What happened? In the first quarter of 2022, Kazakhstan’s budget increased by 652 million tenge ($1.52 million) thanks to companies Mining Cryptocurrencies in the country. The authorities introduced a fee for mining on January 1, 2022. It is calculated at a rate of 1 tenge ($0.002) per 1 kWh of electricity. The State Revenue Committee of the Ministry of Finance of Kazakhstan said that tax reporting for individuals engaged in Mining is not provided, said RBC.
Minister of Digital Development of Kazakhstan Bagdat Musin issued an order expanding the registration and reporting requirements for miners. The document obliges individual entrepreneurs and legal entities planning to start working in this industry to notify the regulatory authorities at least 30 days before starting their activities. The rules also apply to firms and individuals providing services to Mining companies.
With the new tool, Kazakh investors will be able to trade Bitcoin futures indirectly, as the value of the notes is tied to the value of the shares of the BITO fund. At the same time there will be no restrictions or additional taxes for investors. AIX customers will not need to register a digital wallet or work directly with Bitcoins.
A new data center in Sarnia, on the shores of Lake Guron, will join Bitfury’s existing Canadian sites, which operate in Alberta, Drumheller and Medicine Hat. By the end of May 2022, the fourth mining center should reach design capacity. It plans to potentially increase its capacity to 200 MW.