Exchange rate 1 bitcoin to tenge for today. Bitcoin (BTC) to tenge (KZT)

The excitement around bitcoins and other cryptocurrencies could not help but affect the residents of Kazakhstan. Finding out how much 1 bitcoin costs in tenge today

, and how much you can earn on it in a few days thanks to the frantic volatility, some literally give their fortune to dealers, pledge their housing on credit. The speculative profit that exchanges and other private “cryptocurrencies” promise is simply discouraging to ordinary people.
Financially unenlightened Kazakhstanis, like residents of other post-Soviet countries, for the most part do not even understand the algorithm for the movement and issue of digital money. When converting Bitcoin into tenge
, a novice Kazakh investor only sees seven-digit figures, and there is little stopping the risk of losing them.

How much does Bitcoin cost in tenge today and should you buy it?

Quite a lot of Kazakh players, meanwhile, understand that cryptocurrencies are assets that do not have collateral, which means that investments in them can be 90% failures. The demand for them was once well fueled by an inflated hype, since then the price for them has fallen by almost 17 thousand dollars per unit. If you convert 1 bitcoin to tenge
at the exchange rate on January 1, 2022, you get 1,469,222.40 tenge.
Let’s now convert the difference from the historical maximum of 2017 – this is almost 28 million tenge. This is exactly how much Bitcoin has fallen in price in a year. Of course, the bitcoin to tenge exchange rate
depends not only on the volatility of the military-technical cooperation, but also on the depreciation of the national currency itself. For comparison, let's remember how much the tenge was worth in dollars in December 2022. The average tenge exchange rate in dollars in December 2022 was $0.003. In December 2022, it was already approximately $0.00267.

Everything about mining in Kazakhstan: farms, taxes, electricity, competition

PHOTO: © Depositphotos.com\amixstudio

The reduction of China's share in the field of cryptocurrency mining due to the recognition of mining as an undesirable activity allowed Kazakhstan to take third place in the global mining market. The Kazakh government had previously identified this industry as one of the most promising, trying to create a comfortable climate for both domestic players and foreign investors. However, some actions, such as the introduction of an additional tariff for electricity for miners from January 2022, as well as still imperfect legislation, may nullify all efforts. About this and much more Forbes. kz spoke with the President of the Association of Blockchain and Data Center Industry in Kazakhstan Alan Dordzhiev.

PHOTO: from personal archive

Alan Dordzhiev

F: Alan, how is mining developing in Kazakhstan today?

— Mining in the country has been actively developing over the past few years. But the highest activity began to appear in 2022. Until last year, development was also underway, but in 2022 there was a noticeable crisis in the cryptocurrency market and many miners actually suspended their activities, since the price of cryptocurrencies was hardly higher than labor and energy costs. In 2022, development picked up again as margins increased. According to our estimates, today there are 200-250 thousand mining devices located in the country. But here it is necessary to make a remark that this equipment is already three generations old - the year before, the past and the current. And in this regard, their profitability is also noticeably different.

F: Where are mining farms most often located?

— Mainly in the regions, away from large cities and closer to affordable electricity. This is good for our small towns, since additional jobs are created there and earnings are quite high. At the same time, back in 2022 we had a serious shortage of specialists. And the foreigners even had to train local staff and show how everything works. At that time, one company brought 8 Germans and Croats here to show all the nuances.

There are four main specialties in demand in mining: IT engineers, electronics engineers, high and low voltage electricians. Previously, there was a shortage of such specialists, but today there are more and more of them. And for the periphery their salaries are quite high. I know that in one company average salaries reach 400 thousand tenge.

F: Is it true that Chinese miners began to actively travel to Kazakhstan after their government tightened laws in the field of mining?

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— The ban on mining in China appeared in June 2022, and the Chinese sent only about 4 thousand mining devices to Kazakhstan. In fact, they occupy less than 2% of our total number of devices. You need to understand that at the moment our energy system will not be able to accept all the miners who worked in China or from other countries, as some, let’s say, experts expect.

F: If we put aside the issue of electricity reserves, which we will return to later, what might be our attractiveness for foreign miners? Cheap electricity?

