Kyrgyzstan is considered an ideal destination for cryptocurrency miners due to its untapped renewable energy resources.
Kyrgyzstan’s economy saw a significant decline in cryptocurrency mining taxes despite the soaring crypto valuations of 2024.
Cryptocurrency mining taxes contributed over 46.6 million Kyrgystani soms, or $535,000, to the country’s economy this year, according to a Dec. 25 budget document released by Kyrgyzstan’s Ministry of Economy and Finance.
This marked a more than 50% decrease from the crypto mining tax collected in 2023, which was 93.7 million soms, worth just over $1 million, according to local media reports.
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