Kyrgyzstan’s cryptocurrency mining tax revenue has plummeted by over 50% in 2024, accumulating about 46.6 million Kyrgystani soms (approximately $535,000), down from 93.7 million soms (over $1 million) in 2023. This decline occurs despite a backdrop of rising cryptocurrency values. The mining tax is levied at 10% of the electricity fees incurred by crypto miners, which includes value-added and sales taxes. Kyrgyzstan is a favorable environment for cryptocurrency mining due to its vast and largely untapped renewable energy resources, particularly hydropower, which constitutes over 30% of the country's energy supply. However, only 10% of this hydropower potential has been developed so far. The Ministry of Economy and Finance has been approached for further commentary on this significant drop in tax revenues.

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