You can’t look anywhere these days without encountering Bitcoin. It’s far and away the most popular and successful cryptocurrency, having operated for years before the current crypto wave we’re in. Bitcoin mining is a contentious topic, with many wondering if it’s legal or illegal. Read on to find out if Bitcoin mining is legal or illegal.
Is it legal or illegal to mine Bitcoin?
The short answer is that it depends, as in some regions Bitcoin mining is legal, but it’s outlawed in other places.
The key thing to know is that Bitcoin mining is no simple process. Essentially, it involves you approving bitcoin on the market, to verify its authenticity. Bitcoin miners are effectively auditors of the validity of a given amount of bitcoin, using complex programs to verify that the bitcoin isn’t a replica of another token available. From there, you can accept or decline the token in question. It’s a more complex process than this, involving knowledge of 64-digit hexadecimal and a powerful processor in your PC. Miners earn a commission of the bitcoin once they’ve audited 1MB worth of tokens.
As you’re rewarded with bitcoin without putting in a direct monetary investment, it’s a venture that many want to get into. However, some countries have made bitcoin illegal as usable tender, as its sporadic value could destabilize less secure economies. Not to mention the large amount of power it uses. Therefore, in these nations, bitcoin mining is illegal.
In what countries is Bitcoin mining illegal?
Below is a list of these countries, where both bitcoin and bitcoin mining are prohibited:
- Bangladesh
- Bolivia
- Denmark
- Ecuador
- India
- Iran
- Kyrgyzstan
- Nepal
- Thailand
Outside of these countries, both the use of bitcoin and bitcoin mining are perfectly legal. While it isn’t possible for everyone to mine bitcoin, it’s certainly a fruitful venture if you’ve got the hardware — and the tech knowledge — to sift through crypto databases with ease.
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