<ul><li>Authorities in Venezuela recently seized more than 100 miners for allegedly operating a <keyword id="1660859" type="General" weightage="20" keywordseo="bitcoin-mining" source="Orion">Bitcoin mining</keyword> farm without the relevant permits.</li><li>In Iran, the state power company has warned that <keyword id="12463968" type="General" weightage="20" keywordseo="illegal-crypto-mining" source="Orion">illegal crypto mining</keyword> operations will cause at least 10% of the power outages this winter.</li><li>Despite regulation coming into place, illegal mining for cryptocurrencies continues to thrive in countries with cheap electricity as miners look to expand their profit margins.</li></ul>Regular mining and mining for cryptocurrencies may not be the same thing, but they do have something in common — illegal mining of both takes a toll on the environment, the economy, public order and governance. <br /><br />In Venezuela, which also has a history of illegal mining for gold, the government seized more than 100 miners from an underground Bitcoin mining operation this month. According to <a href="https://morocotacoin.news/venezuela/la-sunacrip-junto-a-otras-autoridades-venezolanas-incautan-equipos-de-mineria-digital-clandestina/">local media</a>, the authorities were able to track down the perpetrators because of the toll they were taking on the power grid, the National Electric System (NES).<br /><br />Similar incidents have come to light in Iran, <a href="https://www.businessinsider.in/cryptocurrency/news/watch-malaysian-police-use-a-steamroller-to-crush-1069-bitcoin-mining-rigs-worth-1-3-million/articleshow/84549421.cms">Malaysia</a>, the UK, and other countries around the world. Kazakhstan, which saw an influx of crypto miners after China’s ban, is also mulling over introducing regulations to <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-miners-are-taking-a-toll-on-power-grids-in-russia-iran-kazakhstan-belarus-pushing-for-regulation/articleshow/87132961.cms">separate the crypto miners from other power users.</a><br /> <br />The Asian Dragon’s ban has also resulted in the US becoming the top destination for <a href="http://coindcx.com">Bitcoin</a> miners, according to the Cambridge Bitcoin Electricity Consumption Index (<a href="https://cbeci.org/mining_map">CBEC</a>). As of September 2021, Bitcoin miners in the US accounted for one-third of the cryptocurrency’s hashrate — the amount of computational power going into mining for Bitcoin.<br /><br />                  <div type="image" title="PubG - Crypto (10)" msid="87505276" hostid="261" caption="&amp;lt;p&amp;gt;The US accounts for one-third of the Bitcoin hashrate after China&amp;#39;s ban on crypto mining&amp;lt;/p&amp;gt;"></div><br /><cmsannotation type="cmsannotation" annotationid="The exploitation of cheap electricity" comment="subhead" text="The exploitation of cheap electricity"><span data-til="noop">The exploitation of cheap electricity</span></cmsannotation><br />Just as illegal mining for precious metals increased as prices rose — the same can be seen in the crypto universe too. In most cases higher prices attract more miners and more miners means a higher demand with the same supply, which in turn, leads to an increase in prices as the cycle continues.<br /><br />Moreover, the <keyword id="6289215" type="General" weightage="20" keywordseo="crypto-mining" source="Orion">crypto mining</keyword> industry competes on low margins. And, the biggest variable in running a profitable operation is the cost of electricity. This is why countries seeing a large amount of cryptocurrency mining are the same ones that offer electricity at cheap rates. In most places, this is because the rates are subsidised to keep power affordable.<br /><br />Venezuela, for instance, introduced new regulation to make cryptocurrency mining legal in September this year. However, one month later, the country’s <a href="https://twitter.com/VTVcanal8/status/1283503232636145667">Minister of Habitat and Housing</a>, announced that the government is banning mining operations in any low-income neighborhoods that have subsidised electrical costs.<br /><br />Kazakhstan, another country with cheap electricity prices, is tracking down ‘grey’ or illegal miners to weed them out from the ‘white’ or permitted miners.