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Author Topic: Is mining illegal ?  (Read 23646 times)
tevayo
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October 29, 2017, 01:31:47 AM
 #341

The Icelandic Central Bank confirmed that "it is prohibited to engage in foreign exchange trading with the electronic currency bitcoin, according to the Icelandic Foreign Exchange Act". ... As of November 2016 declared, bitcoins are "not illegal" according to the Federal Tax Service of RussiaThe European Union has passed no specific legislation relative to the status of the bitcoin as a currency, but has stated that VAT/GST is not applicable to the conversion between traditional (fiat) currency and bitcoin.VAT/GST and other taxes (such as income tax) still apply to transactions made using bitcoins for goods and servicesThe short answer: In most cases, bitcoin mining is perfectly legal. In a few countries, however, bitcoin mining, as well as the possession and use of bitcoin is illegal. If you live 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 protections and basic oversight.


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October 29, 2017, 01:35:29 AM
 #342

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 ?

Why should it be illegal? I mean, you are not an offender if you mine right? Where are you from?
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October 29, 2017, 02:44:13 AM
 #343

Depending on the country you are in, Bitcoin mining can be legal or illegal.
Furthermore, talking about  solo mining… The hardware setup, maintenance and electricity costs will not leave with much to celebrate at the end of the year so I suggest give up on solo mining.BUT… In my experience, cloud mining will bear some fruit if you are patient enough with it. There are many cloud mining companies out there and members are enjoying the benefits and the perks.The company I am with allows you to mine bitcoins or ether. Bitcoin contracts are $30 each and are open ended contracts while Ether contracts are each 2 years long and also at $30. Both contracts deposit the currency in your respective wallets and can be reinvested to increase mining power (more contracts) or even purchase physical gold and silver and discounted wholesale rates that would be delivered to your doorstep.
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October 29, 2017, 04:22:59 PM
 #344

Depending on the country you are in, Bitcoin mining can be legal or illegal.
Furthermore, talking about  solo mining… The hardware setup, maintenance and electricity costs will not leave with much to celebrate at the end of the year so I suggest give up on solo mining.BUT… In my experience, cloud mining will bear some fruit if you are patient enough with it. There are many cloud mining companies out there and members are enjoying the benefits and the perks.The company I am with allows you to mine bitcoins or ether. Bitcoin contracts are $30 each and are open ended contracts while Ether contracts are each 2 years long and also at $30. Both contracts deposit the currency in your respective wallets and can be reinvested to increase mining power (more contracts) or even purchase physical gold and silver and discounted wholesale rates that would be delivered to your doorstep.


Mining is a one of the  process in Bitcoin system and it will be transaction step .it only a legal process not an a illegal because process all are in online way so it required all the identification like mail ,account and etc so it must be legal only not an a illegal .

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October 29, 2017, 06:11:05 PM
 #345

Mining is a one of the  process in Bitcoin system and it will be transaction step .it only a legal process not an a illegal because process all are in online way so it required all the identification like mail ,account and etc so it must be legal only not an a illegal .

So if a country forbids bitcoin, you say mining is a legal process? I'm afraid the government of such country strongly disagrees with you.

And for mining you don't require to give all identification. so I'm thinking you don't know what you are talking about.


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October 30, 2017, 02:24:44 AM
 #346

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 ?
Different country different laws. Mining is not illegal in all country. In my country open sex and call girl are illegal so I can't talk that All country are against in this case or it's illegal. It just a rule in one country. That's it. Thank you.

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October 30, 2017, 12:54:35 PM
 #347

 In most cases, bitcoin mining is perfectly legal.
Why should it be illegal? I mean, you are not an offender if you mine right? Where are you from?
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October 30, 2017, 01:00:39 PM
 #348

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 ?

Different countries have different laws for different reasons. Impossible to tell without knowing what country you're in.

The short answer: In most cases, bitcoin mining is perfectly legal. In a few countries, however, bitcoin mining, as well as the possession and use of bitcoin is illegal. If you live 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 protections and basic oversight.

Quoted the answer due to some issues.
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October 30, 2017, 01:06:14 PM
 #349

In my country is legal.. I dont understand why person cant do it in another country. You pay for electricity you can mining.

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October 30, 2017, 03:30:28 PM
 #350

Mining have not legal regulation
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October 30, 2017, 03:46:50 PM
 #351

Mining bitcoins is legal based on different countries regulations, certain countries government see bitcoin as a threat to the national currency as they government or the central banking system does not have control over bitcoins and blockchain community. Few countries like Bangladesh, Ecuador have banned the use of bitcoins as they have created a new digital currency of Ecuador and to increase the demand of the countries own digital currency. In almost all the developed countries like America and European countries mining bitcoin is considered as a legal activity as it helps in boosting the countries economic conditions by providing a source of income for the unemployed and the employed an additional source of income. Moreover this bitcoin technology has the capability to increase the living standard of the normal people.

