Uzbekistan Triples Tax On Electricity For Crypto Miners

An announcement from September 27 is in the crypto news today, showing that the government of Uzbekistan triples tax on electricity for cryptocurrency miners. As the government outlined in an official announcement, crypto miners must pay three time more than the existing electricity tariffs.

This provision follows another decree from August 22 and President Shavkat Mirziyoyev titled “On Accelerated Measures to Improve Energy Efficiency of Economic Sectors and the Social Sphere – Implement Energy Saving Technologies and Develop Renewable Energy Sources” which aim is to further motivate the rational use of electrical energy by consumers.

The Bitcoin news today show that Uzbekistan triples the electricity tax for miners. Last September, Mirziyoyev ordered the establishment of a state blockchain development fund called the “Digital Trust” which primary goal is to integrate blockchain in various government projects (such as healthcare, education and cultural areas). The organization will be responsible for international investment in the Uzbek digital economy.

Earlier this month, a decree that legalized crypto trading – also making it tax-free – and mining came into force. As the law shows, foreign nationals can trade crypto in Uzbekistan only by creating a subsidiary in the country.

The law also specifies a minimum capital requirement of around $710,000 to establish a cryptocurrency exchange. Crypto traders will not fall under the Uzbek stock market regulations and will be free of their obligation to pay taxes on trading revenues.

However, the news that Uzbekistan triples tax on electricity is a major topic out there. Earlier this year, the Iranian government announced that they would cut power to crypto mining operations until the new energy prices were approved. The Ministry of Energy in Iran revealed that the country had seen a 7% increase in electricity consumption over a monthly period that ended on June 21, 2019.
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As such, the Ministry believes that the surge was caused by the growing number of crypto mining activities in the country.

Aside from Uzbekistan and Iran, China’s Bitcoin mining scene is also a major player in the global hash rate. China-based mining pools reportedly mine more than 70% of all the coins created on a yearly basis. Still, the Chinese government said that it was considering the elimination of mining in the country.
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