๐จKazakhstan's crypto miners are in a tight spot! ๐ฐ Eight major mining operators have penned an open letter to President Kassym-Jomart Tokayev, expressing concerns over skyrocketing energy costs. These expenses have forced significant players to halt operations and consider leaving the country by year-end.
The issue? Taxes on energy consumption for miners, introduced on Jan 1, 2022. Despite the taxed electricity cost ($0.067/kWh) being lower than the US pre-tax average ($0.12/kWh), the open letter claims Kazakhstan has lost its position among mining giants like the US, Russia, and China. Will the government intervene to save the industry? Stay tuned! ๐๐ก
The issue? Taxes on energy consumption for miners, introduced on Jan 1, 2022. Despite the taxed electricity cost ($0.067/kWh) being lower than the US pre-tax average ($0.12/kWh), the open letter claims Kazakhstan has lost its position among mining giants like the US, Russia, and China. Will the government intervene to save the industry? Stay tuned! ๐๐ก