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Author Topic: Which European country best for Bitcoin mining?  (Read 663 times)
bitcoinexplorer
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January 27, 2018, 08:23:59 PM
 #1

Hello Geeks

I need your feedback and opinion on below mentioned scenario:-

I am planning to setup a IT Company with focus on cryptocurrency and plan to do below mentioned activity:-

1. Setup my own small mining farm (like 10 to 20 miners)
2. Start a Cloud mining venture like Genesis Mining and sell out Cloud Mining contracts by leasing my miners.
3. Other IT activities.

Factors to consider while choosing a destination are:-

1. Low tax rate
2. Crypto friendly environment
3. Preferably low electricity costs
4. Muslim friendly country where veil & Hijab is allowed.
5. Easy immigration for Startup Entrepreneurs

Thank you.  Smiley
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zoran.drobnjak
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January 28, 2018, 12:04:19 AM
Merited by Tyrantt (5)
 #2

Check Serbia.

1 - Lowest Tax in addition to tax deductions and subsidies for investors, please check > http://ras.gov.rs/invest-in-serbia/why-serbia/financial-benefits-and-incentives
2 - Crypto friendly legal framework, for more details you can contact their local Bitcoin association > office@bitcoinasocijacija.org
3 - Cheapest electricity in the area
4 - In addition to Muslims, a sort of hijab is also worn by a number of older ladies and grandma's, cities such as Belgrade or Novi-Sad also have Syrian and Iraqi communities
5 - Simple immigration, please check this short video > https://www.youtube.com/watch?v=_m1PnY1Wiu4

Government agency to contact for details > office@ras.gov.rs , +38111-339-8900
Easiest is to hire a local investment lawyer who can assist, preferably one recommended by a local Bitcoin association who is familiar with crypto bussines.
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January 28, 2018, 12:10:56 AM
 #3

Hello Geeks

I need your feedback and opinion on below mentioned scenario:-

I am planning to setup a IT Company with focus on cryptocurrency and plan to do below mentioned activity:-

1. Setup my own small mining farm (like 10 to 20 miners)
2. Start a Cloud mining venture like Genesis Mining and sell out Cloud Mining contracts by leasing my miners.
3. Other IT activities.

Factors to consider while choosing a destination are:-

1. Low tax rate
2. Crypto friendly environment
3. Preferably low electricity costs
4. Muslim friendly country where veil & Hijab is allowed.
5. Easy immigration for Startup Entrepreneurs

Thank you.  Smiley


Just a word of advice from myself, you should probably set up those machines to mine for yourself. I think people in general are weary about the idea of cloud mining. After all, why would they pay less for something that has the potential to make the owner more money? Furthermore, many other cloud mining companies have been exposed as scams in the past. Be a little cautious of how you approach the situation.

If you want to look for a place, ideally, you'd go somewhere North to set up, especially where it's a little cooler. You'll reduce the costs that you pay for cooling. Furthermore, the housing prices as you go further north and into the cold, I'm sure, would start dropping drastically, so keep that in mind.

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January 28, 2018, 12:43:05 AM
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Check Serbia.

1 - Lowest Tax in addition to tax deductions and subsidies for investors, please check > http://ras.gov.rs/invest-in-serbia/why-serbia/financial-benefits-and-incentives
2 - Crypto friendly legal framework, for more details you can contact their local Bitcoin association > office@bitcoinasocijacija.org
3 - Cheapest electricity in the area
4 - In addition to Muslims, a sort of hijab is also worn by a number of older ladies and grandma's, cities such as Belgrade or Novi-Sad also have Syrian and Iraqi communities
5 - Simple immigration, please check this short video > https://www.youtube.com/watch?v=_m1PnY1Wiu4

Government agency to contact for details > office@ras.gov.rs , +38111-339-8900
Easiest is to hire a local investment lawyer who can assist, preferably one recommended by a local Bitcoin association who is familiar with crypto bussines.

