BISHKEK, Kyrgyzstan, September 4. Revenues to the state budget of Kyrgyzstan from the crypto mining taxes amounted to 10.414 million soms ($117,994) in July 2023, Trend reports.
The information provided by the Kyrgyzstan’s Ministry of Finance indicates that around 44.198 million soms ($500,781) were provided to the state budget from mining activities from January through July 2023.
The revenues began to increase significantly from the second quarter of the year. The budget received 37.540 million soms ($425,343) from April through July 2023, which is 85 percent of all mining revenues.
Notably, the highest amount of revenue was recorded in June -10.544 million soms ($119,467) and July - 10. 414 million soms ($117,994). The lowest mining revenues were recorded in February 2023, totaling 738,000 soms ($8,361).
By the end of July 2023, the government of Kyrgyzstan has granted permission to set up a mining farm with a capacity of up to 30 MW within the Kambarata-2 Hydro Power Plant (HPP). The construction of the mining farm is expected to require approximately $20 million in investment.