Kazakh Crypto Mining Tax Hike Signed Into Law by President Tokayev
— Signed, Hike, Rate, Tenge, Miners, Price, Electricity, Kazakhstan, Kazakh, President — 1 min read
Kazakhstan has been trying to root out mining operations that do not have proper licensing to reduce the load on the country's energy grid. In March, Kazakhstan announced the closure of 106 mines, seizing 67,000 machines worth $193 million. The central Asian country once had an electricity surplus, but since the influx the national grid has been struggling to meet demand. The move effectively brings the price of electricity including tax to around 25 tenge, or $0.05, with some exceptions. The new tax rate will be determined by the average price of the electricity consumed to mine coins during a certain tax period. In May 2022, the government of Kazakhstan required crypto miners to register their operations with authorities in order to register with authorities and come into effect on Source