Licensed crypto mining companies have urged the government in Kazakhstan to revise its taxation policy regarding the sector, which they say is in dire straits. The largest mining firms plan to leave the Central Asian nation by the end of this year, warned the members of the industry.
Miners Criticize Kazakhstan Government’s ‘Unbalanced’ Tax Rules
👉👉CODE : CLICK HERE 👈👈
Crypto mining businesses, authorized to operate in Kazakhstan, have complained about the high production costs since the government limited their access to subsidized electricity and imposed a progressive scale for a surcharge they are required to pay for the power they use.
What is BetSwirl?
BetSwirl is a crypto project that aims to transform the future of the GambleFi sector by implementing state-of-the-art blockchain technology. Just by taking a quick glance at the project’s official website (screenshot below), we can immediately notice that the project utilizes Chainlink’s randomness and automation.
Official landing page (homepage) for the BetSwirl crypto project
Additionally, BetSwirl is a cross-chain, provably fair gambling dapp (decentralized application). However, it is also a cross-chain randomness provider and gaming platform. Overall, in the project’s whitepaper, BetSwirl presents itself as an open-source venture fostering innovation. So, its goal is to create open-source tools and games that everyone can integrate into their dapps.
The BetSwirl Ecosystem
Inside the project’s documentation, we find the ecosystem section. This is where BetSwirl lists games, sports betting, staking, analytics/API, and contracts, which are the products/services this GambleFi project offers.
BetSwirl-docs-ecosystem
When it comes to games, BetSwirl splits them into two main categories: players versus player games and player versus house games. Inside the first category, the project currently only offers its Russian roulette game. However, the second category offers more games, including dice, coin toss, and roulette.
In order to learn more about the games and other components of the BetSwirl ecosystem, make sure to visit the above-outlined documentation.
On the other hand, you can experience these components in action by accessing the BetSwirl dapp. You can do so via the “Open dApp” button in the top-right corner of the previously outlined project’s homepage. Once inside the dapp, you get to select the network you want to focus on in the top menu. And, from the side menu, you get to choose the specific component of the ecosystem you wish to explore:
UI of the BetSwirl dapp and game
Of course, to use the above-presented dapp, you’ll need to connect your Web3 wallet (e.g., MetaMask). Plus, for the chain you decide to focus on, you’ll need to have a native token (ETH, MATIC, AVAX, BNB, ARB) or some BETS crypto asset.
Team, Socials, and Roadmap
Under the FAQs section on the project’s homepage, you can find the “Who is the team?” question. The answer states that the BetSwirl team consists of a talented group of eight crypto-native individuals. They claim to have a wealth of experience in product design, graphic design, gaming design, and software development. Plus, the team points out that it is committed to delivering the ultimate Web3 gaming experience.
While the team is not fully doxxed, the “Team” section of the project’s whitepaper offers names, roles, and descriptions of these core eight team members:
BetSwirl-team-page
As for the project’s social, you can access its Link3, Discord, X, and Medium accounts/channels from the top of the BetSwirl homepage:
The project also offers an extensive roadmap dating back to the third quarter of 2021. The roadmap also marks completed milestones with green checkmarks. You can see the details of BetSwirl’s roadmap inside the project’s docs or in the image below:
Roadmap for the BETS coin outlined
BetSwirl V1 vs. BetSwirl V2
BetSwirl v1 refers to the project’s initial plan, focusing on the Polygon chain and other EVM-compatible chains. However, as pointed out previously, in the summer of 2023, the project transitioned to BetSwirl v2. The core advantage of this transition is the project’s expansion to the Ethereum network.
As explained in the project’s X post from July 29, 2023, BetSwirl v2 can accommodate bigger trades with less slippage. This was achieved by the $1 million worth of liquidity in the 80/20 Balancer pool:
BetSwirl v2 announcement on X
What is the BetSwirl (BETS) Token?
The BetSwirl token is the project’s native cryptocurrency. The BETS coin went live in 2021 on Polygon and gradually expanded to BNB Smart Chain, Avalanche, and Arbitrum. However, with the release of BetSwirl v2, the BETS crypto asset also lives on the leading programmable blockchain: Ethereum.
BetSwirl blockchain networks outlined
So, the BETS coin is a cross-chain cryptocurrency. It is an EVM-compatible token, meaning it follows fungible token standards on supported EVM-compatible chains. For instance, on Ethereum it follows the ERC-20 token standard.
Full BETS Crypto Analysis
In order for you to decide whether or not the BetSwirl token deserves your attention, you ought to get acquainted with the ins and outs of this crypto. Using the Moralis Money $BETS crypto token page, you’ll be able to research the BETS coin more in-depth yourself.
However, it only seems fair we cover some of the aspects in this article. As such, you can use the following sections to learn more about the BETS crypto’s tokenomics, use cases, and price action.
