Uzbekistan cryptocurrency miners will pay 3 times more for electricity

Business Materials 30 September 2019 14:04 (UTC +04:00)

Baku, Azerbaijan, Sept. 30

By Fakhri Vakilov-Trend:

The cost of electricity for miners will increase three times in Uzbekistan, as stated in the draft resolution of President of Uzbekistan Shavkat Mirziyoyev, Trend reports citing regulation.gov.uz portal.

"Consumers, regardless of the connected capacity, carrying out activities on crypto assets, including mining, will pay for electric energy using an increase factor of 3.0 to the established tariff of the corresponding tariff group," read the message.

According to the document, mining is the activity of maintaining and creating new blocks with the ability to receive remuneration in the format of new units and commission fees in various cryptocurrencies.

Moreover, according to the rating of the International Business Times published in January, Uzbekistan entered the top three countries in terms of cryptocurrency mining efficiency - the cost of producing one bitcoin here is $1,790. Venezuela ($531) takes the lead on this list, followed by Trinidad and Tobago ($1,190).

President of Uzbekistan Shavkat Mirziyoyev issued a decree in February to develop blockchain technology in the country. In accordance with the document, the relevant ministries and departments were instructed to prepare a bill by September 1, providing for measures for the legal regulation of electronic money.


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