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According to the budget document released by the Ministry of Economy and Finance of Kyrgyzstan, the tax contribution from cryptocurrency mining in 2024 is 46.6 million som (approximately 535000 US dollars), a decrease of over 50% from 93.7 million som (over 1 million US dollars) in 2023. The country levies a mining tax rate of 10% on electricity bills for cryptocurrency miners, including value-added tax and sales tax. Although Kyrgyzstan is considered an ideal place for mining due to its abundant undeveloped renewable energy, the decrease in taxes may be related to a reduction in mining activities. According to data from the International Energy Agency, 30% of the country's energy supply comes from hydropower, but currently only 10% of hydropower potential has been developed. (Cointelegraph) @gpy2fduration
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