Uzbekistan Offers Tax Benefits For Crypto Miners Using Renewable Energy Sources

Authorities in Uzbekistan have drafted and put forward for public consultations a set of rules for crypto miners operating in the country. Companies that want to mint digital currencies will have to register with the government and use renewable energy. Uzbekistan Discusses Draft Regulations for Crypto Mining Sector Entities involved in cryptocurrency mining will need to register and renew their certificate every year, according to a draft decree by the director of Uzbekistan’s National Agency for Perspective Projects. NAPP is the country’s main crypto watchdog, which is....

The use of renewable energy for cryptocurrency mining has seen considerable growth, according to a new report. The rising energy demand of proof-of-work cryptocurrencies such as Bitcoin (BTC) has been a hotly debated topic. But the 3rd Global Cryptoasset Benchmarking Study by the University of Cambridge shows that 76% of cryptocurrency miners use electricity from renewable energy sources as part of their energy mix.The study found that over 39% of the total energy consumed by PoW cryptocurrencies including Bitcoin, Ether (ETH), Bitcoin Cash (BCH) and others comes from renewable energy....

The China bitcoin mining ban that took place mid-last year was no doubt a heavy blow to the space. It saw the hash rate from the region which was once termed the mining capital of the world crumble to almost zero as miners had to shut down their operations. The reason for this from the Chinese government boiled down to concerns about electricity consumption and environmental impact. As the miners exited China, they had to set up business elsewhere and procure electricity for their mining farms, which can be quite energy-intensive. According to a new report, these new energy sources have....

Bitcoin mining is undergoing a profound shift by increasingly adopting alternative renewable energy sources. This trend has led to a remarkable change in the industry’s energy profile, with more than half of the network’s power now coming from sustainable sources. Why Renewable Energy Is Becoming A Strategic Edge For Miners In an X post, Natalie Brunell explained that Bitcoin mining is a unique process that consumes energy to secure the network, while ensuring its integrity and scarcity. Unlike traditional currencies that a central authority can print, Bitcoin’s supply is....

Recent reports show that Bitcoin mining uses great amounts of renewable energy due to economic incentives. This turn of events raised their numbers of sustainable power mix to almost three times higher than the world average. As renewable energy offers low costs, bitcoin miners, who had to spend 68.42% of their total income to purchase electricity, have upscaled their efficient use of green energy. A recent data review shows how their mix of sustainable energy is higher than any country or industry. Renewable energy is not flexible and their locations do not tend to be convenient for most....