Kazakhstan is negotiating a Gigantic Investment in Cryptocurrency Mining worth $ 714M

Kazakhstan is negotiating a Gigantic Investment in Cryptocurrency Mining worth $ 714M

The Digital Development Minister of Kazakhstan revealed that the country is negotiating to attract investments worth $ 714M to the cryptocurrency sector.

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2 Sep 2020 , 11:50 @ Katie Müller

Kazakhstan is negotiating a Gigantic Investment in Cryptocurrency Mining worth $ 714M

The Digital Development Minister of Kazakhstan revealed that the country is negotiating to attract investments worth $ 714M to the cryptocurrency sector.

According to a report from the Reuters agency, Kazakhstan is close to signing a gigantic investment of 300B tenge ($ 714M) for the mining of cryptocurrencies.

The first who comment this investment today at a government meeting was digital development minister, Bagdat Mussin, and said:

Thirteen “mining farms” are already operating in the Central Asian nation and four are under construction,

More than 80 billion tenge ($190 million) has been invested in the sector,

Today we have preliminary agreements on attracting investments worth 300 billion tenge.

According to the latest survey focused on the geographical distribution of mining capacity, Kazakhstan ranked third and controls up to 8% of the total mining capacity. The country has also recently amended a law clarifying the regulation and taxation of cryptocurrency mining.

Read also: Ethereum Miners have the largest earnings

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