Kazakhstan Takes Decision to Increase Bitcoin Mining Tax Rates After 2023!

• – Kazakhstan President Kassym-Jomart Tokayev is starting to come to the fore with his decisions about Bitcoin Mining. Especially in the recent news, details about the approval of new tax rates for crypto miners are coming into view.
• – Examining the details and looking at the tax authorities, this issue has started to be on the agenda, with precise instructions to charge miners up to US$0.052 per kilowatt hour (kWh) as of January 1, 2023.

At the moment, when the information about the financial budget received by the miners per kWh consumed is started to be examined, it is also seen that the miners have to pay a fixed fee of just over $0.002 for a long time. However, after experiencing tough times that brought many losses due to power outages related to crypto mining, the government has finalized its decisions on bitcoin (BTC) and crypto miners. In these decisions, it is also seen that it was decided to force the miners to pay more.

When the government’s decisions are examined, it is also on the agenda that miners pay “negligible” taxes on their earnings in February. The government started to complain about this situation and last month decided to prevent this situation by amending the tax law.

The Works of the Ministry of Finance in Kazakhstan are Continuing

• – Looking at the work of the country’s ministry of finance, it is argued that miners paid more than $ 15 million in taxes in the first quarter of the current fiscal year, according to the findings of the institution.
• – There is scaling in the new tax measure signed into law by Tokayev on Monday. This scaling appears to be operating on a sliding scale. Therefore, the case of paying a flat fee per unit of energy consumed will not apply. Instead, users paying a higher electricity price will pay a maximum of $0.052 per kWh tax, while consumers paying less for electricity will pay as little as $0.002 per kWh consumed.

Energy prices don’t remain constant throughout the year. The trend is changing, especially because of these prices, which change differently throughout the year. As this situation tends to change, energy prices in Kazakhstan seem to continue to increase. As this situation progresses, it is also clear that the tax bills of the miners will increase along with the increases.

Most miners continue to carry out their work in Nur-Sultan, the capital of the country, formerly known as Astana.

• – However, there is also news that will provide better opportunities for miners leaving the grid. In the news on this subject, it is seen that miners are advantageous for miners who use their power sources. These miners will face taxation at a rate of about $0.02 per kWh.
• – In the meantime, some prefer renewable energy sources in their mining work. Those who prefer these renewable energy sources also have to pay a tax rate of only 0.002 per kWh.
• – The government has a strong decision to take action against illegal and unregistered miners. Many legal obligations of the government, which is advancing especially ready to press hard, come into view. The government, which earlier this year forced all miners to register with a central body and submit detailed reports on their operations, remains on the agenda with more decisions. It also introduced a legal requirement that compels all miners to submit detailed reports.