This will be possible after appropriate changes are made to the current agreement on cooperation between the countries

Russia to start exporting electricity to Kazakhstan for mining

30.09.2022 - 14:15

106

1 min

What’s new? According to the order of the Russian government dated September 30, Russia will be able to supply electricity to Kazakhstan, including for cryptocurrency mining. The export will become possible after making appropriate changes in the current agreement on cooperation between the countries. This is reported by the publication Sputnik.Kazakhstan.

Material by Sputnik.Kazakhstan

What else is known about the initiative? Inter RAO, which is the only Russian electricity export-import operator, will be able to make commercial supplies of electricity to Kazakhstan, the document says.

In July, Kazakh President Kassym-Jomart Tokayev signed a bill amending the Tax Code to introduce higher rates for miners. The amount of tax will depend on the amount and average price of electricity used in cryptocurrency mining.

On September 29, Kazakhstan drafted a bill on mining licensing. The document introduces the concept of “energy quota” for legal participants of cryptocurrency mining. Deputy Ekaterina Smyshlyaeva called the legal mining industry “a capacious investment industry for Kazakhstan.” According to her, with adequate legal regulation cryptocurrency mining can provide additional tax revenues and contribute to the development of the domestic IT-industry.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy