Uzbekistan has reported that it will allow the companies to mine cryptocurrencies using solar energy. As per the official statement released by the presidential house, the foreign and domestic crypto companies will be supported by exempting them from the income tax.
The government requires crypto miners to install solar panels and fulfill their energy requirements. But the companies have to pay a double price if they need to get electricity from the main power grid.
The statement released also highlighted that these companies need not require any new license but they must be registered by a newly formed Uzbek National Agency for Perspective Projects. They have also suggested that these crypto mining firms should use the ‘Proof of stake’ process which requires lesser energy as compared to the ‘proof of work’ as it consumes a huge amount of electricity.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
