Kyrgyzstan is considered an ideal destination for cryptocurrency miners, due to its untapped renewable energy resources.
Kyrgyzstan’s economy saw a significant decline from cryptocurrency mining tax despite the soaring crypto valuations of 2024.
Cryptocurrency mining tax contributed over 46.6 million Kyrgystani soms, or $535,000, to the country’s economy this year, according to a Dec. 25 budget document released by Kyrgyzstan’s Ministry of Economy and Finance.
However, this marks an over 50% decrease from the crypto mining tax collected in 2023, which amounted to 93.7 million soms, worth just over $1 million, according to local media reports.
