Taxes on Crypto Currencies and Mining!

[bowals]

Do you have any source for this? I just want a form of control/regulation on it. That can reduce fraud and the likes

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[JostikSSS]

I think it is unfair to introduce taxes on cryptocurrency, it is illegal, people invest their honestly earned money there and get interest from it. It's like in a Bank only risk and therefore profit can be greater. You do not pay taxes to the Bank for putting money on the Deposit

[Tatzky]

Yes when we speak on tax exemptions.... Mining is nice when you have right equipments and tools and you'll earn good then you can start it..

[shield132]

I think it is unfair to introduce taxes on cryptocurrency, it is illegal, people invest their honestly earned money there and get interest from it. It's like in a Bank only risk and therefore profit can be greater. You do not pay taxes to the Bank for putting money on the Deposit

With your logic, when we have business, we don't have to pay any tax or can say the same about wages, because it's our own business and people also deserve their wage, if not a higher.
It's very fair and OP doesn't write truth. There is tax on mining, everything depends on how you do it. For example if I mine at home, no one will come and tax me but in Georgia Bitfury has largest mining datacenter. In reality they have to pay taxes but with agreement of goverment, they have privileges, they are in Tax Free zone and they even get electricity in more cheap price than anyone in this country. Idea behind this, as they say is to make georgia in top in map of bitcoin mining and to tell others that Georgia exists and it's modern country.

[Twentyonepaylots]

Depending, but there are also many miners who are charged with very high taxes under these market conditions, it is not a good policy for greedy governments to set a tariff on mining taxes, inevitably something that is recognized to be taxed, as well as home and so on, do not can be avoided anymore, many miners are outnumbered by this condition with exorbitant taxes and spending too much on other needs.

Taxes are inputted in the services we often used, if the taxes is just minimal for the system charges i am not be affected by paying such taxes required. Lets not be more critical on the service charges or taxes we pay, such company should pay also their employees or what we call Manpower fees.

[Kurokyy]

How does it work guys?  Mining is completely legal and as far as I know there are no such % of tax that is taken specifically to the crypto mining. I think it all goes the same way as you would do with trading and gambling. When you will withdraw money into your bank account which you have gotten from the mining then it will be charged the same way as your salary gets taxed. With the different slots of income you will get charged different taxes mate. That is how it works. Also it depends on your country too. In some country's it is going to be taxed around 28% whopping price tag over the crypto earnings.

Any thoughts about this?

In my own opinion, placing taxes for cryptocurrency and mining is not necessary because those investors and traders in the market are already paying transaction fee's that can consider to compensate with taxes.

[usorin]

This is somehow wrong, why to tax someone if the mines us not sustained by the government, like smaller process to energy??

[kolsernik]

In my country there is as yet no legislative basis for the taxation of mining.And in General, how should this happen in practice?If I bought a mining equipment, I need to go and tell the tax office about it.No one's gonna do that.

[RockBar0]

In my country there is as yet no legislative basis for the taxation of mining.And in General, how should this happen in practice?If I bought a mining equipment, I need to go and tell the tax office about it.No one's gonna do that.

Taxes are designed to benefit the user in all areas. The tax is levied by each government for approval. So taxes are used professionally and civilly, taxes are very beneficial to the community. On the other hand, if tax is used incorrectly, many organizations that abuse tax to bring bad profits to them are not good.

[chaoscoinz]

I don't like this kind of discussion: bitcoin was born to free us from governments and taxes!

I think it is necessary to work in this spirit and find a way to escape the state robbers.

Unfortunately people are scared, and do not have the courage to go to a different society, free from ties and corrupt politicians.
But I think that the bitcoin - used correctly - is really the key to a new world: if we really can take away from the states the monetary power, what else will remain to them?

I am not sure if Bitcoin would work well enough on it's own. Bitcoin is more of a median point, or interface, more so than a currency. It could not have been as successful as it is today if it didn't start to become regulated. Bitcoins value is affected by supply and demand, the more people that want in, naturally, the higher the price travels.

[bizarro]

How does it work guys?  Mining is completely legal and as far as I know there are no such % of tax that is taken specifically to the crypto mining. I think it all goes the same way as you would do with trading and gambling. When you will withdraw money into your bank account which you have gotten from the mining then it will be charged the same way as your salary gets taxed. With the different slots of income you will get charged different taxes mate. That is how it works. Also it depends on your country too. In some country's it is going to be taxed around 28% whopping price tag over the crypto earnings.

Any thoughts about this?

I think that they will definitely make something like this, my only hope is that this taxes would be affordable and we will not having a need to pay around 70% of our earnings to government.

[jonatuzc]

This is somehow wrong, why to tax someone if the mines us not sustained by the government, like smaller process to energy??

This is wrong and that is the reason people do not pour in their money into crypto just because of the fear that government will tax them for the money they would earn in crypto or mining. A progressive tax is something that will be issued on your name as long as you are earning in crypto and with the rise in your profit.

Besides, implementing tax on mining is something that will discourage the activities of mining because of the already high process of electricity and the cost of investment.

[SaraClarke1212]

I think bitcoin is not taxed at all, at least in my country. But when you trade bitcoin, you may be taxed to prevent illegal trafficking and money laundering among criminal gangs.

[tonysitaly]

It is certainly necessary to maintain a country's normal operation, because many countries do not have special taxes on the mining of encrypted money, so they are usually taxed in the way of your assets. I think 28% of the tax is too high, which will hinder a lot of people's enthusiasm for mining.

[Thomas-s]

In my country, only going to make a tax of 20%, but I think that people will bypass them because the tax is quite large and if you pull out a huge amount, then you lose too not bad means.

[10BTCaDay]

I think that taxes are still due to the fact that a lot of energy resources are being spent on extraction, and because of this, it is possible in other areas because of this problem.

[esetop01tryba]

Even if the state wants to take a tax for the use of cryptocurrency or mining, it will not be able to calculate the person who is engaged in this because the crypto currency is completely anonymous !

[taratorly]

There is no regulation on my country about mining earn. So I think, almost all government still didn't make any regulation.

[cellflash]

Here, in the Philippines, Cryptocurrency is recognized but not controlled.. Giving taxes on crypto might depend on your country.. and I think the transaction fees in mining is like giving tax already..
If that's the case, many people will stop involving in crypto.. many will not support/trust the technology and digital transactions if it will be taxed..

[yusupjatigumilar]

tax implementation for crypto currency mining I think it's pretty good considering this will be very profitable for the country because the money generated from this activity is quite large every day, besides that crypto currency mining activities also require very large resources to be feasible if taxed like large-scale industrial companies