Abu Dhabi Sets Dh10,000 Penalty for Farm Crypto Mining

As an analyst with extensive experience in energy policy and agricultural regulation, I strongly support the actions taken by both Abu Dhabi Agriculture and Food Safety Authority (Adafsa) and the Venezuelan Ministry of Electric Power to prohibit cryptocurrency mining on farms.

The Abu Dhabi Agriculture and Food Safety Authority, referred to as Adafsa, announced on a Thursday that it is forbidden to engage in cryptocurrency mining at farms under its jurisdiction. This regulation has been put in place to protect agricultural land from misuse and preserve the efficient utilization of electricity resources.

Adafsa highlighted the issue that crypto mining causes a substantial increase in electricity expenses, making it financially unfeasible for farming operations. The farm infrastructure is not suited for power-hungry activities like cryptocurrency mining. Violators of this rule could face penalties amounting to Dh10,000.

The ban on farming is a component of larger initiatives aimed at promoting energy efficiency and responsible land management. Regulatory bodies remain vigilant, imposing fines when necessary, to uphold these guidelines.

As a crypto investor, I’ve come across reports suggesting that the Venezuelan Ministry of Electric Power has accused cryptocurrency mining operations of consuming significant amounts of electricity. Consequently, they have disconnected these mines from the power grid.

As a crypto investor, I’m making this choice with the goal of reducing energy consumption and ensuring a consistent power supply for the population. This is a consequence of Venezuela’s heightened crackdown on cryptocurrency mining, which has resulted in the confiscation of around 2000 mining machines and the indictment of several high-ranking officials.

Read More

2024-05-24 20:04