How much can a country earn through embracing crypto mining? The government of Kazakhstan, one of the world’s largest countries by the Bitcoin mining hash rate distribution, reported budget earnings derived from the industry.
On Monday, Kazakhstan’s State Revenue Committee of the Ministry of Financea report on the amount of total energy fees paid by local crypto miners in the first quarter of 2022.
According to the report, 652 million Kazakhstani tenge in energy fees from crypto mining was added to Kazakhstan’s budget in Q1 2022 after the government introduced a digital mining fee on Jan. 1, 2022. The committee stressed that a significant amount of the expected fees has not been received as the government had shut down a wide number of crypto mining firms to “ensure energy security.” Additionally, the authority mentioned that the government isThe committee also noted that tax reporting on digital mining-related payments is not provided for by Kazakhstan’s tax code. On Wednesday, the
in the first reading amendments to the national tax code that a crypto mining tax tied to the electricity prices consumed by mining entities.
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