The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) has announced a ban on the use of agricultural land for cryptocurrency mining.
Violators face a fine of 100,000 UAE dirhams ($27,229). In addition, ADAFSA representatives will confiscate mining equipment and disconnect agricultural land from the power grid.
The agency stated that using land designated for agricultural production for cryptocurrency mining is contrary to the region’s «sustainable development» policy and undermines existing land use regulations.
Such activities are outside the scope of permitted economic use defined by the authorities and are prohibited on agricultural land, the Department of Agriculture stated.
Cryptocurrency mining Mining is a highly competitive business, where profits depend, among other things, on electricity costs. This forces miners to seek out the cheapest energy sources.
It is no coincidence that renewable energy sources such as hydroelectric power plants, geothermal power plants, or energy generated by industrial processes such as burning excess energy from gas fields or extracting methane from waste, account for more than 50% of the energy used to mine Bitcoin.