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    Kyrgyzstan

    President Sadyr Japarov publicly acknowledges advantages of cryptocurrency mining farms

    President Sadyr Japarov publicly acknowledges advantages of cryptocurrency mining farms

    The President of Kyrgyzstan, Sadyr Japarov, has publicly acknowledged the advantages of cryptocurrency mining farms in the country.

    According to Sadyr Japarov, these farms generate significant profits and pay substantial taxes that are utilized for the betterment of the state and its citizens. Besides, during the summer, Kyrgyzstan generates surplus electricity that cannot be sold, allowing the country to permit the operation of mining farms in areas with sufficient capacity.

    However, during winter, when there is a shortage of electricity, the operation of these farms will be suspended.

    Mining farms buy electricity from the state at a rate of KGS 5.04 ($0.07) and pay taxes. For example, a mining farm in Kemin paid KGS 225mn ($2.5mn) in taxes and transferred KGS 480mn (about $5.5mn) to power engineers over six months.

    One of the largest mining farms will be built on Kambar-Atin GES-2, using excess electricity capacity previously lost.

    Once the mining farm earns money, it will be directed toward the state's and population's needs. The country plans to purchase up to 2bn kilowatt-hours from Turkmenistan, 1.5bn from Russia, and a further part from Kazakhstan to avoid an electricity deficit.

    The Ministry of Energy is proposing the introduction of an emergency regime in the industry from August 1 of this year to improve the power supply.

    Follow Daryo's official Instagram and Threads pages to keep up to date on world news.

    01.08.2023, 19:01   Comments (0)   1070
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