Kazakhstan establishes national crypto reserve by forcing Bitcoin miners to participate
Points clés
- The Kazakh government will create a national reserve by taking 10 percent of the cryptocurrencies mined by miners.
- The first energy source to provide a suitable electricity tariff for miners was the 300-megawatt Ekibastuz GRES-1 coal plant.
- Miners wishing to join the system must have data centers with a capacity of at least 150 megawatts.
- Kazakhstan is positioned as the fifth-largest Bitcoin mining center in the world.
En chiffres
Kazakhstan has enacted a new regulation to bring its massive Bitcoin mining sector under state control and create a national strategic crypto reserve. By offering appropriate electricity quotas and price advantages, the state will retain a portion of the crypto assets produced by miners.
According to the decision made by the Kasım-Tokay administration, companies engaged in mining activities are required to surrender 10 percent of the remaining asset to the state after electricity and grid service costs are deducted. These collected digital assets will be managed by being transferred to the National Investment Company of the Central Bank via the Astana Hub fund.
The new system aims to convert Kazakhstan's cheap energy sources and existing mining infrastructure into a tool for the state to accumulate crypto assets. The reserve will be able to invest in direct cryptocurrencies, as well as derivative products and shares of crypto companies. The regulations also include the establishment of a Digital Assets Committee and the use of resources such as oil and natural gas in mining activities.
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Questions fréquentes
- How will Kazakhstan's new strategic crypto reserve be financed?
- The reserve will be financed by miners receiving electricity quotas and favorable prices from the state surrendering 10 percent of the digital assets they mine after deducting electricity expenses to the state.
- To which organization do crypto miners pay their share to the state?
- Miners surrender the crypto assets they provide monthly to the state-affiliated Astana Hub fund. This fund transfers the assets to the National Investment Company of the Central Bank, ensuring the management of the reserve.
- What are the conditions required for mining facilities that can join the system?
- For a mining facility to benefit from this system, it must have a capacity of at least 150 megawatts, and each mining device must reach a processing power of at least 150 terahash per second.
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