Cryptocurrencies have enjoyed some success; Bitcoin is now the largest cryptocurrency, with the total number of Bitcoins currently valued at approximately USD$70 billion. Research produced by Cambridge University concluded this year that there are between 2.9 million and 5.8 million unique users actively using a cryptocurrency wallet.

Some countries have become global advocates, while others have actively banned cryptocurrencies completely, with various shades in between.

The most notable disrupter is Japan, which has passed a law accepting Bitcoin as legal tender. At the other end of the spectrum, Bangladesh passed a law in 2014 stating that anybody caught using the virtual currency could be jailed under the country’s strict anti-money-laundering laws.

Whatever the individual case for a country, the growth in cryptocurrencies in the last decade has shown that there is strong momentum around this new technology.

• What is the State of Global Cryptocurrency in Different Countries
• Is Crypto Mining still Profitable 2020 and Beyond?
• Which Countries have Issued Cryptocurrency?
• Is Cryptocurrency Mining Legal?
• How Long does it take to Mine 1 Ethereum?
• Is mining Ether profitable?
• What is the Easiest coin to Mine?

What is the State of Global Cryptocurrency in Different Countries

Argentina– Bitcoins are not legal currency strictly speaking, since they are not issued by the government monetary authority and are not legal tender. Therefore, they may be considered money but not legal currency, since they are not a mandatory means of cancelling debts or obligations.

Read Also: Investing in Cryptocurrency: Is it Worth the Risk?

Australia – Removing Bitcoins from double taxation policies, the government also legalized Bitcoin and said it can be used just like money.

Austria – Austria has not regulated virtual currencies and has not issued a cohesive policy on how to treat virtual currency.

Bangladesh – Bangladesh Bank issued a warning against conducting transactions in cryptocurrency, and reportedly stated that such use is punishable by up to 12 years in jail.

Belgium – It has refused to issue any stance regarding Bitcoin and along with a whole host of other countries is waiting for European wide guidance. They have issued a public warning that there is no Government oversight.

Bolivia – The Bolivian government has banned the use of Bitcoin in the belief that it will allow tax evasion and monetary instability.

Brazil – The Brazilian government has declared that Bitcoin is not a currency but an asset and therefore subject to 15 percent capital gains taxes above a threshold.

Bulgaria – Bulgaria has accepted the digital currency. Its National Revenue Agency had issued new taxation guidelines stating that income from the sale of digital currencies such as Bitcoin will be treated as income from the sale of financial assets and taxed at a rate of 10 percent.

Canada – In November 2013, the Canada Revenue Agency declared that Bitcoin payments should be treated as barter transactions. The Canadian federal government also announced its intention to regulate Bitcoin through its anti-money laundering and counter-terrorist financing legislation.

Chile – The first Bitcoin exchange in Chile, where citizens can buy Bitcoin with pesos, launched in 2015 with funding from the Chilean government. This would appear to be in line with the Chilean government’s ambition to transform itself into an innovation and entrepreneurial hub for Latin America. The government has also committed to providing regulation and oversight in the form of financial audits and anti-money laundering regulation.

China – In late 2013, China’s Central Bank (the People’s Bank of China) barred financial institutions from partaking in digital currency and Bitcoin transactions, but individuals are free to trade as they wish – Chinese yuan to Bitcoin is the most traded daily fiat to Bitcoin pair.

Colombia – It has decreed that cryptocurrency is not illegal, but at the same time it won’t be getting legal recognition any time soon.

Croatia – On December 6, 2013, the Croatian National Bank (CNB) reportedly conducted a discussion on the circulation of digital currencies and concluded that the Bitcoin is not illegal in Croatia.

Cyprus -The use of Bitcoins is not regulated in Cyprus.  On December 11, 2013, the Central Bank of Cyprus issued a statement on Bitcoins, stating that “it considers the use of any kind of virtual money as particularly dangerous, given that it is not under any regulatory system and its operation is unchecked.”

Czech Republic – The Czech government recently introduced a law requiring virtual currency exchanges determine the identity of customers. Alongside this, the country’s authorities will also soon add a Value Added Tax (VAT) to virtual currencies in the near future.

Denmark – The Danish government and Financial Supervisory Authority have announced that Bitcoin businesses will be taxed in a normal manner, and individuals will not be subject to taxation from trading. “The Danish central bank is considering a digital-only e-krone.”

Ecuador – The Ecuadorian government has banned all Bitcoin use in the hope of promulgating its own digital currency based on the principles of Bitcoin.

Estonia – Bitcoins and digital currencies could be declared as an alternative payment means, subjecting them to capital gains liabilities and VAT.

