Russia Implements 15% Tax on Bitcoin Mining and Trading
The Russian government has passed a bill to change the taxation of income from crypto trading and Bitcoin mining, according to Newsbit. Under this proposed law, cryptocurrencies will be classified as property for tax purposes. Previously, Bitcoin mining was prohibited in Russia, making it challenging for businesses in this sector. However, with extremely low energy costs, Russia could become an attractive location for mining activities.
This new legislation aims to ensure that revenues from mining are taxed based on their market value at receipt while allowing miners to deduct incurred expenses from profits. Interestingly, cryptocurrency transactions will not be subject to VAT (Value Added Tax). Income derived from trading Bitcoin and other cryptocurrencies is considered regular income with a maximum personal income tax rate of 15%. The move comes amid increasing speculation about Russia's interest in Bitcoin following its financial reserves being frozen due to geopolitical tensions.
Bitfarms: Growth Amidst Challenges – Insights into Shareholder Call and Q3 Results
Finanztrends reports that Bitfarms continues its growth trajectory despite facing challenges by expanding operations in the USA and adopting new technologies. The company plans significant expansion within Pennsylvania through strategic acquisitions like Stronghold Digital Mining. This expansion allows cost-efficient power usage while opening opportunities in high-performance computing (HPC) and artificial intelligence (AI).
In Q3 2024, Bitfarms achieved an impressive increase of 83% in hash rate by replacing older miners with modern equipment such as the Bitmain S21 Pro model which enhances efficiency further reducing energy consumption per terahash earlier than planned targets set out until year-end goals were met three months ahead of schedule. This aims towards even greater improvements, reaching downwards toward nineteen watts per terahash by the end of the fiscal period projected for 2025. Alongside leadership changes, including Andrew Chang joining the board, fresh perspectives are brought in, aiding future endeavors across various sectors beyond traditional bitcoin mining ventures. Thus, ensuring sustainable long-term success moving forward with strategically aligned objectives remains intact throughout ongoing developments underway globally. The industry-wide overall outlook remains positive, with optimistic expectations continuing to rise steadily, observed consistently over the time frame analyzed thoroughly.
Sources:
- Russland setzt die Steuer auf Bitcoin-Mining und -Handel auf 15 %
- Bitfarms: Wachstumskurs trotz Herausforderungen – Einblick in Shareholder Call und Q3-Ergebnisse
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