Pretty much, the government is trying to make it a lot easier for someone who's not from Serbia to start out a business, and that subsidies are humbly given out to all foreign investors. You have nothing to worry about it being crypto friendly, I don't think that government has any plans considering crypto. As player514, summer can get pretty hot and winters quite cold, so you can balance those two out. Freedom is something that's of abundance here, no one will bother you for whatever you're wearing or however you look as long as you're a nice person. Also, if you're interested, min wage is quite min and there are plenty of people that are more than ready/capable to work if you're not bringing your own team. Good luck.

bitcoinexplorer
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January 28, 2018, 10:24:55 PM
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Check Serbia.

1 - Lowest Tax in addition to tax deductions and subsidies for investors, please check > http://ras.gov.rs/invest-in-serbia/why-serbia/financial-benefits-and-incentives
2 - Crypto friendly legal framework, for more details you can contact their local Bitcoin association > office@bitcoinasocijacija.org
3 - Cheapest electricity in the area
4 - In addition to Muslims, a sort of hijab is also worn by a number of older ladies and grandma's, cities such as Belgrade or Novi-Sad also have Syrian and Iraqi communities
5 - Simple immigration, please check this short video > https://www.youtube.com/watch?v=_m1PnY1Wiu4

Government agency to contact for details > office@ras.gov.rs , +38111-339-8900
Easiest is to hire a local investment lawyer who can assist, preferably one recommended by a local Bitcoin association who is familiar with crypto bussines.

Thanks, i have asked my partner to look into it.
bitcoinexplorer
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January 28, 2018, 10:25:38 PM
 #6

Hello Geeks

I need your feedback and opinion on below mentioned scenario:-

I am planning to setup a IT Company with focus on cryptocurrency and plan to do below mentioned activity:-

1. Setup my own small mining farm (like 10 to 20 miners)
2. Start a Cloud mining venture like Genesis Mining and sell out Cloud Mining contracts by leasing my miners.
3. Other IT activities.

Factors to consider while choosing a destination are:-

1. Low tax rate
2. Crypto friendly environment
3. Preferably low electricity costs
4. Muslim friendly country where veil & Hijab is allowed.
5. Easy immigration for Startup Entrepreneurs

Thank you.  Smiley


Just a word of advice from myself, you should probably set up those machines to mine for yourself. I think people in general are weary about the idea of cloud mining. After all, why would they pay less for something that has the potential to make the owner more money? Furthermore, many other cloud mining companies have been exposed as scams in the past. Be a little cautious of how you approach the situation.

If you want to look for a place, ideally, you'd go somewhere North to set up, especially where it's a little cooler. You'll reduce the costs that you pay for cooling. Furthermore, the housing prices as you go further north and into the cold, I'm sure, would start dropping drastically, so keep that in mind.


Noted with thanks  Smiley
bitcoinexplorer
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January 28, 2018, 10:26:16 PM
 #7

Check Serbia.

1 - Lowest Tax in addition to tax deductions and subsidies for investors, please check > http://ras.gov.rs/invest-in-serbia/why-serbia/financial-benefits-and-incentives
2 - Crypto friendly legal framework, for more details you can contact their local Bitcoin association > office@bitcoinasocijacija.org
3 - Cheapest electricity in the area
4 - In addition to Muslims, a sort of hijab is also worn by a number of older ladies and grandma's, cities such as Belgrade or Novi-Sad also have Syrian and Iraqi communities
5 - Simple immigration, please check this short video > https://www.youtube.com/watch?v=_m1PnY1Wiu4

Government agency to contact for details > office@ras.gov.rs , +38111-339-8900
Easiest is to hire a local investment lawyer who can assist, preferably one recommended by a local Bitcoin association who is familiar with crypto bussines.

Pretty much, the government is trying to make it a lot easier for someone who's not from Serbia to start out a business, and that subsidies are humbly given out to all foreign investors. You have nothing to worry about it being crypto friendly, I don't think that government has any plans considering crypto. As player514, summer can get pretty hot and winters quite cold, so you can balance those two out. Freedom is something that's of abundance here, no one will bother you for whatever you're wearing or however you look as long as you're a nice person. Also, if you're interested, min wage is quite min and there are plenty of people that are more than ready/capable to work if you're not bringing your own team. Good luck.



