According to Cointelegraph, Kyrgyzstan's economy has been affected by a sharp drop in cryptocurrency mining tax revenue. In 2024, the cryptocurrency mining tax will be 46.6 million soms (about $535,000), a decrease of more than 50% from 93.7 million soms (about $1 million) in 2023. Kyrgyzstan's cryptocurrency mining tax rate is 10% of the miner's electricity bill, including VAT and sales tax. The country has abundant renewable energy, especially hydropower, but only 10% has been developed. In addition, Deutsche Telekom uses surplus electricity from renewable energy for Bitcoin mining in Backnang, Germany to stabilize the power grid.