The government of the republic believes that the cryptocurrency mining industry should be economically viable for the country.
The President of Kazakhstan, Kassym Jomart Tokayev, signed a law that introduces additional taxation for enterprises engaged in the extraction of cryptocurrencies. In June, the bill was passed by the parliament of the republic.
The document introduces an additional payment of 1 tenge ($ 0.0023 at the current exchange rate as of June 29) for 1 kWh of electricity consumed during mining. The new tax rules will come into force on January 1, 2022.
Bagdat Musin, Kazakhstan’s Minister of Digital Development, Innovation, and Aerospace Industry, said in early June that the new law on mining taxation aims to “bring out of the shadows those miners who are in the gray zone.” The mining business, according to the official, must be economically viable for the country.
On June 23, it became known that one of the largest manufacturers of mining equipment, Canaan, launched its first mining farm. The company’s data center is located in Kazakhstan.
Canaan believes that launching its own mining farm will allow the company to improve its financial performance, as well as expand its business and customer base.
