Is it worth it to mine Ethereum?

There are few, if any, jurisdictions in the U.S. where possession of cryptocurrency is illegal . Plattsburgh, New York, however, is likely the only city in the U.S. to impose a ban (temporary) on cryptocurrency mining. Also, the U.S. Marine Corps banned crypto mining apps from all government-issued mobile devices.

The United Kingdom’s approach to cryptocurrency regulations has been measured but has matured in the post-Brexit financial landscape. Although the UK confirmed in 2020 that crypto assets are property, it has no specific cryptocurrency laws and cryptocurrencies are not considered legal tender .

In Canada, cryptocurrencies are legal . They are not, however, considered legal tender. So, while individual businesses can choose to accept cryptocurrency at their own risk, the relatively more formal CRA won’t accept it as a form of payment for your taxes.

Technically, anyone can mine on the Ethereum network using their computer . However, not everyone can mine ether (ETH) profitably. In most cases, miners must purchase dedicated computer hardware to mine profitably.

If you are wondering whether bitcoin mining is legal, the answer is yes in most cases .

Cryptocurrencies like Bitcoin or Ethereum will never become a legal tender , Finance Secretary TV Somanathan told ANI adding only the digital rupee issued by the Reserve Bank of India (RBI) would be the legal tender. Speaking to ANI, Finance Secretary said, “Digital rupee will be backed by RBI which will never default.