Kyrgyzstan witnesses major boost in tax revenue from crypto mining
Kyrgyzstan, a country possessing a wealth of untapped hydroelectric resources, has witnessed a sharp rise in tax revenues from crypto-mining activities in 2023. Reports from the Finance Ministry, as covered by the local press on Jan. 1, reveal that the Kyrgyzstan government amassed 78.6 million soms (approximately $883,000) in taxes from cryptocurrency miners during the first 11 months of 2023. The latest tax figure marks a substantial rise compared to the 11.1 million soms ($133,200) collected in the same period last year. 2023 witnessed a volatile trajectory in the tax revenue generated from crypto mining in Kyrgyzstan. The monthly revenues varied significantly, with the lowest being 738,000 soms ($8,284) in February, peaking at 11.6 million soms ($130,212) in August before settling at 7.6 million soms ($85,767) in November. Currently, the country hosts only one officially operating cryptocurrency mining company, a stark contrast to the past when several firms were active in thi...