Uzbekistan’s new legislative initiative on mining based on solar energy will have a positive impact on the development of the cryptocurrency industry of the republic. This was told by the director of the crypto exchange Binance in the Asian region Gleb Kostarev.
According to the expert, there are reasons for this: Uzbekistan is a regional leader in the field of renewable energy, and last year the country launched its first project related to alternative energy sources.
Green mining
We would like to remind you that in Uzbekistan, only legal entities using solar energy are allowed to mine. The corresponding decree was signed by the republic’s president at the end of April. According to Gleb Kostarev, the trend of switching to renewable energy sources in the industry is observed in other countries as well.
«The trend towards ‘green’ mining is becoming more and more evident. More and more farms that use renewable energy sources are appearing. Many global companies are showing great interest in using solar energy for mining, and it’s not even about financial interest, but rather about showing society how it can become a source of clean energy,» – Kostarev noted.
From 2022 to 2024, Uzbekistan plans to commission 10 solar and wind power plants with a total capacity of about 3,000 MW. Foreign direct investments worth $3 billion will be attracted for the construction.
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