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Outside the United States, legality and regulations vary widely. In September 2021, El Salvador became the first country to officially declare bitcoin legal tender – the government even gave each bitcoin a value of around $30 to get things started. At the other end of the spectrum, some countries ban Bitcoin and other cryptos altogether. To find such a hash value, you need to get a fast mining rig or, more realistically, join a mining pool – a group of coin miners who combine their computing power and split the mined Bitcoin. Mining pools are similar to Powerball clubs whose members buy lottery tickets en masse and agree to share all winnings. A disproportionate number of blocks are operated by pools and not by individual miners. The European Central Bank classifies Bitcoin as a convertible decentralized virtual currency. [7]:6 In July 2014, the European Banking Authority advised European banks not to trade virtual currencies such as Bitcoin until a regulatory system was in place. [9] Bitcoin mining, where transactions are confirmed, can be potentially profitable. However, the extent to which this business is profitable depends on several variables, including hardware costs, the cost associated with energy, and the price of Bitcoin. The U.S.

Treasury Department classified Bitcoin as a convertible decentralized virtual currency in 2013. [33] The Commodity Futures Trading Commission, CFTC, classified Bitcoin as a commodity in September 2015. According to the Internal Revenue Service (IRS), Bitcoin is taxed as property. [34] In 2016, Zug added Bitcoin as a way to pay municipal fees, in a test and attempt to push Zug as a region advancing future technologies. [147] Swiss Federal Railways, Switzerland`s state-owned railway company, sells bitcoins at its ATMs. [148] On January 17, 2017, the Central Bank of Nigeria (CBN) issued a circular informing all Nigerian banks that banking transactions in Bitcoin and other virtual currencies have been banned in Nigeria. [17] The Norwegian tax administration stated in December 2013 that it did not define Bitcoin as money, but considered it an asset. Profits are subject to wealth tax. In business, the use of Bitcoin falls under VAT regulations. [179] When a transaction is initiated on the Bitcoin network, three elements come into play: China was the first country to ban Bitcoin mining, which it did in June 2021. A year later, the Cambridge Centre for Alternative Finance estimates that it remains the second largest mining centre in the world.

The data suggests that these miners have access to off-grid electricity and have many geographically dispersed small businesses to hide from authorities. Different methods of mining cryptocurrencies take different amounts of time. In the early days of technology, for example, CPU mining was the first choice for most miners. However, many find that CPU extraction today is too slow and inconvenient, as it takes months to make even a small profit, considering the high cost of electricity and cooling and the increased difficulty at all levels. The future is bright for miners and Bitcoin enthusiasts. However, first, let`s take the time to learn the basics of Bitcoin mining. For example, at the end of August 2022, according to data from Markets Insider, Bitcoin`s price was around $20,000, which would bring the mining incentive to around $125,000. At the beginning of the year, it was nearly $48,000, which would bring the mining reward to about $300,000. In September 2017, the Bank of Namibia published a position paper on virtual currencies titled[27], stating that cryptocurrency exchanges are not allowed and cryptocurrency cannot be accepted as payment for goods and services. Regulatory activities vary from province to territory to jurisdiction, with some aimed at restricting mining and others at structuring the mining industry.

Bitcoin miners who wish to operate on an industrial scale must comply with the regulatory system in their jurisdiction. Miners can benefit from establishing clear relationships with their local authorities and maintaining a clear open line of communication to ensure mining does not interfere with local communities. In November 2016, bitcoins were “not illegal,” according to Russia`s Federal Tax Service. [156] Deputy Minister of Finance of the Russian Federation, Alexei Moiseev, said in September 2017 that it was “probably illegal” to accept cryptocurrency payments. [157] However, Bitcoin market sites are blocked and court rulings indicate that Bitcoin is a banned currency substitute on the territory of the Russian Federation. [158] On December 19, 2017, Abdellatif Jouahri, governor of Bank Al-Maghrib, said at a press conference in Rabat during the last quarterly board meeting of Bank Al-Maghrib in 2017 that Bitcoin is not a currency, but a “financial asset.” He also warned of the dangers and called for the creation of a framework for consumer protection. [16] The Mauritius Financial Services Commission considers cryptocurrencies to be a digital asset under the Financial Services Act 2007 and, although it warns investors that they are not protected by legal provisions on compensation, they are legal. [23] Note: The incentive or reward for mining a block is reduced by 50% every four years. It currently stands at 6.25 Bitcoins and is expected to be halved again in 2024. Meanwhile, new coins are being generated to reward miners for their work securing the network. Since distributed ledgers have no central authority, the retrieval process is crucial to validating transactions.