Glad to know, any idea what is the cost of electricity in Serbia?
bitcoinexplorer
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January 28, 2018, 10:54:39 PM
 #8

Some Arab countries have a very low cost for electricity so having mining farms down has to be very profitable, the problem is the heat
Yes but they don't have any clear position and as they are kingdoms , you can expect anything anytime, not business friendly.
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January 28, 2018, 10:55:22 PM
 #9

I think Sweden is the most suitable country for mining because it is one of the cold countries of Europe, additional costs such as cooling are reduced
What is the cost of electricity in Sweden?
Is Cryptocurrency mining legal in Sweden?
What is the taxation?
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January 29, 2018, 01:19:46 AM
 #10

http://ec.europa.eu/eurostat/statistics-explained/images/8/8c/Electricity_prices%2C_first_half_of_year%2C_2015-2017.png

Link above has electricity price comparison for all European countries.
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January 31, 2018, 09:08:50 PM
 #11


Factors to consider while choosing a destination are:-

1. Low tax rate
2. Crypto friendly environment
3. Preferably low electricity costs
4. Muslim friendly country where veil & Hijab is allowed.
5. Easy immigration for Startup Entrepreneurs

Thank you.  Smiley


I  can just suggest you to check Bosnia and Herzegovina.

Here are some of the information you need :

- Here you can find tax rates https://en.wikipedia.org/wiki/Taxation_in_Bosnia_and_Herzegovina
- Electricity costs http://ec.europa.eu/eurostat/statistics-explained/images/8/8c/Electricity_prices%2C_first_half_of_year%2C_2015-2017.png
- Veil and Hija are allowed https://en.wikipedia.org/wiki/Bosnia_and_Herzegovina#Religion
- About immigration, you can check here http://msb.gov.ba/inf_za_strance/default.aspx?id=3068&langTag=en-US

For all other questions, you can contact them at this phone numbers:
tel.: +387 33 213 623
fax: +387 33 213 628
e-mail: glasnogovornik@msb.gov.ba
or try to investigate on this site http://msb.gov.ba/Default.aspx?pageIndex=1&langTag=en-US

Have a nice day.
bitcoinexplorer
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February 01, 2018, 05:48:48 AM
 #12

Check Serbia.

1 - Lowest Tax in addition to tax deductions and subsidies for investors, please check > http://ras.gov.rs/invest-in-serbia/why-serbia/financial-benefits-and-incentives
2 - Crypto friendly legal framework, for more details you can contact their local Bitcoin association > office@bitcoinasocijacija.org
3 - Cheapest electricity in the area
4 - In addition to Muslims, a sort of hijab is also worn by a number of older ladies and grandma's, cities such as Belgrade or Novi-Sad also have Syrian and Iraqi communities
5 - Simple immigration, please check this short video > https://www.youtube.com/watch?v=_m1PnY1Wiu4

Government agency to contact for details > office@ras.gov.rs , +38111-339-8900
Easiest is to hire a local investment lawyer who can assist, preferably one recommended by a local Bitcoin association who is familiar with crypto bussines.

Thanks, i have asked my partner to look into it.

Contacted them and got no response...
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February 01, 2018, 03:37:36 PM
 #13

Trust me when i tell you...Taxes are here...20% for company...they will add you more taxes to pay because they "forget" to tell you. Electricity is here 0.17c when you spend more over 1650kw, basically 150$ per miner, industrial electricity is not that much from 0.17 maybe 1-2c less... Only thing about crypto..That our national bank has said is "Bitcoin is not currency".

Viva la Serbia /s
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February 11, 2018, 12:51:27 PM
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Trust me when i tell you...Taxes are here...20% for company...they will add you more taxes to pay because they "forget" to tell you. Electricity is here 0.17c when you spend more over 1650kw, basically 150$ per miner, industrial electricity is not that much from 0.17 maybe 1-2c less... Only thing about crypto..That our national bank has said is "Bitcoin is not currency".

Viva la Serbia /s

So it means that they have a unregulated status...

I heard Belarus https://news.bitcoin.com/cryptocurrencies-activities-legal-tax-free-belarus-starting-march/
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February 11, 2018, 05:57:34 PM
 #15

Yes, totally. Bitcoin is not regulated here at all. But there is no really much use of it at all in therms of: You can go buy coffee, bread, dinner, flowers etc. Well that looks much better option then Serbia, but not sure what are electricity rates there.

