UAE Authority Warns Of Dh10,000 Fine For Crypto Mining On Farms
Date
5/23/2024 3:16:03 PM
(MENAFN- Khaleej Times) Published: Thu 23 May 2024, 4:33 PM
Last updated: Thu 23 May 2024, 10:29 PM
Farms cannot be used as a site for Cryptocurrency mining, Abu Dhabi authorities said on Thursday.
Cryptocurrency mining is the process of verifying transactions and creating new coins in the blockchain. It involves the use of highly sophisticated computers that use a great deal of energy. While such blockchain activities are allowed in the UAE, strict regulations are in place.
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The Abu Dhabi Agriculture and Food Safety Authority (Adafsa) on Thursday issued an advisory to farmers, stressing that crypto mining - which could cause a sharp spike in electricity bills - cannot be done on farms.
"This activity is considered a misuse of the farm for purposes other than its intended use," Adafsa said.
Those caught mining crypto on farms shall face fines of up to Dh10,000, it added.
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