When it comes to cryptocurrencies, the Central Asian country of Uzbekistan is one of the countries that has a major impact on the entire market. However, according to a presidential decree, Uzbekistan now wants to legalize cryptocurrencies. However, according to a study, Uzbekistan is the third most profitable country when it comes to bitcoin mining, but that could change soon.
According to local media, the government of Uzbekistan intends to launch a law on cryptocurrency regulation called "electronic money" by the end of the summer. In the decree, President Shavkat Mirziyoyev has stated that the Central Bank of Uzbekistan, the Ministry of Information Technology, as well as the Ministry of Finance and Economics, should prepare a draft of this kind.
He has also commissioned the establishment of a center for distributed ledger technology. The main task of the center is to create all the conditions for the use of blockchain technology in the country, as well as the establishment of a center of excellence. This will promote the blockchain industry in the country and support local developers. The center is scheduled to open on 1 June 2018. Perspectively, a contactless payment is to be made possible by cryptocurrencies in the country.
The decision of the president represents a 180 degree turnaround. In the past, Uzbekistan had designated cryptocurrencies, like many other countries, as illegal and terrorist financing instruments.
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- Bitcoin mining in Uzbekistan:
At the end of January, Elite Fixtures published a study and ranking of the countries in which Bitcoin Mining is the most profitable on the basis of electricity costs. The result of this study is that mining in Uzbekistan has the third highest profitability worldwide. Venezuela was ranked number one on the list, with miners spending only $ 530 to mine a bitcoin. In second place follows Trinidad and Tobago, where it costs 1,190 US dollars. # 3 places Uzbekistan at $ 1,790.
The most expensive country in the world for Bitcoin mining is South Korea, where a total of $ 26,170 is incurred to mine a bitcoin. According to the studies, at least 14,235 US dollars, and thus still more than a Bitcoin is currently worth, must be spent in Germany.
According to its own statements, the company asked local electricity providers to calculate the costs and calculated the average power consumption for mining a Bitcoin using the AntMiner S7, the AntMiner S9 and the Avalon 6. The study shows very clearly that depending on where you are in the world, bitcoin mining can still be very profitable.