🔥🔥🔥 Kyrgyzstan Raises $1m from #CryptoMining Taxes in 2023 🔥🔥🔥

Kyrgyzstan is quietly establishing itself as a notable player in the crypto mining sector, poised to generate over $1 million in government tax revenue this year.

According to reports from 24KG, the nation's finance ministry has reported $900,000 in tax revenue from crypto miners in the first 11 months of 2023. Notably, August saw a significant spike, with miners contributing over $132,000 in taxes, indicating a growing trend in crypto mining activity within Kyrgyzstan.

Mining-related tax payments notably surged in the second quarter of the year, with February tax payments starting at just under $8,300 and experiencing rapid growth in April.

Kyrgyzstan's Energy Minister, Taalaibek Ibraev, mentioned that most crypto mining operations in the country are affiliated with owners of small hydroelectric power stations. While generated electricity is primarily used for domestic needs, many power station owners collaborate with crypto mining firms on a contractual basis.

The nation's appeal to crypto miners lies in its power generation from river networks, akin to Costa Rica and Paraguay. Kyrgyzstan's hydropower potential is considerable, with the International Trade Administration noting that up to 142 billion kWh of energy could be produced, of which only 10% has been tapped in installed capacity.

The focus on green energy aligns with the growing interest from crypto miners seeking environmentally friendly operations. As crypto mining activity continues to rise in Kyrgyzstan, the nation is positioned as an attractive destination for crypto mining ventures, leveraging its abundant hydropower resources.

Source - Tim Alper @tim-alper

Website - Cryptonews

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