legal btc mining

Gabor Dudas asked 8 months ago

I want to mining btc in a legal way. I know it is stupid, but this is what it is. I have a company and I have the miners already. Everything is working well.
My problem is: My company receive btc every day, but I do not have a bill of sale or receipt of the btc. Its just coming. Should I send a Bill of Sale every month to the pool? Which pool accept invoice from me?
So how this big miner companies do this?
The expense is okay, same like any other companies.
What is the best way to convert to Dollar the btc, if I do not want any problem with the government?
So my question is how to do the mining with a company? step by step? Only legal!
Thank You

1 Answers
Steven Hay answered 8 months ago

Hi Gabor,
I’m just guessing from your name that you’re in Hungary or elsewhere in Eastern Europe. As far as I know, Bitcoin mining is not illegal in any countries though.
However, I get that you want to be fully compliant with the taxman. Unfortunately, in most countries that taxman has not yet created legislation which addresses Bitcoin mining. I think the best would be to consult an accountant or tax lawyer in your country who is familiar with cryptocurrency. They will be able to offer far better advice than I can, especially as I’m unsure of where your business is operating.
My best guess is that if you exchange your Bitcoin for fiat as soon as it’s mined, then you will be making income which can be reported and taxed as standard business income. If you’re holding some Bitcoin and selling it later, then capital gains tax may apply… Again, you should really confirm this with a local tax professional.

Bitcoin Video Crash Course 

Dummy-proof explainer videos enjoyed by over 100,000 students. One email a day for 7 days, short and educational, guaranteed.

We hate spam as much as you do. You can unsubscribe with one click.