Kazakhstan, one of the hottest places for bitcoin mining, is currently in talks to attract an investment worth 300 billion tenge, $714 million into the cryptocurrency sector, said Digital Development Minister Bagdat Mussin.
Thirteen mining farms are already operating while four are under contraction in the Central Asian nation, Mussin said in a government meeting,
“More than 80 billion tenge ($190 million) has been invested in the sector.”
“Today we have preliminary agreements on attracting investments worth 300 billion tenge.”
Kazakhstan claims to account for 6% of global crypto mining.
Back in June, the country passed legal amendments clarifying the regulation and taxation of crypto mining. Just last month, Kazakhstan proposed legislation for a 15% tax on bitcoin mining firms to boost its oil-dominated economy.
The country offers relatively cheap electric power that makes it attractive for bitcoin miner operators, especially post halving that has thinned the profit margins.
However, with bitcoin price above $11,000 and network activity strong, miners generated an estimated $368 million in revenue in August, a 23% increase from the previous month.
Interestingly, bitcoin miner Layer1 reaped returns of over 700% by selling its power supply back into the grid in Texas.