Kazakhstan Introduces Surcharge for Electricity Used by Crypto Miners

Cryptocurrency miners in Kazakhstan will pay more than other consumers for the electricity they use to mint digital coins. The country’s president has signed a law that imposes an additional fee for the power utilized by the energy intensive industry.

Coin Miners in Kazakhstan to Pay Extra Fee per Kilowatt-hour of Electricity

Crypto mining entities in Kazakhstan are going to pay a surcharge for the electrical energy they burn. President Kassym-Jomart Tokayev has signed a new law this week amending the Central Asian republic’s legislation “on taxes and other obligatory payments to the budget.”

The bill, which was voted by the Senate earlier in June, introduces a new fee of 1 Kazakhstani tenge (approx. $0.0023) per kilowatt-hour used by cryptocurrency miners. The new electricity rate will be imposed starting from Jan. 1, 2022, Forklog reported.

Authorities in Nur-Sultan claim the additional charge will “bring out of the shadow” those cryptocurrency miners that currently operate in the gray economy. Albert Rau, the lawmaker named by local media as the author of the bill, said he couldn’t foresee any “critical consequences” from its adoption. Rau insists the parliament has approved a “government version” of the initially proposed amendments.

Crypto Industry Fears New Electricity Rate Will Turn Chinese Miners Away

Representatives of the crypto sector disagree with Rau’s position, warning that the move comes at a very inappropriate moment. Members of Kazakhstan’s National Association of Blockchain and Data Center Industry told the crypto news outlet that the decision “will have a very negative impact on the investment attractiveness of the industry.”

The main concern is that the fee could turn away Chinese companies that have been looking around for other jurisdictions amid the ongoing crackdown on cryptocurrency mining in the People’s Republic. Kazakhstan has been considered among other potential mining destinations, as over the past few years the country has gradually warmed towards the crypto industry.

In May, Shenzhen-based Bit Mining announced it’s planning to build a 100 MW mining data center in Kazakhstan in partnership with two local firms. In June, as Chinese authorities intensified the pressure on bitcoin mining operations, the company started shipping mining devices there. Earlier this month, the Hangzhou-headquartered mining hardware manufacturer Canaan established an after-sales service center in Kazakhstan as more Chinese miners are considering relocation to Central Asia.

What effect do you think the new fee will have on the crypto mining industry in Kazakhstan? Share your thoughts on the subject in the comments section below.

UK Covid live: ‘extra precautions’ may be needed in England after 19 July, warns PM

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Scotland records record number of new coronavirus cases for third time in four days

Scotland has again recorded a record number of new coronavirus cases. Today’s update says 4,234 new cases have been recorded. It’s the third time in four days that the daily total has set a new record, after yesterday (3,887 new cases) and Monday (3,285 new cases).

About 10.5% of tests carried out were positive. That is up from 9.8% yesterday, but down from 11.6% on Tuesday.

There are 275 people in hospital with coronavirus, up 40 from yesterday. But the number of Covid patients in intensive care, 16, has gone down by three.

There have been six further deaths.

At a news conference on Tuesday Nicola Sturgeon, the first minister, cited Euro 2020 and Scotland’s low population immunity, relative to the other parts of the UK, as reasons for new cases in Scotland being so high at the moment.

New cases in Scotland. Photograph: New cases/Scottish government

Last Updated: 22:04

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Public Health England has published its latest Covid surveillance report (pdf). As PA Media reports, it shows Covid case rates in all regions of England are continuing to increase. PA says:

North-east England has the highest rate, with 346.4 cases per 100,000 people in the seven days to 27 June, up sharply week-on-week from 175.3. This is the highest rate for the region since the week ending 10 January.

North-west England has the second highest rate: 325.3, up from 244.3.

Eastern England has the lowest rate: 87.8, up from 47.7.

This chart show how England is experiencing a third wave of cases

UAE-Israel trade hits $675m since historic Abraham Accords signing

Israel's Foreign Minister Yair Lapid hails growing relationship between the two countries during first visit to the UAE

Israel-UAE bilateral trade has reached over AED2.5 billion ($675.2 million) within 10 months of signing the Abraham Accords in September, according to Israel’s top diplomat.

In an interview with state news agency WAM, Israel’s Foreign Minister Yair Lapid said: "It is estimated that the bilateral trade potential will multiply many times over in the coming years."