Finland – The Finnish regulatory body has declared that Bitcoin should be treated as an asset and be subject to VAT and capital gains, although the capital gains losses would not be deductible.

France – The French government has shown some interest in the technology, but according to pundits has yet to launch major initiatives in the field.

Germany – The German government released a report in August 2013 saying that Bitcoins should be treated as a trading activity and therefore be subject to capital gains taxes unless they were held for a year or more. The German Federal Ministry of Finance further clarified its position by saying that Bitcoin should be treated as a unit of account and private money and should therefore be subject to sales taxes and VAT.

Greece – No specific legislation on Bitcoins exists in Greece, nor has the National Bank of Greece issued any statement on Bitcoins.  A private company has listed a few businesses that accept Bitcoins as a form of payment, however.

Hong Kong – Hong Kong Money Authority doesn’t formally ban a bank from trading Bitcoin, but no bank has asked for permission, and it’s pretty clear that no bank has asked for permission because the answer is likely to be “no.”

Hungary – The National Bank of Hungary (MNB) has issued a public statement warning citizens who use or invest in cryptocurrencies such as Bitcoin, citing their unregulated nature amid increasing instances of high-return investment schemes abusing the cryptocurrency.

Iceland – The government, worried about capital flight, has banned Bitcoin.

India – While Bitcoin is already being widely used in India, there is still “no clear law stating whether Bitcoin and other cryptocurrencies are legal in India.”

Indonesia – Bitcoin has penetrated deeper into the Indonesian market even though there is currently no legal umbrella for the currency’s use in the country.

Iran – The Iranian Central Bank has adopted a “wait-and-see” policy toward cryptocurrencies. While trading cryptocurrencies is illegal, the police have no legal mandate to stop it and a study by a group of 15 official bodies started to work on a framework for regulating digital currencies in the country back in 2013.

Ireland – Cryptocurrency is still unregulated in Ireland, but the Bank of Ireland’s innovation team has overseen experiments with Deloitte that showed blockchain technology could be used to automatically trace transactions in line with forthcoming EU finance rules.

Israel – Israel’s government is set to apply capital gains tax to Bitcoin sales, categorizing digital currencies as a type of property.

Italy – Tax authorities appear to be treating Bitcoin as a form of currency. They have clarified purchases and sales made with Bitcoin remain exempt from VAT. However, Italian tax officials appear to be applying income tax to speculative uses of Bitcoin, or events in which money is made during a sale or purchase. Those buying Bitcoins outside of the scope of speculative activity, it indicates, aren’t required to pay income tax.

Japan – Japan has eliminated the consumption tax on Bitcoin trading on April 1, 2017, when it officially declared Bitcoin as a legal tender. Japan also eliminated the possibility of double taxation on trading of Bitcoins.

Kazakhstan – Seeking to become the regional hub for cryptocurrencies. In June 2017, Kazakhstan announced plans to begin selling blockchain based bonds, and the country’s President announced that, “It is high time to look into the possibility of launching the international payment unit. It will help the world get rid of monetary wars, black marketeering and decrease volatility at markets.”

Kenya – The Central Bank of Kenya (CBK) has warned that virtual currency is insecure and could fund terrorism.

Kyrgyzstan – The Kyrgyzstan government has completely banned the use of Bitcoin within its national borders.

Latvia – The government issued a warning about Bitcoins and other digital currencies a day after the national airline carrier announced that it would accept Bitcoin as an alternative payment method for flights.

Lebanon – Lebanon’s Central Bank issued a Bitcoin warning in 2013, raising a number of risks associated with digital currencies, and pointing out that issuance and use of “e-money” is prohibited under a decree issued in 2000. The warning prohibited the use of Bitcoin by financial institutions in the country, but left the situation for private citizens unclear.

Lithuania – The Lithuanian government has declared a wait and see policy as the regulatory landscape evolves across Europe.

Luxembourg – In April 2016, it granted a payment institution license to a Bitcoin exchange, making the company the first nationally licensed Bitcoin exchange in the world.

Malaysia – Bitcoin is not recognized as legal tender, and Bank Negara Malaysia does not regulate the operations of Bitcoin. The central bank has advised the public to be cautious of the risks associated with the use of such digital currency.

Mexico – The Mexican government has not banned the use of alternative digital currencies outright but instead is in talks with government regulators to try and introduce their own form of Bitcoin and their own blockchain specific to Mexico.

The Netherlands – In June 2013, the Dutch Finance Minister released a report that gave Bitcoin the status of an item of barter, meaning it needed no specific licensing or compliance requirements. He said, “Bitcoin is not a financial product as defined by law; purchase or sale of Bitcoins is not a financial service either, so the financial services act does not apply.”