<br /><br />While the President, <a href="https://moderndiplomacy.eu/2021/11/02/president-of-kazakhstan-gives-green-light-to-cryptocurrency-mining/">Kassym-Jomart Tokayev</a>, seems to have no qualms about cryptocurrency miners, it was earlier reported by <a href="https://eurasianet.org/kazakhstan-to-restrict-crypto-miners-amid-power-shortages">Eurasianet</a> that the country’s national grid is rationing electricity and targeting cryptocurrency mining farms in the process due to their high power consumption. <br /><br /><cmsannotation type="cmsannotation" annotationid="The question of demand and supply" comment="subhead" text="The question of demand and supply"><span data-til="noop">The question of demand and supply</span></cmsannotation><br />In Iran, where the supply of electricity seasonally falls short of demand due to extreme temperatures during winter and summer, illegal cryptocurrency mining has only made matters worse. <br /><br />Just like in Venezuela, miners can get permits for crypto mining from the government in Iran. However, illegal mining operations continue to thrive — including one in the basement of the <a href="https://cointelegraph.com/news/tehran-stock-exchange-ceo-resigns-following-discovery-of-bitcoin-miners-in-basement">Tehran Stock Exchange</a>. <br /><br />Iran had <a href="https://www.businessinsider.in/cryptocurrency/news/iran-bans-crypto-mining-for-the-summer-ahead-of-peak-electricity-demand/articleshow/82975646.cms">banned</a> cryptocurrency mining for four months during the summer because of the toll on the power grids. After getting the green light to restart operations again in October, the state electricity company has warned that the threat from illegal cryptocurrency mining is not yet over. It expects that clandestine cryptocurrency mining will account for at least 10% of power outages this winter, according to a statement published by the official government news agency <a href="https://www.rferl.org/a/iran-power-cuts-cryptocurrency/31502220.html">IRNA</a>.<br /><br />                <div type="image" title="PubG - Crypto (11)" msid="87505326" hostid="261" caption="&amp;lt;p&amp;gt;The production of just one bitcoin consumes as much energy as 18 Americans or more than 1,500 Nigerians per year&amp;lt;/p&amp;gt;"></div><br />With the US fast becoming a hub for cryptocurrency mining, the states of Texas and Washington are in high demand with the lower electricity rates in the country. While a huge chunk of their power generation is done using renewable resources, thus reducing the toll on the environment, concerns remain over supply and demand in the world’s largest economy as well.<br /><br />Texas, for instance, was a victim of a huge power outage crisis earlier this year. In February, more than <a href="https://www.texastribune.org/2021/02/21/texas-power-outage-grocery-stores-greg-abbott/">10 million people</a> within the state were left without any electricity amid freezing temperatures resulting in the <a href="https://www.texastribune.org/2021/03/25/texas-deaths-winter-storm">death</a> of at least 111 people.<br /><br />And, with more Bitcoin miners coming on board, <a href="https://www.governing.com/next/can-texas-power-grid-withstand-cryptocurrency-mining">experts</a> are vary that only only will the prices of electricity increase as a result, but winter shortages could worsen.<br /><br />The more people there are mining for Bitcoin, the more difficult its algorithms are going to become to solve, which means validating transactions — or mining — will lead to the consumption of even more power. It’s one of the primary reasons why Ethereum, the second largest cryptocurrency in the market, is currently moving to the proof-of-stake (PoS) consensus method rather than proof-of-work (PoW). The shift, dubbed as Ethereum 2.0, is expected to reduce mining for Ether (ETH) by 99%.<br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/investment/news/cryptopunks-sees-another-bizarre-sale-in-seven-days-this-time-for-an-unreasonably-cheap-price/articleshow/87490463.cms">Another bizarre CryptoPunks' sale in the last seven days — this time for an unreasonably cheap price</a><br /><br /><a href="https://www.businessinsider.in/investment/news/amitabh-bachchan-nft-collection-hits-520000-all-time-high-for-an-nft-in-india-on-day-one/articleshow/87488171.cms">Bid for Amitabh Bachchan's NFT collection hits $520,000 — all time high for an NFT in India on day one</a><br /><br /><a href="https://www.businessinsider.in/investment/news/crypto-firm-crosstower-partners-with-south-asian-engagement-forum-to-celebrate-diwali-at-world-trade-center-in-new-york/articleshow/87484056.cms">Crypto firm CrossTower will be celebrating Diwali at the World Trade Centre with fireworks over the Hudson River in New York</a></strong><br />

