The new Minister of Digital Development of the Kazakhstan, Bagdat Musin, announced that the country is already amid negotiations on attracting large investments for the sum of $700 million for the development of cryptocurrency mining sector
Initially, these plans were announced at a hearing in the Senate in mid-June. Former minister Askap Zhumagaliev told that the government has come to the conclusion that crypto mining “is already a part of our everyday life”.
At that moment, Kazakhstan had 14 operational cryptocurrency mines, which attracted around $200 million of investments just in a few years. Thus, the country is trying to more than double the investment.
According to Reuters, the newly appointed Minister Bagdat Musin is in the midst of waging negotiations to increase the scale of investment in an effort for it to exceed $700 million.
In his words, “today there are preliminary agreements on the investment in the amount of around 300 billion tenge”, and in the coming future, there will be four more mining farms in the country.
Trying to further increase the profit from the production of cryptocurrencies, the Central Asian country has set up plans for the introduction of preconditioned taxes and fees, that will make it an even more desired destination for crypto mining.
The data, provided by the institute of the Cambridge University on the tracking of the mining of BTC The Bitcoin Mining Map, indicate that Kazakhstan already provides a good volume of the Bitcoin hash rate.
Today, the country occupies the fourth place in the list with more than 6% of hash rate, giving in only to the indispensable leader China (65%), USA (7.2%), and Russia (6.9%).
If sound investments arrive in the country during the next three years, Kazakhstan will indeed be able to take its place in the top three. Furthermore, the supply of taps for electricity in China drives the miners to look for more favorable locations and, first of all, in neighboring Kazakhstan, where the electric is much cheaper.
