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Author Topic: Is mining illegal ?  (Read 21525 times)
naidray
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October 06, 2017, 02:43:04 PM
 #221

If it will be illegal the bitcoin rate will be higher +++  Smiley Wink
I do not understand how this will have anything to do with the bitcoin rate if declared as illegal. If declared illegal worldwide and people cannot easily mine bitcoin and apparently few people are able to manage it, how do you think transactions will be like. How do we even get the remaining few million bitcoins left mined.

We might as well just be struck with the few ones we have, if everyone isn't tired about the whole thing already and dumping their stuffs really fast.



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October 07, 2017, 10:31:23 PM
 #222

Yes it is legal in the most countries

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October 07, 2017, 11:21:28 PM
 #223

as long as you pay taxes it is not illegal

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October 08, 2017, 10:42:16 AM
 #224

Are you kiddin ?
Just like any other tasks where you can earn some extra cash ( even becoming your first job) as long as you pay tax on the revenues , according to your country's law - it's defiantly legal.

Like when you earn interest from something - they are all taxed before been given to you.
In the case of mining, yourself need to do the job to report how much you spend and the total earning.

Easy Pease.

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October 08, 2017, 11:04:50 AM
 #225

From my understanding it varies from Country to Country.
In Venezuela you can go into prison if you get catched mining bitcoins.
Official charge is electricity theft from the government.
People are so poor and desperate, they do it anyway.
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October 08, 2017, 05:14:23 PM
 #226

Unless BTC or alternative currency mining is stated illegal in your local laws you should be fine. Some people get caught stealing electricity, some other people get caught because what they are doing is 'suspicious', think about explaining to a judge the cryptocurrency world, 99% will have a hard time understanding and can put a wrong sentence on you. For some people it might be no different than brewing alcohol on a home made distillery. On my country the only legal challenge I would foresee is the gobernment knowing you are getting profits you are not declaring, you can be incarcerated for that.

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October 08, 2017, 05:29:50 PM
 #227

Unless BTC or alternative currency mining is stated illegal in your local laws you should be fine. Some people get caught stealing electricity, some other people get caught because what they are doing is 'suspicious', think about explaining to a judge the cryptocurrency world, 99% will have a hard time understanding and can put a wrong sentence on you. For some people it might be no different than brewing alcohol on a home made distillery. On my country the only legal challenge I would foresee is the gobernment knowing you are getting profits you are not declaring, you can be incarcerated for that.
When it comes to money and wont pay any taxes on what you are earning then you would really be sue on that knowing government wont really allow to pass such thing.If they found out that you are not paying taxes then you would really have a problem.Mining isnt really an illegal thing as long you do know how to pay up the energy you do consume and as you said some people are caught on stealing electricity.Regarding on your mining activity it would really be new into the eyes of people that surrounds you specially if bitcoin mining awareness is still not popular.You would really be like on doing illegal stuff.

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October 08, 2017, 05:34:13 PM
 #228

For as long as it is not stated illegal in your state or country then you are free to do it. I don't understand why some countries will incarcerate people earning from mining when they are paying electricity regularly and pays tax on every services.

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October 08, 2017, 05:49:34 PM
 #229

From my understanding it varies from Country to Country.
In Venezuela you can go into prison if you get catched mining bitcoins.
Official charge is electricity theft from the government.
People are so poor and desperate, they do it anyway.

Venezuela is the country which needs Bitcoin the most. It is sad to see the corruption that is preventing Bitcoin from growing.
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October 08, 2017, 07:29:37 PM
 #230

I know mining is a great source of earning bitcoin with some hardware stuff but i am not sure about one thing is mining is illegal in all country ? Like in my country mining is not  legal i just wanted to know why its not considered as legal work ?

Mining is legal in all aspects, I don't really know why do they keep saying that mining is illegal. On some other country using bitcoin are banned on some reasons. It is only banned,they not saying that its a illegal activity do to. It is just like a gold mining company that want to mine gold.

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October 08, 2017, 07:35:47 PM
 #231

as long as you pay taxes it is not illegal
mining is decentralized so how would we pay taxes?? i mean government don't have enough time to check into our houses to explore our source of income, so as long as i know bitcoin mining is legal, it doesn't matter you pay taxes or not.

