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    Uzbekistan

    Uzbekistan implements fines of over $4,000 against unauthorized crypto mining

    Uzbekistan implements fines of over $4,000 against unauthorized crypto mining

    Uzenergoinspektsiya in Uzbekistan has identified and taken action against unauthorized crypto mining activities in the Fergana region, the department's press service reported.

    Photo: Uzbekistan implements fines of over $4000 against unauthorized crypto mining
    Source: Spot

    The Fergana Farm Incident

    A mining operation was discovered in the Bogibuston mahalla of Uchkuprik district, where a citizen, identified as M.A., had illicitly connected installations to the general power grid. Preliminary estimates suggest damages of UZS 2.8bn ($227,269.84). This incident follows previous discoveries in Kokand, where a poultry shop housed an illegal mining farm, and another operation incurred an electricity bill of UZS 12bn ($974,013.60) in November.

    Regional Impact

    Unauthorized mining activities have not been isolated to Fergana. Incidents have been reported in Navoi, Tashkent, the capital region, Urgench, and the Uzun district of Surkhandarya. The government's efforts to address these occurrences aim to mitigate the impact on the power grid and regulate the cryptocurrency sector more effectively.

    Government Response

    President Shavkat Mirziyoyev signed a law in September, establishing fines for engaging in crypto-assets without proper registration. Mining without authorization now incurs a fine of 150 minimum wage  which is UZS 49.5mn ($4,017.81). The National Agency for Project Management (NAPP) approved a registration procedure for miners in October, contributing to the regulatory framework.

    Uzbekistan has gained acknowledgment as an attractive hub for cryptomining, thanks to its economical energy rates. The electricity cost is UZS 970 ($0.079) per kWh, resulting in a subsidy of UZS 135,000 ($10.96) per consumer with an average monthly power consumption of 200 kWh. This is in contrast to the worldwide average energy tariff of $0.19 per kWh.

    Earlier Daryo reported that Uzbekistan has moved to oversee and authorize cryptocurrency operations, granting licenses to various entities involved in the crypto space. The National Agency for Prospective Projects (NAPP) in Uzbekistan recently approved licenses for crypto exchanges, crypto depositories, and crypto stores, signifying a notable advancement in the nation's cryptocurrency industry.

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    06.12.2023, 10:35   Comments (0)   3236
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