Government of Uzbekistan Triples Tax on Electricity for Crypto Miners

The government of the Republic of Uzbekistan has ordered a 300% increase on electricity tariffs for cryptocurrency miners.

According to a Sept. 27 announcement, the Cabinet of Ministers of the Republic of Uzbekistan has decreed that cryptocurrency miners must pay three times more the existing electricity tariffs.

Uzbekistan's approach to crypto and blockchain.

Earlier the same month, a decree legalizing crypto trading - also making it tax-free - and mining in the country came into force.

Crypto traders will not fall under Uzbek stock market regulations and will be relieved of their obligation to pay taxes on trading revenues.

In June, the Iranian government announced that they would cut power to crypto mining operations until new energy prices were approved.

Iran's Ministry of Energy reportedly revealed that the country had seen a 7% spike of electricity consumption over a monthly period ending on June 21, 2019.

The Ministry believes that the surge was caused by the growing number of crypto mining activities in the country.

China's Bitcoin mining scene is a major player in the global hash rate, with China-based mining pools reportedly mining potentially 70% of all the coins created yearly.

In April, the Chinese government said that it was considering the elimination of crypto mining in the country.