Crypto mining is about to get a massive boost in Kazakhstan as the country is set to raise about $700 million to help mining.
In a statement that was released by Bagdatussin, the Digital Development Minister in Kazakhstan said the country is hoping to secure a $700 million investment.
The minister said that if the investment is secured, the country would input it all in the crypto mining sector. The idea to raise around $700 million which is 300 billion Tenges, was proposed at a meeting in the Senate house of Kazakhstan.
A former Minister of Aviation, Asker Zhumagaliyev noted that the government finalized plans to raise the investment after they realized that crypto could become something we do in our everyday lives.
Kazakhstan plans to increase crypto mining investments in the months to come
This would not be the first time that a country is planning a large scale investment in crypto mining as the US and some nations across the world have already invested in large scale mining. In the past few years, Kazakhstan has set up about 14 mining rigs across the country which has brought returns of nothing less than $200 million.
As a result of this, he has urged the country not to relent on its efforts in setting up more mining rigs across the country. At the beginning of the week, Bagdat Mussin has said they were looking to increase the investment to go way more than the planned $700 million.
Kazakhstan set to enter into top three crypto mining countries
Presently, the minister has said that the country has started construction of four crypto mining rigs in strategic places in the country coupled with agreements in place to raise the 300 billion tenges.
In a bid to gain maximum profits from the mining rigs across the country, a 15% tax would be slammed on crypto mining profits across the country. According to data by The Bitcoin Mining Map, it shows that Kazakhstan is one of the major contributors to the Bitcoin hashrate.