Miners are therefore incentivized to secure the network by participating in the transaction validation process, which increases their chances of winning newly minted coins. A Bitcoin miner first selects and sets up his trading tools. This year, Swedish government officials wrote an open letter calling on the European Union to ban bitcoin mining, pointing out that this activity reduces the chances that Sweden can meet the goals agreed in the Paris Climate Agreement. However, AMBD advised the public not to be easily attracted to investments or financial activities and to exercise due diligence and a good understanding of financial products before participating. There is no law that says that owning or trading Bitcoin is illegal. [ref. needed] The performance of Bitcoin mining hardware is measured in terms of hash rate. Today`s next-generation ASIC miners produce 100 TH/s (trillion hashes per second) and cost between $8,000 and $10,000. Ordinary processors do not have the ability to generate such fast hash rates. In March 2022, some people interpreted a proposed section of the European Union`s Crypto-Asset Markets Act (MiCA) as a direct attempt to ban mining. The author clarified that this was not the intention of the proposal and deleted the article from the bill to avoid further misunderstandings. For each transaction entry, Bitcoin mining software generates a unique cryptographic hash puzzle that is difficult to decipher.

The software then aggregates the number of transactions needed to form a block in a Merkle tree. However, the number of bitcoins rewarded for each block mined has been reduced over time. Every 210,000 blocks, or about every four years, the reward is halved. It started with 50 in 2009 and then it was 25 in 2012. It was 12.5 in 2016 and 6.25 most recently in 2020. An additional potential risk related to the growth of Bitcoin mining (and other proof-of-work systems) is the increasing energy consumption required by the computer systems on which mining algorithms run. While the efficiency of microchips for ASIC chips has increased significantly, the growth of the network itself is outpacing technological advances. As a result, there are concerns about the environmental impact and carbon footprint of Bitcoin mining.

The New York legislature passed legislation in June 2022 to stop allowing new mining operations in the state that rely on non-renewable energy sources. As of June 22, 2022, the governor had not signed it. While federal agencies are working on a national framework for Bitcoin, some states have adopted their own crypto laws. It is forbidden for miners and all foreigners to exchange crypto-currencies. Adult South Koreans can trade on registered exchanges with real accounts registered in a bank where the exchange also has an account. The bank and exchange are responsible for verifying the identity of the customer and enforcing other anti-money laundering regulations. [107] [108] Thai Bitcoin exchanges can only exchange digital currencies for Thai baht and must operate with an e-commerce license from Thailand`s Department of Business Development. They must also have KYC and CDD policies and procedures, in accordance with the Ministerial Order establishing rules and procedures for customer due diligence, reference page 8 volume 129 part 44 A Government Gazette 23 May 2555 (2012). [121] The use of Bitcoin is not regulated in Cyprus.

[3]: Cyprus on 20. In March 2018, a draft law on digital financial assets was submitted to the State Duma. It defines cryptocurrency mining as “activities aimed at creating cryptocurrency for the purpose of obtaining compensation in the form of cryptocurrency.” and treats it as a “taxable business activity if the minor exceeds the energy consumption limits set by the government for three consecutive months.” Aside from the fact that Bitcoin is illegal in a country, there are usually not many reasons why a country wants a particular ban on mining.