Illegal mining for cryptocurrencies remains rampant as miners look to maximise profits with cheap electricity

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5a8c555fd0307221008b47b8-799/venezuelas-opposition-coalition-likely-to-boycott-presidential-vote.jpg" alt="Venezuela's President Nicolas Maduro speaks during a meeting with ministers in Caracas, Venezuela February 16, 2018. Miraflores Palace/Handout via REUTERS " data-mce-source="Thomson Reuters" data-mce-caption="Venezuela's President Nicolas Maduro speaks during a meeting with ministers in Caracas" /><p class="source"><span>Thomson Reuters</span></p><p class="caption">Venezuela's President Nicolas Maduro speaks during a meeting with ministers in Caracas</p></div><p></p></div></div></p><p><strong>Welcome to Crypto Insider, Business Insider's roundup of all the <a href="http://markets.businessinsider.com/currencies/BTC-USD" target="_blank" rel="noopener">bitcoin</a> and <a href="http://markets.businessinsider.com/currencies/cryptocurrencies" target="_blank" rel="noopener">cryptocurrency news</a> you need to know today. Sign up <a href="http://e.businessinsider.com/join/crypto-insider" target="_blank" rel="noopener">here to get this email delivered direct to your inbox</a>.</strong></p><p>Venezuela has <a href="http://markets.businessinsider.com/currencies/news/venezuela-cryptocurrency-petro-launch-bitcoin-2018-2-1016430029">officially launched the sale of its commodity-backed cryptocurrency, the petro</a>. The coin is meant to be a workaround to avoid sanctions against Venezuela's official currency, the bolivar, which has been rocked by hyperinflation. </p><div><p><strong>Here are the <a href="http://markets.businessinsider.com/cryptocurrencies">current prices</a> for major cryptocurrencies:</strong></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://markets.businessinsider.com/cryptocurrencies"><img src="https://static-ssl.businessinsider.com/image/5a8c5afdd0307238008b47a4-779/screen shot 2018-02-20 at 122843 pm.png" alt="bitcoin litecoin ethereum ripple price today" data-mce-source="Markets Insider" data-link="http://markets.businessinsider.com/cryptocurrencies" /></a><p class="source"><span><a href="http://markets.businessinsider.com/cryptocurrencies">Markets Insider</a></span></p></div><p></p></div></div></p></div><p><strong style="color: #222222;">Here's what you need to know in crypto today:</strong></p><div><section><section><ul><li><a href="http://markets.businessinsider.com/news/Bitcoin-climbs-back-above-11-000-1016339459" target="_blank" rel="noopener">Bitcoin is back above $11,000</a></li><li>Ex-JPMorgan trader turned bitcoin fund manager: '<a href="http://markets.businessinsider.com/news/Ex-JPMorgan-trader-turned-bitcoin-fund-manager-There-s-trench-warfare-going-on-between-analogue-and-digital-financial-services-1016210950" target="_blank" rel="noopener">There's trench warfare going on between analogue and digital financial services'</a></li><li>Litecoin cash officially forked over the weekend. <a href="http://markets.businessinsider.com/news/Litecoin-is-surging-after-litecoin-cash-forks-1016445796">Here's what you need to know. </a></li><li>The iced tea company that pivoted to blockchain is <a href="http://markets.businessinsider.com/news/The-iced-tea-company-that-pivoted-to-blockchain-is-spinning-off-its-beverage-business-as-it-once-again-risks-being-delisted-LBCC-1016459530" target="_blank" rel="noopener">spinning off its beverage business</a> as it once again risks being delisted</li><li><a href="http://markets.businessinsider.com/news/stocks/Tesla-s-Amazon-cloud-account-was-hacked-and-used-to-mine-cryptocurrency-TSLA-1016460519" target="_blank" rel="noopener">Tesla's Amazon cloud account was hacked and used to mine cryptocurrency</a></li><li><a href="http://markets.businessinsider.com/news/Criminals-are-reportedly-abducting-the-cryptorich-to-steal-their-Bitcoin-BTC-1016339458" target="_blank" rel="noopener">Criminals are reportedly abducting the 'cryptorich' to steal their Bitcoin </a></li><li>Poland's central bank is reportedly <a href="http://markets.businessinsider.com/news/Poland-s-central-bank-is-reportedly-funding-a-YouTube-smear-campaign-against-cryptocurrencies-1016323446" target="_blank" rel="noopener">funding a YouTube 'smear campaign'</a> against cryptocurrencies</li><li>S&amp;P: <a