Mining tax in Kazakhstan may increase

The authorities of Kazakhstan are planning to increase the taxation of mining farms, tying it to the cost of bitcoin. The head of the Ministry of Economy of the state announced the possibility of changing the current legislation.

According to Minister Alibek Kuantirov, the authorities plan to compensate for the load that arises from mining with the help of additional budget revenues. If the value of the cryptocurrency grows, additional tax deductions will replenish the budget, and in general this will be a good sign for the state.

This news was also commented on by Alan Dorjiev, head of the blockchain association of Kazakhstan. He said that if a tax is introduced linked to the value of cryptocurrency, it will correlate with the price of BTC and 1 kWh consumed for its production.

Such a gradation is currently under consideration. For example, up to $42,000, one tax will be charged, and if the price of the coin rises higher, then another will need to be paid. This is not a final decision as tax options are still being discussed.

Recall that the situation with mining in Kazakhstan is quite complicated. After the ban on bitcoin mining in China, many companies moved their capacities to this country. This has put a lot of strain on aging transmission networks, and in the summer of 2021, there were rolling blackouts in many cities in Kazakhstan.

To put the industry in order, many miners registered in the country stopped supplying electricity in early 2022. And in February, the head of the country proposed to raise the tax on mining. Moreover, the Ministry of Economy proposed to raise the rate ten times, and then a proposal appeared to make the rate floating.

We will follow the development of the situation. Read our news and subscribe to social networks. You can also start mining cryptocurrency using Hive OS service.

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