• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Tuesday, December 5, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

Kazakhstan Proposes Power Price Hikes And Taxes Targeting Crypto Miners

February 8, 2022
in Blockchain
Reading Time: 2 mins read
A A
Kazakhstan Proposes Power Price Hikes And Taxes Targeting Crypto Miners
ShareShareShareShareShare

Related articles

South Korea Intensifies Measures Against Unlicensed Crypto Exchanges

South Korea Intensifies Measures Against Unlicensed Crypto Exchanges

December 5, 2023
Brazil’s largest private bank Launches Crypto Trading Platform in Brazil

Brazil’s largest private bank Launches Crypto Trading Platform in Brazil

December 5, 2023

The Kazakh government is considering a three-pronged proposal designed to make crypto miners pay much more for operating in the country, which could make Kazakhstan less attractive to the industry.

On Feb. 4, Kazakhstan’s First Vice Minister of Finance, Marat Sultangaziyev, proposed a price increase from $0.0023 per Kwh to $0.01 (around a 335% increase) specifically for crypto miners. He also proposed a tax on each individual graphics card (GPU) and each piece of equipment needed for crypto mining. He likened the tax-per-video card to the way casinos are taxed for each table they run, whether or not the table is active.

The third part of his proposal was to remove mining hardware from an exemption on value-added tax (VAT).

Up until political unrest caused the government to restrict internet access last month, Kazakhstan has become one of the most popular destinations for crypto miners following the China ban on mining last summer. Around Jan. 5, the Bitcoin network’s hash rate plummeted by 13.4% in a day from about 205 exahashes per second (EH/s) to 177 EH/s due to the brief shut down in Kazakhstan.

Cheap electricity costs and proximity to China have attracted miners fleeing from Chinese authorities amid crackdowns in the country. This led Kazakhstan to become the second-largest producer of hash power for Bitcoin behind the United States, producing about 18% of the network’s hashrate as of August 2021 according to Cambridge University. It may become less desirable for new and existing miners to call it their base of operations if the crippling taxation proposals come into force.

It should also be noted that Kazakhstan has struggled with power supply issues since late last year, around the same time when crypto miners rushed in from China. The country saw an 8% increase in domestic electricity consumption through 2021, leading the government to consider building a nuclear power plant to ease the stress on the power grid and keep energy costs low.

Inexpensive electricity seems to be the single most important factor attracting miners. Cointelegraph reported on Jan. 27 that the U.S. cannot provide the cheapest electricity and therefore “cannot hold on to the mining champion title for long.” Removing that advantage from miners in Kazakhstan could spell doom for the country’s ambitions to extract $1.5 billion from miners within the next 5 years.

[image:pixabay]

Bitcoin miningChinaKazakhstan

Credit: Source link

ShareTweetSendPinShare
Previous Post

Fire Away: Galaxy Heroes Debuts NFT Marketplace for Heroes

Next Post

Simple Math Says Russia Could Collect Up To $13B In Crypto Tax Each Year

Related Posts

South Korea Intensifies Measures Against Unlicensed Crypto Exchanges

South Korea Intensifies Measures Against Unlicensed Crypto Exchanges

December 5, 2023

South Korean financial officials issued a directive on December 4, 2023, requesting users to report any unregistered cryptocurrency exchanges operating...

Brazil’s largest private bank Launches Crypto Trading Platform in Brazil

Brazil’s largest private bank Launches Crypto Trading Platform in Brazil

December 5, 2023

A Step Into the Cryptocurrency Market The biggest private bank in Brazil, Itaú Unibanco, has just made a substantial entry...

Chimpzee’s Charity Engine: Fuelling Good Deeds and Financial Growth With One Week Left

Chimpzee’s Charity Engine: Fuelling Good Deeds and Financial Growth With One Week Left

December 5, 2023

Join Our Telegram channel to stay up to date on breaking news coverage Chimpzee is a crypto-based charity engine that’s...

Bitcoin Price Prediction for Today, December 4 – BTC Technical Analysis

Bitcoin Price Prediction for Today, December 4 – BTC Technical Analysis

December 4, 2023

Join Our Telegram channel to stay up to date on breaking news coverage The Bitcoin price prediction shows that BTC...

