Ukraine to Legalize Crypto Mining as Economic Activity

[faceoff97]

Many more country will recognize bitcoin and will be declare legal. Though my countries doesn't recognizing it yet as legal, its not yet considered legal in the country. Its now being regulated by the government and now getting started to be acknowledge as something legal means of buying goods and services. There might be countries who will be recognizing it as legal but there will also be countries who will ban and be not allowed to used in their country.

[EugeneReigns]

Attention, guys!
I am from Ukraine and already heard this news. Of course mining today is a good and profitable thing, especially if you are mining altcoins. And sure thing, regulation of this sphere in my country is a good sign because it is already in the top list of countries, where the majority of the population is involved in crypto trading and mining. Our politicians use crypto trading and mining as a tool to hide their hidden revenues, but I am sure politicians and "whales" in other countries do the same.
But the thing is that legalization of mining in Ukraine is not only a good thing, there are two sides of the medal. Our government doesn't do anything for people if it doesn't bring them something in return. I am a lawyer myself and must warn everybody, that if somebody says there won't be taxation of any kind, they are completely wrong. If mining is going to be legalized and added to the list of legal economic activities, there will definitely be imposed taxations or any other fees. Every single economic activity, according to Ukrainian law, must be taxed and bring revenues to the state treasury. And knowing habits of our government, the fees can be quite high.
Legalization means adoption of the regulation of this economic activity, regulation means the possibility to protect your rights in court and be responsible for the infringement of rights and obligations, and once a government guarantees you the right to carry out this activity and be protected by the law, it imposes its rules, taxes and other fees for such guarantees.

That is why we should not build any illusions and rejoice at this event. We just have to carefully wait for further news and follow how things will go and what terms the government is going to adopt.

Electricity costs in our country truly are cheaper than in other countries, especially for wealthy people and foreigners, but for the local citizens with our small salaries, they are not that cheap at all. And certainly, we must not forget that legalization of mining very likely to increase these costs significantly or maybe for those who mine. But I am sure that costs won't remain at the same level.

[CrazyJoker]

Wow, it is cool! It is a big step for this country. I am glad to see government that realize importance of cryptocurrency.
And it is funny to see absolutely different steps related to crypto in the world. Kiev’s government that legalize mining and Google that banned advertising of any ICO are right opposite!

[Vatimins]

"The government in Kiev has taken concrete steps to legalize cryptocurrency mining. Ukraine’s Minister of Economy has ordered several ministries, agencies, and the National Bank to prepare the documents necessary to include mining in the state register of economic activities. "

https://news.bitcoin.com/ukraine-to-legalize-crypto-mining-as-economic-activity/

Thought this was pretty interesting.

But is crypto mining even profitable at this point? Idk if it's worth it for btc, maybe some other alcoins?

What do you think?

     I think that this is such a good news even with the question if whether this can still be really profitable for anyone who tries mining. But even so, I think all will depend on the price of all the resources needed for mining and for the country itself or in the type of coin you are going to mine. Because if you have high electricity costs and other problems with financing, even early coins wouldn't give you that much profit. But if you have low resources costs, then even mining bitcoins can still prove to be very profitable.

[target]

Legalizing mining can really save economy they might have to also adopt the use of coins in buying commodities for the people after all, they allow people to earn coins via mining. Through allowing their local stores to accept coins will really make their lives easier and just maybe some institutions will be in their cities allowing people to buy coins and tokens over their fiat.

[kipozer]

I can not say that this is wonderful, but on the other hand I do not like the situation with the fact that many countries are very critical of crypto-currencies. It seems to me that the legalization of cryptomayning is good news

[DanWalker]

I think this is great news. This will make the crypto currency even more popular. I am glad that many CIS countries are on the right track. Perhaps the government does this step in order to improve the life of its people. But to be honest Ukraine has very strange politicians.

[Tumanggor]

I don't really think that mining is profitable. But it doesn't mean that regulation of mining is bad and unnecessary. It's a very good sign. Ukraine has potential to become the crypto capital of the world 

you are right if the view is indeed less profitable, but in fact, this should be developed by poor and developing countries in order to be a solution of poverty and social inequality in the country...

[WakinXXX]

Its must depends few year before but happens only now. I didn't mining now but its realy good news for Ukrainian citizen

[Javelie]

I am from Ukraine. When I'm in a store or restaurant, everyone talks about crypto-currencies and exchanges. If in other countries mining is a hobby (I think so). In my country this can be a money earning. Electricity is often stolen at state-owned factories. Money comes from taxes on this electricity for the mining. Deputies and the director produce crypto. Sorry for the bad english.

[Sid3d]

Accounts for electricity began to come simply huge. Very soon for me, mining will cease to be profitable

[Thefrolly]

I am from Ukraine. When I'm in a store or restaurant, everyone talks about crypto-currencies and exchanges. If in other countries mining is a hobby (I think so). In my country this can be a money earning. Electricity is often stolen at state-owned factories. Money comes from taxes on this electricity for the mining. Deputies and the director produce crypto. Sorry for the bad english.

Well stealing electricity isn't such a good thing, but the major profit determinant in mining is the cost of electricity, if electricity is cheaply available then it will be profitable, its goodnews that Ukraine has legalized mining

[Sanchos]

How goverment will undestand were are located mining farm? Small farms can be located at home and nobody will pay attantion at aditional 100 Kwt per month. Big farms can be located at plants which requared big amount of electicity

[De_nis]

Ukraine is a country in which good beginnings quickly turn into something very bad!) I think their goal is to take the mining out of the shadow, there is nothing more ...

[PrincessChe]

Its must be few times before. Thinklegalizing mining its good news but from another way you can saw axpancive price for elecricity. In a middle its 0,08$

[johanesrobin]

The latest problem is mining will cause the use of electricity is not controlled. this can be a threat to the state sutau because electricity consumption is a basic requirement.
there should be alternative energy to do the mining, or there is a limit to save electrical energy.

[onnz423]

If it was never illegal, how can it now be legalized? Are they just acknowledging it as a viable method to generate income?

Right now, mining is still profitable if you can get your hands on cards for market price, and pay low rates for electricity. Of course, mining the most profitable coin at the time makes it a lot easier to return your investment, but most people just stick to one currency and leave their machine running, generating a suboptimal ROI.

[kingvirtus09]

If it was never illegal, how can it now be legalized? Are they just acknowledging it as a viable method to generate income?

Right now, mining is still profitable if you can get your hands on cards for market price, and pay low rates for electricity. Of course, mining the most profitable coin at the time makes it a lot easier to return your investment, but most people just stick to one currency and leave their machine running, generating a suboptimal ROI.

Yes Mining is profitable and there's no problem with that specially with countries that has Powerplant to lower the electricity consumption. I heard alot of European country are on crypto mining. I'm sure it will be more legalize. ROI are pretty good and it will takes 6months and so on depends on the price of altcoins.

[Prosperityforall]

As far as I know, some people in Ukraine illegally connect to electrical stations and mine crypto and don't care about cost for electricity. It seems to me that making this law they want to attract attention 

[rozenkreitzer]

Recently I read that the Belarusian president signed a bill on the fact that activities related to cryptocurrencies will not be taxed in this country.