You would need to sell it(convert it to fiat EUR) then convert that to RSD(Serbian Dinar), and after that you can use it. But not sure how does that reflect doing that as company, how much taxes you need to pay for that, does this act look as "Foreign Income", since its Bitcoin involved, and not "Doing modeling job, or working for someone"
bitcoinexplorer
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February 11, 2018, 06:42:40 PM
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Yes, totally. Bitcoin is not regulated here at all. But there is no really much use of it at all in therms of: You can go buy coffee, bread, dinner, flowers etc. Well that looks much better option then Serbia, but not sure what are electricity rates there.

You would need to sell it(convert it to fiat EUR) then convert that to RSD(Serbian Dinar), and after that you can use it. But not sure how does that reflect doing that as company, how much taxes you need to pay for that, does this act look as "Foreign Income", since its Bitcoin involved, and not "Doing modeling job, or working for someone"

Exactly, that's what i am talking about. As a foreign entrepreneur when i come to your country i need to have clear understanding. Under current scenario when major governments all over world are cracking down on crypto i want to move to a country which accept it as a legal work.
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February 11, 2018, 07:34:22 PM
 #17

Out of pure curiosity, what's wrong with where you're based now?

Despite the EU, there's incredible variance in tax rates and no doubt power costs too. One country may be totally viable, the one next door hopeless.

The obvious one, though not EU, is Belarus as they're going full tax free crypto but it doesn't sound like a fun place to live.

The number one thing by a long way is surely power costs. In that case I think it's Bulgaria that's the cheapest.

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February 11, 2018, 08:06:42 PM
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Out of pure curiosity, what's wrong with where you're based now?

Despite the EU, there's incredible variance in tax rates and no doubt power costs too. One country may be totally viable, the one next door hopeless.

The obvious one, though not EU, is Belarus as they're going full tax free crypto but it doesn't sound like a fun place to live.

The number one thing by a long way is surely power costs. In that case I think it's Bulgaria that's the cheapest.

The place where i live is ruled by King, so they can change laws anytime specially as its unregulated at this moment.
Whats the legal status of bitcoin in Bulgaria?
Thanks.
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February 12, 2018, 07:29:01 PM
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bitcoinexplorer
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February 13, 2018, 01:53:25 AM
 #20

...

Thank you, please advise about legal complications in Bulgaria, is bitcoin legal there?



(Moderator's note: This post was edited by frodocooper to trim the quote from iluvbitcoins.)
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February 14, 2018, 12:05:22 AM
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Thank you, please advise about legal complications in Bulgaria, is bitcoin legal there?

Where exactly is bitcoin illegal?

Bulgaria embraces bitcoin more than most countries, but the banking system in Bulgaria is the bully when it comes to doing business. They recently shut down all exchanges out there.

Stop buying industrial miners, running them at home, and then complaining about the noise.
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February 14, 2018, 12:09:01 AM
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Thank you, please advise about legal complications in Bulgaria, is bitcoin legal there?

https://www.ruskov-law.eu/bulgaria/article/legal-tax-treatment-bitcoin.html

This seems fairly informative. Also it's said the Bulgarian government is sitting on over 200,000 bitcoins so they may be well disposed towards until they sell it all at least.

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February 14, 2018, 05:52:01 AM
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Thank you, please advise about legal complications in Bulgaria, is bitcoin legal there?

https://www.ruskov-law.eu/bulgaria/article/legal-tax-treatment-bitcoin.html

This seems fairly informative. Also it's said the Bulgarian government is sitting on over 200,000 bitcoins so they may be well disposed towards until they sell it all at least.

It was highly informative, thank you
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February 14, 2018, 05:55:20 AM
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Thank you, please advise about legal complications in Bulgaria, is bitcoin legal there?

Where exactly is bitcoin illegal?

Bulgaria embraces bitcoin more than most countries, but the banking system in Bulgaria is the bully when it comes to doing business. They recently shut down all exchanges out there.

