In an interview with Kabar National News Agency, Kyrgyz President Sadyr Japarov answered questions about the country's construction of virtual asset mines at hydroelectric power stations, confirming that cryptocurrency mining activities are allowed in areas where power generation capacity permits so that the power sector can earn revenue. If there is a power shortage in winter, the operation of these "mines" will be suspended and they will operate again in the remaining nine months.
The President of Kyrgyzstan said that crypto mining can generate millions of dollars in tax revenue. Keming's "mine" transferred 480 million soms to the power sector in 6 months and paid 225 million soms in taxes. In addition, even in the winter when there is a shortage of electricity, the electricity used for "mining" is not the so-called "cheap electricity". Kyrgyzstan imports the required electricity from other countries at a price of 3 soms and sells electricity to the "mine" at a price of 5.04 soms, earning a net profit of 2.04 soms. After adding taxes, the country will only benefit, not suffer.