The government of Kazakhstan, one of the world’s largest countries by Bitcoin (BTC) mining hash rate distribution, has reported budget earnings derived from cryptocurrency mining. On Monday, Kazakhstan’s State Revenue Committee of the Ministry of Finance released a report on the amount of total energy fees paid by local crypto miners in the first quarter of 2022. According to the report, 652 million Kazakhstani tenge ($1.5 million) in energy fees from crypto mining was added to Kazakhstan’s budget in Q1 2022 after the government introduced a digital mining fee on Jan. 1, 2022. The committee stressed that a significant amount …

Cryptocurrency exchange Binance has signed a memorandum of understanding, or MOU, with the government of Kazakhstan to bolster “virtual asset market development” in the central Asian country. The signing of the MOU, which is between Binance and Kazakhstan’s Ministry of Digital Development, Innovations and Aerospace Industry, took place on Wednesday during Changpang Zhao’s official visit to the country. The Binance CEO met with Kazakh President Kassym-Jomart Tokayev, First Deputy Chief of Staff Timur Suleimenov and Bagdat Musin, the minister overseeing the country’s digital innovation strategy. Under the framework, Binance will assist Kazakhstan in developing legislative guidelines and regulatory policies for …

Kazakhstan, one of the global leaders in crypto mining with a recent history of hostile measures against the industry, is taking a step toward a comprehensive fiscal framework for mining operators. On Thursday, May 25, the lower chamber of Kazakh parliament, Mejlis, passed in the first reading the amendments to the national tax code, regulating the fiscal burden on crypto mining. These amendments suggest graded tax rates tied to the electricity prices consumed by mining entities. For example, the cheapest grade of electricity prices, 5 to 10 tenges ($0,012–0,024) for Kwh, would come with an additional burden of 10 tenges …

The Chinese government has not managed to take down cryptocurrency operations as part of its crypto ban last year as China has re-emerged as one of the world’s largest Bitcoin (BTC) mining hubs, according to a new report. China became the second-largest Bitcoin hash rate provider as of January 2022, months after the local government banned all crypto operations in the country, according to the latest update from the Cambridge Bitcoin Electricity Consumption Index (CBECI) shared with Cointelegraph on Tuesday. Bitcoin miners in China accounted for 21.1% of the total global BTC mining hash rate distribution as of early 2022, …

The government of Kazakhstan has laid out new reporting requirements for cryptocurrency mining operators with a keen eye on how the industry’s energy usage affects the local power grid. The order, published by the country’s Minister of Digital Development earlier this week, compels digital mining businesses to provide comprehensive information 30 days before starting operations. The electricity consumption and “technical specifications” for connection to the power grid must be provided before commencing operations. The amount and type of mining equipment used, the customs cargo declarations for that equipment and any investments planned for the next 12 months must also be …

London-based cryptocurrency exchange Exmo is the latest crypto trading platform to formally suspend its business in Russia and Belarus due to Russia’s invasion of Ukraine. Exmo is selling its digital asset business in Russia and Belarus to a Russia-based software development company, which Exmo officially announced on Monday. At the time of writing, the new owner and the size of the deal are not disclosed. “Unfortunately, we can’t anymore hold the high-risk part of the business, since a global group does not want to put the global expansion plans at any risk by keeping such high-risk markets in its structure,” …

The Financial Monitoring Agency of the Republic of Kazakhstan reported earlier today that 55 illegal mining farms “voluntarily stopped their operation” due to an enforcement campaign by the regulator, and another 51 entities’ operations “were terminated.” The enforcement operation targeted illegal mining operations that compromised the nation’s energy network. The Agency called for developing a clear regulatory approach to crypto mining in its release. According to the release, not only had all the targeted operators frozen the mining process, but they also dismantled the rigs and removed them from the “places of deployment.” The release mentioned a number of high-profile …

For the first time since November 2021, the Bitcoin (BTC) mining difficulty adjustment has dropped, correcting 1.49%. The move follows a succession of 6 consecutive positive difficulty adjustments, in which the mining difficulty and hash rate hit all-time highs. The average hashrate over the past two weeks fell to 197.19 exahashes per second (EH/s), and the average block time exceeded the 10-minute target, at 10 minutes 09 seconds. As a result of the difficulty adjustment, miners competing to solve the next valid block find it marginally easier. The difficulty adjustment is one of the Bitcoin protocol’s most prominent features. Every …

Major global cryptocurrency exchange Bitfinex is finally moving forward with its security token platform (STO) in Kazakhstan, opening the first day of trading. Bitfinex Securities, Bitfinex’s blockchain-based investment platform, is officially starting on Tuesday, the company representatives announced to Cointelegraph. Announced in September 2021, the new STO platform is regulated within Kazakhstan’s national financial hub known as the Astana International Financial Center (AIFC). Bitfinex Securities specifically operates from a special economic zone in Kazakhstan, which has an independent court system, according to Bitfinex Securities chief technology officer Paolo Ardoino. The platform is not available to citizens or residents of countries …

The Kazakh Ministry of Energy announced that it has discovered and terminated 13 cryptocurrency mining operations. The government executed the shutdown as part of its efforts to regulate the Bitcoin (BTC) mining sector, which has grown increasingly popular in recent years. As per the official statement, the miners were using a lot of energy, with a total power consumption of 202 megawatts. According to the Kazakhstan government, efforts to identify and disconnect mining farms from the electrical networks will continue. Following the discovery of illicit mining operations, authorized bodies will take operational and investigatory actions. As the planet's second-largest Bitcoin …

Kazakhstan, one of the world’s top Bitcoin (BTC) mining locations, is likely to lose its BTC hash rate share leadership in the next hash rate distribution update, according to industry experts. According to Cambridge Bitcoin Electricity Consumption Index (CBECI), Kazakhstan was housing over 18% of the world’s BTC hash rate as of August 2021, following only the United States. Kazakhstan’s BTC mining power increase was partly driven by the massive Chinese miners’ exodus triggered by China’s cryptocurrency crackdown. Prior to falling to zero as of August 2021, China’s BTC hash rate power accounted for more than 75% back in 2019. …

The Kazakh government is considering a three-pronged proposal designed to make crypto miners pay much more for operating in the country, which could make Kazakhstan less attractive to the industry. On Feb. 4, Kazakhstan’s First Vice Minister of Finance, Marat Sultangaziyev, proposed a price increase from $0.0023 per Kwh to $0.01 (around a 335% increase) specifically for crypto miners. He also proposed a tax on each individual graphics card (GPU) and each piece of equipment needed for crypto mining. He likened the tax-per-video card to the way casinos are taxed for each table they run, whether or not the table …