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October 30, 2017, 04:00:41 PM
 #352

I think it's like asking , is earning money illegal . Unless cryptocurrency is illegal in your country I don't think there is a problem
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October 31, 2017, 10:28:24 PM
 #353

The Icelandic Central Bank confirmed that "it is prohibited to engage in foreign exchange trading with the electronic currency bitcoin, according to the Icelandic Foreign Exchange Act". ... As of November 2016 declared, bitcoins are "not illegal" according to the Federal Tax Service of RussiaThe European Union has passed no specific legislation relative to the status of the bitcoin as a currency, but has stated that VAT/GST is not applicable to the conversion between traditional (fiat) currency and bitcoin.VAT/GST and other taxes (such as income tax) still apply to transactions made using bitcoins for goods and servicesThe short answer: In most cases, bitcoin mining is perfectly legal. In a few countries, however, bitcoin mining, as well as the possession and use of bitcoin is illegal. If you live 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 protections and basic oversight.
Wow you have a lot of knowledge about bitcoin and mining of bitcoin, I don’t know is bitcoin mining illegal or legal but according to me bitcoin mining is the best way to change a rude person life because when that person invest in bitcoin life of that person will become full of fun and happiness.

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October 31, 2017, 10:29:20 PM
 #354

Depending on the country you are in, Bitcoin mining can be legal or illegal.
Furthermore, talking about  solo mining… The hardware setup, maintenance and electricity costs will not leave with much to celebrate at the end of the year so I suggest give up on solo mining.BUT… In my experience, cloud mining will bear some fruit if you are patient enough with it. There are many cloud mining companies out there and members are enjoying the benefits and the perks.The company I am with allows you to mine bitcoins or ether. Bitcoin contracts are $30 each and are open ended contracts while Ether contracts are each 2 years long and also at $30. Both contracts deposit the currency in your respective wallets and can be reinvested to increase mining power (more contracts) or even purchase physical gold and silver and discounted wholesale rates that would be delivered to your doorstep.
You are right but I don’t know bitcoin consider to be illegal worldwide or not because some countries consider bitcoin legal and use bitcoin for economic part of country. Bitcoin plays an important role in country economic power because it improves the economy of a country.

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October 31, 2017, 11:00:30 PM
 #355

Depending on the country you are in, Bitcoin mining can be legal or illegal.
Furthermore, talking about  solo mining… The hardware setup, maintenance and electricity costs will not leave with much to celebrate at the end of the year so I suggest give up on solo mining.BUT… In my experience, cloud mining will bear some fruit if you are patient enough with it. There are many cloud mining companies out there and members are enjoying the benefits and the perks.The company I am with allows you to mine bitcoins or ether. Bitcoin contracts are $30 each and are open ended contracts while Ether contracts are each 2 years long and also at $30. Both contracts deposit the currency in your respective wallets and can be reinvested to increase mining power (more contracts) or even purchase physical gold and silver and discounted wholesale rates that would be delivered to your doorstep.
You are right but I don’t know bitcoin consider to be illegal worldwide or not because some countries consider bitcoin legal and use bitcoin for economic part of country. Bitcoin plays an important role in country economic power because it improves the economy of a country.

If they considered mining to be illegal I don't think its appropriate idea to ride on because miners were sold by legit providers, and yet they called it illegal? How non sense is this thoughts is. Miners create by manufacturers just to fulfill the needs of the customers who get good service and being legitimate suppliers for everybody, I believed that this is a registered business for them. That GPU miners involved strong quality assurance which all sectors of technology is really involved for it helping the mining network much faster. Together with the help mining, the blockchain network will be accommodated with their transactions to became faster and reliable to all who cater bitcoin processing like withdrawal payments an other digital currency related activities.


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October 31, 2017, 11:35:07 PM
 #356

in my country mining is not  legal because its not considered as legal work, and different countries have different laws about mining is illegal or not illegal.
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October 31, 2017, 11:41:03 PM
 #357

So far as I know Mining is legal in all countries.

Nevertheless you have to be aware of tax-related points.
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November 01, 2017, 02:24:26 PM
 #358

I think it's like asking , is earning money illegal . Unless cryptocurrency is illegal in your country I don't think there is a problem
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 and the easy way to make more and more money.

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November 01, 2017, 10:37:51 PM
 #359

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 ?

Different countries have different laws for different reasons. Impossible to tell without knowing what country you're in.
Yes, that might depend on the country where you are living as some countries allow bitcoin and some countries don't allow it.
Should check if your country allowed the use of bitcoins then it is good for mining bitcoins too... but if bitcoins is not allowed, bitcoin mining too will not be allowed.

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November 02, 2017, 01:02:03 AM
 #360

I think i have to start mining

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