Is Bitcoin Mining Illegal?

Is Bitcoin Mining Illegal?

1 Answer

  1. Hey Rayon, I think that would depend on where you are mining the bitcoins. There are countries where its illegal because of no regulatory or governing bodies but there are also countries where it is absolutely legal to mine bitcoins. In US its very much legal to mine bitcoins.The majority of states in the US do not have any explicit laws forbidding the sale, purchase, or circulation of Bitcoin, since the status of the cryptocurrency is not defined and it is therefore not regulated, the only thing which is not legal is not paying the taxes you owe from them. Bitcoin mining is a speculative game and it does lead to capital gains. These capital gains are pretty much a part of tax system. Also Bitcoin poker is fully legal in online casinos that allow players to set Bitcoin as a payment method for the game or as stakes. The legal status of Bitcoin lotteries is the same as that of gambling and is not explicitly forbidden by any US regulations.

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