Topic: Ukraine to Legalize Crypto Mining as Economic Activity (Read 447 times)

Ukraine looking at Belarus, too, wants to legalize mining and cryptocurrency is certainly good news,but let's see how they want to legalize it

In Ukraine, the state can not normally provide heat and electricity to its population, what kind of production can we talk about? I live near Odessa and throughout the winter the apartment is cold. Set up a mining farm? So no money is enough to pay for electricity. The government simply decided to pocket the money even with the miners.

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Completely agree with you! And already wrote about it above.

Recently I read that the Belarusian president signed a bill on the fact that activities related to cryptocurrencies will not be taxed in this country.

As far as I know, some people in Ukraine illegally connect to electrical stations and mine crypto and don't care about cost for electricity. It seems to me that making this law they want to attract attention 

Yes Mining is profitable and there's no problem with that specially with countries that has Powerplant to lower the electricity consumption. I heard alot of European country are on crypto mining. I'm sure it will be more legalize. ROI are pretty good and it will takes 6months and so on depends on the price of altcoins.

If it was never illegal, how can it now be legalized? Are they just acknowledging it as a viable method to generate income?

Right now, mining is still profitable if you can get your hands on cards for market price, and pay low rates for electricity. Of course, mining the most profitable coin at the time makes it a lot easier to return your investment, but most people just stick to one currency and leave their machine running, generating a suboptimal ROI.

The latest problem is mining will cause the use of electricity is not controlled. this can be a threat to the state sutau because electricity consumption is a basic requirement.
there should be alternative energy to do the mining, or there is a limit to save electrical energy.

Its must be few times before. Thinklegalizing mining its good news but from another way you can saw axpancive price for elecricity. In a middle its 0,08$

Ukraine is a country in which good beginnings quickly turn into something very bad!) I think their goal is to take the mining out of the shadow, there is nothing more ...

How goverment will undestand were are located mining farm? Small farms can be located at home and nobody will pay attantion at aditional 100 Kwt per month. Big farms can be located at plants which requared big amount of electicity

Well stealing electricity isn't such a good thing, but the major profit determinant in mining is the cost of electricity, if electricity is cheaply available then it will be profitable, its goodnews that Ukraine has legalized mining

Accounts for electricity began to come simply huge. Very soon for me, mining will cease to be profitable

I am from Ukraine. When I'm in a store or restaurant, everyone talks about crypto-currencies and exchanges. If in other countries mining is a hobby (I think so). In my country this can be a money earning. Electricity is often stolen at state-owned factories. Money comes from taxes on this electricity for the mining. Deputies and the director produce crypto. Sorry for the bad english.

Its must depends few year before but happens only now. I didn't mining now but its realy good news for Ukrainian citizen

you are right if the view is indeed less profitable, but in fact, this should be developed by poor and developing countries in order to be a solution of poverty and social inequality in the country...

I think this is great news. This will make the crypto currency even more popular. I am glad that many CIS countries are on the right track. Perhaps the government does this step in order to improve the life of its people. But to be honest Ukraine has very strange politicians.

I can not say that this is wonderful, but on the other hand I do not like the situation with the fact that many countries are very critical of crypto-currencies. It seems to me that the legalization of cryptomayning is good news

Legalizing mining can really save economy they might have to also adopt the use of coins in buying commodities for the people after all, they allow people to earn coins via mining. Through allowing their local stores to accept coins will really make their lives easier and just maybe some institutions will be in their cities allowing people to buy coins and tokens over their fiat.

     I think that this is such a good news even with the question if whether this can still be really profitable for anyone who tries mining. But even so, I think all will depend on the price of all the resources needed for mining and for the country itself or in the type of coin you are going to mine. Because if you have high electricity costs and other problems with financing, even early coins wouldn't give you that much profit. But if you have low resources costs, then even mining bitcoins can still prove to be very profitable.

Wow, it is cool! It is a big step for this country. I am glad to see government that realize importance of cryptocurrency.
And it is funny to see absolutely different steps related to crypto in the world. Kiev’s government that legalize mining and Google that banned advertising of any ICO are right opposite!

