The Agriculture and Food Safety Authority of Abu Dhabi (UAE) has officially announced the illegality of using farms to mine cryptocurrencies. This decision was taken due to the fact that mining can lead to a significant increase in electricity consumption and, accordingly, to a sharp increase in electricity bills for farms.
About this informs Khaleej Times.
“This activity is considered an illegal use of the farm for a purpose other than its intended purpose“, the publication writes.
Violation of this ban carries a fine of up to 10,000 dirhams (about US$2,723). The administration emphasized that the use of farms for mining is illegal and contrary to their purpose.
It is noted that in some countries, such as Iran, illegal mining using subsidized electricity is even punishable by prison terms. Luxor company experts previously noted that electricity tariffs for agriculture in the UAE, which are subsidized by the state, are even lower than the tariffs for the population and much lower than the rates for industrial enterprises. However, the UAE authorities have decided to stop this practice to protect farmers from unforeseen costs and ensure the stability of energy supply in the agricultural sector.