href="http://markets.businessinsider.com/news/S-P-Warnings-that-cryptocurrency-could-crash-the-global-financial-system-are-much-ado-about-nothing-1016322723" target="_blank" rel="noopener">Warnings that cryptocurrency could crash the global financial system are 'much ado about nothing'</a></li><li><a href="http://markets.businessinsider.com/news/Ethereum-founder-warns-cryptocurrencies-could-drop-to-near-zero-at-any-time-1016136497" target="_blank" rel="noopener">Ethereum founder warns cryptocurrencies 'could drop to near zero at any time'</a></li><li><a href="http://markets.businessinsider.com/news/Bank-of-England-s-Mark-Carney-Bitcoin-has-failed-one-of-its-key-aims-1016415639" target="_blank" rel="noopener">Bank of England's Mark Carney: Bitcoin has 'failed' one of its key aims</a></li><li><a href="http://markets.businessinsider.com/news/This-new-video-game-will-offer-one-whole-bitcoin-to-the-first-person-who-solves-its-mind-bending-puzzles-1016041699" target="_blank" rel="noopener">This new video game will offer one whole bitcoin to the first person who solves its 'mind bending' puzzles</a></li></ul><p><strong style="color: #222222;">Join BI's<a href="https://www.facebook.com/groups/BI.CryptoInsider/"> Crypto Insider Facebook group</a> today to discuss cryptocurrencies and blockchain with readers from all over the world, as well as Business Insider staff. </strong></p></section></section></div><p class="tagline">Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a><br><br><div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://read.bi/bitcoin-101-free"><img src="https://intelligence.businessinsider.com/image/5a3054550b0f272e008b4d63-480" style="margin-right:15px;width:75px;float:left !important;" /></a><strong>EXCLUSIVE FREE REPORT:</strong><br>The Bitcoin 101 Report by the Business Insider Intelligence Research Team.<br><strong><a href="http://read.bi/bitcoin-101-free">Get the Report Now »</a></strong></br></br></div></br></br></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/elon-musk-launch-tesla-roadster-mars-spacex-falcon-heavy-2018-2">Watch SpaceX launch a Tesla Roadster to Mars on the Falcon Heavy rocket - and why it matters</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/xtRsrBk1-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); 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CRYPTO INSIDER: Venezuela launches a cryptocurrency

<ul><li>Everyone who earns over ₹ 2.5 lakh has to pay income tax in India.</li><li>The Indian Finance Ministry has clarified that earnings from <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> investments are not exempted.</li><li>The extent of liability could vary based on taxpayer profile.</li></ul>Bitcoin has come a long way – from being ignored by the financial world, to a global company like Tesla holding $1.3 billion as a digital asset. <a href="http://coindcx.com">Cryptocurrencies</a> can be used for transactions and even be held as assets. This unique nature makes it a particularly attractive <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword>.<br /><br />Several investors have entered the ‘rich list’ and<a href="https://www.forbes.com/sites/jeffkauflin/2021/02/02/meet-the-11-billionaires-cashing-in-on-bitcoins-wild-rise/"> made billions</a>, by investing in <keyword id="2420795" type="PERSON" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> and associated services. And, a retail investor can accumulate more of this asset when they ‘<a href="https://www.businessinsider.in/investment/news/how-to-mine-bitcoin-hardware-software-and-other-things-needed/slidelist/85003097.cms">mine</a>’ for it.<br /><br />Others looking to dip their toe in the crypto market, may be wondering how profits for investing in cryptocurrencies are taxed — if at all. Here’s a quick look.<br /><br /><strong><cmsannotation type="cmsannotation" annotationid="Why pay taxes on crypto gains?" comment="subhead" text="Why pay taxes on crypto gains?"><span data-til="noop">Why pay taxes on crypto gains?</span></cmsannotation></strong><br /><br />Laws and regulators move slower than technology,<a href="https://en.wikipedia.org/wiki/Music_piracy"> illustrated</a> at every step of the Internet’s advances. This is true in India as well with guidelines slowly changing to let retail investors participate in cryptocurrency, and allowing banks to send money to crypto exchanges. India’s central bank, the Reserve Bank of India (RBI),<a href="https://economictimes.indiatimes.com/markets/cryptocurrency/relief-for-investors-as-rbi-clarifies-on-banks-warning-to-crypto-dealing-clients/articleshow/83116747.cms"> has indicated</a> that trading in digital currency is allowed but has warned investors of the potential risks.