Attention, guys!
I am from Ukraine and already heard this news. Of course mining today is a good and profitable thing, especially if you are mining altcoins. And sure thing, regulation of this sphere in my country is a good sign because it is already in the top list of countries, where the majority of the population is involved in crypto trading and mining. Our politicians use crypto trading and mining as a tool to hide their hidden revenues, but I am sure politicians and "whales" in other countries do the same.
But the thing is that legalization of mining in Ukraine is not only a good thing, there are two sides of the medal. Our government doesn't do anything for people if it doesn't bring them something in return. I am a lawyer myself and must warn everybody, that if somebody says there won't be taxation of any kind, they are completely wrong. If mining is going to be legalized and added to the list of legal economic activities, there will definitely be imposed taxations or any other fees. Every single economic activity, according to Ukrainian law, must be taxed and bring revenues to the state treasury. And knowing habits of our government, the fees can be quite high.
Legalization means adoption of the regulation of this economic activity, regulation means the possibility to protect your rights in court and be responsible for the infringement of rights and obligations, and once a government guarantees you the right to carry out this activity and be protected by the law, it imposes its rules, taxes and other fees for such guarantees.

That is why we should not build any illusions and rejoice at this event. We just have to carefully wait for further news and follow how things will go and what terms the government is going to adopt.

Electricity costs in our country truly are cheaper than in other countries, especially for wealthy people and foreigners, but for the local citizens with our small salaries, they are not that cheap at all. And certainly, we must not forget that legalization of mining very likely to increase these costs significantly or maybe for those who mine. But I am sure that costs won't remain at the same level.

Many more country will recognize bitcoin and will be declare legal. Though my countries doesn't recognizing it yet as legal, its not yet considered legal in the country. Its now being regulated by the government and now getting started to be acknowledge as something legal means of buying goods and services. There might be countries who will be recognizing it as legal but there will also be countries who will ban and be not allowed to used in their country.

I don't really think that mining is profitable. But it doesn't mean that regulation of mining is bad and unnecessary. It's a very good sign. Ukraine has potential to become the crypto capital of the world 

Think we'll see some great things from there in terms of crypto then.

Always loved Ukraine and hope to see great things come out from this.

First time I hear that

Ukraine has electricity generated by Atomic stations, which are cheapest electricity source..
Besides, population 50 million..
Pretty decent combination of wise decision and populations current condition.
Long Live Ukraine..

So it is relatively cheaper then, I imagine it might work out in the Ukraine because of that

I don´t think that is really news, cryptomining is not illegal, you don´t break any law anywhere mining except perhaps in China and probably not even there. The are just going to regulate and get taxes.

This is a good news for the crypto game, because we need some in these difficult days.

It is good news for the crypto community, i think more and more countries will start regulating and legalizing not only the mining but all other aspects of crypto business and i also hope that the taxes implemented will be negligibly small.

I can not yet speculate on what has happened in Ukraine.
at least I have to study and analyze how true the news you are reporting here to be the subject of discussion. but one thing is positive and we should appreciate the legality of bitcoin in ukraine.

In general, this is good news for the development of the crypto-currency market. But I do not think that this will cause a rise in prices

I live in Ukraine and I see a lot of people who should pay a bribe to not be accused of terrorism when they have mining farms. So this is a good news for them

If there's a place where crypto mining is profitable in Europe this is exactly Ukraine, where the electricity cost is one of the lowest. However, the idea of "legalizing cryptocurrency mining" seems to me rather a pretext to tax it.

Ukraine doesn't depend from russian electricity. Ukraine consume its own electricity and has no lack of energy

This is a step towards mainstream adoption of bitcoin and altcoins. Ukraine is next to Russia both of which have talented blockchain developers so this is great news. The only problem is that Ukraine is reliant on Russia for energy and they don't have good relations. Hopefully, they will have enough electricity to mine new coins.

For us, as a "good day", many of Ukraine's deputies in the portfolio have 4000-5000 bitcoins and you think they will pay taxes?
Guys is are not the country in which you can most roscrutitsa!

The government in Kiev can legalize anything, they are not thinking what are they doing, and what profit they will see from crypto mining, crypto is popular and new, thats only the thing that matters for Kiev

I myself am from Ukraine and I know why they did so, we have such a country that if it is possible to withdraw money from people they will do nothing new just new taxes cheers!

