Authorities in Kazakhstan prepare to increase the surcharge for electricity spent on crypto mining.
The money comes from a fee charged on the electricity spent to mint digital currencies, which was introduced in January.Kazakhstan has received 652 million tenge from the crypto mining industry in the first three months of the year, the governmentthis week. The funds have been collected through a surcharge on the electricity used by mining farms operating legally in the country.
The fee, which was imposed on Jan. 1, 2022, is calculated at a rate of 1 tenge per kilowatt-hour of electrical energy burned for the extraction of cryptocurrencies. Entities operating mining facilities are expected to pay it no later than the 20th day of the month following the respective quarter. The surcharge is not yet part of Kazakhstan’s tax code. Authorities now plan to introduce differentiated rates depending on the cost of the power utilized, and the necessary amendments were recentlyOn one hand, the move is expected to further increase budget receipts, and on the other, limit electricity consumption for the energy-intensive production of digital currencies. The Central Asian nation became a major mining hotspot after China cracked down on the industry in May last year.
The influx of miners has been largely blamed for the country’s growing power deficit, leading to the temporary
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