Kazakh crypto miners call on President to 'lower taxes'

In Kazakhstan, the world's third most important market in terms of Bitcoin mining volume, local miners pleaded with state leaders to reduce high energy prices.
According to local media reports, eight of the largest cryptocurrency mining companies wrote an open letter to Kazakh President Kassym-Jomart Tokayev.
The letter states that the Kazakh cryptocurrency mining industry is "in a very troubled situation" due to high energy prices charged to miners.
The letter includes the following statements:
As of today, all major industry players have suspended their activities and plan to completely cease their business in the Republic of Kazakhstan by the end of the year.
Executives who signed the letter believe that this trend in prices undermines the government's efforts to regulate the crypto industry in general and mining in particular. According to the letter, the problem is a result of the decision to increase energy taxes on cryptocurrency miners. The letter claims that due to the taxes imposed, the country's position among the leaders of crypto mining such as the USA, Russia and China has already been lost and the industry is on the verge of extinction:
If the government does not take urgent measures, the cryptocurrency mining industry in the Republic of Kazakhstan will cease to exist.
Kazakhstan and cryptocurrency mining
The country introduced a tax on the electricity consumption of cryptocurrency mining organizations on January 1, 2022. The law was implemented amid rising national tensions over cryptocurrency miners' low-tax use of the national power grid.
Even considering the highest prices in Kazakhstan, the cost of 1 kWh of electricity to miners is around $0.067, including taxes. In the USA, prices average around 0.12 dollars per kWh, excluding taxes. According to data from the Kazakh government, only $7 million (3.07 billion tenge) in tax payments were received from cryptocurrency miners in 2022.
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