Kazakhstan in Negotiations to Attract $714M for Cryptocurrency Mining

Kazakhstan has preliminary agreements to attract 300 billion tenges ($714 million) in investments for its cryptocurrency mining sector, Digital Development Minister Bagdat Mussin announced Wednesday 2 September.

Mussin added in a meeting of the government that 13 mining farms are already operating in the Central Asian nation and four are under construction.

“More than 80 billion tenges ($190 million) has been invested in the sector,” he said.

According to Kazakhstan’s data, it is responsible for 6% of cryptocurrency mining in the world.

Coinnnounce revealed that regulations in the country enable the mining of asset-backed cryptocurrencies. They also prohibit work with unsecured ones such as Bitcoin.

Earlier, in June, the state passed amendments related to the regulation and taxation of cryptocurrency mining. The amendments aim to enhance Kazakhstan’s economy, which is primarily based on oil. This “can offer relatively cheap electric power for the energy-hungry business,” according to Reuters.

A 15% tax on the crypto mining industry

Kazakhstan’s Ministry of Economy has proposed a new tax plan requiring crypto mining companies to file an application for registration with the authorities, local reports showed.

Following registration, companies must pay a 15% tax on their annual tax calculations.

Furthermore, Cointelegraph translated a Forbes report stating that the Ministry of the Economy hopes to combat Covid-19 by funding countermeasures through the collection of such taxes. This represents a departure from the nation’s previous statements, which indicated a different stance from the country. Officials stated that approximately 6% of the world’s Bitcoin (BTC) hash rate comes from Kazakhstan. tips for making tips for web cam models.

Opening a Bitcoin mining facility in Kazakhstan

Meanwhile, mining facility operator Enegix told CoinDesk in August that the company is ready to open its 180-megawatt data centre to mining pools in Kazakhstan at the start of September.

The company’s sales director, Dmitriy Ivanov, noted that the centre can host up to 50,000 mining rigs. 

According to released data, the centre will get its electricity straight from Kazakhstan’s grid. It could generate as much electricity as needed to power 180,000 US homes.

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Hanan Hamed 48 Articles
a bilingual journalist. She writes in both Arabic and English. She has been writing news and features for 7 years now. She is specialized in business and economic news.