This is a good news for those miners that has a restricted or trying to ban mining cryptocurrency in their country. This is a good counter to those who want cryptocurrency to die but they are already out of luck. Good decision by the government of Ukraine. Now China and other countries will think twice before they ban mining cryptocurrency because it is their loss if they implement it.

I think now mining is advantageous only on a large scale and where cheap electricity, because who has a small farm, now earn very little.

Electricity costs is about 0.07 cents, I guess it is chip if compare it to European price, but if compare to Russia of China, I think it is expensive.

I think for now that crypto mining is already in profitable phase because many new miners to now, and many countries that legalize bitcoin, if unprofitable may be many countries that don't legalize bitcoin

This is a new reform of Ukraine, and one could rejoice if it were not for the fact that all this was done before the West and serves only to obtain additional tranches and saw it later. So the government of Ukraine in its style.

Yeah, a great place for mining. Now its a great opportunity for them to make money easily if I we’re there I will start mining and earn bitcoin. I hope for the successs of people there and hoping that many country will finally accept cryptocurrency.

The fact of the matter is that we only hear of intentions. but there were no real accepted normative acts on the crypto currency either, nor was it. While this is only all the words, and the words are changeable. Today they say one thing, tomorrow they will say something else. In the Verkhovna Rada of Ukraine there are several bills on the crypto currency, some of which are very good, but they simply lie there and are not considered.

With the presence of this policy I hope the economic growth of the citizens of Ukraine is getting better and can provide a value of protection against bitcoin from a deep downturn as it is happening nowadays.

Ukraine taking advantage of crypto. The country is in a difficult position and crypto could help them to gain some money.
Yes, mining is still profitable.

At now they just talking about it.
But when it will happen - this industry can rise up in Ukraine.

It's interesting.

Mining there could be very profitable for big players because it's cold and you could arrange very cheap energy. Like $0.05 kW/h. Still, the security could be an issue.

I think if Ukraine was interested in legalizing crypto, nothing good will be for citizens! In this country, if something is undertaken, wait for the bad news (for the people of course)!

These are good news though it's just small step forward the total legalization. I hope our government will make the right decissions and we won't need to worry about the furute of our crypto assets. I'm ready to pay for safe mining, trading and investing.

This is great news. Thank you so much for sharing this. Ukraine is not a big country and I don't know how many people will participate it, but it might an example for the other countries who wants to join also.

I have long heard that crypto trading and bitcoin mining will not be taxed in this country. Thanks to this, people will be more interested in crypto currency.

This is a good one for crypto, this is what governments should be thinking of doing instead of looking for ways to kill crypto which will never be possible, we will see how many governments will make moves in support of crypto.

As of today price of electricity in Ukraine - $0.03 KW/H (if you use less than 100 kw/h) and $0.06 KW/H (if you use more than 100kw/h)

Depends on your costs I think Ukraine has very cheap electricity so its probably profitable, altcoins are just a gamble really. Also legalizing mining will probably attract some big players from all over that contribute to your domestic economy and create jobs.

Seems like good news but I don't know quite how many people will be mining from the Ukraine anyway, it's unlikely to change things on a global scale all that much.

This is a piece of good news despite the red days we are having in all altcoins price  movements. A very big boost for cryptocurrency very soon other eastern European countries will follow Ukrainian  footsteps and  do same. The future is for the cryptocurrencies.

I agree with the previous postmaker. Mining is quite profitable at a low cost of electricity. Ukraine is among counries with such a situation in electric power industry. That's why legalization of mining will benefit the citizens of this country.

depends on the electricity costs i guess? i heard it's cheaper there for the most part, so it might work out

"The government in Kiev has taken concrete steps to legalize cryptocurrency mining. Ukraine’s Minister of Economy has ordered several ministries, agencies, and the National Bank to prepare the documents necessary to include mining in the state register of economic activities. "

https://news.bitcoin.com/ukraine-to-legalize-crypto-mining-as-economic-activity/

Thought this was pretty interesting.

But is crypto mining even profitable at this point? Idk if it's worth it for btc, maybe some other alcoins?

What do you think?