Uzbekistan invites crypto miners for solar powered mining:
Uzbek government invites crypto mining firms in their country. The companies will install their own solar power plant to run the mining operation. In order to attract crypto mining companies, Uzbek govt announced to exempt all domestic and international companies from income tax.
Kazakhstan known as the second largest country for bitcoin mining and now neighbouring country Uzbekistan set to be known to be prominent location for crypto mining and by this government policy it can be top country for crypto mining. In recent months many country imposed taxes on the crypto gains which has driven to massive disturbance in crypto investors’ community.
When crypto miner’s community looking for better alternative to run the business, Uzbek government policy is like a boon for them and it will also give the boost to Uzbekistan economy. So it’s a win- win situation for both. But there is a little hair in the soup is that companies have to install their own solar farm. If Companies opt for regular power grid supply, they have to pay double tariff than the regular price.
There will be no licence required for the mining, but the company must be registered under “Uzbek National Agency for Perspective Projects”.