New Zealand – The Reserve Bank regards cryptocurrencies as a “vulnerability” and considers cryptocurrency as a payment system rather than a currency.

Nigeria – On January 19, 2017, the Central Bank of Nigeria “officially outlawed digital currencies.” The CBN cited reasons like money laundering and terror financing to prohibit banks to use, hold or transact virtual currencies, and they should ensure “existing customers that are virtual currency traders have effective AML/CFT controls.”

Norway – The Norwegian tax authorities declared at the end of 2013 that “Bitcoins don’t fall under the usual definition of money or currency” and therefore making them subject to the usual capital gains tax laws, but Norway’s largest online-only bank, Skandiabanken, recently announced plans to offer clients the ability to link their regular bank accounts with their Coinbase account.

Pakistan – The Pakistani government hasn’t taken any stance on Bitcoin as yet; it believes that Bitcoin is a commodity and not a currency.

Philippines – In February 2017, BSP the Philippine Central Bank said it plans to officially regulate local Philippine Bitcoin exchanges as remittance companies and recognize Bitcoin as a legitimate payment method, while issuing a proper regulatory framework for Bitcoin users, exchanges and companies.

Poland – It has officially recognized the trading and mining of virtual currencies as an “official economic activity” but has said that regulation should come from the EU.

Portugal – Taxable, but unregulated.

Russia – The Russian Deputy Finance Minister has stated that regulators will be looking to recognize Bitcoin and other cryptocurrencies legally next year. The government is eager to tackle money laundering, which certainly incentivizes greater oversight and regulation, ultimately leading to its legitimacy.

Singapore – In early 2014, the Singapore government declared Bitcoin as a good purchased to purchase goods and therefore subject to a specific tax. The Monetary Authority of Singapore then required exchanges and ATM providers to Green-list, or de-anonymize their users to allow while simultaneously declaring that virtual currencies such as Bitcoin are not securities and not subject to regulation.

Slovenia – Slovenia took a middle road in December 2013 in declaring that Bitcoin was neither a financial asset nor a currency and should be taxed based on the circumstance it was used, whether it was via trading profits or through mining.

South Africa – The South African Revenue Service has stated that any transaction or speculation in Bitcoin is subject to general tax rules; it has added that it is the responsibility of both citizens and residents of South Africa to report each and every Bitcoin transaction detail to the South African Revenue Service.

South Korea – There are currently no laws in South Korea regulating the use of Bitcoin, where people are able to buy Bitcoin in 7-Elevens.

Spain – Notable among EU members, Spain is lobbying to establish a cryptocurrency regulatory framework. The Spanish government has confirmed that cryptocurrencies are exempt from Value Added Tax, and Spain has whole streets full with Bitcoin-friendly stores. Plus, many Bitcoin companies call Spain their home, and Spanish banks BBVA and Bankinter now invest in Bitcoin companies.

Sweden ­– Looking to shift to digital currency, the central bank’s decision to cut interest rates into negative territory has led to an increase in demand, supporting appetite for Bitcoins and alternatives to protect capital. Unlike neighboring Denmark, the Swedish regulator has publicly declared Bitcoin as a legal currency.

Switzerland – Switzerland’s financial markets regulator has approved the first Swiss private bank for Bitcoin asset management, potentially paving the way for other global banks to offer digital currency products.

Taiwan –Taiwan’s Financial Supervisory Commission has indicated its stance on Bitcoin remains neutral despite recent speculation it was moving toward more restrictive policies.

Thailand – In 2013, the Thai central bank declared the use of Bitcoin illegal in Thailand, but changed its opinion in early 2014 to make it not illegal. However, buying Bitcoin in Thailand and then selling it outside the country was still strictly prohibited.

Turkey – The Turkish authorities have issued guidance saying that Bitcoin does not meet the standards of electronic money and that the volatility leaves users with a high level of risk; a major Bitcoin exchange has ceased operations after local banks closed the main accounts of the company without prior notice.

Uganda – Unregulated but not illegal; the Bank of Uganda has asked Ugandans to stay away from Bitcoin and other digital currencies.

Ukraine – Despite vague Government regulations and political uncertainty in some areas, a major bank announced the ability to purchase Bitcoins in any of its nationwide ATM terminals.

United Arab Emirates – The exact status of cryptocurrencies is currently under review.

United Kingdom– The Bank of England continues to monitor Bitcoin technology, while it continues to be classified as private money, with VAT applied and also subject to capital gains tax, where there P&Ls are involved.

