HomeCrypto UpdatesKazakhstan's Crypto Mining Operators Appeal to President for Tax Reform - Cryptopolitan

Kazakhstan’s Crypto Mining Operators Appeal to President for Tax Reform – Cryptopolitan

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TLDR

Eight major crypto mining operators in Kazakhstan have sent an open letter to President Kassym-Jomart Tokayev expressing their concerns about escalating energy costs. The operators, including BCD Company, TT TECH Limited, KZ Systems, AI Solutions, Green Power Solution, VerCom, and Kinur Invest, highlight the distressing situation in the industry due to high energy prices. As a result, all major players have suspended operations and plan to exit Kazakhstan by the end of the year. The letter attributes the core problem to the introduction of taxes on energy consumption by crypto miners in 2022, which has negatively impacted the industry despite relatively lower electricity costs in Kazakhstan. Urgent intervention from the government is needed to ensure the survival of the digital mining sector in the country.

Source: https://www.cryptopolitan.com/cryptominers-in-kazakhstan-urge-tax-reform/

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