<br /><br />                <div type="ExtQuote" text="The RBI has major concerns with respect to private cryptocurrencies. We have conveyed these concerns to the government. The government will examine the issue and act accordingly." auname="Reserve Bank of India (RBI) governor, Shaktikanta Das, during the RBI’s Monetary Policy press conference on 6 August 2021"></div><br />India’s tax laws have yet to catch up, so consultants rely on interpreting existing laws in a grey area. However, the Indian MoS for Finance Ministry, Anurag Thakur, has<a href="https://www.financialexpress.com/market/bitcoin-alert-govt-says-crypto-gains-taxable-as-income-gst-applicable-on-services-by-crypto-exchanges/2222192/"> made it clear</a> that crypto earnings are taxed since it is not specifically exempted.<br /><br /><img src="https://lh4.googleusercontent.com/qAASHSkJZ6TTJ__ijVmry35DoxHSozY_ab9d4ISqYSRIAQ-4NCJ1q6AZrCMe81jLbcBU2b1GQ6hamfjRASEHoMLNfe1s7BA0we-Wz6DGJ16ABPfe8AZjg8WD49pwXxYXcRiAQdcp" /><br /><br />                <div type="ExtQuote" text="Disclosing gains and paying applicable taxes helps you to minimise tax compliance hassles. I recommend evaluating your current liability, even if you think laws may change soon in a fluid financial world." auname="Mr Charan G from the Commercial Taxes Department of Andhra Pradesh State"></div><br /> <strong><cmsannotation type="cmsannotation" annotationid="Who needs to think about paying taxes?" comment="subhead" text="Who needs to think about paying taxes?"><span data-til="noop">Who needs to think about paying taxes?</span></cmsannotation></strong><br /><br />In brief, everyone who receives profits in hand. Earning from cryptocurrency in any form is not listed in the<a href="https://www.bankbazaar.com/tax/tax-exemption.html"> income categories</a> exempt from tax. To clarify, income taxes are only applicable to gains received in hand.<br /><br />So, if one invested ₹10,000 into Bitcoin and the coin’s price tripled since then, that gain is theoretical — with no tax due. Similarly, if a Bitcoin miner mined a certain number of Bitcoin but has not sold it for monetary gain in rupees, the Bitcoin held has only theoretical value, with no tax due on it.<br /><br />But if you ‘cash out’ by selling some of that coin at a profit and receive rupees in the bank, the profit you gained is now taxable.<br /><br /><cmsannotation type="cmsannotation" annotationid="When should you think about paying taxes?" comment="subhead" text="When should you think about paying taxes?"><span data-til="noop">When should you think about paying taxes?</span></cmsannotation><br /><br />If you have cashed out partly or wholly and a profit has reached you, you need to consider your tax liability.<br /><br />If you had invested a certain amount that continues to grow – and you haven’t pulled that money out – you do not have to think about taxes yet. Because of long-term capital gains tax (LTCG) — explained further below — the longer you stay invested, the less tax you pay.<br /><br /><cmsannotation type="cmsannotation" annotationid="How much would you need to pay?" comment="subhead" text="How much would you need to pay?"><span data-til="noop">How much would you need to pay?</span></cmsannotation><br /><br />There are no specific tax laws for cryptocurrency in India yet, but there are existing paths that guide us.<br /><br /><strong>Personal Income (a)</strong><br /><br />For relatively small profits, gains from cryptocurrencies can be listed under “other income” in the tax form, and pay as per the tax bracket applicable.<br /><br /><strong>Personal Income (b)</strong><br /><br />For relatively larger profits from cryptocurrency, it would be advantageous to note it as an investment holding, and pay capital gains tax accordingly. Investments held for less than three years would be subject to short-term capital gains tax (STCG). In this case, STCG tax would be paid at the same income tax bracket a person already is in for that year.<br /><br />If an investment is held for more than three years before cashing in, the profits would be subject to long-term capital gains tax (LTCG). In this case, the applicable LTCG tax would be 20%. If a person is in a higher tax bracket than that for the year, LTCG would be preferable.