News & Analysis as of November 15, 2024

Bitcoin Mining

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

Powering Sustainable Crypto: A General Counsel’s View

Wiley Rein LLP on 9/5/2024

In this episode of the CryptoCounsel, Josh talks with Andrey Krahmal, the Head of Legal at Peak Mining, for a deep dive into Bitcoin mining. Andrey shares insights into how Peak Mining is pioneering the industry with...more

Weekly Blockchain Blog - April 2024 #5

BakerHostetler on 4/29/2024

Hong Kong Approves Crypto ETFs; Crypto Security, Payments Products Launch - According to recent reports, the Hong Kong Securities and Futures Trading Commission has conditionally approved the launch of the first spot...more

Old Wells: A New Frontier for Crypto-Mining and Complaints

McGuireWoods LLP on 4/27/2023

Cryptocurrency mining is an emerging industry that must overcome the watchful eyes of communities and regulators. This unique process uses computers to solve complex math problems on a blockchain, which rewards miners with...more

Besteuerung von Bitcoin, Ether, Litecoin und Co.: Steuerpflichtige Einkünfte bei Krypto-Währungen - aber dennoch können...

Morrison & Foerster LLP on 5/18/2022

Nach einjährigem Ringen hat das Bundesministerium der Finanzen (BMF) nun endlich Ausführungen dazu veröffentlicht, wie virtuelle Währungen (z. B. Bitcoin, Ether, Litecoin und Co.) und sonstige Tokens (nachfolgend:...more

SEC Targets Companies Conducting Cryptomining

Nelson Mullins Riley & Scarborough LLP on 5/11/2022

The SEC recently doubled the size of its Crypto Assets and Cyber Unit. Since its inception in 2017, the SEC’s Crypto Assets and Cyber Unit has launched more than 80 investigations resulting in over $2 billion in monetary...more

New York Assembly Passes Anti-Mining Bill

Cohen & Gresser LLP on 5/3/2022

On April 26, 2022, the New York Assembly passed a bill that would place a two-year moratorium on certain cryptocurrency mining operations that use proof-of-work authentication (POW) methods to validate blockchain transactions...more

When Does Cryptocurrency Mining Create a Taxable Event? IRS Does Not Clarify

Sheppard Mullin Richter & Hampton LLP on 3/29/2022

A couple rejected a refund settlement offer from the IRS over its tax treatment of tokens they earned from mining. Instead, the couple has sought formal adjudication on the issue from the federal courts. The government has...more

Crypto: A Virtual Currency with Real-Life Energy Consequences

Goldberg Segalla on 3/4/2022

Although only 16% of Americans have personally invested in or exchanged cryptocurrencies, the ever-increasing use of this virtual currency in the U.S. will have very real ramifications for virtually all Americans. Arguably,...more

Is Staking a Taxable Service?

Cadwalader, Wickersham & Taft LLP on 2/24/2022

On February 3, the Proof of Stake Alliance (“POSA”), a cryptocurrency industry association, issued a press release regarding recent developments in a cryptocurrency tax case, in which the IRS approved the tax refund sought by...more

Crypto Mining and Retirement Accounts

Freeman Law on 2/23/2022

Crypto Mining and Retirement Accounts - Crypto mining has been extremely profitable over the last few years, with Bitcoin miners making an estimated $15 billion of revenue and several mining companies going public in 2021....more

U.S. Treasury Signals that Cryptocurrency Miners & Stakers Will Not Be Subject to Broker Information Reporting Tax Requirements

Dechert LLP on 2/17/2022

On February 11, 2022, in a letter addressed to certain U.S. Senators, the U.S. Department of the Treasury indicated that cryptocurrency miners, cryptocurrency stakers or related hardware or software providers would not be...more

Taxation of Crypto Mining

Freeman Law on 1/27/2022

Amid the crypto boom, mining has become an extremely lucrative venture for many and critical to maintaining decentralized cryptocurrency networks. It is no surprise then that mining has been subject to IRS scrutiny and...more

