2023 brings increased energy costs for companies mining crypto in Kazakhstan.
The rate in each case depends on the source and price of electrical energy used to extract digital currencies. The new mechanism to determine the tariff was introduced with a bill amending the country’s Tax Code which President Kassym-Jomart TokayevThe base for the levy is the average price of electricity consumed by a miner during a given tax period.
The lowest rate will also be offered to crypto farms using renewable energy, not taking into account the cost of the electricity. And for energy produced from other sources — the cheaper the power utilized, the heavier the tax burden. The fee can go up to 25 tenge per kWh, the reports detail. Kazakhstan became a mining hotspot after China’s crackdown on the industry in 2021, attracting crypto miners with its low, subsidized electricity rates. The influx ofThe authorities in Nur-Sultan have been going after unauthorized mining farms and taking steps to more comprehensively regulate the sector. A provision in a new billby Kazakhstan’s parliament in December aims to oblige miners to buy surplus electricity on a government-controlled market.
An earlier legislative proposal, which was submitted by a group of lawmakers in October, limits mining to only registered firms. It also allows non-resident entities to mine in the country as long as they have agreements with locally licensed data centers.
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