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What is Bitcoin Mining (Is Bitcoin Mining Legal)?

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Bitcoin mining is a very complex concept that involves encrypting currency syst

What is Bitcoin Mining (Is Bitcoin Mining Legal)?

Bitcoin mining is a very complex concept that involves encrypting currency systems through computer networks to create a digital form of currency. In the traditional internet, users can buy goods, services, and information in various ways, such as downloading software to use browser plugins or mobile apps to obtain digital assets. However, if someone wants to start mining Bitcoin, they need to specialize in studying how to invest and operate with this technology.

Bitcoin mining is essentially a game designed to make money. Simply put, it makes people believe that they can participate in the world of blockchain.

Is Bitcoin Mining Legal?

The “2018 China Bitcoin Mining Report” published by the BlockData blockchain industry think tank pointed out that there have been numerous Bitcoin mining cases worldwide, with up to 100 cases reported. The largest case in terms of involved amount was a Canadian cryptocurrency investment company, which has since closed all its related businesses.

Another example is a man in the United States who made a “huge” profit through purchasing digital currency online and used that as bait to conduct illegal transactions. “Mining scams” fall under pyramid scheme crimes.

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