<br /><br /><strong>Business Income</strong><br /><br />You would pay taxes as usual, including for realised cryptocurrency gains. You can deduct expenses incurred by the business, thus lowering tax liability. If your main business was to mine cryptocurrency, you could deduct expenses incurred towards mining.<br /><br />              <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div id="5BF9C613369130B1059077FB9A83A6E3DD4_74692"><div id="5BF9C613369130B1059077FB9A83A6E3DD4_74692_robot"><a href="https://cloud.smartdraw.com/share.aspx/?widgetToken=5BF9C613369130B1059077FB9A83A6E3DD4" target="_blank"><img src="https://cloud.smartdraw.com/cloudstorage/5BF9C613369130B1059077FB9A83A6E3DD4/preview2.png"></a></div></div><script src="https://cloud.smartdraw.com/plugins/html/js/sdjswidget_html.js" type="text/javascript"></script><script type="text/javascript">SDJS_Widget("5BF9C613369130B1059077FB9A83A6E3DD4",74692,1,"");</script><br/>]]></cdata></div><br /><strong><cmsannotation type="cmsannotation" annotationid="The maximum and minimum tax liability" comment="subhead" text="The maximum and minimum tax liability"><span data-til="noop">The maximum and minimum tax liability</span></cmsannotation></strong><br /><br />To summarize, the maximum tax liability you are accountable for is the income tax bracket applicable to your earnings. The income tax payable could be zero, if net income is less than ₹2.5 lakh after applicable deductions and if no LTCG tax is applicable, for individuals aged below 60 years.<br /><br />At the other extreme, there may be losses that were released after cashing out of a cryptocurrency investment during a market dip. That loss could still be useful, but in a different way. Those who file tax returns for their business (Form 3 or 4 in India) may be able to offset losses against income in a future year, on a Chartered Accountant’s advice.<br /><br />We have barely entered the second decade of cryptocurrency as an appreciating asset, and the markets are still learning how to harness it. Individuals who understand their risk appetite can get the most out of such an investment. While we have explained that Bitcoin is subject to tax in India, this is not intended to be financial advice. We recommend making any major decisions after speaking to your tax consultant.<br /><br /><a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> <em>— a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.</em><br /><br /><strong>SEE ALSO:<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/apple-pay-and-google-pay-are-coming-to-coinbase-allowing-users-to-buy-cryptocurrencies/articleshow/85096650.cms">Coinbase now lets you purchase crypto via Apple Pay, Google Pay option to arrive soon as well</a><br /></strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/venezuela-announces-its-own-central-bank-digital-currency/articleshow/85097126.cms"><strong>Venezuela is set to launch its government-backed digital currency in October as the bolivar gets a makeover</strong></a><br />

Tax implications of investing in cryptocurrencies — here’s how you can make the most of your investment

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5a5e021828eecc2b1c8b4d33-2400/rtr32yrx-1.jpg" alt="stock exhange sad" data-mce-source="REUTERS/Brendan McDermid" data-mce-caption="Trader Mario Picone works on the floor of the New York Stock Exchange June 1, 2012." /><p class="source"><span>REUTERS/Brendan McDermid</span></p><p class="caption">Trader Mario Picone works on the floor of the New York Stock Exchange June 1, 2012.</p></div><p></p></div></div></p><p><strong>Welcome to Crypto Insider, Business Insider's roundup of all the </strong><a href="http://markets.businessinsider.com/currencies/BTC-USD"><span><strong>bitcoin</strong></span></a><strong> and </strong><a href="http://markets.businessinsider.com/currencies/cryptocurrencies"><span><strong>cryptocurrency news</strong></span></a><strong> you need to know today. Sign up </strong><a href="http://e.businessinsider.com/join/crypto-insider"><span><strong>here to get this email delivered direct to your inbox</strong></span></a><strong>.