PANews reported on October 2 that according to CoinDesk, the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) recently reiterated the ban on cryptocurrency mining on farms in the emirate and warned that violators will face severe penalties. The agency said the move was due to the recent discovery that some farms were diverting land and electricity to digital asset mining, which conflicts with the prescribed use of farmland. It was also out of regulatory considerations for the huge energy consumption of crypto mining. Farms caught mining will be fined 100,000 dirhams (about $27,000), with fines doubled for repeat offenders. In addition to fines, penalties include power outages, equipment confiscation, and the suspension of all agricultural support services.PANews reported on October 2 that according to CoinDesk, the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) recently reiterated the ban on cryptocurrency mining on farms in the emirate and warned that violators will face severe penalties. The agency said the move was due to the recent discovery that some farms were diverting land and electricity to digital asset mining, which conflicts with the prescribed use of farmland. It was also out of regulatory considerations for the huge energy consumption of crypto mining. Farms caught mining will be fined 100,000 dirhams (about $27,000), with fines doubled for repeat offenders. In addition to fines, penalties include power outages, equipment confiscation, and the suspension of all agricultural support services.
Abu Dhabi reiterates ban on crypto mining on farms; violators face $27,000 fines and other penalties
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PANews reported on October 2 that according to CoinDesk, the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) recently reiterated the ban on cryptocurrency mining on farms in the emirate and warned that violators will face severe penalties.
The agency said the move was due to the recent discovery that some farms were diverting land and electricity to digital asset mining, which conflicts with the prescribed use of farmland. It was also out of regulatory considerations for the huge energy consumption of crypto mining.
Farms caught mining will be fined 100,000 dirhams (about $27,000), with fines doubled for repeat offenders. In addition to fines, penalties include power outages, equipment confiscation, and the suspension of all agricultural support services.
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