Mining has become the one of the popular way to make money. Every day thousands of people purchase the special equipment and start mining all kinds of crypto-currency. However, one should realize that this activity should be dealt with in view of the home country legislation since this type of activity is not legalized everywhere. Yet, if you fail to get a license at home you may bypass the ban by investing in mining within the jurisdiction that is more loyal to crypto-currency mining.
Where the suitable environment is created
Traditionally, the digital currency is the best welcomed in:
- Western Europe;
- North America
So, “mining” is allowed within all these areas legally. Nevertheless, one should take into consideration the the crypto-currency mining means any material energy costs. As a result, you should choose a country with the least cost of energy. For example, Germany and Great Britain have legitimated the crypto-currency and mining thereof, but they are not leaders in this area. The reason is the higher cost of energy resources.
The situation is quite different in countries located to the north, for example, Iceland, Denmark, Sweden, and a lot more. These countries offer considerable opportunities to produce the electricity, where its volume exceeds the demand of the small population, resulting in the moderate costs. This is especially true of Iceland which is the home for most mining companies.
If Iceland seems too far away, consider Estonia since it has the advantage that all the required relations in this industry are regulated by law. In addition, the numerous blockchain-based technologies have been rapidly developing there supported by the government which is rather important. Including the power energy provided to miners at reasonable prices.
Want to save your money?
When choosing a jurisdiction to invest in mining, you pay attention to taxation, among others. The point is that the mining is considered the activity in all countries where bitcoin and its equivalents are legalized. Finally, the company owners are required to pay the established mandatory payments on profits to the budget. Therefore, countries should be hosen where payments are the most beneficial for investors. In Europe, in most cases, payments are high (up to 37%), but there are exceptions. For example, Bulgaria charges up to 10% for operations with digital currency which is acceptable.
There are other ways to save money, for example, in Sweden the mining may be considered the business or working practice. That is, in the latter case, any person is eligible to min the digital money. As a result, the taxation is less, costs may be reduced and permits may be obtained to engage in such activities.
It is important to know that regardless of the choice of jurisdiction, the miner will need a permit to mine and perform other crypto-currency related operations and this is the involved and diligent procedure. So, the following is required as initially:
- a series of consultations to get informed of documents to be collected, authorities to address to, etc;
- tax planning. Immediately as the activities start, some certain amounts should be paid to the budget and you should know the time and amount to do so;
- preparation of documents required
And only as the above is completed, the investor may address the relevant authorities of the country chosen.
This means that efforts will hardly succeed when all these procedures are done on your own avoiding loss of time and money. Welcome to our company that will help to avoid the problems. We, the Private Financial Services, will allow all opportunities to effectively cope with legal details and start the mining on favorable terms.