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Malcolm O'Mahony
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Malcolm O'Mahony
It depends on where you are. In general, many countries haven’t yet clearly defined regulations for bitcoin mining. In a small minority of countries, bitcoin mining is explicitly illegal. At the time of writing, these countries include Bangladesh, China, Iraq, Morocco, Nepal, and Qatar.
In other areas, bitcoin mining is legal and regulated. In the United States, for example, the Internal Revenue Service (IRS) has issued specific guidelines; any income from bitcoin mining must be included in gross income and reported on tax returns. Bitcoin miners must also pay self-employment taxes on their earnings if they are considered to be self-employed.
We recommend that you research the laws specific to your region before engaging in bitcoin mining to ensure compliance with local regulations.
