After imposing regulations on cryptocurrency, officials in Abu Dhabi are reiterating their commitment to a ban against the practice of crypto mining on land reserved for farming and ranching, as Data Centre Dynamics Ltd reported.
The Emirati metropolis has decided to once again speak out publicly on the issue after city authorities recently found evidence of cryptocurrency mining sites throughout numerous farms in the city limits. Officials are confiscating the sites’ mining equipment, and any further first-time offenders will be fined AED 100,000 (approximately $27,000), according to the news report.
The Abu Dhabi Agriculture and Food Safety Authority issued a statement saying, “ADAFSA reiterates its call to all farm owners and agricultural workers — across both plant and animal sectors — to refrain from engaging in activities that fall outside the approved agricultural and livestock economic uses as defined by the authority.”
The statement went on to say, “Such practices jeopardize the continuity of support and services and conflict with ADAFSA’s sustainability policies aimed at curbing improper practices on farms.”
The long-term viability of cryptocurrency remains a contentious topic, with both sides of the debate firm in their convictions. From an environmental perspective, there are signs of progress along with ongoing concerns. On one hand, some energy companies are starting to invest in clean energy, along with crypto, in an effort to provide power in an environmentally conscious manner. The popular cryptocurrency Bitcoin is also now receiving more than half of its energy from more sustainable sources (42.6% renewable and 9.8% nuclear), according to a recent study.
That being said, there are still criticisms about the high energy needs required for traditional crypto mining, especially when the energy sourced contributes heat-trapping pollution to the planet. There is also evidence linking some crypto operations to significant environmental harm (and even human health problems).
Cryptocurrency is, nevertheless, likely here to stay. As such, it makes sense that companies across various industries, as well as private citizens and public regulators like those in Abu Dhabi, are trying to determine how or if they can best utilize it as an additional profit source, while controlling potentially damaging forms of mining.