New Cryptocurrency Releases, Listings, and Presales Today – Veil, 0x Leverage, The BLOX Project

New Cryptocurrency Releases, Listings, and Presales Today – Veil, 0x Leverage, The BLOX Project

December 4, 2023

Join Our Telegram channel to stay up to date on breaking news coverage New cryptocurrency projects often have more upside...

Load More
Next Post
Simple Math Says Russia Could Collect Up To $13B In Crypto Tax Each Year

Simple Math Says Russia Could Collect Up To $13B In Crypto Tax Each Year

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

How Indexed Finance Foiled Two Treasury Hijack Attempts

How Indexed Finance Foiled Two Treasury Hijack Attempts

November 26, 2023
Evidence of Greater Traditional Finance Participation in Bitcoin – Blockchain News, Opinion, TV and Jobs

Evidence of Greater Traditional Finance Participation in Bitcoin – Blockchain News, Opinion, TV and Jobs

November 13, 2023
Avalanche’s Ava Labs Announces 12% Staff Cut, CEO Confirms

Avalanche’s Ava Labs Announces 12% Staff Cut, CEO Confirms

November 7, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • Shiba Inu Regains Its Monthly Volatility Peak Of 64%: Will Bulls Hold SHIB Price Near Resistance?
  • Self-regulation doesn’t work — even for Supreme Court justices – The Hill
  • Palm Foundation Announces $45,000 Grant for Artists Featuring at Patio by ZsONAMACO

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • Stride Staked InjectiveStride Staked Injective(STINJ)$16.52-4.28%
  • bitcoinBitcoin(BTC)$42,880.003.13%
  • ethereumEthereum(ETH)$2,238.920.71%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.000.25%
  • binancecoinBNB(BNB)$232.630.53%
  • rippleXRP(XRP)$0.62-0.50%
  • solanaSolana(SOL)$60.91-0.02%
  • usd-coinUSDC(USDC)$1.000.06%
  • staked-etherLido Staked Ether(STETH)$2,237.100.70%
  • cardanoCardano(ADA)$0.4080901.66%
  • dogecoinDogecoin(DOGE)$0.0913563.22%
  • tronTRON(TRX)$0.1034080.27%
  • chainlinkChainlink(LINK)$15.57-0.58%
  • avalanche-2Avalanche(AVAX)$22.402.65%
  • ToncoinToncoin(TON)$2.432.61%
  • matic-networkPolygon(MATIC)$0.800.44%
  • polkadotPolkadot(DOT)$5.692.42%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$42,716.002.97%
  • Wrapped stETHWrapped stETH(WSTETH)$1,865.160.38%
  • shiba-inuShiba Inu(SHIB)$0.0000094.92%
  • litecoinLitecoin(LTC)$72.76-0.42%
  • daiDai(DAI)$1.000.04%
  • bitcoin-cashBitcoin Cash(BCH)$244.06-1.99%
  • uniswapUniswap(UNI)$6.222.18%
  • okbOKB(OKB)$57.93-1.36%
  • leo-tokenLEO Token(LEO)$3.70-0.27%
  • stellarStellar(XLM)$0.121194-0.55%
  • KaspaKaspa(KAS)$0.1427991.93%
  • moneroMonero(XMR)$170.261.08%
  • ethereum-classicEthereum Classic(ETC)$20.081.58%
  • true-usdTrueUSD(TUSD)$1.010.51%
  • cosmosCosmos Hub(ATOM)$9.762.55%
  • crypto-com-chainCronos(CRO)$0.096352-0.96%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • internet-computerInternet Computer(ICP)$5.041.30%
  • filecoinFilecoin(FIL)$4.731.77%
  • nearNEAR Protocol(NEAR)$2.225.47%
  • BSCEXBSCEX(BSCX)$237.310.49%
  • hedera-hashgraphHedera(HBAR)$0.0654474.77%
  • lido-daoLido DAO(LDO)$2.390.98%
  • AptosAptos(APT)$7.51-0.22%
  • BittensorBittensor(TAO)$334.222.37%
  • thorchainTHORChain(RUNE)$6.42-2.55%
  • immutable-xImmutable(IMX)$1.473.68%
  • MantleMantle(MNT)$0.58-1.70%
  • vechainVeChain(VET)$0.0248074.26%
  • blockstackStacks(STX)$1.2214.63%
  • binance-usdBUSD(BUSD)$1.00-0.06%
  • optimismOptimism(OP)$1.76-2.17%