- Abu Dhabi bans crypto mining on farms, citing misuse of agricultural land.
- Violators of the brand new regulation in Abu Dhabi face penalties of as much as Dh10,000.
- Venezuela disconnects crypto mines from the ability grid, seizing over 2,000 machines.
In a major transfer to curb the misuse of agricultural websites and management extreme electrical energy consumption, the Abu Dhabi Agriculture and Meals Security Authority (Adafsa) has introduced a strict prohibition on cryptocurrency mining in farms. The announcement was made on Thursday, as confirmed by native media Khaleej Occasions.
Crypto mining, the mechanism for validating transactions and minting new crypto belongings like Bitcoin, is thought for its excessive electrical energy consumption because of the highly effective computer systems it requires. In response to the report, Adafsa’s resolution comes amid issues that the energy-intensive strategy of mining cryptocurrencies results in unsustainable spikes in electrical energy prices, which might jeopardize farm operations.
The authority has made it clear that farmhouses are usually not geared up to deal with the excessive energy calls for related to cryptocurrency mining. Furthermore, Adafsa’s advisory careworn that farms are designated for agriculture, and repurposing them for mining disrupts their supposed use.
In parallel, violators of this new regulation could face hefty penalties, with fines reaching as much as Dh10,000 or $2,722.57. This measure is an element of a bigger initiative to advertise sustainable vitality use and correct land utilization throughout agricultural websites.
Whereas the UAE permits blockchain-related actions, it enforces strict guidelines to make sure they’re carried out responsibly and inside the acceptable settings.
In a associated improvement, the Venezuelan Ministry of Electrical Energy has equally taken a agency stance towards cryptocurrency mines, disconnecting them from the ability grid. This motion is a part of Venezuela’s broader crackdown on crypto mining, which has already resulted within the confiscation of over 2,000 mining machines and the indictment of a number of officers.
Each Abu Dhabi and Venezuela’s stringent insurance policies mirror a rising development of regulatory our bodies worldwide taking steps to handle the environmental and infrastructural challenges posed by the rising cryptocurrency mining business.
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