The debate around cryptocurrency mining continues to rage across social media platforms. This was recently illustrated when renowned American environmental lawyer, Robert F. Kennedy Jr., tweeted about cryptocurrencies and the potential implications of a proposed 30% tax on crypto mining operations. Cryptocurrencies like Bitcoin have been hailed as a major
Russia announced the development of special institutions in order to mine cryptocurrencies and transfer them internationally through certain legislation. As per the recent updates of BRICS nations, the payments over international settlements are taken into revaluation for legitimizing the crypto transactions. Being a low-cost energy consumer, Russia has provoked financial
Recent reports on Twitter have announced that Montana has legalized cryptocurrency mining within the state. In February of this year, the Montana Senate House passed the “Right to Mine” Bitcoin (BTC) bill with an impressive vote of 37-13. Also, this bill grants citizens of Montana the right to own and
As per the reports of Kommersant, a Russian-based newspaper publisher, Russia is considered the world’s second-largest cryptocurrency mining country in the year 2023 – today. Furthermore, the United States ranks at the top of all crypto-mining countries. And, the total power consumption for crypto mining in the US reports 3
British Columbia, Canada, has halted new electricity connection requests from cryptocurrency miners for 18 months to promote the province’s climate action and economic goals. The government of British Columbia stated, the suspension will relieve the province’s power constraints while its main electricity distributor, BC Hydro, is given more time to
Ever since the concept of cloud based crypto mining came to the limelight, the emotions of crypto mining catapulted, and absolutely evolved to a new level. True to the fact, all the drawbacks upon crypto mining have always been a great threat to ban it. In addition, many countries have
New York governor, Kathy Hochul imposed a temporary ban on the crypto mining firms for the next two years. All the mining companies that use carbon-based power sources will be banned immediately. Through this law, the state will focus on balancing both its economic growth and climate goals. Furthermore, implementing
On Monday, President Mario Abdo Bentez of Paraguay rejected a law that would have controlled the commercialization of cryptocurrency mining and other digital asset operations. The president’s official account tweeted, “The Executive Branch objects to the bill that seeks to regulate crypto mining in the country.” According to the decree,
Each country focuses on crypto regulations, some have strengthened the rules but revising and making minor changes is constant. Similarly, the authorities of Iran have amended regulations for the crypto miners which now gives easy-access to renewable sources. This allows licensed miners to purchase electricity generated from renewable energy at
Taxes will be calculated based on the average cost of the electricity used to make coins. PIT rate on dividends was raised from 5% to 10% under the new Tax Code. A bill extending Kazakhstan’s Tax Code to impose higher tax rates on cryptocurrency miners has been enacted by the
