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Uzbekistan hikes electricity tariffs for crypto miners by 3 times

Mon, 30 Sep 2019, 06:59 am UTC

The government of the Republic of Uzbekistan has increased electricity tariffs for cryptocurrency miners by 3 times.

According to an announcement dated September 27, the Cabinet of Ministers of the Republic of Uzbekistan has approved amendments to the rules for the use of electric energy.

This follows an August 22, 2019 decree from President Shavkat Mirziyoyev, entitled “On Accelerated Measures to Improve Energy Efficiency of Economic Sectors and the Social Sphere, Implement Energy Saving Technologies and Develop Renewable Energy Sources” and to encourage the rational use of electric energy by consumers.

The Cabinet of Ministers has decided that “Consumers, regardless of the connected capacity, carrying out activities on crypto assets, including mining (activities to maintain and create new blocks with the ability to receive remuneration in the form of new units and commission fees in various cryptocurrencies), pay for electricity using an increase factor in 3.0 times the established tariff of the corresponding tariff group.” (Via online translation)

Cointelegraph reported that Mirziyoyev last year ordered the setting up of a state blockchain development fund, the “Digital Trust.” The objective was to implement blockchain technology in various government projects such as healthcare, education, and cultural areas.

The country has also legalized crypto trading and mining, and made crypto trading tax free. As per the law, foreign nationals are allowed to trade cryptocurrencies in Uzbekistan only via a subsidiary established in the country.

Meanwhile, the government of Iran has decided to cut power to crypto miners until new energy prices were approved. Iranian authorities seized around 1,000 bitcoin mining machines from two abandoned factories. The crackdown started after the month of June saw an increase in power demand by up to 7%.

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