</strong></p><p>Cryptocurrencies are getting smacked Tuesday morning, with as much as $166 billion in market value vanishing since Monday. </p><p><strong>Here are the current standings:</strong></p><ul><li><span><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL0JUQy1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580C4c631204">Bitcoin (BTC)</a></span>: $11,569.39 (<span style="color: #ff0000;">-15.06%</span>)</li><li><span><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL0VUSC1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580Be6ed6f47">Ethereum (ETH):</a></span><span> $1,055.66 (<span style="color: #ff0000;">-17.29%</span>)</span></li><li><span><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL0JUQy1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580C4c631204"></a><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL1hSUC1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580B26177c69">Ripple (XRP)</a></span>: $1.295 (<span style="color: #ff0000;">-21.65%</span>)</li><li><span><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL0JUQy1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580C4c631204"></a><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL0JDQy1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580B9eb71dc8">Bitcoin Cash (BCC)</a></span><span>: $1,869.86 (<span style="color: #ff0000;">-21.66%</span>)</span></li><li><span><a href="http://markets.businessinsider.com/currencies/LTC-USD">Litecoin (LTC)</a>: $194.77 (<span style="color: #ff0000;">-16.04%</span>)</span></li></ul><p><strong style="color: #222222;">What's happening:</strong></p><div><ul><li>Declining Japanese and South Korean trading volumes have been <a href="http://markets.businessinsider.com/currencies/news/bitcoin-ethereum-ripple-cryptocurrency-prices-fall-on-january-16-2018-1-1013105097">blamed for spooking cryptocurrency markets</a> this weekend. </li><li>The CEO of the oldest bitcoin exchange says all platforms are struggling with '<a href="http://markets.businessinsider.com/currencies/news/bitstamp-ceo-nejc-kodric-surge-new-signs-ups-scaling-platforms-closed-2018-1-1013111354">the massive amount of new users'</a></li><li>There's a <a href="http://markets.businessinsider.com/currencies/news/bitcoin-rapper-coindaddy-amazing-characters-san-franciscos-crypto-culture-2018-1-1013085341">bitcoin rapper called CoinDaddy</a>, and he's just one of the fantastic characters in San Francisco's bizarre crypto culture.</li><li><a href="http://markets.businessinsider.com/currencies/news/canada-quebec-bitcoin-miners-mining-2018-1-1013084794">Canada could become the world's bitcoin mining capital as China cracks down</a><span style="color: #222222;">, since r</span><span style="color: #222222;">egions like Quebec have excess power capacity. </span><span style="color: #222222;">Other countries like Kazakhstan and Venezuela are also said to be courting miners. </span></li><li><span style="color: #222222;">Finally, there's a <a href="http://markets.businessinsider.com/currencies/news/j-pop-virtual-currency-girls-cryptocurrency-band-2018-1-1013068157">Japanese pop group getting paid in bitcoin to sing about cryptocurrencies</a>.</span></li></ul></div><p class="tagline">Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a><br><br><div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://read.bi/bitcoin-101-free"><img src="https://intelligence.businessinsider.com/image/5a3054550b0f272e008b4d63-480" style="margin-right:15px;width:75px;float:left !important;" /></a><strong>EXCLUSIVE FREE REPORT:</strong><br>The Bitcoin 101 Report by the BI Intelligence Research Team.<br><strong><a href="http://read.bi/bitcoin-101-free">Get the Report Now »</a></strong></br></br></div></br></br></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/stretching-before-after-workout-explained-2016-12">An exercise scientist explains what everyone gets wrong about stretching</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/wqDb21cP-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); 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CRYPTO INSIDER: Everything is getting smoked

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5a85b0e9d0307257008b496c-926/man crawling under wire tough mudder.jpg" alt="Man crawling under wire Tough Mudder" data-mce-source="Jeff J Mitchell/Getty Images" /><p class="source"><span>Jeff J Mitchell/Getty Images</span></p></div><p></p></div></div></p><p><strong>Welcome to Crypto Insider, Business Insider's roundup of all the <a href="http://markets.businessinsider.com/currencies/BTC-USD" target="_blank" rel="noopener">bitcoin</a> and <a href="http://markets.businessinsider.com/currencies/cryptocurrencies" target="_blank" rel="noopener">cryptocurrency news</a> you need to know today. Sign up <a href="http://e.businessinsider.com/join/crypto-insider" target="_blank" rel="noopener">here to get this email delivered direct to your inbox</a>.