Israel to Tax Bitcoin

The government of Israel would treat bitcoin and other cryptocurrencies as a kind of property for tax purposes
19 February 2018   611

On February 19, Israel's government released the notice which confirms that Tax Authority will regard cryptocurrencies as "a property, not a currency" in order to make it taxable. It is important to note that the Tax Authority detailed its position first in January of this year.

According to the circular, profits from cryptocurrencies will be subject to capital gains tax at rates between 20-25%, while miners or traders must pay 17% VAT in addition to capital gains tax.

The government of Israel started exploring the taxation of cryptocurrencies as early as 2013.

Today’s announcement was largely expected because of previous draft release.  In January, Tax Authority announced another draft circular, which outlined potential ways in which the government could tax ICOs.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   108

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.