Kazakhstan’s President Kassym-Jomart Tokayev, recently signed a regulatory framework for cryptocurrency miners, which will impose an additional tax for the use of electricity.
According to the new law, these new rates would take effect from January 2022. This decision is made due to the boom that digital assets have had in the region.
Specifically, mining users will now have to pay approximately $ 0.00233 per kilowatt-hour to continue using their equipment.
Albert Rau, chairman of the regional development and economic reform committee, said the main goal of the new legislation is to regulate the crypto mining industry and “bring it out of the shadows.”
Kazakhstan has become a major destination for cryptocurrency mining operations. Data from the Cambridge Bitcoin Electricity Consumption Index, Kazakhstan is the fourth largest country in the world in terms of its total share of the Bitcoin hash rate after China, the United States, and Russia.