Bitcoin, mining and crypto regulations

Posted by LucyBTC on March 27, 2018.

In: cryptocurrencies crypto news Bitcoin bitcoin mining capital gain cryptocurrencies cryptocurrencies taxes

Bitcoin

 

No day goes by without some kind of breaking news in the cryptocurrencies' dynamics. Let's have a look at the tech industry and how cryptocurrencies change their path. Nvidia decided it’s needed to increase production of graphics processing units (GPUs), in order to satisfy the demand created by miners. As we know, gamers and crypto miners are highly demanding when it comes to GPUs, so tech companies such as Nvidia need to comply to the demand and take their production to the next level. Company co-founder, Jen-Hsun Huang, has stated the rise of crypto miners activity has lead to a shortage which needs to be addressed. Nvidia announced that its revenue coming from crypto miners has overcome expectations and Huang declared “crypto...is not going to go away” in a recent interview.

Further regularisation is taking place in all major countries of the world. Moving on to Australia now, it seems their Tax Office is working hard on expanding and updating their rules on cryptocurrencies for tax payers. Moreover, the institution is asking for general feedback and input from the wide audience, they’ve requested people to state any practical issues which might impact taxpayers to properly calculate their capital gain taxes. The ATO (Australian Tax Office) has updated the guidelines recently this March and applies tax rules on cryptocurrencies the same way they apply it to foreign currencies, even exchanging one crypto to another is a matter of tax liability at the moment. As troublesome as this may be for crypto users, we believe it to be beneficial that state authorities worldwide are working hard on improving guidelines and asking for people’s feedback along the way. Just like Nvidia co-founder declared, of course crypto is not going anywhere, it’s only in a regulation and update process. Looking forward to the next phase!

 

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