Banks shut down exchanges....very sad! how are Bulgarians trading BTC?
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February 14, 2018, 07:39:10 PM
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Switzerland, known for its progressive attitudes toward individual rights in banking, has kept a similar attitude toward cryptocurrency regulation. The Western European country is conspicuously absent from the European Union and appears to have an open attitude toward the cryptocurrency industry.

Yes but electricity is pretty expensive....not suitable for mining Sad
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February 14, 2018, 07:43:02 PM
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Sweden is home to KnCMiner, a Bitcoin mining company based in Stockholm. KnCMiner currently mines about 7.5% of all bitcoins.

Nope. KNCminer went bankrupt. The CEO then questioned how Chinese miners could possibly afford to mine when he couldn't. That tells us that Sweden is not the best place to be mining.


Thank you, please advise about legal complications in Bulgaria, is bitcoin legal there?

Where exactly is bitcoin illegal?

Bulgaria embraces bitcoin more than most countries, but the banking system in Bulgaria is the bully when it comes to doing business. They recently shut down all exchanges out there.

Banks shut down exchanges....very sad! how are Bulgarians trading BTC?

As Bulgarians are in the EU then presumably they have everywhere else to trade as well. I haven't heard anything about Bulgarian banks blocking foreign exchange transfers but you never know.

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February 14, 2018, 08:21:03 PM
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Sweden is home to KnCMiner, a Bitcoin mining company based in Stockholm. KnCMiner currently mines about 7.5% of all bitcoins.

Nope. KNCminer went bankrupt. The CEO then questioned how Chinese miners could possibly afford to mine when he couldn't. That tells us that Sweden is not the best place to be mining.


Thank you, please advise about legal complications in Bulgaria, is bitcoin legal there?

Where exactly is bitcoin illegal?

Bulgaria embraces bitcoin more than most countries, but the banking system in Bulgaria is the bully when it comes to doing business. They recently shut down all exchanges out there.

Banks shut down exchanges....very sad! how are Bulgarians trading BTC?

As Bulgarians are in the EU then presumably they have everywhere else to trade as well. I haven't heard anything about Bulgarian banks blocking foreign exchange transfers but you never know.

As per research done till now, Bulgaria looks like best and most friendly option for doing crypto business in EU.

Any words on South American nations such as Chile?
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February 15, 2018, 02:10:19 AM
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Sweden is home to KnCMiner, a Bitcoin mining company based in Stockholm. KnCMiner currently mines about 7.5% of all bitcoins.

Nope. KNCminer went bankrupt. The CEO then questioned how Chinese miners could possibly afford to mine when he couldn't. That tells us that Sweden is not the best place to be mining.


Thank you, please advise about legal complications in Bulgaria, is bitcoin legal there?

Where exactly is bitcoin illegal?

Bulgaria embraces bitcoin more than most countries, but the banking system in Bulgaria is the bully when it comes to doing business. They recently shut down all exchanges out there.

Banks shut down exchanges....very sad! how are Bulgarians trading BTC?

As Bulgarians are in the EU then presumably they have everywhere else to trade as well. I haven't heard anything about Bulgarian banks blocking foreign exchange transfers but you never know.

As per research done till now, Bulgaria looks like best and most friendly option for doing crypto business in EU.

Any words on South American nations such as Chile?

Now that you are looking elsewhere, why not Quebec?

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February 15, 2018, 06:27:52 AM
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Sweden is home to KnCMiner, a Bitcoin mining company based in Stockholm. KnCMiner currently mines about 7.5% of all bitcoins.

Nope. KNCminer went bankrupt. The CEO then questioned how Chinese miners could possibly afford to mine when he couldn't. That tells us that Sweden is not the best place to be mining.


Thank you, please advise about legal complications in Bulgaria, is bitcoin legal there?

Where exactly is bitcoin illegal?

Bulgaria embraces bitcoin more than most countries, but the banking system in Bulgaria is the bully when it comes to doing business. They recently shut down all exchanges out there.

Banks shut down exchanges....very sad! how are Bulgarians trading BTC?

As Bulgarians are in the EU then presumably they have everywhere else to trade as well. I haven't heard anything about Bulgarian banks blocking foreign exchange transfers but you never know.

As per research done till now, Bulgaria looks like best and most friendly option for doing crypto business in EU.

