UAE Introduces Fines for Mining on Farms

🇦🇪 The Abu Dhabi Agriculture and Food Safety Authority (UAE) has warned about the illegality of cryptocurrency mining on farms, Khaleej Times reports.

👀 “This activity is considered an improper use of the farm for a purpose other than its intended use,” the publication cites the regulation.

✔️ This is due to the fact that mining Bitcoin and other digital assets using the Proof-of-Work algorithm consumes a significant amount of electricity, the cost of which constitutes the majority of expenses. In the UAE, subsidized rates for agricultural operations are lower than those for households and significantly lower than industrial rates.

💲 The Authority clarified that violations will incur fines of up to 10,000 dirhams (~$2,723).