![\"Kazakhstan](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2021\/07\/shutterstock_582998968-768x432.jpg\")
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Cryptocurrency miners in Kazakhstan will pay more than other consumers for the electricity they use to mint digital coins. The country\u2019s president has signed a law that imposes an additional fee for the power utilized by the energy intensive industry. <\/strong><\/p>\n Crypto mining entities in Kazakhstan are going to pay a surcharge for the electrical energy they burn. President Kassym-Jomart Tokayev has signed a new law this week amending the Central Asian republic\u2019s legislation \u201con taxes and other obligatory payments to the budget.\u201d<\/p>\n The bill, which was voted by the Senate earlier in June, introduces a new fee of 1 Kazakhstani tenge (approx. $0.0023) per kilowatt-hour used by cryptocurrency miners. The new electricity rate will be imposed starting from Jan. 1, 2022, Forklog reported<\/a>.<\/p>\n Authorities in Nur-Sultan claim the additional charge will \u201cbring out of the shadow\u201d those cryptocurrency miners that currently operate in the gray economy. Albert Rau, the lawmaker named by local media as the author of the bill, said he couldn\u2019t foresee any \u201ccritical consequences\u201d from its adoption. Rau insists the parliament has approved a \u201cgovernment version\u201d of the initially proposed amendments.<\/p>\n <\/ins> <\/ins> <\/p>\n Representatives of the crypto sector disagree with Rau\u2019s position, warning that the move comes at a very inappropriate moment. Members of Kazakhstan\u2019s National Association of Blockchain and Data Center Industry told the crypto news outlet that the decision \u201cwill have a very negative impact on the investment attractiveness of the industry.\u201d<\/p>\n The main concern is that the fee could turn away Chinese companies that have been looking around for other jurisdictions amid the ongoing crackdown<\/a> on cryptocurrency mining in the People\u2019s Republic. Kazakhstan has been considered among other potential mining destinations, as over the past few years the country has gradually warmed towards the crypto industry.<\/p>\n In May, Shenzhen-based Bit Mining announced<\/a> it\u2019s planning to build a 100 MW mining data center in Kazakhstan in partnership with two local firms. In June, as Chinese authorities intensified the pressure on bitcoin mining operations, the company started shipping<\/a> mining devices there. Earlier this month, the Hangzhou-headquartered mining hardware manufacturer Canaan established an after-sales service center<\/a> in Kazakhstan as more Chinese miners are considering relocation to Central Asia.<\/p>\nCoin Miners in Kazakhstan to Pay Extra Fee per Kilowatt-hour of Electricity<\/h2>\n
Crypto Industry Fears New Electricity Rate Will Turn Chinese Miners Away<\/h2>\n