Is Cryptocurrency Mining Legal ?
In this article we will consider those points through which we can develop idea about mining legality in a particular country.
Crypto mining legal or illegal?
Our this article is specially for those people who always think about mining of cryptocurrency but are not getting in because of confusion about legality issue. So after the reading of this whole article, you will get idea that crypto currency mining is legal in your country or not.
Governments Rules about crypto use
Legality factor of mining cryptocurrency is mainly depends upon the fact of Government rules of a country about bitcoin or crypto.
If use of cryptocurrency is legal in a country then surely mining of crypto currency is legal at some extent.
But still legal rule of crypto in a particular country will not give 100% permission to do crypto mining.
Electricity Consumption Rate system
Every country in this world has different cost price per unit consumption.
But beside these rules, we are restricted to use electricity in different categories.
The rates of electricity cost are different for different category use. These categories are mainly of three type
- Home usage
- Agriculture usage
- Business/ factory usage
These three categories have different cost per unit consumption. Before to get supply of electricity in our home, we need to provide full details of use purpose of electricity that whether we will use for home, agriculture or factory company.
In these three categories, we can not consider bitcoin mining or crypto currency mining. So if we will use crypto currency mining then there are chances that the electricity supplier authority may file a complaint against the miner.
So it is better to see the rules of electricity use for cryptocurrency mining.
This is not easy in almost 80% cases, because almost 70% of countries have no rule for cryptocurrency use in more precise way and also they don’t have any rule for crypto mining industry.
So if you are going to start mining job, then it will be better to get a separate electricity connection with proper documentation process regarding cryptocurrency, Don’t try to hide anything to government/authority of your country.
Crypto mining rules by a country
There are few developed countries which have a strict rules regarding cryptocurrency mining.
There are numbers of countries who allowed crypto mining with high tax and high charge and there are also many countries who strictly restricted use of mining hardware by any person.
So it is better for you to see the regulation rules of cryptocurrency use before to start mining work at your location. Otherwise you may face big issue with government or authority.
A big example regarding this fact is china miners. In year 2018 the government of China closed 100+ mining companies in China. Since cryptocurrency use was legal with banking ban, but still government of China had not made any rule at that time.
So always take care about this point “mining rules of your country ” then think about mining.
How to start crypto mining work with out of government rules restriction?
If you are in a country where government allows people to buy sell and hold crypto then you can start your mining work with our idea.
You can install Solar Powerplant at roof of your house. Many countries government supports Solar Energy system installation that can help you to get discount of cost in installation.
If you can install Solar Powerplant of cost $4000 approx then surely you can run a crypto mining hardware 10 hours in day time easily.
This idea of mining power plan is out of the electricity usage category. The electricity that you will generate in your Solar Plan is your own and you can use it in any way that you want , No one can impose restriction.
But keep in mind, don’t go with this idea blindly. First calculate all cost of solar Powerplant and also condition of environment temperature.
Try cloud mining
If the conditions of cryptocurrency mining are against the rules of your country’s government then you can try few genuine cloud mining platforms. You can read about cloud mining here.
Best reputed cloud mining websites are nicehash.com and viabtc.com
If all the points are in favour for you then you can start your mining work otherwise leave your mindset for mining of crypto currency because if you will do mining in such pandemic scenario than chances to face loss in mining program will be more than profit.
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