Uzbekistan legalizes solar crypto mining

According to reports, according to a presidential decree published this week, Uzbekistan will allow companies to mine cryptocurrencies using solar energy. In addition, it will exempt domestic and foreign companies from income tax on all crypto businesses. The Tashkent government wants miners to power their farms by installing solar panels. Alternatively, mining companies can connect to the grid if they pay twice the regular price. However, according to the decree, additional surcharges can be levied during peak consumption. Mining does not require a license, but the company must be registered with the newly created Uzbekistan State Perspective Project Agency, the document said. Some cryptocurrencies, including bitcoin, are created through proof-of-work, which requires computers to "mine" the currency by solving complex puzzles. Powering these computers requires a lot of electricity.