After $190M Investment, Kazakhstan Now in Talks to Attract $714 Million in Bitcoin Mining

Kazakhstan that accounts for 6% of global crypto mining is looking to boost its oil-dominated economy with over $900 million investment.

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.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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