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You'll need a Bitcoin wallet before you buy since some exchanges require one.
Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.
- Popular Exchanges to Buy Bitcoin in Uzbekistan
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Coinmama- Works in almost all countries
- Highest limits for buying bitcoins with a credit card
- Reliable and trusted broker
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eToro- Supports Bitcoin, Ethereum & 15 other coins
- Start trading fast; high limits
- Your capital is at risk.
We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Coinmama Popular Buy Bitcoin Read Review
Coinmama allows customers in almost every country to buy bitcoin. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.
Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.
Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.
We may receive compensation when you use Coinmama. Please visit Coinmama for its exact pricing terms.
- Works in almost all countries
- Highest limits for buying bitcoins with a credit card
- Reliable and trusted broker
- Some of the highest fees among credit/debit card bitcoin brokers
LocalBitcoins Popular Buy Bitcoin Read Review
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. Users may advertise trades for whichever payment method they prefer.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country, including the United States, Europe (besides Germany), UK, Singapore, Canada, Australia and many more.
We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms.
- Can be private, fast and easy
- In-person trades require no personal information
- Purchases of bitcoin can be made quickly via cash deposit
- Beware of scams; always follow the rules!
- Harder to buy large amounts of bitcoins compared to large exchanges
- Slightly to significantly higher prices than regular exchanges; premium for higher privacy
Kraken Buy Bitcoin Read Review
Founded mid-2011, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries. Deposits can be made via bank wire, SEPA, ACH and SWIFT.
- Very low 0.25% taker fee, falling to 0.1% with sufficient trading volume
- Very low maker fee, falling to 0% with sufficient trading volume
- Highly-rated for security and data protection
- Requires ID verification, so not private
Bitcoin ATMs Buy Bitcoin
You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
- Our map makes it super easy to find a Bitcoin ATM near you
- Bitcoin ATMs often have 5-10% fees per purchase
Mycelium Local Trader Buy Bitcoin
Mycelium Local Trader helps you find local Bitcoin sellers. Once you locate a seller, you meet up in-person and conduct the trade. Mycelium charges absolutely no fees. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers.
- Easy and cheap way to buy bitcoins with cash
- Private way to buy bitcoins, no personal information required beyond cellphone number
- Users in sparsely populated areas will have trouble finding sellers
How to Buy Bitcoin in Uzbekistan
Buying Bitcoin in Uzbekistan is easy, thanks to the government's blockchain-friendly legislation. Cryptocurrency trading and exchanges are legal in Uzbekistan, but an order issued last December allows citizens to trade only with licensed exchanges.
As a consequence, there aren't a plethora of exchanges to choose from in Uzbekistan, but there are still some great options. Coinmama is one of them, a popular exchange in Uzbekistan and around the world. eToro is another good choice.
Both exchanges require identity verification before facilitating a transaction, which may be an issue for those who want to preserve their privacy.
Uzbekistan doesn't have any Bitcoin ATMs, by and large, the most private way to buy Bitcoin. Instead, using an exchange like LocalBitcoins is a better idea. LocalBitcoins matches buyers and sellers on the Bitcoin network - both in Uzbekistan and abroad - facilitating trade between peers without ID verification.
Whatever route you choose to buy Bitcoin, you should always store it on a secure, cold storage hardware wallet. Most people opt for the Ledger Nano X because of its security and ease-of-use.
When you have a functional hardware wallet and an exchange in mind, buying Bitcoin in Uzbekistan is easy. Verify your ID (if necessary), connect a payment method, and buy Bitcoin.
Bitcoin Mining in Uzbekistan
Electricity prices are one of the leading factors used to determine mining profitability - if you earn more Bitcoin than you pay in electricity costs, you're profitable.
Using mining hardware with an excellent hash rate to power consumption ratio is a great way to increase profitability. But even with the best mining hardware on the market, you won't make a dime with expensive electricity cost.
That's why the majority of large scale mining operations are in countries with dirt-cheap electricity (approximately $0.05 per kWh or less).
Uzbekistan has some of the cheapest electricity in the world, coming in at a mere $0.035 per kWh. According to our Bitcoin mining profitability calculator, Bitcoin mining in Uzbekistan would be profitable, if it weren't for legislation there.
Bitmain's Antminer S19, one of the best mining ASICs on the market today, has a hash rate of 95 TH/s and draws 3,250 watts from the wall.
Using those numbers with Uzbekistan's electricity cost, each miner would turn a profit of roughly $1,230 per year, given Bitcoin's current price and block difficulty.
Uzbekistan's mining profitability may look promising, but it's still a bad idea for most people. Considering the S19 costs several thousand a piece, it'd be a while before you pay off your initial investment. Worse still, by the time you do pay off the hardware, it'll most likely become obsolete as newer equipment hits the market.
For most people, buying Bitcoin directly from a supported exchange in Uzbekistanis the best option. Buying from an exchange - or another peer on the network, if you choose that route - doesn't require an enormous upfront investment, from which you probably won't see a profit.
Furthermore, legislation passed in December of 2019 by Uzbekistan's government drastically increased the rate of electricity for domestic crypto mining operations, effectively making mining in Uzbekistan entirely unprofitable.
