Kazakhstan president, Kassym-Jomart Tokayev, has instructed his administration to increase crypto mining taxes and to draft a proposal on mining regulations by April 11.
President Tokayev says that the current rate of $0.0023 per kilowatt of electricity paid by miners is minimum.
He adds that cryptocurrency mining was not generating as many jobs yet using a lot of electricity, with miners paying much less.
The country’s financial monitoring company has also been asked to mark mining firms to check their compliance and eradicate illegal mining.
The vice minister of Finance, Marat Sultangaziyev, notes that the new rate would go as much as 5 tenges per kilowatt-hour.
Many crypto miners moved to Kazakhstan after China reined in on the sector in 2021. The country has reportedly been struggling with power shortage.
Kazakhstan disconnected power supply to miners on Jan 21 in what was supposed to last till 31st but has not been restored.