Kazakhstan's Bitcoin mining share reached 8.2% in April, jumping to third place in the world

Source: BoChain Finance

BoChain Finance learned that on July 29, according to data from the Cambridge Center for Alternative Finance, Kazakhstan's Bitcoin mining share reached 8.2% in April, and has jumped sharply to third place in the global market, a six-fold increase compared to September 2019.

In light of recent developments in the country’s crypto mining industry, Kazakh President Kassym-Jomart Tokayev signed a law on taxation of miners on June 24, 2021, which will take effect on January 1, 2022. According to the document, the new rules impose an additional fee of 1 tenge for every kilowatt-hour of electricity consumed during mining.

Kazakhstan’s crypto mining industry is largely dependent on fossil fuels and could face difficulties in the future given the country’s commitment to expanding its use of renewable energy and moving to a greener economy by 2030.