</strong></p><div><p>Bitcoin is <a href="http://markets.businessinsider.com/news/Bitcoin-is-nearing-10-000-for-the-first-time-in-2-weeks-1015866637">slowly crawling towards $10,000 on Thursday</a> for the first time in just over two weeks.</p><p><strong>Here are the <a href="http://markets.businessinsider.com/cryptocurrencies">current prices</a> for other coins:</strong></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://markets.businessinsider.com/cryptocurrencies"><img src="https://static-ssl.businessinsider.com/image/5a85b424d0307257008b4978-781/screen shot 2018-02-15 at 112304 am.png" alt="Bitcoin cryptocurrency prices today" data-mce-source="Markets Insider" data-link="http://markets.businessinsider.com/cryptocurrencies" /></a><p class="source"><span><a href="http://markets.businessinsider.com/cryptocurrencies">Markets Insider</a></span></p></div><p></p></div></div></p></div><p><strong style="color: #222222;">What else is happening:</strong></p><div><section><section><ul><li><span>Charlie Munger, the 94-year-old vice chairman of Warren Buffett's Berkshire Hathaway, </span><a href="http://uk.businessinsider.com/charlie-munger-on-bitcoin-the-more-popular-it-got-the-more-i-hated-it-2018-2?utm_source=marketsinsider&amp;utm_medium=ingest" target="_blank" rel="noopener">called bitcoin "noxious poison,"</a> saying "the more popular it got, the more [he] hated it."</li><li>JPMorgan argued that <a href="http://markets.businessinsider.com/news/JPMORGAN-Cryptos-face-a-major-hurdle-even-if-they-become-widely-accepted-as-money-1015886053" target="_blank" rel="noopener">cryptos face a major hurdle even if they become widely accepted as money</a>.</li><li><span>Llew Claasen, the executive director of the Bitcoin Foundation, </span><a href="http://www.businessinsider.com/bitcoin-foundation-head-llew-claasen-90-of-cryptocurrencies-to-fail-2018-2?IR=T?utm_source=marketsinsider&amp;utm_medium=ingest" target="_blank" rel="noopener">forecast that the cryptocurrency will go to $40,000</a>.</li><li>Meet the <a href="http://www.businessinsider.com/bitcoin-billionaires-forbes-richest-people-in-cryptocrrency-2018-2">richest people in bitcoin and cryptocurrencies</a>, who are worth more than $17 billion combined.</li><li>In South Korea, one bitcoin costs $26,000 to mine. In Venezuela, it's just $530, <a href="https://www.cnbc.com/2018/02/15/the-cheapest-and-most-expensive-countries-to-mine-bitcoin.html">CNBC reports</a>. </li><li>Hackers reportedly stole $50 million in cryptocurrency using "poison" Google ads, <a href="http://fortune.com/2018/02/14/bitcoin-cryptocurrency-blockchain-wallet-hack/">Fortune reports</a>. </li></ul><p><strong style="color: #222222;">Join BI's<a href="https://www.facebook.com/groups/BI.CryptoInsider/"> Crypto Insider Facebook group</a> today to discuss cryptocurrencies and blockchain with readers from all over the world, as well as Business Insider staff. </strong></p></section></section></div><p class="tagline">Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a><br><br><div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://read.bi/bitcoin-101-free"><img src="https://intelligence.businessinsider.com/image/5a3054550b0f272e008b4d63-480" style="margin-right:15px;width:75px;float:left !important;" /></a><strong>EXCLUSIVE FREE REPORT:</strong><br>The Bitcoin 101 Report by the Business Insider Intelligence Research Team.<br><strong><a href="http://read.bi/bitcoin-101-free">Get the Report Now »</a></strong></br></br></div></br></br></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/microsoft-president-brad-smith-davos-interview-trump-us-cant-get-too-isolationist-2018-1">Microsoft President Brad Smith says the US shouldn't get 'too isolationist'</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/3PfGPCVm-xjRU7l6Z.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

You Searched For "crypto mining in venezuela" and got 5 results

Illegal mining for cryptocurrencies remains rampant as miners look to maximise profits with cheap electricity

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CRYPTO INSIDER: Venezuela launches a cryptocurrency

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Tax implications of investing in cryptocurrencies — here’s how you can make the most of your investment

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CRYPTO INSIDER: Everything is getting smoked

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CRYPTO INSIDER: Bitcoin crawls toward $10,000 - again

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