United States – The U.S. has the highest number of cryptocurrency users, the highest number of Bitcoin ATMs and also the highest Bitcoin trading volumes globally. However, there is a differing picture state by state: Texas, Kansas, Tennessee, South Carolina and Montana appear to be the friendliest based on state regulation, whereas New York, New Hampshire, Connecticut, Hawaii, Georgia, North Carolina, Washington and New Mexico have regulations not favorable to virtual currency. The other 37 states/territories are gray areas currently.

Venezuela – Government crackdown arrests and torture of those found using Bitcoin, despite growing popularity of use by the people.

Vietnam – The government has moved from banning Bitcoin in 2014 to now wanting to streamline the industry so as to be able to tax, monitor and eliminate any so-called negative impacts.

Zimbabwe – The country is not yet ready for regulation, says a government regulator.

Is Crypto Mining still Profitable 2020 and Beyond?

The short answer is yes. The long answer… it’s complicated.

Bitcoin mining began as a well-paid hobby for early adopters who had the chance to earn 50 BTC every 10 minutes, mining from their bedrooms. Successfully mining just one Bitcoin block, and holding onto it since 2010 would mean you have $450,000 worth of bitcoin in your wallet in 2020.

First of all, Bitcoin mining has a lot of variables. This is why buying bitcoin on an exchange can be a simpler way to make a profit. However, when done efficiently it is possible to end up with more bitcoin from mining than from simply hodling.

One of the most important variables for miners is the price of Bitcoin itself. If, like most people, you are paying for your mining hardware, and your electricity,- in dollars, then you will need to earn enough bitcoin from mining to cover your ongoing costs; and make back your original investment into the machine itself.

Which Countries have Issued Cryptocurrency?

To date, countries that have issued their own cryptocurrencies include Ecuador, China, Senegal, Singapore, Tunisia, though these countries will not be standing alone for long with Estonia, Japan, Palestine, Russia and Sweden looking to launch their own national cryptocurrencies.

Some of these countries are likely to take it a step further and replace paper tender altogether with China being one nation that is looking to take one step beyond a virtual and paper version.

Of the countries looking to introduce their own cryptocurrencies, the world’s largest economies could force the hands of smaller nations and we would expect the momentum to build in the years ahead.

Central banks now looking closely at the successes and constraints faced by those who have already stepped into the light, though only in early September, ECB President Draghi stated in a press conference that no member state of the Eurozone can introduce its own digital currency, with the currency of the Eurozone being the euro.

As countries continue to explore and roll out their own cryptocurrencies, there has been some concern over the possible ramifications of the existence of national cryptocurrencies on Bitcoin and Ethereum.

As things stand, both Bitcoin and Ethereum managed to navigate through the market selloff last month, following China’s moves against Bitcoin and ICOs, with the existence of national cryptocurrencies having yet to influence market appetite for the decentralized cryptocurrencies. Bitcoin surprised again as prices broke the $5000 psychological level and hit a new all-time high above $5800.

The issue that the market and decentralized cryptocurrencies such as Bitcoin will be likely face the decision by central banks to ban existing cryptocurrency exchanges, same as China has done, forcing Bitcoin holders to move out of Bitcoin into national virtual currencies.

Is Cryptocurrency Mining Legal?

The legal status of bitcoin (and related crypto instruments) varies substantially from state to state and is still undefined or changing in many of them. Whereas the majority of countries do not make the usage of bitcoin itself illegal, its status as money (or a commodity) varies, with differing regulatory implications.

While some states have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently.

How Long does it take to Mine 1 Ethereum?

Based on the Ethash algorithm, the successful mining on the Ethereum network is valued at three Ether, plus all transaction fees and code-processing fees. But, on average, it takes about 10 minutes or more to verify and mine a block of Bitcoin transactions, whereas Ethereum’s average aims to be at around 12 seconds.

Similarly, how much does it cost to mine 1 ethereum?

Nicehash charges 3% plus a 0.0001 btc service fee, that’s about $8.47, making the cost around $268.47. The value of 1 ETH is $278, so you could possibly make a small profit.

Beside above, is it hard to mine ethereum? In simple, cryptocurrency mining is a process of solving complex math problems. Intuitively, an increase in mining difficulty means it becomes harder to solve complex problems, and therefore to fewer rewards. We’re at a current peak in Ethereum difficulty due to its very high demand and popularity.

Likewise, how much ETH can you mine in a day?

According to the current difficulty level of Ethereum, which is 2418530528083430 and generates a block reward of 3.00000000, you can mine 0.01071725 daily.

Is it still worth it to mine ethereum?

