Kazakhstan and its $700 million investment in crypto coin mining

According to Kazakhstan’s new Minister of Digital Development, Bagdat Mussin. First of all, the country is in negotiations on investments in its cryptomint mining sector. These amount to 300 billion tenges ($714 million).

The Republic of Kazakhstan
It is a country in Central Asia. With a population of approximately 18 million people. Also, with an area of 2.7 million square kilometers.

Similarly, Kazakhstan has a dominant economy in Central Asia. Additionally, with the highest GDP and strong growth rates due to large reserves of oil, minerals and metals. In short, it is a country that welcomes Blockchain.

Bitcoin mining center with 50,000 rigs to open in Kazakhstan

Kazakhstan and its investment in crypto coin mining
However, Askar Zhumagaliyev, former Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, made this known on his way to the Senate. At a plenary session on June 11 of this year.

By that time, Zhumagaliyev said they had studied the mining experience of countries like the United States, Sweden and South Korea. As a result, they realized that crypto and crypto mining had become part of everyday life.

Importantly, Kazakhstan now has 14 crypto-mining facilities. Most of them are located in Pavlodar, Uralsk and in the northern and eastern regions of the country.

An impressive target to attract more than $700 million in investments
It should be noted that Bagdat Mussin revealed that the country is currently in talks to receive this investment. And so, they can work on expanding the crypto coin mining sector.

In these circumstances, Mussin stated that

„Today we have agreements to attract investments worth 300 billion tenges. Likewise, the country is in the process of building four more mining farms“.

In the same way, the Central Asian country has also presented a proposal that would impose a fixed 15% tax on the sector. In an attempt to further supplement the profits from cryptomint mining, within the borders of the nation.