Kazakhstan Collects $1.5 Million From Illegally-Operated Crypto Mines, Bitcoin Rises

Kazakhstan has received 652 million tenges, or $1.5 million, from the illegally-operated crypto mining industry in the country. Money has been collected through a surcharge newly levied on the electricity used by crypto mining firms operating illegally in the country. The new surcharge was introduced in January 2022, although it is not yet part of Kazakhstan’s tax code, according to a report in The Times of India.

The crypto mining industry’s consumption of electricity is increasing in Kazakhstan. Following China’s ban on crypto, the Central Asian country became a hotspot for mining activities. The government then enacted new crypto mining tax amendments to combat the growing power consumption by illegally-operated crypto mining companies.

In another news, Lithuania has become the latest European Union member to seek to establish its own crypto licencing regime. Local ministers told CoinDesk that EU legislation may be too late to protect the sector’s reputation. Lithuania wants to do its “homework” ahead of time, according to the country’s deputy finance minister.

The EU is nearing the end of the MiCA negotiations. The single authorisation regime for the bloc of 27 nations has been in the works for years and has the potential to transform the sector by allowing businesses to access a market of hundreds of millions. Some countries, on the other hand, are eager to get a piece of the burgeoning sector. In March 2018, the European Commission, the EU’s governing body, requested advice on how existing regulations apply to cryptocurrency.

Crypto Prices

The price of Bitcoin in the cryptocurrency market rose by 5.69 per cent in the last 24 hours, and it was trading at $31,371.98 at 5:30 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 46.40 per cent, up by 0.26 per cent in the last 24 hours.

In the last 24 hours, Ethereum (ETH) was trading at $1,906.17, up by 6.71 per cent, while Binance Coin (BNB) was up by 3.43 per cent during the same time period, and was trading at $307.50. Solana (SOL) was up by 11.22 per cent to $43.92, while Cardano (ADA) was up by 11.86 per cent to $0.6254. 

Meme Coins

Dogecoin was trading at $0.08208 on Coinmarketcap.com at 5:30 p.m. IST and was up by 2.65 per cent. Its rival, Shiba Inu, was up by 3.62 per cent, and was trading at $0.00001116. Samoyedcoin was up by 8.67 per cent, and it was trading at $0.005939, while Dogelon Mars was up by 8.37 per cent, and it was trading at $0.0000004679.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $1.29 trillion, an increase of 5.05 per cent in the last 24 hours, while the total crypto market volume was $64.94 billion, an increase of 50.31 per cent.

Bee Inu was the biggest gainer, gaining 1,897.50 per cent. It was trading at $0.00005988 at 5:30 pm IST, according to Coinmarketcap. In contrast, Bitsubishi witnessed the maximum loss and fell by 83.84 per cent. It was trading at $405.38.