Any words on South American nations such as Chile?

Now that you are looking elsewhere, why not Quebec?

What about Quebec, is it legal to do mining and trading there?
What are taxes and entry costs of doing business?
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February 16, 2018, 11:21:54 PM
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Hi Check Kosovo.


 Crypto friendly legal framework, for more details you can contact their local Bitcoin association > office@bitcoinasocijacija.org
 Cheapest electricity in the area 0.03-0.06ct euro
In addition to Muslims, Kosovo is muslim state
Contact me if you want more information
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February 17, 2018, 03:48:36 AM
 #31

Hello Geeks

I need your feedback and opinion on below mentioned scenario:-

I am planning to setup a IT Company with focus on cryptocurrency and plan to do below mentioned activity:-

1. Setup my own small mining farm (like 10 to 20 miners)
2. Start a Cloud mining venture like Genesis Mining and sell out Cloud Mining contracts by leasing my miners.
3. Other IT activities.

Factors to consider while choosing a destination are:-

1. Low tax rate
2. Crypto friendly environment
3. Preferably low electricity costs
4. Muslim friendly country where veil & Hijab is allowed.
5. Easy immigration for Startup Entrepreneurs

Thank you.  Smiley


I think u should also take note of security, rental/property cost and weather. There are rig mining thefts occuring, in malaysia for example. Also, at this point in time, difficulty is rising so fast that holding bitcoin is more profitable than mining bitcoin. U should at least hold an equal amount of bitcoin. This thing is kinda easy to do that I wont really call it being entrepreneur.

Selling 100 dollar coupons (8units expire 11th June, 14 units expire 1st july) and 125 dollar coupon (2 unit exp 30th June). Selling at 20% of value
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February 25, 2018, 08:41:52 AM
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...

Thank you, please advise about legal complications in Bulgaria, is bitcoin legal there?



(Moderator's note: This post was edited by frodocooper to trim the quote from iluvbitcoins.)

Still no regulations there. Well the government is HODLing more than 210000 bitcoins

Here is some comparison with the prices in Italy for example:  
-Electricity (Bulgaria vs Italy) [Euro / kWh]: 0.09 vs 0.23
-Rent office space (Bulgaria vs Italy) [Euro / sqm]: 6.5 vs. 9
-Internet connection (Bulgaria vs Italy) [Euro / month]: 20 vs. 45

Really strong IT sector, some companies with more than 3500 employees like HP, IBM etc.
Very developed Internet coverage and speeds.

Some additional info for Taxation.

Quote
Corporate Income Tax Rate - 10%

- Exemptions:
• Special purpose investment companies - 0%
• Collective investment schemes, admitted to public offering in Bulgaria, and licensed investment companies of the closed-end type - 0%

Capital Gains Tax Rate - 10%

- Exemptions:
• Capital gains derived from sale of shares through the Bulgarian Stock market or a regulated market in an EU/EEA member state - 0%

Debt:equity ratio - 3:1

Tax loss carry-forward - 5 years


Withholding Tax

Dividends - 5%

- Exemption:
• Dividends paid to legal entities which are tax residents in an EU/EEA member state - 0%

Interest and Royalties - 10%

- Exemption:
• As of 1 Jan 2011 interest and royalties paid to associated companies* that are tax residents in an EU member state - 5%

• Interest and Royalties paid to associated parties before 31 Dec 2010 - 10%

• Interest and Royalties paid to associated parties after 31 Dec 2014 - 0%

Special features

Transfer Pricing Documentation requirements:
• In 2010, the NRA issued TP Guidelines (based on the OECD TP Guidelines)

VAT

General rate - 20%

Reduced rate - 9% (for hotel accommodation)

Refund period - 2 months under certain conditions

Individual taxation

Personal Income Tax- 10% (flat rate taxation)

Mandatory Social Security Contributions

Employer: - 17.4%
Employee: - 12.9%
Maximum monthly taxable base - BGN 2,000

Link to wikipedia https://en.wikipedia.org/wiki/Taxation_in_Bulgaria
Reference link from PwC http://taxsummaries.pwc.com/ID/Bulgaria-Corporate-Withholding-taxes
Helpful information http://investbg.government.bg/en

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