The State Revenue Committee of the Ministry of Finance of Kazakhstan reported that in the first quarter of 2022, the budget received 652 million tenge (about $ 1.5 million) from miners.

The ministry announced that it charges fees for the actual amount of electricity spent on the production of cryptocurrencies. There is no tax declaration for these payments.

The committee also noted that due to the limitation of electricity supply to mining farms, most of the expected amount was not transferred to the budget.

Recall that from January 1, Kazakhstan imposes a surcharge of 1 tenge per 1 kWh of electricity consumed for the production of cryptocurrencies.

Since the end of January, Kazakhstan Electricity Grid Operating Corporation (KEGOC) has limited the supply of electricity to mining farms.

President Kassym-Jomart Tokayev has instructed to increase the tax on the production of cryptocurrencies. In May, Mazhilis lawmakers approved at first reading a bill introducing new tax rates for miners.