– The government of Kazakhstan has amended a law to increase the tax on cryptocurrency mining.
– The new tax rate will be determined by the average price of the electricity consumed to mine coins during a certain tax period.
– The law effectively brings the price of electricity including tax to around 25 tenge, or 5 cents, per kWh with some exceptions.
– Miners that use their own electricity, an example of behind-the-meter consumption, will pay 10 tenge per kWh in taxes, whereas those who use renewable energy that they produce will pay 1 tenge per kWh.
– The amendments will go into effect on Jan. 1.