Which European country best for Bitcoin mining?

[fanatic26]

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.

[gentlemand]

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.

[bitcoinexplorer]

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

[bitcoinexplorer]

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?

[bitcoinexplorer]

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

[gentlemand]

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.

[bitcoinexplorer]

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?

[Raymond_B]

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?

[bitcoinexplorer]

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?

[milot21]

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

[Sandal_Hat]

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. 

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.

[TheBeardedBaby]

...

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.

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