— I wouldn’t say that we have the lowest prices for electricity. Moreover, it is almost impossible for us to compete in this regard with the leader in the field of mining, the United States, since their energy system is 60 times larger than ours. And there are very cheap connection points there, even cheaper than in Kazakhstan. It all depends on the state, the specific electricity producer with whom you can enter into an agreement. Prices in America are very competitive in some places - 2.4-2.6 cents per kilowatt, that is, 10-11 tenge. In Kazakhstan, electricity prices are higher - on average, 1 kilowatt-hour costs 14-16 tenge. Confusion often arises with this when they begin to compare our prices and American ones. Yes, it is possible that for a simple American consumer who lives in an apartment, the price for electricity can vary from a conventional 25-40 tenge per kWh, but these are residential customers. There are also industrial customers, the prices for which I have already told you. We often confuse these concepts.

F: Are all mining companies operating in Kazakhstan officially registered?

— This is an unlicensed activity. They may not receive any permits. I think we also have, let's say, hidden farms. The only thing is that when importing equipment, you must obtain permission from the National Security Committee, since this all relates to encryption equipment. According to the laws, the import of such equipment is accountable to us. Also, according to the law, if you are engaged in mining, you need to notify the Digital Development Committee about your activities.

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F: How many such enterprises are officially registered in the country?

— About 20, but I think there are a little more. Not everyone is yet officially registered as a company that engages in mining-related activities. This is what I would like to focus on. When digital mining was legalized last year by prescribing its functions by law, government agencies did not have time to introduce a new classification of economic activity into the OKED. And so far there is no “mining” item on our OKED list. And in our country, according to the law, as far as I know, the OKED list can be updated once every four years, and it was just updated at the end of last year. Accordingly, Kazakh miners cannot be added to this list for another three years. Therefore, for now we indicate that we are engaged in the mining-related industry.

F: How then will domestic miners pay an additional tax of 1 tenge for each kilowatt of electricity consumed from 2022?

“This is the problem, since miners have not yet been legally classified in any way. In my opinion, the adoption of these tax amendments was hasty, because how to legally define and fix them was not determined. In fact, we don’t yet have companies that specifically engage in mining, because you can’t officially register that way. Accordingly, this law cannot be fully applied, since the entities falling under its activities also cannot officially register as mining companies.

F: How large is Kazakhstan’s share in world mining? Is it true that our share of the global hashrate has recently increased from 1.2% to 8% and higher?

- This is true. And if we take into account that China is leaving the market, this share will increase even more. We have been on the global market for quite a long time. But speaking in absolute numbers, we are still quite far from the United States or China.

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F: So the government’s talk that we have high potential in this area is not based on nothing?

— Of course, there is potential, but its development can always be interrupted. The same additional tax of 1 tenge can significantly reduce this potential. And if tariffs start to increase again, then they will kill. Our activities are quite specific. It must be said that we cannot invest once, we need to constantly inject new funds and reinvest. Because the lifespan of the equipment is a maximum of 3-4 years. And then it needs to be updated. Therefore, in order for the entire industry to develop further, it is necessary not to spoil the investment climate, otherwise in 3-4 years the entire industry will die out - no one will invest money where the rules of the game are constantly changing for you.

F: What cryptocurrency do Kazakh miners mainly mine?

— The bulk is Bitcoin. But there are, of course, those who mine other cryptocurrencies.

F: Why Bitcoin?

- It is the most common and has the highest acceptance. If we draw analogies with the metal market, then Bitcoin is gold, all other cryptocurrencies are other, less precious metals. Today Bitcoin is the standard.

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F: Let's talk about the electricity shortage in Kazakhstan. It is noted that due to mining, starting in 2023, we will begin to experience a shortage of electricity. What do you think about it?

— It’s difficult for me to comment on this, because the data varies everywhere. From what calculations this is all taken is also not entirely clear. For example, the strategy for the long-term development of Samruk-Energy 4-5 years ago stated that Kazakhstan has a surplus of 4 thousand megawatts of unused capacity. This figure constantly appeared everywhere, but later it unexpectedly dropped to 2 thousand megawatts. Quite recently they began to talk about the fact that we have a general shortage. In Kazakhstan, different departments, companies and operators show different figures, and it is difficult to say how things really are.

F: It is preliminary estimated that an additional tariff of 1 tenge for each kilowatt used by miners, at the current market level, will bring Kazakhstan 3.5 billion tenge annually. Is it so?

— According to my data, the income will be in the amount of 4.5-5 billion tenge, but I repeat, how all this will be recorded is a big question.