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Israeli corporations win approval to trade on Dubai's gold exchange

Lapid, who arrived in Abu Dhabi on Tuesday for a two-day official visit, is the first Israeli minister to visit the UAE since the signing.

This is his second foreign visit since he became the Alternate Prime Minister and Foreign Minister in the new coalition government formed this month.

Dubai Government announced on January 30 that the emirate’s trade with Israel in the first five months had reached a value of AED1 billion.

The Israeli diplomat was quoted by WAM as saying: "This visit does not occur in a vacuum, it comes after the comprehensive work carried out by many people, which is bearing fruit today. This historic moment is thanks to them, and benefits us all."

He inaugurated the Israeli Embassy in Abu Dhabi on Tuesday and met with Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation. He will open the Israeli Consulate General in Dubai on Wednesday.

He added: "I am happy to see that Israelis are coming to visit the UAE and I am sure that joint tourism will expand, and we look forward to welcoming Emirati tourists to Israel.

"The first year [of Abraham accords and first official visit] are just the beginning of the journey. We need to allow our economies to integrate and prosper. We need to preserve the open dialogue and open-mindedness."

He added that Israel’s pavilion at Expo 2020 Dubai, which will open in October, is another stepping stone in the building of relations.

The minister said he was encouraged by the business cooperation in the field of advanced technologies between Israel and the UAE.

"Since September 2020, a number of transactions, valued at tens of millions of dollars, have been signed between Israeli and Emirati companies in the fields of AI, cyber, renewable energy, water security, health and more," Lapid said.

"The horizons are promising for companies from both countries operating in these and other fields, including food security and desert-tech." 

Is it safe for the EU to ease COVID restrictions for tourism?

The EU has agreed to reopen the bloc to vaccinated travellers despite new virus strains causing concern

With increasing numbers of people receiving COVID-19 vaccines, some countries are ready to welcome back tourists in time for the holiday season.

The European Union has agreed to reopen the bloc to vaccinated travellers. But it is up to the 27 member states to decide who can enter and whether they need to spend time in quarantine.

The pandemic has devastated tourism-dependent countries such as Spain, Italy and Greece.

So will the industry recover? And is it safe to reopen as new virus strains cause concern around the world?

COVID-19 tourism hit could top $4 trillion: UN

The coronavirus outbreak has brought international air travel to a near halt causing up to $2.4 trillion in losses.

The UN does not expect international tourism to return to pre-pandemic levels until 2023 at the earliest [File: Reuters]

The economic effects from the plunge in tourism since the coronavirus pandemic emerged last year could be more than $4 trillion, a United Nations report said on Wednesday.

The joint report by the UN’s World Tourism Organization (UNWTO) and Conference on Trade and Development (UNCTAD) found the lack of widespread vaccination in developing countries was leading to mounting economic losses.

“Tourism is a lifeline for millions and advancing vaccination to protect communities and support tourism’s safe restart is critical to the recovery of jobs and generation of much-needed resources,” UNWTO Secretary-General Zurab Pololikashvili said in a statement.

He noted many developing countries are highly dependent on international tourism.

The outbreak of the coronavirus pandemic brought international air travel to a near halt for much of last year as many countries refused to allow non-essential travel.

That punched a $2.4 trillion hole in tourism and related sectors last year, and the report warned a similar loss may occur this year depending on the distribution of COVID-19 vaccines.

“The outlook for this year doesn’t look much better,” Ralf Peters from UNCTAD’s trade analysis branch told a news conference.

“The first three months were again bad, there was not much travelling happening. There is an expectation of a certain recovery in the second half of the year, at least for North America and Europe to a certain extent,” he added, crediting vaccinations.

With COVID-19 vaccination rates wildly uneven – with some countries having inoculated less than one percent of their population while others have topped 60 percent – the economic damage will be concentrated in those countries with low vaccination rates.

The report found “the asymmetric roll-out of vaccines magnifies the economic blow tourism has suffered in developing countries, as they could account for up to 60 percent of the global GDP losses”.

It noted they already suffered the biggest drops in tourism arrivals last year, estimated at between 60 percent and 80 percent.

“In international tourism, we are at levels of 30 years ago so basically we are in the ’80s … Many livelihoods are really at threat,” said Zoritsa Urosevic, Geneva representative of the Madrid-based UNWTO.

Although the tourism sector is expected to recover faster in countries with high vaccination rates such as the United States, the UNWTO does not expect international tourism to return to pre-pandemic levels until 2023 at the earliest.