Industrial miners will invest $ 738 million in Kazakhstan in the next three years

Kazakhstan has already received investments worth $201.7 million from enterprises in the cryptocurrency mining industry and plansto raise another $738.4 million of big miners in the next three years.

As stated by the Minister of Digital Development and Innovationand the aerospace industry of Kazakhstan Askar Zhumagaliev, the country plans to receive 300 billion tenge ($738.4 million) of investment from the mining industry in the next three years. According to the publication of The Astana Times, Zhumagaliev said this at a meeting of the Senate of the Parliament of Kazakhstan held last week.

Senate members discuss bill onregulation of digital technologies, which categorically prohibits the issuance and circulation of unsecured digital assets, with one exception: "unless otherwise provided by law." At the same time, the bill does not prohibit cryptocurrency mining, since it does not consider it as an entrepreneurial activity.

Addressing the Senate, Zhumagaliyev said that cryptocurrency mining has become available to many in Kazakhstan, and noted the great potential of this industry.

“According to the report we prepared withinternational experts, we expect to receive another 300 billion tenge ($738.4 million) over the next three years as digital investments and, in general, further development of mining,” — Zhumagaliev said.

According to the minister, the government has studied the experienceother countries in the field of mining and cryptocurrencies — USA, Sweden and South Korea. Zhumagaliev believes that activities such as mining are becoming part of everyday life.

“There are 14 mining farms in Kazakhstan, andthey are created near energy sources to which they can connect. They have already brought the country 82 billion tenge ($201.7 million),” — Zhumagaliev said.

Most mining farms are located in the northern regions of the country - in Pavlodar and East Kazakhstan regions, as well as in Uralsk.

According to the Senate press service, the billIt also aims to “identify the authorized body responsible for the protection of personal data and its main functions, up to the regulation of relations associated with the use of digital technologies. It considers the creation of conditions for the implementation of projects in the field of information and communication technologies, as well as the creation of a legal framework for the creation and functioning of a national video surveillance system. ”

The document was adopted by the Senate and is now awaiting approval by the President of Kazakhstan.

Let us remind you that according to TokenInsight, the shareChinese miners in the overall Bitcoin hashrate have decreased, while production in the USA and Kazakhstan is gradually increasing. Cryptocurrency production in Kazakhstan has increased sharply: in September, Kazakhstan miners accounted for 1.42% of the hashrate, and by May 7 — already 6.17%.

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