Post
Topic
Board Mining (Altcoins)
Re: Swedish ASIC miner company kncminer.com
by
The Avenger
on 13/02/2014, 16:58:19 UTC

The major question in my mind is whether KNC are paying tax on their mining profits? If they aren't and they get audited by the Swedish taxman - that'll be the end of the bitcoin empire in the arctic circle.

I think the whole miner world would like to know how they will report (expenses, deductions...  cost basis...)

Did any major mining farm from last year post their own guidance?   It is still an area of much debate and specualtion

Googled. Funnily enough, this seemed to coincide quite neatly with when KNC suddenly decided to stop selling hardware to us:

http://www.bloomberg.com/news/2014-01-21/bitcoin-becomes-art-as-swedish-taxman-rejects-creative-currency.html

Swedish tax authority are treating bitcoin as assets.

So the tens if not hundreds of thousands of bitcoin KNC have mined already are to be taxed as assets, they probably owe multi-millions in tax. Hmm... another use for the Neptune pre-order money? Wink