• Kazakhstan could extract over $1.5 million with crypto-mining.
• Kazakhstan ranks second as the country that has extracted the most Bitcoin from mining.
Kazakhstan, a country in Central Asia, shows its participation in the crypto market by announcing that it will accept Bitcoin mining. The country’s president reportedly created a reform to accept crypto-mining and adopt companies fleeing regulations in China.
The national authority met with the electricity chancellor to discuss crypto-mining and whether it was profitable to apply it. According to reports, this meeting was a success because it allowed the country in Asia to extract BTC without companies registering.
Kazakhstan paves the way for crypto-mining
Kassym-Jomart Tokayey, Kazakhstan’s president, is pleased to announce that the country will open the way to crypto-mining after deliberating in a few meetings. Tokayey believes that BTC mining need not be banned, and that is why it lets legal miners work within the region.
The Chairman of the Kazakhstan Association of Blockchain Tech agency Sapar Akhmetov believes that cryptocurrency mining within Kazakhstan is good and just growing. However, the agent clarifies that many companies that carry the work must pay a tax rate from January 1, 2022, to continue working legally. But this small monthly cost will mean nothing considering that each crypto-mining farm extracts thousands of dollars in Bitcoin per week.
Akhmetov also talks about the new projects in Kazakhstan to support cryptocurrencies, where the contribution of the Central Bank in the virtual market stands out. According to announcements, the bank is in the final phase of negotiations to approve the crypto trade.
In the meeting with the electricity chancellor, the president of the country Kassym-Jomart Tokayey, discussed the energy mining farms would use. According to the electricity chancellor, the country should develop special electricity consumption systems for these farms to extract Bitcoin.
Crypto-mining could generate big profits
According to figures managed by the Blockchain data and network center in Kazakhstan, NABDC, it is believed that the recently approved crypto-mining work in the country will generate many profits in a short time. The agency believes that the country in Central Asia could generate more than $1.5 million from mining Bitcoin in five years. However, these figures do not share the energy that the farms will need for optimal operation.
The agency shows that BTC mining in Kazakhstan produces more than $230 million each year. This happened without national approval, much less with a correct energy subsidy. Now, after approving crypto-mining in the country, the profit index may increase every year.
According to the university’s analysis in Cambridge, Kazakhstan has mined over 18 percent of BTC tokens in its total supply, which shows that it is the second most active country in crypto-mining after China.