The National Association of Blockchain and Data Center Industry of Kazakhstan has estimated the annual contribution of legal cryptocurrency miners to the country’s economy at $ 230 million.
The association includes members of the blockchain industry and data centers across the country. Members of the organization generate about 70% of the hash rate in Kazakhstan. True, we are only talking about legal mining.
“The figure of $ 230 million is just an economic effect from companies that are officially involved in mining. If we take into account the “gray” miners, then this figure can be safely multiplied by two. According to the available data, we are talking about another 500 MW of electricity spent illegally, ”explained the chairman of the association, Alan Dordzhiev.
At the same time, within five years, legal mining companies can attract more than $ 1.5 billion to the economy of Kazakhstan, and the volume of taxes is estimated at $ 300 million. Mining companies can contribute to the development of electrical networks and infrastructure in the country. For this, special measures were even presented to combat the shortage of electricity.
As emphasized by Georgiev, if the authorities of Kazakhstan begin to raise tariffs for miners and introduce other restrictions, this will nullify all efforts to attract foreign investors. Indeed, Kazakhstan now ranks second in the world in terms of bitcoin hash rate, behind the United States and ahead of Russia. At the same time, as early as January 1, 2022, Kazakhstan introduces an additional electricity tax for miners.
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