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October 09, 2017, 12:52:50 AM
 #232

as long as you pay taxes it is not illegal
mining is decentralized so how would we pay taxes?? i mean government don't have enough time to check into our houses to explore our source of income, so as long as i know bitcoin mining is legal, it doesn't matter you pay taxes or not.

cryptocurrency is decentralized no need to pay taxes for it. But I think once you traded your crypt into fiat that is the time that you are having an income which is subject to taxes.

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October 09, 2017, 01:06:52 AM
 #233

I know mining is a great source of earning bitcoin with some hardware stuff but i am not sure about one thing is mining is illegal in all country ? Like in my country mining is not  legal i just wanted to know why its not considered as legal work ?

Mining is legal in all aspects, I don't really know why do they keep saying that mining is illegal. On some other country using bitcoin are banned on some reasons. It is only banned,they not saying that its a illegal activity do to. It is just like a gold mining company that want to mine gold.
I think more if the government feels fear with bitcoin. So if there is bitcon mining in the country then it has a big impact on the use of bitcoin more and more. They think that bitcoin is very risky and could endanger the economy in the country, whereas if it can be regulated the regulation of bitcoin will improve the economic level of citizens in a country. I am sure the government misperception much about bitcoin. They only look at one side of the negative alone without the desire to know how to use positive bitcoin.


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October 09, 2017, 10:45:43 AM
 #234

I know mining is a great source of earning bitcoin with some hardware stuff but i am not sure about one thing is mining is illegal in all country ? Like in my country mining is not  legal i just wanted to know why its not considered as legal work ?

Mining is legal in all aspects, I don't really know why do they keep saying that mining is illegal. On some other country using bitcoin are banned on some reasons. It is only banned,they not saying that its a illegal activity do to. It is just like a gold mining company that want to mine gold.
I think more if the government feels fear with bitcoin. So if there is bitcon mining in the country then it has a big impact on the use of bitcoin more and more. They think that bitcoin is very risky and could endanger the economy in the country, whereas if it can be regulated the regulation of bitcoin will improve the economic level of citizens in a country. I am sure the government misperception much about bitcoin. They only look at one side of the negative alone without the desire to know how to use positive bitcoin.

You are Right Buddy.Since this was come to know by a chinese government and they get a fear that Bitcoin  will take a control of their country economy.Hence so they try to ban the bitcoin from their country and results the price of bitcoin reduces some how.But the control is switch over to bitcoin and hence the price of bitcoin again start to Increase and it was in the moon now Smiley Smiley.In my country,Mining is legal.So I no need to fear about it.

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October 09, 2017, 11:02:30 AM
 #235

at the moment, mining is not "illegal", just because of the absolute absence of a specific law about it. this is not meaning mining will be for ever immune about actions from banks and governments, to comprime this phenomenon, clearly a dangerous fast-growing fact that can replace global financial systems. And in my opinion it will be a great show to see mining cryptos and eating popcorn
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October 09, 2017, 11:06:04 AM
 #236

Mining is definitely not illegal, there are regulations yet to install any policy to undermine the legitimacy of miners

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October 09, 2017, 11:22:20 AM
 #237

in other way i think it is legal Because Paypal and bank allow to buy/sell bitcoin miners tools
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October 09, 2017, 11:55:09 AM
 #238

If it will be illegal the bitcoin rate will be higher +++  Smiley Wink
I do not understand how this will have anything to do with the bitcoin rate if declared as illegal. If declared illegal worldwide and people cannot easily mine bitcoin and apparently few people are able to manage it, how do you think transactions will be like. How do we even get the remaining few million bitcoins left mined.

We might as well just be struck with the few ones we have, if everyone isn't tired about the whole thing already and dumping their stuffs really fast.

I disagree. If Bitcoin mining becomes illegal in some countries, or in most countries, there are others who have different laws and where Bitcoin will be mined. One shouldn't worry that Bitcoin may die in that case, it just will be mined in other places and the price of it can rise indeed because it is a usual practice that the demand for something rises when it becomes illegal.

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October 09, 2017, 05:44:59 PM
 #239

What aspect of bitcoin mining is outlawed in those countries?

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October 09, 2017, 08:53:40 PM
 #240

Its subjective. Depends on what your govt of the country thinks about bitcoin itself.
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