Russia is going to supply electricity to miners of Kazakhstan – Bits Media

The Government of the Russian Federation demanded to update the agreement on joint activities of the energy system of Russia and Kazakhstan, Including with the aim of supplying electricity for cryptocurrency mining.

The Russian Federation began the preparatory stage of the organization of supplies electricity to Kazakhstan for companies, mining digital assets. The parties agreed on the amendments to the current contract between the two countries and the support measures for joint energy networks.

The Russian government says, that the only Russian exporter and electricity importer, Inter Rao Company, authorized to sell their goods with mining companies, mining cryptocurrencies on the territory of the Republic of Kazakhstan. For this, the Russian energy provider must conclude relevant agreements with mining enterprises.    

Due to the energy crisis in the country, the authorities of Kazakhstan at some point limited the supply of electricity to enterprises, Production cryptocurrencies, And they took up the fight against semi -legal "gray mining". Such measures led to the outflow of companies from the country. But this was not enough to stabilize the situation with electricity in the republic. In winter, the Government of Kazakhstan began to consider two options for miners at once at once: Raising electricity prices and the introduction of mining equipment tax. In July, the President of Kazakhstan Kasym-Zhomart Tokaev signed amendments to the Tax Code, which provide for an increase in tax rates for miners after that.

From January 1 2022 year in the Republic of Kazakhstan has been valid for cryptocurrency mining. Miners following the results of the first quarter 2022 years brought to the budget of Kazakhstan about 652 million tenge ($1.52 million).