The government of Kazakhstan, one of the world’s largest countries by Bitcoin (BTC) mining hash rate distribution, has reported budget earnings derived from cryptocurrency mining.
On Monday, Kazakhstan’s State Revenue Committee of the Ministry of Finance released a report on the amount of total energy fees paid by local crypto miners in the first quarter of 2022.
According to the report, 652 million Kazakhstani tenge ($1.5 million) in energy fees from crypto mining was added to Kazakhstan’s budget in Q1 2022 after the government introduced a digital mining fee on Jan. 1, 2022.
The committee stressed that a significant amount of the expected fees has not been received as the government had shut down a wide number of crypto mining firms to “ensure energy security.” Additionally, the authority mentioned that the government is considering increasing local fees for cryptocurrency mining as part of the new crypto bill.
The committee also noted that tax reporting on digital mining-related...
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