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[AudraMiller]

In a recent article, it seems that south korea, despite only planning to tax its crypto users from ext year, are implementing a 20% tax rate on the cryptocurrency that is being obtained through mining activities. This rule however, will not apply for those that are small time into mining, but will only be for those users that are earning more that 2220 usd from mining activities, considering a summation of all the coins that they are mining. What are your thoughts on this, and do you think that this will extend to cloud mining?

 

[Wisdom01]

Good they are still considering less profit miners and are not taxing them , but the cloud mining is still been done offline ,only that people gather monetary resources to mine

 

[microunit]

With this I think would people would reconsider greatly investing in mining in south korea as greatly investing in mining and getting alot of miners will put alot of stress in the electricity portion of things. This is a good move imo

 

[Wisdom01]

With this I think would people would reconsider greatly investing in mining in south korea as greatly investing in mining and getting alot of miners will put alot of stress in the electricity portion of things. This is a good move imo

If the government creates a nice environment for mining and place more interest that would benefit the miner and not just taxing them alone ,it would encourage more miners

 

[AudraMiller]

Good they are still considering less profit miners and are not taxing them , but the cloud mining is still been done offline ,only that people gather monetary resources to mine

This is true. Perhaps, from my perspective at least, they will tax the company that is running the cloud mining operation and therefore not tax those that are buying the contracts on their earnings. There would then be an implied tax built into the contracts.

 

[Wisdom01]

This is true. Perhaps, from my perspective at least, they will tax the company that is running the cloud mining operation and therefore not tax those that are buying the contracts on their earnings. There would then be an implied tax built into the contracts.

That means the investord would really have to pay more ,because their investment would be added to tax fee which would make the expenses more

 

[AudraMiller]

That means the investord would really have to pay more ,because their investment would be added to tax fee which would make the expenses more

Yes exactly, which could end up being a discouraging factor for many of the companies that are looking into mining and for those companies that are looking to buy mining equipment as well. Perhaps this a way to regulate new currency being introduced into circulation?

 

[Wisdom01]

Yes exactly, which could end up being a discouraging factor for many of the companies that are looking into mining and for those companies that are looking to buy mining equipment as well. Perhaps this a way to regulate new currency being introduced into circulation?

It might not really be a way to regulate new crypto currency in the circulation , it might only be just a way to get revenue from Investors that are miners

 

[Niftyicon]

20% may not be too high if all that mining entails is considered. The energy used and impact on the environment may the reason for such high percentage.

 

[Wisdom01]

20% may not be too high if all that mining entails is considered. The energy used and impact on the environment may the reason for such high percentage.

Well to some people that 20% is their profit from mining after deducting workers salaries and electricity cost. I hope they reconsider

 

[Niftyicon]

Well to some people that 20% is their profit from mining after deducting workers salaries and electricity cost. I hope they reconsider

There are some European countries who tax 20% of their citizens wages/salaries and because of how well those funds are being used, they count it patriotic to pay such taxes. I guess I am just projecting that to the south Koreans.

 

[LutherKing]

They always does the best things for their users , they want to charge miners , so that they can bear the results in the form of incoming heat that mining would be generating on the country