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More expensive electricity for miners in Kyrgyzstan

Zaktualizowano: 7 lis 2022

The government of Kyrgyzstan, after revising energy tariffs, changed them for various groups of consumers. Lawmakers, citing the energy consumption of the cryptocurrency mining industry, will raise energy rates. Technological development often entails an increase in electricity consumption, and this also applies to mining. In recent years, the cryptocurrency mining process has been popularized to such an extent that we can keep mining devices in our own homes. Domestic mining of cryptocurrencies, however, brings with it a large increase in our current energy bills Cryptocurrency mining companies in Kyrgyzstan will be exposed to higher maintenance costs, because they will be mainly affected by the increases. The increase in the price of electricity is a consequence of the government's decision to stabilize the operation of the energy sector. However, the miners are among the 14 end groups affected by the change. According to the new rates, they will pay about 2.52 Kyrgyz som, i.e. about PLN 0.12 per kilowatt hour of electricity consumed. The current rate is the result of an increase from the previous 12.5%, and over the next four years it is expected to increase in line with the level of inflation. The government, and more specifically the Ministry of Economy, has also developed a draft law aimed at taxing mining. Lawmakers are also proposing a 15% tax on the cost of energy used to mine digital coins. Mining companies will have to apply for registration to be able to legally operate in the country.

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