Uzbekistan to adopt special prices for electricity consumption by cryptocurrency producers

Tashkent, Uzbekistan (UzDaily.com) -- In Uzbekistan, it is planned to set appropriate prices for electricity consumption by cryptocurrency producers.

Currently, a draft resolution of the Cabinet of Ministers of the Republic of Uzbekistan is being discussed, according to which crypto-assets consumers will pay for electricity using an increase factor of 3.0 times the established tariff of the corresponding tariff group.

The policy of modern Uzbekistan in relation to energy supply to consumers continues to be socially oriented. In practice, this in particular means subsidizing the cost of gas, which is used to generate electricity. This is done by the country to support its population, including domestic producers, creating jobs for Uzbeks.

It is clear that such phenomena as cryptocurrency mining, mining, etc., have no relation to this policy of social support for energy expenditures. In addition, as you know, the activities of mining farms require a significant amount of electricity and at the same time its stable supply. That is, there is a large consumption of electricity, which should be used for social purposes, since it is subsidized by the state at a price. And, therefore, for such misuse of the electricity produced in Uzbekistan, one must pay accordingly, which is reflected in the draft new resolution of the Cabinet of Ministers.

According to analysts, the conditions for mining farms in Uzbekistan and after a 3-fold increase in the price of their electricity consumption, remain attractive. In particular, due to competitive Internet prices, as well as attractive rent for premises. In addition, it should be noted that even in countries where the cost of electricity is 3-4 times higher than in Uzbekistan, this type of business remains highly profitable.

With the adoption of this resolution of the Cabinet of Ministers, mechanisms will be developed that will allow identifying the appropriate type of business, which, like any other, should be legalized. Evasion of legalization leads to the suspicion that cryptocurrency may be used in illegal operations. Thus, the legalization of mining farms will make it possible to apply a new electricity tariff to them.