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Kyrgyzstan experiences a steep drop in crypto tax revenue in 2024

In 2024, the tax revenue from cryptocurrency mining in Kyrgyzstan fell by over 50%, amounting to 46.6 million soms, roughly 535,000 USD. This significant decline contrasts with the previous year’s collection of over 1 million USD, even amid rising cryptocurrency values.

Kyrgyzstan’s tax system for cryptocurrency miners is based on a 10% charge on electricity costs, which includes taxes. Despite Kyrgyzstan’s vast renewable energy resources, particularly in hydroelectric power, only 10% has been realized, offering potential growth in the crypto mining industry.

With 90% of Kyrgyzstan’s hydropower potential still untapped, the country has a MAJOR opportunity for economic growth through cryptocurrency mining. Directing excess energy to Bitcoin mining could stabilize energy grids, converting surplus into digital assets and supporting economic and energy regulation.

This is community-generated content, not advice from ONUS.
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