The President of Kazakhstan signed a law on the introduction of a tax for miners – Bits Media

Kazakh President Kassym-Zhomart Tokayev signed the law, providing for the introduction of an additional tax on electricity for miners, working in the country. The law will come into force in January 2022 of the year.

Due to the ban on mining in China, in recent months in A large number of Chinese miners move to Kazakhstan. Kazakhstan has previously been one of the main directions for the extraction of bitcoin. According to the "Cambridge Bitcoin Electricity Consumption Index" (CBECI), страна занимает лидирующие позиции по общему объему хешрейта сети после США и России.

Now, after the introduction of harsh measures against miners by the Chinese authorities, mining farms start transporting their equipment to Kazakhstan. So, в прошлом месяце пул BTC.com переместил все свои ASIC-майнеры из Китая в Казахстан, and the manufacturer of mining equipment Canaan Creative plans to launch the first bitcoin mining farm in Kazakhstan.

Given the current situation, the president of the country signed the law, according to which cryptocurrency miners will pay an additional fee in the amount of 1 Kazakhstani tenge ($0.00233) per kWh.

The bill was adopted by the Parliament of Kazakhstan in mid-June. Chairman of the Committee for Economic Reforms and Regional Development Albert Rau said, that the main purpose of the new legislation is, to properly control the mining industry and "bring it out of the shadows".

Previously, Rau served as Vice Minister for Investment and Development of Kazakhstan. According to local media reports, it was Rau who became the author of a new legislative initiative. After the entry into force of the law, the country will lose its attractiveness for miners, which will force them to move to other jurisdictions.

According to last year's Bloomberg data, Sweden and Norway are once again profitable countries for mining due to low electricity costs. Canada can also become an alternative to China and Kazakhstan.