The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
Bitcoin

Kazakhstan Could Soon Introduce A Tax On Crypto Mining Operations

by Miki 06/15/2021
by Miki 06/15/2021 0 comment

Crypto mining has been a hot topic of discussion at this stage, and with China cracking down on local miners, Kazakhstan has emerged as the next big destination for crypto miners. With a major influx of crypto miners over the last few weeks, Kazakhstan is now considering ending the tax-free regime for crypto miners and data centers.

Lawmakers are now proposing an amendment to the Tax Code of Kazakhstan to stop the uncontrolled electricity consumption by crypto mining farms. The amendment proposes a very minimal tax fee of one tenge per one kilowatt per hour starting from January 1, 2022, in case the draft law is adopted.

Well, such a nominal fee introduction is more symbolic rather than a real one. Besides, it aims in kickstarting the crypto administration process in the country. As per the Data Center Industry and Blockchain Association crypto miners in Kazakhstan currently consume 3.3% of the total energy consumption of the country every year. Speaking to local news publication Kursiv, Albert Rau, deputy of the Tax Code Department said:

“We have to adjust our legislation with real-life because as a matter of fact mining work in the country it is done in a parallel reality”.

As per the estimates of local agencies, there are currently 13 crypto mining farms in Kazakhstan and the country accounts for 6.17% of the total Bitcoin mining operations. Outside China, it competes against other giant nations like Russia (6.29%) and the USA(7.15%).

As per the Ministry of Digital Development, Innovations, and Aerospace, crypto mining operations in Kazakhstan generated a revenue of $18-$25 million every month.

Local miners Not Happy With the Crypto Mining Tax Proposal

Despite the minor fees, local cryptocurrency miners in Kazakhstan aren’t happy with the new proposal of taxing crypto operations. Alan Dorjiev, President of Kazakhstan’s blockchain association said:

“Implementation of a new additional tax in a specific industry, in this case in the mining industry, can cause a precedent that would affect Kazakhstan in terms of investment attractiveness. Investors are used to evaluating the risk of regulation impact and would prefer more stable and reliable jurisdictions”.

Dorjiev further added that the electricity costs in Kazakhstan are now at par with that of the U.S, Norway, and Iceland. Introducing an additional tax will further discourage local miners forcing them to move out.

Source link

Views: 0
CryptoIntroduceKazakhstanMiningOperationsTax
Share
0
FacebookTwitterPinterestEmail
previous post
Dfinity’s ICP Token Trading at $63, Down More Than 80% from May’s High
next post
Paul Tudor Jones Sends Inflation Warning to Feds, Touting Bitcoin as Way to “Hedge”

Related Posts

Elon Musk thinks this individual could be the...

12/29/2021

Bitcoin price trades under $48k as $6 billion...

12/29/2021

Indian security regulator warns mutual funds against investing...

12/29/2021

Bitcoin Will Remain ‘Digital Gold’, But Not A...

12/29/2021

Key Factors that Propelled Ether’s 4X Growth over...

12/28/2021

Gold Proponent Peter Schiff Claims Bitcoin is Losing...

12/28/2021

Trend Is Again Shifting From Outflows To Inflows

12/28/2021

Why Bitcoin Will Never Surpass The Market Cap...

12/28/2021

Crypto hacks led to $9.8 billion in losses...

12/28/2021

Is Bitcoin (BTV) Going To Hit $100k? Ambitious...

12/28/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • Saudi Aramco Refutes Bitcoin Mining Claims, Calls it “False & Inaccurate”

  • Ukrainian Local Bank To Launch Bitcoin Trading Feature In The Latter Part Of July

  • Elon Musk Reaffirms Support for Dogecoin, Changes Profile Picture — DOGE Trading Volumes Jumped 1,250% in Q2 – Altcoins

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$29,428.000.78%
  • ethereumEthereum(ETH)$1,978.350.95%
  • tetherTether(USDT)$1.000.06%
  • usd-coinUSD Coin(USDC)$1.000.09%
  • binancecoinBNB(BNB)$310.844.15%
  • rippleXRP(XRP)$0.4148880.84%
  • Binance USDBinance USD(BUSD)$1.000.27%
  • cardanoCardano(ADA)$0.534.45%
  • SolanaSolana(SOL)$50.622.39%
  • dogecoinDogecoin(DOGE)$0.0855151.98%
  • polkadotPolkadot(DOT)$9.842.20%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$29,399.00-0.96%
  • Lido Staked EtherLido Staked Ether(STETH)$1,928.20-0.19%
  • AvalancheAvalanche(AVAX)$29.773.33%
  • tronTRON(TRX)$0.0747662.74%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • Shiba InuShiba Inu(SHIB)$0.0000121.88%
  • daiDai(DAI)$1.000.12%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • litecoinLitecoin(LTC)$69.963.14%
  • CronosCronos(CRO)$0.188722-0.18%
  • LADZLADZ(LADZ)$0.0686894.36%
  • leo-tokenLEO Token(LEO)$4.91-1.41%
  • matic-networkPolygon(MATIC)$0.653.41%
  • NEAR ProtocolNEAR Protocol(NEAR)$5.995.01%
  • FTX TokenFTX Token(FTT)$30.091.41%
  • HederaHedera(HBAR)$0.389473-3.44%
  • bitcoin-cashBitcoin Cash(BCH)$194.353.29%
  • RareRare(RARE)$0.0461220.00%
  • chainlinkChainlink(LINK)$7.032.19%