It means you need to buy a new ASIC miner to mine Ethereum these days. However, Ethereum mining with a large GPU farm would still be profitable. If you have access to cheap electricity but might not be cost-effective in the short run. Ethereum mining might still be profitable if you have access to cheap power resources.

Is mining Ether profitable?

Whether any type of mining is profitable depends entirely on the cost of electricity in any given area. As a rule, anything below $0.12 per kilowatt consumed in an hour is likely to be profitable, though prices below $0.06 are recommended to make mining a truly viable economic enterprise.

These figures would disqualify most home mining attempts, especially in developed countries where electricity prices are generally above $0.20. Though it may be possible to turn a profit with such prices, the return on capital could be severely impacted.

For example, a miner that costs $3,000 generates $200 per month in revenue and that uses $45 in electricity at $0.05/kWh will take 19 months to repay itself. The same miner used in an area where electricity costs $0.20/KWh will be repaid in 150 months, or over 12 years.

Professional miners can gain an edge by moving their operations into regions with the cheapest electricity or by taking advantage of the generally lower rates reserved for industries. These are some of the primary reasons why mining has turned into a serious and capital-intensive industry.

But mining Ether at home is still accessible for most, especially since it can be done with consumer graphics cards made by AMD and Nvidia. For miners living in regions with low electricity prices, it can also turn into a strong source of income.

A variety of calculators exist that can outline what profits can be expected, for example, Miningbenchmark.net, Whattomine, or CryptoCompare’s calculator. It is also possible to calculate these values independently. The formula used by calculator websites is quite simple:

This provides an estimate of how much a miner is expected to make in a day. In essence, a miner’s revenue is the total issuance of the network multiplied by their share of the network’s total hash rate. To make a profit, one needs to subtract the cost of the electricity used by the miner. For example, a device using 1.5 kWh of electricity at a price of $0.10 will cost $3.6 per day.

The values to plug into the revenue formula can be found online as well. Etherscan will provide an updated estimate of the total hash rate, as well as block times and block reward.

On the Ethereum network, current block times hold at 15 seconds, so there are 5,760 blocks in a day, and the reward is 2 ETH per block as of October 2020. The miner’s hash rate depends entirely on mining hardware, while the network hash rate is the sum total of all miners contributing to the network.

The key to successful mining is maximizing the hash rate while minimizing electricity and hardware costs. Therefore, in addition to location, the choice of mining hardware is crucial for mining.

What is the Easiest coin to Mine?

Some cryptocurrencies are easier and less expensive to mine than others.

The birth of cryptocurrencies also introduced the concept of mining, thanks to the PoW (Proof of Work) consensus protocol, so-called because proof must be provided that a problem has been solved and a certain amount of energy has been consumed to achieve that result.

The computing power, in this case, is provided by computer processors that can be either CPUs (Central Processing Units) or GPUs (Graphics Processing Units), i.e. graphics cards that have proven to be formidable for mining algorithms.

Furthermore, there are also purpose-built machines called ASICs, but they are not welcomed by most crypto communities because their purpose is to use the power to obtain profits rather than to support the network. 

In fact, there is a real marketplace for mining farms, so if the crypto mined doesn’t perform above a certain value, then the miners shut down the machines and wait for better times.

Anyway, in this article we want to talk about the small miners or those who have so a lot of unused power and so, in this case, as a marginal activity, they can personally experience how mining works.

Before entering these virtual mines, it is wise to keep a few factors in mind:

• The hardware we want to mine with, CPU or GPU. In the case of GPUs, a distinction should be made between an AMD or Nvidia card;
• Evaluate what to mine for profit in the short term;
• Evaluate what to mine to make a profit in the long term, hence to accumulate a certain cryptocurrency.

How to choose the crypto to mine

To figure out which crypto to mine there are fortunately several online platforms that allow you to roughly estimate how much can be obtained from given crypto, for example, one of these websites is What to Mine.

Read Also: Cryptocurrency: Are we really ready to demonetize the world?

But which cryptocurrency is the easiest to mine and which has an interesting cost/profit ratio? Surely this is not a simple answer because all cryptocurrencies require a minimum of configuration.

You also need to decide whether to mine on your own or with a pool. In the latter case, you have to enter the parameters of the pool.

What we can do, though, is to determine which cryptocurrencies are the best. 

In the short term, Zcoin (XZC) seems to be a good choice, as it provides all the guidance on how to mine according to your hardware. If we want to make the most of our CPU, then the crypto par excellence is without a doubt Monero (XMR).

Finally, in the long term, the best are Bitcoin (BTC) and Ethereum (ETH). About the latter, however, it should be added that with the advent of PoS (Proof of Stake) it could increase its value considerably.