In the latest episode of “Deconstruction,” we discuss Uzbekistan’s crypto initiatives and OpenAI’s corporate challenges. The guest is Mikhail Korneev, head of key products at Asterium.<\/p>\n
ForkLog (FL): What is the <\/strong>new mining zone<\/strong><\/a> and why is it needed?<\/strong> <\/p>\n Mikhail Korneev<\/strong> (M. K.): <\/strong>The new zone will utilize vast empty lands of Karakalpakstan at the site of the former Aral Sea.<\/p>\n Data centers and alternative energy sources will be built there. This basic infrastructure could eventually become the foundation for creating powerful AI clusters and processing centers.<\/p>\n FL: Participants in the zone do not pay taxes but give 1% of their revenue. Is that a lot?<\/strong> <\/p>\n M. K.: <\/strong>The cost is quite reasonable. In terms of ratio, 1% of mining revenue is roughly 3 to 10% of net profit. <\/p>\n Of course, due to blockchain volatility, there are times of operating at a loss. Companies need to understand this and plan when it is more profitable to shut down mining farms.<\/p>\n FL: The electricity tariff will be 14 cents per kWh. Why so expensive?<\/strong><\/p>\n M. K.: <\/strong>The historical price of 150 soms<\/span> per kWh is long gone\u2014due to urban growth, electricity in the country has become much more expensive. The tariff is set to attract large enterprises, both local and international.<\/p>\n The state wants to work with big players. The golden age of mining is over; now everyone must strive for scaling.<\/p>\n FL: How is private crypto business regulated in Uzbekistan, and how much do licenses cost?<\/strong><\/p>\n M. K.: <\/strong>Illegal mining is prohibited, and the regulator NAPP<\/span> issues four types of licenses: crypto shop, crypto exchange, depository, and mining pool. A crypto shop license is an entry ticket for small businesses, costing about $30,000-35,000.<\/p>\n A depository license is estimated at around $100,000, while a crypto exchange license is about $800,000. The latter allows working with institutional clients and is an affordable sum for industry leaders.<\/p>\n FL: Why should an ordinary person enter a regulated zone when they can exchange crypto cheaper and anonymously via P2P?<\/strong><\/p>\n M. K.: <\/strong>The grey P2P market in Uzbekistan practically does not exist now, as the regulator strictly monitors this. Foreign exchanges with unlicensed products are blocked. Moreover, there is a huge risk of fraud in P2P schemes.<\/p>\n The regulated zone allows legal use of crypto. Until 2029, income from crypto assets is tax-exempt, so questions about their origin do not arise unless it’s a criminal case.<\/p>\n FL: You launched crypto cards and <\/strong>tokenized gold<\/strong><\/a>. Why is a local token needed if there are more liquid alternatives?<\/strong><\/p>\n M. K.: <\/strong>This is an infrastructure product for people unfamiliar with crypto but wanting to invest. The token is backed by real gold stored in a bank, and anyone can exchange it for a physical bar.<\/p>\n The main feature is that these tokens can be used for transactions via our crypto cards. A person can load a gold token onto the card and simply pay at the checkout, knowing their asset has appreciated.<\/p>\n FL: A <\/strong>lawsuit between Elon Musk<\/strong><\/a> and OpenAI’s management has begun. Who will win, and how will it affect the market?<\/strong> <\/p>\n M. K.: <\/strong>It makes no difference who wins because the market is already established. Whether commercial or non-commercial, the direction of AI has long been determined in favor of capitalization and scaling.<\/p>\n Other major players have emerged, such as Anthropic and Chinese neural networks. This has become part of a new reality where memory and computing power are bought years in advance.<\/p>\nScandals at OpenAI<\/strong><\/h2>\n