{"id":13798,"date":"2024-05-24T18:29:57","date_gmt":"2024-05-24T15:29:57","guid":{"rendered":"https:\/\/forklog.com\/en\/uae-imposes-fines-for-cryptocurrency-mining-on-farms\/"},"modified":"2024-05-24T18:29:57","modified_gmt":"2024-05-24T15:29:57","slug":"uae-imposes-fines-for-cryptocurrency-mining-on-farms","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/uae-imposes-fines-for-cryptocurrency-mining-on-farms\/","title":{"rendered":"UAE Imposes Fines for Cryptocurrency Mining on Farms"},"content":{"rendered":"<p>The Abu Dhabi Agriculture and Food Safety Authority (UAE) has issued a warning regarding the illegality of cryptocurrency mining on farms, as reported by <a href=\"https:\/\/www.khaleejtimes.com\/uae\/uae-authority-warns-of-dh10000-fine-for-crypto-mining-on-farms\">Khaleej Times<\/a>.<\/p>\n<p>The agency emphasized that mining could lead to a sharp increase in electricity bills.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThis activity is considered an improper use of the farm for purposes other than its intended function,\u201d the publication quotes the decree.<\/p>\n<\/blockquote>\n<p>The Authority specified that violations could incur fines of up to 10,000 dirhams (~$2723).<\/p>\n<p>Bitcoin and other digital assets mined using the Proof-of-Work algorithm consume a <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-miners-set-record-energy-consumption-in-february\">significant amount of electricity<\/a>, with energy costs comprising a large portion of expenses. To reduce these costs, cryptocurrency miners seek access to the cheapest possible electricity sources.<\/p>\n<p>In 2023, experts from Luxor examined the specifics of mining in the UAE. Jaran Mellerud and Erik Vera noted that subsidized rates for agricultural enterprises ($0.012 per kWh) are even lower than those set for residents ($0.02 per kWh) and significantly less than the rates for industrial enterprises \u2014 $0.073-0.099 per kWh.<\/p>\n<p>Earlier, Iranian authorities introduced prison sentences for repeat offenses in illegal mining using subsidized electricity to combat the practice.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Abu Dhabi Agriculture and Food Safety Authority (UAE) has issued a warning regarding the illegality of cryptocurrency mining on farms, as reported by Khaleej Times. The agency emphasized that mining could lead to a sharp increase in electricity bills. \u201cThis activity is considered an improper use of the farm for purposes other than its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13797,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1306,42],"class_list":["post-13798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-mining-ban","tag-uae"],"aioseo_notices":[],"amp_enabled":true,"views":"39","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13798"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13798\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13797"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}