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Wednesday, October 13, 2021

Kazakhstan will encourage cryptocurrency mining!


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So why has Kazakhstan become a strategic place?

Kazakhstan has all the suitable conditions for managing mining equipment. This region has low import taxes, a suitable air climate, and the cheapest energy prices in the world. This country provides the government with cryptocurrency legislation support. It has developed a government plan to stimulate the country's adoption of cryptocurrency and blockchain through local mining.

In addition, Kazakhstan allows local banks to process cryptocurrency purchases and provide legal cryptocurrency investment services. They will conduct a one-year pilot project to assess success and further understanding of potential risks. It shows that the country has accepted digital currency, and it also shows that the security environment of encrypted currency will not disappear anytime soon.

Starting in 2022, the government will also impose a value-added tax on electricity consumption by local cryptocurrency miners. Doing so will convince many investors that the government plans to support the industry for a long time and will use the money to develop the economy. This will ensure the stability of the government in collecting taxes and encourage them to continue to provide support to Bitcoin miners. In addition, Kazakhstan’s political support and low electricity prices make cryptocurrency mining in the region attractive, and they are also working hard to develop a green economy. Although Kazakhstan’s energy economy still relies mainly on fossil fuels, the country has substantially increased renewable energy in the past few years. It has also given affirmation and support for the implementation of renewable and clean energy in the future.

Compared with the United States, Kazakhstan's regulatory environment can be one of the most flexible regions in the world, especially compared with the United States.

For example, New York introduced a bill (now passed the Senate) to ban cryptocurrency in the state. As the company is cautious in its expansion, the bill has halted many activities in New York and across the country. In addition, the bipartisan infrastructure bill, including the infrastructure investment and employment bill, is also being rapidly advanced. Doing so will allow cryptocurrency brokers to comply with tax rules similar to stockbrokers and require "know your customer" checks and may increase tax rates. Although some miners feel that it would be more comfortable to transfer assets to their own country, many people are beginning to see the benefits of hosting equipment in a safe place, with more evident long-term prospects for ensuring investment.

In early 2021, Wattum partnered with Enegix to proactively enter Kazakhstan, increasing the colocation capacity of its data center by 8 MW. It fully complies with local regulations, has on-site ASIC maintenance functions, and provides on-site and remote personnel accommodation. To make the miners more assured, this high-voltage facility is protected by video surveillance and armed security. Wattum also provides customers with round-the-clock customer support, daily maintenance and diagnosis, and provides at least 99% of the regular working hours of the equipment, which can meet all the needs of miners and more.

In the early stage, Wattum advocated using Kazakhstan as the primary region to mine cryptocurrency; other large companies eventually caught up with them and developed local cryptocurrency projects in the region. The world's largest cryptocurrency mining companies such as Bitmain and Canaan have recently expanded their mining operations to Kazakhstan. In early June, Canaan's largest supplier of cryptocurrency mining machines entered Kazakhstan to provide customers with post-purchase support through a service center. This month, they will successively start mining in this area using Avalon equipment.

In July, the well-known cryptocurrency miner manufacturer Bitmain announced that it would operate miners at the Enegix plant in Kazakhstan, the same as the equipment currently hosted by Wattum. In addition, in July, Shenzhen Bitcoin mining company BIT Mining also announced that it would purchase 2,500 miners for deployment in Kazakhstan. Of these, 3,819 units are already in operation, and 4,033 units are on the road.

Each expansion further proves that Kazakhstan is a real Bitcoin mining hotspot, and it has not yet approached its full potential. The vast expenditures of individual companies in building local infrastructure can easily prove people's confidence in the region.

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