• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
Crypto

Crypto Mining: Kazakhstan Collects $1.5M In Fees From Bitcoin Miners

Christian Encila
by Christian Encila
3 years ago
·
Posted in Bitcoin, Bitcoin Mining
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto mining is proving to be one of Kazakhstan’s important lifelines.

According to a document released by the State Revenue Committee of Kazakhstan’s Ministry of Finance on Tuesday, Bitcoin mining revenues flowed in from 12 different regions of the country.

This has generated a substantial amount of revenue for the government during the first quarter of the current year alone.

In a government report, the Kazakhstani government collected approximately $1.5 million in fees from crypto mining companies.

Suggested Reading | Shiba Inu Founder Disappears From Social Media – Gone ‘Without Notice’

Money From Bitcoin Mining

Despite fierce objection to a new crypto mining tax policy implemented in April, an internet outage, and a carbon-intensive energy infrastructure, the Kazakhstani government continued to profit from the crypto mining business.

Kazakhstan accounts for 13.3% of the global hash rate (The Council of Europe).

As a result of the closure of various mining enterprises around the nation, the government’s revenue fell far below earlier projections.

Aset Nauryzbayev, an economist and former chairman of KEGOC’s board, told Rest of World in March 2017:

“It is a lapse on the part of the Energy Ministry, which failed to anticipate problems in the power engineering sector and establish new capacities.”

Kazakhstan Welcomes Crypto

Late in 2019, as the value of Bitcoin plummeted, the Kazakh crypto market became open. Miners’ businesses were promoted, despite the fact that cryptocurrency is not recognized as legal tender.

In his 2020 state-of-the-nation address, Kazakhstan’s President Kassym-Jomart Tokayev challenged the country to produce $1.2 billion in crypto investment over the next five years.

Attracted by cheap electricity and a lack of regulation, the crypto business began to develop in Kazakhstan.

In a report by the state revenue panel, which breaks down the rates by location, the fee collected in the first three months of this year is based on the actual quantity of electrical energy used to carry out mining activities.

Crypto total market cap at $1.26 trillion on the daily chart | Source: TradingView.com

Crypto Miners Required To Pay Fees

For assisting with the network’s security, which is a computationally complicated and energy-intensive procedure, miners are compensated with new coins.

In compliance with the country’s adopted law, miners are compelled to pay a portion of their energy costs to the government. On the 20th day of each quarter’s final month, miners must pay $0.0024 per kilowatt. Parliament is currently discussing this fee, as the SRC pointed out.

Suggested Reading | Tron Accelerates To 3rd Spot As Biggest Blockchain In Terms Of TVL

Kazakhstan is home to a disproportionately large share of the mining industry, despite the fact that mining still consumes a negligible amount of the world’s total energy.

The country is home to only 19 million people, yet it accounts for 13.3% of the global hash rate, according to latest data, making it the third-largest Bitcoin mining hotspot in the world.

Featured image from Yahoo News Singapore, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

Bitcoin

$6B In Bitcoin: Marathon Digital Treasury Now 2nd-Largest Among Public Firms

5 hours ago
Bitcoin

Bitcoin Miners Still Under Pressure In 2025 — How Long Can They Hold?

14 hours ago
Bitcoin

Analyst Says All Bitcoin Price Uptrend Are Duds Unless This Happens

1 day ago
Bitcoin Buying Frenzy Ahead As Eric Trump Predicts ‘Floodgates Are Opening’

Bitcoin Buying Frenzy Ahead As Eric Trump Predicts ‘Floodgates Are Opening’

1 day ago
Bitcoin

Corporate Bitcoin Allocation Climbs As Companies Invest 22% Of Profits: Study

2 days ago
Bitcoin

Bitcoin Payments Now Accepted By Top UAE Developer For Real Estate

3 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • miner

    XRP price battles for key support levels, with holders...

    12 hours ago
  • miner

    Global Investors Tap BAY Miner App for BTC and XRP Monthly...

    12 hours ago
  • Cloud Mining

    From Holding to Profit: How XRP Earns $27,000 Daily from...

    16 hours ago
  • minwer

    XRP Holders Can Earn $10,000 a Day Through COME...

    2 days ago
  • BTC prices hit a two-week high, and holders flocked to GMO...

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.