Kazakhstan seeks to gain 6% of global cryptocurrency mining share

The legislature has recently enacted the Law on amendments to digital technology regulations.

The statute introduces the concepts of blockchain, digital mining, digital asset and clarifies the regulation and taxation of cryptocurrency mining.

Well known for oil-dominated economy Kazakhstan now set course on attracting investments worth $714 million over the next three years into cryptocurrency sector in addition to $190 million that has already been invested in the sector represented by 13 fully operational mining farms and four more being under construction.

Large energy supply and cheapest energy, vast territory and easy construction regulations, lowest on-shore tax rates stand out Kazakhstan from other locations and promise central asian country becoming a top-3 mining destination.

As of middle, 2020 Kazakhstan reportedly accounted for 6.17% of the global mining hash rate and ranks third after China (65%), United States (7.24%) and Russia (6.9%).