Crypto Mining Tax Contribution Declines in Kyrgyzstan 📉

According to the latest budget document released by the Kyrgyz Ministry of Economy and Finance, crypto mining taxes contributed more than 46.6 million Kyrgyz som, or about $535,000, to the country's economy this year. However, this figure is down more than 50% from 2023, when taxes were 93.7 million som, worth just over $1 million.

Kyrgyzstan taxes crypto miners at 10% of electricity costs, including VAT and sales taxes. The country is seen as an ideal location for cryptocurrency mining due to its abundant renewable energy resources. 🔋