Here’s How Much Kazakh Gov’t Made Off Crypto Mining In Q1 2022

The federal government of Kazakhstan, one of many world’s largest international locations by the Bitcoin (BTC) mining hash price distribution, has reported funds earnings derived from cryptocurrency mining.

On Might 30, Kazakhstan’s state income committee of the Ministry of Finance launched a report on the quantity of complete power charges paid by native crypto miners within the first quarter of 2022.

Based on the report, Kazakhstan’s funds added 652 million Kazakhstani tenge ($1.5 million) in power charges from crypto mining in Q1 2022 after the federal government launched a digital mining payment on Jan. 1, 2022.

The committee pressured {that a} important quantity of the anticipated sum of charges has not been acquired by the funds as the federal government has shut down a large variety of crypto mining corporations to be able to “guarantee power safety.” Moreover, the authority talked about that the federal government is contemplating rising native charges for cryptocurrency mining as a part of the brand new crypto invoice.

The committee additionally famous that tax reporting on digital mining-related funds will not be offered for by Kazakhstan’s tax code. On Might 25, the Kazakh parliament handed within the first studying the amendments to the nationwide tax code to introduce the crypto mining tax tied to the electrical energy costs consumed by mining entities.

Associated: Binance indicators MOU with Kazakhstan to additional crypto adoption and regulation

In late 2021, the Information Middle Business and Blockchain Affiliation of Kazakhstan estimated that cryptocurrency mining might convey as a lot as $1.5 billion in income for the nation in 5 years. As beforehand reported, Kazakhstan is among the world’s largest international locations by BTC mining hash price. Based on the most recent replace of the Cambridge Bitcoin Electrical energy Consumption Index, Kazakhstan was the third-largest BTC mining location on this planet as of January 2022, with the hash price share amounting to 13%.

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