Kazakhstan Makes $1.5 Million From Crypto Mining Sector in Q1
The government of Kazakhstan has collected $1.5 million from crypto miners in the first quarter of this year, official data shows. The money comes from a fee charged on the electricity spent to mint digital currencies, which was introduced in January. Crypto Mining Increases Budget Revenues in Kazakhstan Kazakhstan has received 652 million tenge (almost $1.5 million) from the crypto mining industry in the first three months of the year, the government announced this week. The funds have been collected through a surcharge on the electricity used by mining farms operating legally in the....
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More than 100 crypto farms in Kazakhstan have terminated operations as a result of ongoing inspections of the mining sector. Authorities have revealed that some of the facilities are linked to prominent businessmen and former government officials. Financial Watchdog Goes After Crypto Miners Across Kazakhstan The rapid expansion of crypto mining in Kazakhstan, since last year’s crackdown on the industry in China, has been blamed for persisting problems with electricity shortages and blackouts. The government has gone so far as to claim that illegal players in the sector are....
Crypto miners now bring more than $230 million into the economy of Kazakhstan each year and estimates show the figure could increase significantly in the future. The industry’s leading organization has projected that the government can collect more than $300 million in taxes over the next five years.
Kazakhstan Makes Millions From Cryptocurrency Miners
Kazakhstan’s growing coin minting industry has the potential to pour $1.5 billion into the nation’s economy in a five-year period, resulting in over $300 million in tax revenue, according to the National....
Law enforcement officers in Kazakhstan have busted another mining facility as they continue to crack down on illegal activities in the sector. The crypto farm, located at a railway station, is the latest targeted mining operation in the country which has been struggling with its power deficit. Authorities in Kazakhstan Seize Over 100 Mining Rigs From Unauthorized Farm Kazakhstan, a crypto mining hotspot since last year, has been trying to limit operations in its crypto mining sector which expanded rapidly after China launched an offensive against the industry in May 2021. The government....
BIT Mining, a cryptocurrency mining company that recently stated it will be expanding outside of China, aims to buy 2,500 Bitcoin miners for deployment in Kazakhstan. BIT Mining Goes To Kazakhstan BIT Mining announced on Wednesday that it had agreed to buy 2,500 Bitcoin (BTC) mining equipment for $6.6 million. The company has already installed […]
New legislation proposed in the parliament of Kazakhstan will allow only authorized miners to mint digital currency, if adopted. The draft has been designed to comprehensively regulate the industry and reduce what its sponsors label as uncontrolled consumption of electricity in the sector. Lawmakers in Kazakhstan Submit Crypto Mining Law, Seek to Curb ‘Gray’ Mining Members of the Mazhilis, the lower house of Kazakhstan’s parliament, have put forward a new bill introducing rules for the extraction of cryptocurrencies in the country. Under its provisions, only companies....