Bitcoin Mining: In Uzbekistan it is expensive for Miner

Miners are in danger of this in Uzbekistan? This development suggests the news out of the country with a view to massive increases in the electricity price.

Miners are asked to come to Uzbekistan to checkout

Studies such as the U.S. Bank JP Morgan had crypto Mining most recently as a supposedly unprofitable. Almost time messages came up, pointing to a looming ban on the Mining in countries such as China. Despite the negative headlines, but there are still several countries in which low electricity costs, miners make good income in view. One of these countries was Uzbekistan. However, the state in Central Asia would demand seemingly rising energy in the Mining context, fighting. Mining is the government is no longer a thorn in the eye. But you see for the most part, such as, for example, Bitcoin Mining in the country was becoming more and more popular. Also other currencies such as Litecoin can be mined on-site. Now the government wants to intervene. And not only in the Small.

The tripling of the costs to make Mining unattractive

Rather, the country announced a dramatic increase in the existing taxes. “Dramatic” means in this context: to 300 percent. Given the so far apparent loose legal handling of the announcement for Miner means, without question, a serious change. Also a tightening of the laws for the crypto sector experts in the country hold for the near future is conceivable in Uzbekistan. The Ministry of energy self-published an opinion on the planned increase in taxation. Industry representatives criticize the plans. Not only out of personal concern. Rather, the tax could be increase for the state’s economy to the Problem, as it is currently in a number of assessments. Households and companies that have particularly high consumption values on the basis of verifiable Mining activities, it must calculate from the 12.10.2019 with the three times the current price.

Current price level is still comparatively low

The attractiveness of the Mining of new Bitcoins decreases significantly. Longer lead for the introduction of the new price levels are not the government so. The basis for the new calculations, the respective tariff group for the current taxation is. Checks are directly under the Ministry of power. As a reason for the adjustment of the legal situation, the government announced the objective of better energy efficiency, as well as the objectives of the development in the field of Renewable energies. The high consumption by Mining is seemingly the plans of the policy. On the other hand, it should be mentioned that Uzbek citizens can at least speculate now legal with currencies such as Ethereum, Monero and other Altcoins. In addition, the future price of the equivalent of just over 10 cents per kWh, in comparison with many other countries, will be still relatively low.

Featured Image: Zoom Team | Shutterstock.com