BetSwirl-token-BETS-crypto-on-Etherscan
BETS Coin’s Tokenomics
Token name: BetSwirl v2
Symbol/ticker: BETS or $BETS
Token type: Fungible EVM-compatible token
Networks: Ethereum, Polygon, BNB Smart Chain, Avalanche, Arbitrum
Token smart contract address: 0x94025780a1ab58868d9b2dbbb775f44b32e8e6e5 (the same address on all supported chains)
Maximum supply: 7,777,777,777 $BETS
Token initial allocation:
7% treasury
8% team
5% protocol development
20% game’s bank liquidity
21.69% liquidity
10% marketing
5% advisors
7.26% strategic sale
8.03% private sale
3.95% IDO
4.07% burned
BETS token allocation pie chart
BetSwirl Token’s Use Cases
The BETS coin is the BetSwirl ecosystem’s utility token. Furthermore, these are the things users can do with the BetSwirl (BETS) token according to the project’s whitepaper:
Play BetSwirl games
Stake BETS to earn profits
Buy exclusive NFTs
HODL
Send it to friends, family, and users across multiple chains
The whitepaper also explains that BetSwirl uses BETS as a reward for those who stake the asset, for adding liquidity to the bank for a higher payout, to cover marketing expenses and protocol developments, and to add liquidity to the BetSwirl token pairs on DEXs.
$BETS Price Action
BETS Coin price action chart
CoinMarketCap offers a price chart that includes the price action of both versions of the BETS crypto asset. So, the above weekly chart clearly shows that the BetSwirl token price has covered quite a range. For instance, the wick of the first candle (from May 2022) reached as high as $0.0003654; however, it closed at $0.00009739.
Then, the BETS crypto token worked its way around the $0.00012-ish-$0.000035-ish range throughout 2022.
You probably remember that the crypto market as a whole started to move upwards in January 2023. As such, the BETS coin’s price also started to increase at that time. In fact, the token had quite a rally. It went from its low at $0.00003472 in early January 2023 all the way to $0.001151 in mid-March 2023. So, that was a roughly 33x price increase.
There was a larger pullback from $0.0009579 down to $0.0003797 along the way to the aforementioned top. And once the price reached $0.00151, it pulled back down again to the support at the $0.0004-ish region.
A couple of weekly closed candles stayed below $0.00074 for more than a month. Then, following a revisit of the $0.0004-ish region at the beginning of July 2023, the BETS coin rallied again. This time, the asset set its current ATH (all-time high) at $0.001327. However, the weekly close came in at $0.0009-ish.
A sharp dump and a fast recovery following the token’s ATH is not a proper reflection of $BETS’s value. Instead, it is the consequence of the token’s migration to the new smart contract – the birth of BetSwirl v2.
Post-Migration Price BETS Coin Chart
price chart of the BETS coin post migration
The above twelve-hour chart indicates the BETS crypto’s price action after the asset’s migration. It clearly shows that the token’s value decreased since migration until September 3, 2023. On that day, the token found support on top of the previously significant $0.0004-ish level.
Only time will tell if the bottom is in or if $BETS will go lower. Of course, this will greatly depend on the price action of the rest of the crypto market.
So, if the crypto market as a whole goes any lower, it will take BETS down with it. In that case, $BETS will most likely revisit the previous level of significance at $0.00012-ish. And if the pullback would be severe, lows at $0.000035-ish are not out of the picture.
On the other hand, if Bitcoin and the rest of the crypto market start to climb higher, the BETS crypto token will likely reach its ATH levels.
Research BETS with Moralis Money
If you are interested in the BETS crypto token, make sure to research it further. The best place to do this is the previously mentioned Moralis Money’s token page for BETS. As such, follow the above “$BETS” link or use the interactive widget below:
In an open letter to President Kassym-Jomart Tokayev, eight companies involved in the minting of digital currencies called for a revision of the applicable tax rules. Warning authorities that Kazakhstan’s mining sector is now “in extremely dire straits,” they also revealed:
Today, all the largest representatives of the industry have suspended their activities and plan to completely cease their business in the Republic of Kazakhstan by the end of the year.
The miners highlight that their activities are carried out under license, their data centers are legally connected to the power grid and their computing equipment is duly registered. A transparent mechanism to determine the income base for corporate taxation has been put in place, too.
The crypto firms also point out that they have voluntarily cooperated with the government in its attempt to regulate the market but noted that the positive effect of this is being undermined by the “ineffective and unbalanced” tax policy, Kazakhstan’s Digital Business news portal reported, also quoting the authors of the letter as stating:
As a result, our country has lost its share of the global volume of digital mining — from 14.03% in 2022 to 4% in 2023.
The floating rate of the electricity surcharge, which can reach 26 tenge (over $0.05) per kWh depending on the base price, essentially destroys the industry, the crypto miners concluded. The cost of the electrical energy accounts for up to 80% of the value of mined digital assets, they added.
Kazakhstan became a crypto mining hotspot in the aftermath of China’s crackdown on the industry two years ago. The influx of miners was blamed for the country’s growing power deficit. Pressed by increasingly stricter regulations and power restrictions, mining companies started exiting the country. Chinese mining giant Canaan announced in August it had temporarily shut down approximately 2 exahash per second (EH/s) of its computing power in Kazakhstan since July.
Where do you think will most crypto miners relocate if they leave Kazakhstan? Share your thoughts on the subject in the comments section below.