F: Why did Kazakhstan need to register crypto exchanges at the AIFC?

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- Kazakhstan now ranks third in digital mining in the world. And at the same time, we are not actually involved in other areas in the crypto industry: exchanges, crypto payment systems, storage systems, etc. The first place is occupied by the USA, the second by the EU, followed by South Korea, Japan and other developed countries. And, for example, Korea does not have a mining industry within the country at all, but at the same time they have a very high turnover of cryptocurrencies.

This issue was considered by the government for a long time, and finally our government agencies were convinced that the crypto industry as a whole could bring us additional income. Mining in Kazakhstan was developed by private companies, independently, but it is no longer possible to raise the entire industry to a serious level without regulation. And this is where the main money is circulating.

In 2022, the National Bank of the Republic of Kazakhstan issued a document on the formation of a risk management and internal control system for second-tier banks. It was noted there that our banks cannot work with persons whose main activity is related to cryptocurrency. But now, we expect, a pilot project should be launched in August-September 2022 in which banks will be allowed to open accounts for individuals associated with cryptocurrency. There is still a lot of work to be done; a number of nuances need to be sorted out; the authorized bodies are still working on this.

F: Which banks are participating in this pilot?

- I can't name them. I will say this - five banks are planning to take part in this project. Four of them, in my opinion, just want to try themselves in this market, to understand how everything works, what this kitchen looks like from the inside. But one bank, as I understand it, wants to take an active part in this. They want to enter this market and are now actively working on it.

“Masha is good, but not ours”

1 bitcoin in tenge
is a significant amount today, but even this fact cannot now become an impetus for drastic actions. This was stated by the Chairman of the National Bank Daniyar Akishev. He explained that his supervised structures took an observer position. It is quite understandable from an expert point of view, because before starting a policy of regulation or restriction, it is important to thoroughly study all the nuances. From his lips there was also a quote about a financial pyramid, but here this concept was used as a comparative element. Akishev made it clear that if a Kazakhstani becomes a participant in a foreign financial bubble, he will not be able to report any violation. If this pyramid is formed on the territory of Kazakhstan, then there is an opportunity to fight the situation.

Satoshi Kazakhstani Tenge (KZT) Conversion Table

How did the currency on yesterday? BTC price increased by 5.62% between min. and max. value. Min. Bitcoin value was $59,863.28. Max. BTC price was $63, 426.65. The average value Bitcoin price for convert (or exchange rate) during the day was $61, 833.03. Good work. Keep it up. The Bitcoin dropped by 4.32% on Wednesday 14th of April 2022

The Bitcoin increased by 2.08% on Thursday 15th of April 2022

How did the currency on yesterday? BTC price increased by 2.02% between min. and max. value. The average value Bitcoin price for convert (or exchange rate) during the day was $60, 081.32. Max. BTC price was $60, 789.80. Min. Bitcoin value was $59,561.05. Price is rising. Great.

Let's take a look at interesting data from yesterday. Min. Bitcoin value was $53,441.21. Max. BTC price was $60, 761.43. The average value Bitcoin price for convert (or exchange rate) during the day was $56, 463.03. BTC price dropped by 13.7% between min. and max. value. The value has dropped. Of course, one day is not meaningful. So keep on watching.

Is the alternative also a solution?

For the bitcoin currency, the exchange rate to the tenge
is growing, even when it itself is falling. The proof was a noticeable drop in the tenge exchange rate in December 2022. Understanding this situation, as well as taking into account the growing interest in cryptocurrencies in Asian countries, some economists, like Olzhas Khudaybergenov, declare the need to launch a national cryptocurrency, as will happen in China.

In general, he speaks positively about digital money itself, believing that cryptocurrency has some advantages for private holders:

— anonymity
- increase in profitability,
— the ability to convert your own coins.

As is already clear, these advantages are evil for the state. Bitcoin has a definite prospect of becoming a world currency and displacing national money. Financial institutions will have only two ways to avoid such a situation: ban cryptocurrency, or create their own, at the national level. We all know how much Bitcoin initially cost to tenge; the rate has grown from a three-digit to an 8-digit number. And today he lost a lot, so sometimes speculation plays against him. If it acquires institutional significance, most likely it will no longer be able to bring huge profits or losses to its owners.

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