ChainCatcher news, according to the budget document released by the Ministry of Economy and Finance of Kyrgyzstan on December 25, this year the cryptocurrency mining tax contributed over 46.6 million Kyrgyz soms to the country's economy, approximately 535,000 USD.However, this is a decrease of more than 50% compared to the cryptocurrency mining tax collected in 2023, which was 93.7 million soms, worth slightly over 1 million USD.The cryptocurrency mining tax rate in Kyrgyzstan is 10% of the electricity costs used by the country's cryptocurrency miners, including value-added tax and sales tax. Due to the country's abundant untapped renewable energy, it is considered very suitable for conducting cryptocurrency mining operations.

ChainCatcher news, the Kyrgyzstan government raised $1 million through cryptocurrency mining taxes in 2023.It is reported that as of the first 11 months of 2023, the national treasury has collected $900,000 in taxes from cryptocurrency miners, with miners paying over $132,000 in taxes in August. Data shows that cryptocurrency mining activities in the country have increased, especially as tax payments began to grow actively in the second quarter.

ChainCatcher news, Kyrgyzstan President Japarov accepted an interview with the Kabar National News Agency, answering questions about the country's virtual asset mining sites for hydropower station construction, confirming the allowance for cryptocurrency mining activities in areas with power generation capacity permits, generating revenue for the electricity sector. During winter power shortages, the operations of these mining sites will be suspended, operating for the remaining nine months.The President of Kyrgyzstan stated that crypto mining can generate millions of dollars in tax revenue; for example, the mining site in Kemin transferred 480 million soms to the electricity sector in six months, paying 225 million soms in taxes.