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Virtual Currency › Digital Currency › Bitcoin Mining

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... more +
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 -
Wiley Rein LLP

Powering Sustainable Crypto: A General Counsel’s View

Wiley Rein LLP on

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

BakerHostetler

Weekly Blockchain Blog - April 2024 #5

BakerHostetler on

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

McGuireWoods LLP

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

McGuireWoods LLP on

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

Nelson Mullins Riley & Scarborough LLP

SEC Targets Companies Conducting Cryptomining

Nelson Mullins Riley & Scarborough LLP on

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

Cohen & Gresser LLP

New York Assembly Passes Anti-Mining Bill

Cohen & Gresser LLP on

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

Cadwalader, Wickersham & Taft LLP

Is Staking a Taxable Service?

Cadwalader, Wickersham & Taft LLP on

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

Freeman Law

Crypto Mining and Retirement Accounts

Freeman Law on

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

Dechert LLP

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

Dechert LLP on

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

Freeman Law

Taxation of Crypto Mining

Freeman Law on

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

Dorsey & Whitney LLP

Crypto, Tech and Slow Evolution Forward

Dorsey & Whitney LLP on

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

Polsinelli

BitBlog Bi-Weekly Update - March 2020

Polsinelli on

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

Polsinelli

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

Polsinelli on

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

Orrick - On the Chain

Cryptocurrency and OFAC: Beware of the Sanctions Risks

Orrick - On the Chain on

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

BakerHostetler

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

BakerHostetler on

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

Polsinelli

BitBlog Weekly Summary

Polsinelli on

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

Foodman CPAs & Advisors

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

Foodman CPAs & Advisors on

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

The Volkov Law Group

Cryptocurrency 101 for Lawyers – What is Mining?

The Volkov Law Group on

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

Foodman CPAs & Advisors

What we know about Crypto Compliance and US Federal Taxes

Foodman CPAs & Advisors on

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

Foodman CPAs & Advisors

Muchos Buscan la guía del IRS para la Moneda Virtual

Foodman CPAs & Advisors on

Debido al nivel sin precedentes de apreciación del valor, los inversionistas de Bitcoin, consumidores y empresas están buscando la orientación del IRS. El IRS reconoce que la "moneda virtual" se puede usar para pagar bienes...more

Foodman CPAs & Advisors

AICPA steps up to IRS to recommend that IRS provide Virtual Currency Clarity

Foodman CPAs & Advisors on

On 5/30/18, the American Institute of CPAs (AICPA) sent a letter (https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/20180530-aicpa-comment-letter-on-notice-2014-21-virtual-currency.pdf) to the IRS...more

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