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Cryptocurrency miners in Kazakhstan will spend more on energy this year as the government moves to encourage the use of renewable energy and curb the excessive use of electricity that contributes to the shortage. paying. Under the new tax law that came into force on January 1st, Astana introduced a sliding scale of previously flat surcharges on energy usage for cryptocurrency miners that first came into force last year.
Last January, Minor pay A surcharge of 1 tenge worth approximately $0.002 per kilowatt-hour. A year later, some miners are paying up to 10x more, NewTimes.kz report.
The surcharge depends on the average price you pay to produce your coin for a given tax reporting period. The cheaper the electricity bill, the higher the surcharge.
For example, if a producer pays 24 tenge, worth about $0.05 per kilowatt-hour, the surcharge remains at 1 tenge. If you pay 5 to 10 tenge, the additional charge will be 10 tenge.
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Cryptocurrency miners pay different fees. purchase Surplus capacity from power plants through auction. Those using renewable energy will continue to pay a flat rate of 1 tenge.
President Kassym-Jomart Tokayev ordered the government to review the surcharge in February 2022. Said 1 tenge was a “pathetically small” amount for a big profitable miner.
crypto miner flocked From China to Kazakhstan in 2021 after Beijing banned activities in Kazakhstan. Due to the operation that consumes a large amount of electricity, the demand for electricity is rapidly increasing, widespread blackout.
After that, the government started cracking down on illegal mining, regulation About legal cryptocurrency operations.
At the time, the sector was dominated by well-connected heavyweights like Borat Nazarbayev, brother of former President Nursultan Nazarbayev.
After the latter fell out of favor following violent turmoil in Kazakhstan last January, the government moved He opposed Borat Nazarbayev’s crypto farm and hinted that it was mining coins illegally. He “voluntarily” closed them.
Several other businessmen with ties to the Nazarbayev family have also “voluntarily” closed their businesses. They have Partner Dariga Nazarbayeva, the daughter of the former president.
Investigator Said Its cryptocurrency mining then posed a “threat to the country’s economic security.”
The change in electricity tariffs for cryptocurrency miners is the latest step Astana is taking to tackle it through greater regulation.
From Eurasianet.org
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