In the first quarter of 2022, miners boosted Kazakhstan’s budget by about $1.5 million

The Committee on State Revenues of the Ministry of Finance of Kazakhstan сообщил, that in the first quarter of 2022, miners contributed 652 million tenge (about $1.5 million) to the budget.

The agency clarified that the charge is levied on the actual amount of electricity used for mining cryptocurrencies. Tax reporting for these payments is not required.

The committee also noted that, due to restrictions in electricity supply, a large portion of the expected proceeds did not reach the budget.

Since January, Kazakhstan introduced an additional charge of 1 tenge per 1 kWh of electricity used for mining cryptocurrencies.

Since the end of January, the Kazakhstan Grid Management Company restricted the supply of electricity to mining farms.

President Kassym-Jomart Tokayev ordered an increase in the tax on cryptocurrency mining. In May, members of the Majilis approved in the first reading a bill introducing new tax rates for miners.

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