibited from buying BTC or altcoins while the legislation doesn’t apply to foreigners. The reports from Reuters revealed the government turned the focus toward the digital asset mining industry and the authorities proposed that Uzbek miners should power their supercomputers with solar panels. Those that choose to do so, will pay less for electricity while the businesses connected to the power grid will have to pay double the regular price.

The crypto miners don’t have to obtain a license to function but they will have to register with the national agency for perspective projects. The growth of the crypto sector in the Central Asian nation in the past few years caught the eye of the biggest crypto exchange Binance and the company said it is looking to expand the service to Russia. Speaking on the expansion was Gleb Kostarev of Binance who stated that the platform’s goal is to secure approval from regulators wherever regulations allow it and added that people in the country are loyal to the crypto sector and the tradign venue could pick it as a destination:

“In Ukraine, Kazakhstan, and Uzbekistan, they are more loyal to cryptocurrencies and are taking steps towards liberalization rather than restriction.”

It is worth that the Uzbek northern neighbor Kazakhstan is a well-known name in the digital asset industry and mining and accounts for over 18% of the global hash rate right after the USA.