It is not the end of the world. If they raise the energy costs, miners should raise the bitcoin prices. Problem solved. Supply and demand motherfucker.

Energy prices climbing everywhere in the world. Kazakhstan is not an exception. Last time I checked a barrel of oil was going for $90+ which means we are going to experience high inflation for a long time if it stays that way.

Raising high tax costs, it seems that this is just a trick of politicians for the benefit of several parties who have long started mining activities.
It's possible this is a way to kill miners who are just starting out and want to get started.

Kazakhstan's proposal to raise taxes for bitcoin miners, would be an emotional issue, although Kazakhstan did not ban bitcoin as China did last year, it is likely that Kazakhstan's actions would certainly make it difficult for miners, had this proposal been accepted. and it's confirmed that the miners will most likely look elsewhere for cheaper electricity, but I don't think this proposal will come true.

Actually all of the stats you have seen so far on the internet about which country has how much hashrate has been completely wrong. The fact is that we don't really know how much hashrate is in each country simply because neither miners nor the mining pools release their location or their users' location.

They won't. If they wanted to "discourage mining" they would have banned it. They just want to get their share of the pie. They don't want to destroy the pie altogether.

Their loss is "our" gain

still cheaper to mine in kazahkstan than it is to mine in america
american industrial asic farms pay $0.07
american residential home miners pay $0.12-14

oh and kazahkstan people. (the customers) dont and never have paid $0.0023.


by the way
the conversion rate of 1 tenge to USD is  1tenge = 0.0023usd

funny part is
cointelegraph pulled the (0.0023-0.01) number out of their ass. without understanding what it refers to
the actual article they linked to the proposed change never mentions the numbers 0.0023-0.01

the actual article say the pre wholesale cost to power plants has a 1tenge tax inside of the 18-24 tenge retail/wholesale price
this will increase to 5tenge

Countries like Kazakhstan have low prices for electricity simply because it's obtained from burning the oil/gas they extract and the prices are dictated (arbitrarily) by the government, not the international prices (and basically free market). The price is low for boosting the local economy.

So if they convince the miners leave, the country may have a good chance to actually earn more on long term, by selling those resources to other countries more expensive than they would sell the electricity to the miners.

I don't agree with Kazakhstan policy, but I can understand its logic (if this was it).
And the miners.. well, as long as they are focused on getting the cheapest electricity no matter how it's obtained and how doubtful is the regime of the county they conduct their business in... maybe, just maybe, they deserve this. And as said, the new price is not that big either.

It should be noted that taxing miners or raising their costs has no effect on Bitcoin.


It doesn't work that way. Miners have no control over prices.

Miners are indeed have nothing to do over prices yet we know that they arent the ones who do actually made out circulation and who do prices their coins on orderbooks.I'd rather believe that

their options whether would really be hiding on some rabbit hole and operates or simply transfer out on other countries which does have low cost of energy but of course into those large-scale miners.

Im not surprised on how they are trying to suppress out on something that they dont like, its always been obvious.

I think the ones that would be mostly affected are the new miners in the market. But the ones who are well established and are already making a huge profit from mining cryptocurrency wouldn’t really be that much affected, although it is also going to affect them a little. And if they should see a better location to move to than Kazakhstan, I believe that majority of them would start moving to that other country where things would be better for them and they wouldn’t have to be paying too much of taxes which would consume the level of profit that they are making in a month from mining cryptocurrency.