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Author Topic: Is mining illegal ?  (Read 21828 times)
batang_bitcoin
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October 09, 2017, 10:45:24 PM
 #241

in other way i think it is legal Because Paypal and bank allow to buy/sell bitcoin miners tools

There are countries that PayPal isn't allowed so that means that PayPal is illegal on those countries. And there are some countries that bitcoin is banned so it means too that bitcoin is ban into that country. Good thing that here in my country bitcoin mining isn't ban but the real mining of gold and other precious metals is only the illegal thing if you don't have any papers of operation for mining.

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October 10, 2017, 02:01:32 PM
 #242

There's a country that will ban Bitcoin mining and it's in Venezuela. but in China and Russia they have plenty of Mining rigs to mine. but ofcourse we should have safety and precaution because it will cause heat and its very dangerous if you don't know how to use.

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October 10, 2017, 04:09:37 PM
 #243

There's a country that will ban Bitcoin mining and it's in Venezuela. but in China and Russia they have plenty of Mining rigs to mine. but ofcourse we should have safety and precaution because it will cause heat and its very dangerous if you don't know how to use.

Yes it really can cause lots of energy loss specially the electricity in the place drops due to shortage of supply. Although in my country mining is still a freedom of everybody but I guess that not a problem as long as the miner knows how to use and safety better practices is observed regularly. However we can't say all the time that it won't contribute to global warming, but it really does.

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October 10, 2017, 06:19:22 PM
 #244

Yeah, you just gotta keep your ear to the ground. Watch ur local laws and try to make sure you not breaking them.
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October 11, 2017, 12:49:30 PM
 #245

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 ?

what country ?
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October 11, 2017, 01:01:13 PM
 #246

It is not illegal lol. And it isn't printing money either. You have to work for it, using your PC or other mining hardware to perform SHA-256 encryptions in order to generate bitcoins. It puts a lot of strain on your system and uses power, so its not like you are getting it for nothing.

And bitcoin mining has become so difficult, mining with a PC is useless. It would take several thousand dollars worth of ASIC mining equipment to even compete nowadays.

Most people using PC hardware to mine have moved on to litecoin or other scrypt based cyrpto-currencies. Which aren't illegal either.
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October 11, 2017, 01:05:59 PM
 #247

It's not illegal. It's expensive!

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October 11, 2017, 01:07:38 PM
 #248

It is not illegal lol. And it isn't printing money either. You have to work for it, using your PC or other mining hardware to perform SHA-256 encryptions in order to generate bitcoins. It puts a lot of strain on your system and uses power, so its not like you are getting it for nothing.

And bitcoin mining has become so difficult, mining with a PC is useless. It would take several thousand dollars worth of ASIC mining equipment to even compete nowadays.

Most people using PC hardware to mine have moved on to litecoin or other scrypt based cyrpto-currencies. Which aren't illegal either.

It's not illegal. It's costly!

Hard claims. But it all depends in which country you live and what the local rules are.

So your claim can be correct for your country, but this doesn't make it right for every other country in the world.

I guess you live in the US? Because there are countries outside the US, you know?


But the costly part is correct in every country  Wink


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October 11, 2017, 03:03:50 PM
 #249

In many countries bitcoin mining is illegal, if you lives in North America and most of western Europe, bitcoin mining, as well as possession, is not only legal but local regulatory frameworks actually provide certain protecions.
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October 11, 2017, 06:20:29 PM
 #250

That depends what county you live in .

In the US it's not illegal yet ....
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October 11, 2017, 11:08:51 PM
 #251

It's not illegal. It's expensive!
Absolutely not, bitcoin is not illegal because as we see that many of the countries have started trading in bitcoin in their local markets as well as international markets. What does it means. Simply it means that bitcoin is totally legal and authorized digital currency. That’s why people around the world are investing in bitcoin because it is a legal way to make more and more money.
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October 11, 2017, 11:13:27 PM
 #252

It is not illegal lol. And it isn't printing money either. You have to work for it, using your PC or other mining hardware to perform SHA-256 encryptions in order to generate bitcoins. It puts a lot of strain on your system and uses power, so its not like you are getting it for nothing.

And bitcoin mining has become so difficult, mining with a PC is useless. It would take several thousand dollars worth of ASIC mining equipment to even compete nowadays.

Most people using PC hardware to mine have moved on to litecoin or other scrypt based cyrpto-currencies. Which aren't illegal either.

It's not illegal. It's costly!

Hard claims. But it all depends in which country you live and what the local rules are.

So your claim can be correct for your country, but this doesn't make it right for every other country in the world.

I guess you live in the US? Because there are countries outside the US, you know?


But the costly part is correct in every country  Wink
I don’t think so and the reason is that if bitcoin would illegal then nobody will invest in it. but we all know that bitcoin is legal and acceptable to almost all the countries of the world, and gradually all the countries will start regularization of bitcoin in their respective countries. For an illegal thing the governments will never took a positive step to encourage people to invest in bitcoin and trade in it.

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October 12, 2017, 05:06:48 AM
 #253

It's not illegal. It's expensive!
Absolutely not, bitcoin is not illegal because as we see that many of the countries have started trading in bitcoin in their local markets as well as international markets. What does it means. Simply it means that bitcoin is totally legal and authorized digital currency. That’s why people around the world are investing in bitcoin because it is a legal way to make more and more money.

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October 12, 2017, 08:33:06 AM
 #254

i believe is legal in many aspects but is never good to take abuse of any actions against the data. Its al;ways good to stay legal and comply with all regulations
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October 12, 2017, 08:48:05 AM
 #255

It's not illegal. It's expensive!

Definitely it's an expensive investment, you won't have to have a type of investment that will generate you nothing. Just expect the return in a fair amount so it's quite expensive.

China declared that there's a ban for ICO but there's no declaration about mining's status in their country, bitmain is located there and they are still operating so I doubt it that mining is illegal.

I don't know if there will another FUD that will spread and will say that mining is something that people shouldn't do because it adds pollution to the world.  Grin



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October 12, 2017, 08:54:17 AM
 #256

Many countries don't recognize cryptocurrency and mining. These things can be forbidden by some laws from general point of view. They don't know how to collect taxes too. Smiley
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October 12, 2017, 02:05:13 PM
 #257

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 has become a treand to the bitcoin community many people are suggesting it, and some people are against it. However, for me, the decision is up to us. If you are prepared to invest on the requirements needed then why not?

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October 12, 2017, 03:49:30 PM
 #258

 
In Russia, apparently soon legalize. Today I heard the statement of the Minister of Finance Ulyukaev that already in 2018-2019 the creation of the law on the crypto-currency in Russia is expected. Obviously, in the Russian Federation can not include crypto-currencies to other electronic money directly. But they can create a system that will help to do this indirectly.

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October 12, 2017, 05:02:57 PM
 #259

Bitcoin mining is totally legal in most of the part of the world. But there are a few countries where there are some rules that say bitcoin mining is illegal.

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October 12, 2017, 11:18:05 PM
 #260

If your country banning bitcoin then the mining will become illegal,  but only small part of the country that are banning bitcoin, the reason of the banning is usually pretty classic like people used it for money laundry, buy drugs and other bad things, in my country there are still no statement from the government whether it is legal or illegal

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