Kyrgyzstan's crypto mining taxes in 2024 will decrease by 50% year-on-year.

According to the budget document released by the Ministry of Economy and Finance of Kyrgyzstan, the crypto mining tax contribution in 2024 is 46.60 million som (about $535,000), a decrease of more than 50% from the 93.70 million som (over $1 million) in 2023. The country levies a mining tax on crypto miners of 10% of electricity bills, including VAT and sales tax. Although Kyrgyzstan is seen as an ideal location for mining due to its abundant untapped renewable energy, the decrease in taxes may be related to the decrease in mining activities. According to the International Energy Agency, 30% of the country's energy supply comes from hydropower, but only 10% of its hydropower potential has been developed so far. (Cointelegraph)