Privacy Tip #291 – Cryptomining Apps Offer Fake Services for a Fee

Robinson+Cole Data Privacy + Security Insider on 7/8/2021

Although app platforms guard against fake apps, criminals are working hard to get around app platform rules to scam victims out of a cryptobuck. Apple and Google throw apps off their platforms if they don’t play by the rules,...more

Crypto, Tech and Slow Evolution Forward

Dorsey & Whitney LLP on 5/25/2021

Crypto currency continues to be debated - some believe in it; others do not. The decision by the founder of Tesla to exit the market recently seems to have added a new element, however. Now the question is if crypto is energy...more

Modern Times - SEC Moves to Freeze Assets of Alleged $12M Crypto Investment Scam

Polsinelli on 6/16/2020

The U.S. Securities Exchange Commission (SEC) is asking a court to freeze the assets of a cryptocurrency mining and multilevel marketing scheme that allegedly defrauded investors of $12 million. The SEC's complaint alleges...more

Cryptocurrency Miners I“rate” At Energy Rate Decision

Sheppard Mullin Richter & Hampton LLP on 4/6/2020

A Washington state federal court recently addressed claims relating to rates that cryptocurrency mining companies pay for electricity in Grant County, Washington. The court rejected all of the miner’s legal claims. The...more

BitBlog Bi-Weekly Update - March 2020

Polsinelli on 3/4/2020

Strikeout for Bitcoin ETF - Another ETF bites the dust. On February 26th the SEC rejected the application of NYSE Acre for the approval of an exchange traded fund sponsored by the New York firm of Wilshire Phoenix to...more

Blockchain Litigation Year in Review (Part 1): Lessons From 2019 And What’s Ahead For 2020

Polsinelli on 2/20/2020

When is a digital asset a security or a commodity? Are SAFTs safe? Does hyping blockchain create an expectation of profit? Is blockchain a trademark, trade secret or neither? Are free tokens tax-free? Who is Satoshi Nakamoto?...more

Cryptocurrency and OFAC: Beware of the Sanctions Risks

Orrick - On the Chain on 1/24/2020

A recent federal criminal action shows the depth of the U.S. government’s concern about the use of cryptocurrency (or virtual currency) to violate economic sanctions laws and the lengths to which it will go to charge such...more

Blockchain Pilots from US Treasury, Seafood Providers, Voting Systems; Global Regulators Address Stablecoin Risks

BakerHostetler on 10/28/2019

US Treasury Announces Blockchain Pilot, Major Bitcoin Mining Facility Launches in Texas, Foreign Crypto Exchange Developments - There were several developments in the digital capital markets and payments space this week,...more

BitBlog Weekly Summary

Polsinelli on 9/18/2019

This week’s summary includes updates on anti-money laundering in the crypto-friendly nation of Malta and a proposal to regulate cryptocurrency miners in the United States to help stop human trafficking....more

Blockchain Attacks and the Fight for Immutability

Perkins Coie on 2/22/2019

The Ethereum Classic blockchain was the victim of a 51% attack (often called a majority or Sybil attack) on January 5, 2019 that reorganized portions of the blockchain and allowed the attackers to double-spend 219,500 ETC...more

Lo que sabemos sobre el Cumplimiento Crypto y los impuestos federales de los EE. UU.

Foodman CPAs & Advisors on 10/5/2018

La última Notificación emitida por el IRS sobre Criptomoneda fue el Aviso 2014-21 publicado el 25 de Marzo del 2014 que brinda orientación en forma de respuestas a preguntas frecuentes (“Frequently Asked Questions”). ...more

Cryptocurrency 101 for Lawyers – What is Mining?

The Volkov Law Group on 9/25/2018

As we have continued with our cryptocurrency posts, we are often asked questions about the foundational elements of the technology behind cryptocurrency. This is not surprising really, it’s a new technology that’s still...more

What we know about Crypto Compliance and US Federal Taxes

Foodman CPAs & Advisors on 9/14/2018

The last Notice issued by the IRS on Cryptocurrency was Notice 2014-21 posted on March 25, 2014 providing guidance in the form of answers to frequently asked questions. ...more

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