{"id":19958,"date":"2024-12-27T16:16:41","date_gmt":"2024-12-27T14:16:41","guid":{"rendered":"https:\/\/forklog.com\/en\/kyrgyzstans-tax-revenue-from-cryptocurrency-miners-halves\/"},"modified":"2024-12-27T16:16:41","modified_gmt":"2024-12-27T14:16:41","slug":"kyrgyzstans-tax-revenue-from-cryptocurrency-miners-halves","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/kyrgyzstans-tax-revenue-from-cryptocurrency-miners-halves\/","title":{"rendered":"Kyrgyzstan&#8217;s Tax Revenue from Cryptocurrency Miners Halves"},"content":{"rendered":"<p>In 2024, cryptocurrency mining taxes contributed over 46.6 million Kyrgyz soms ($535,000) to the national budget of Kyrgyzstan, according to a <a href=\"https:\/\/minfin.kg\/documents\">report<\/a> by the Ministry of Economy and Finance.<\/p>\n<p>However, <a href=\"https:\/\/24.kg\/english\/315563_Cryptocurrency_mining_tax_revenues_to_Kyrgyzstan_s_budget_continue_to_decline\/\">local media<\/a> report that this figure represents a 50% year-on-year decline. In 2023, miners paid 93.7 million soms (over $1 million) in taxes.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXdjQc0JLqBt9LI7InNhufDZljU2zIxPprwAdAh85SJiFUiYEk8CMTYF-_P7QvxwTgFlKmtCFGNveix840ybIqchWyw1XaVR_pDjH4R0KO_UjCwq4fPTGPgPPtZjulIKxYjO9c6DWg?key=T5xQ-pm-yAY4o8X0Z3uoADi4\" alt=\"Tax revenue from Kyrgyzstan's miners halved\"\/><figcaption class=\"wp-element-caption\">Source: Ministry of Economy and Finance of Kyrgyzstan.<\/figcaption><\/figure>\n<p>The tax rate in Kyrgyzstan is 10% of the electricity fees consumed by cryptocurrency miners, including VAT and sales tax.<\/p>\n<p>According to <a href=\"https:\/\/www.iea.org\/reports\/kyrgyzstan-energy-profile\/sustainable-development\">statistics<\/a> from the International Energy Agency, over 30% of the country&#8217;s total electricity supply is provided by hydroelectric power plants, though only 10% of their potential has been utilized to date.<\/p>\n<p>Back in 2021, the cabinet of ministers in Kyrgyzstan approved new electricity tariffs, which included price increases for cryptocurrency mining activities.<\/p>\n<p>In June 2023, the country&#8217;s president authorized the establishment of a mining farm at a hydroelectric power station generating 120 MW of electricity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2024, cryptocurrency mining taxes contributed over 46.6 million Kyrgyz soms ($535,000) to the national budget of Kyrgyzstan, according to a report by the Ministry of Economy and Finance. However, local media report that this figure represents a 50% year-on-year decline. In 2023, miners paid 93.7 million soms (over $1 million) in taxes. Source: Ministry [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19957,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,141,558],"class_list":["post-19958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-kyrgyzstan","tag-taxes"],"aioseo_notices":[],"amp_enabled":true,"views":"40","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=19958"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19958\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/19957"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=19958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=19958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=19958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}