The new Minister of Digital Development of Kazakhstan Bagdat Musin said that the country is already negotiating to attract large investments worth more than $ 700 million to develop the sector of mining of cryptovoltaic currency.
Initially, these plans were announced at the Senate hearings in mid-June. Former Minister of Digital Development, Innovation and Aerospace Industry Askar Zhumagaliyev said that the government has come to the conclusion that the mining of cryptovolta is "part of our daily life.
At that time in Kazakhstan there were already 14 farms on mining of cryptovolta, which over the years have attracted about $ 200 million investments. Consequently, the country is striving to double its investments.
According to Reuters, the newly appointed Minister Baghdat Musin is in the process of negotiating an increase in large-scale investments of more than $ 700 million. According to him, "to date, there are preliminary agreements to attract investment of Z00 billion tenge," and currently the country is building four more mining farms.
In an effort to further increase profits from the extraction of cryptovoltaic currency, the Central Asian country has presented its plans to introduce a fixed tax for this sector, which will make it even more attractive for miners.
Data provided by Cambridge University's BTC The Bitcoin Mining Map tool shows that Kazakhstan is already responsible for a significant portion of the global Bitcoin hash rate.
Now the country is in fourth place in the list with more than 6% of the hash rate, behind the permanent leader China (65%), the United States (7.2%) and Russia (6.9%).
Global hashreit is bitcoin. Source: University of Cambridge.
If the announced investments come to the country within the next three years, Kazakhstan will really be in the top three. Especially since the growth of electricity tariffs in China is forcing the miners to choose more favorable locations, and above all in neighboring Kazakhstan, where electricity is much cheaper.
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