The government of Kyrgyzstan collected 78.6 million soms (almost $883,000) in taxes from cryptocurrency miners in the first 11 months of 2023, according to local press reports citing the Finance Ministry. That was a dramatic rise over last year’s revenue.

Tax revenue from crypto mining was volatile in Kyrgyzstan in 2023, ranging from 738,000 soms ($8,284) in February to 11.6 million soms ($130,212) in August. In November, the last month reported, receipts were flat at 7.6 million soms ($85,767) after falling from the August high. There is only one cryptocurrency mining company now operating officially in Kyrgyzstan, although there were once many more.

Crypto mining tax revenue for the first 11 months of 2022 amounted to 11.1 million soms ($133,200). The tax rate is 10% of the cost of electricity, including value-added and sales taxes.

Related: The world doesn’t need banks, policymakers or NGOs — It needs DeFi

Kyrgyzstan has tremendous water resources in the form of glaciers, high-altitude lakes and rivers, which have an aggregate length of over 35,000 km., according to the government, but most of those resources remain highly underdeveloped. Crypto miners in the country rely on hydropower.

Cointelegraph

Cointelegraph

BTC NewswireAuthor posts

BTC Newswire Crypto News at your Fingertips

Related Posts ...

Comments are disabled.