Skip to content
Real Cryptocurrency Hub

Real Cryptocurrency Hub

Crypto Comeback Pro is an auto trading platform that allows you to invest in the crypto market and start making money right away. Sign Up HERE

  • Home
  • Start Trading
  • English
    • English
    • Español
    • Italiano
    • Polski
    • Svenska
    • Deutsch
    • العربية
  • News
  • Mining
  • ATM
  • Bitcoin (BTC)
  • Guides
  • How To’s
  • Exchange/Wallet
  • Brokers
  • Bitcoin Price Prediction
  • Home
  • Bitcoin (BTC)
  • Brazil To Consider Tax Exemption For Renewable Energy Bitcoin Mining
  • Bitcoin (BTC)
  • Crypto News
  • Cryptocurrency Mining
  • Taxes
  • Trading

Brazil To Consider Tax Exemption For Renewable Energy Bitcoin Mining

Myron Hamilton December 10, 2021 3 min read

Brazil, popularly known as a miner’s haven, is now considering levying zero tax bills to Bitcoin miners that mine with renewable energy sources.

The South American country is widely famous for its relaxed and crypto friendly regulations. This behavior is now being extended to its cryptocurrency mining industry. 

The country’s Congress has reportedly heard several proposals proposing zero taxation of green miners. The proposals aired in the congress comprehensively compel the government to veto the reform, which will also extend to cover the importation of crypto mining rigs.

In its publications earlier this month, on December 4,local news agency Seudinheiro enlightened the public about this new development. In said publication ,it explained how a chain of new proposals and successive reforms will desensitize the people’s misplaced opinions about cryptocurrency, in the country.

Another radical proposal brought forward to the committee, was a proposal that looks to see cryptocurrencies adopted as a legal tender in the country. If the proposal gets approved, the country’s financial sector will experience an infusion of growth inducing innovations  that will see a sustainable growth in its socioeconomic and financial sectors.

Adoption of cryptocurrency as a legal tender in the country will ensure that the deployment of its proprietary  decentralized digital assets can be permitted by the government. The agency that is responsible for the deployment is the Brazilian regulatory body, its national Central Bank. The bank will issue Central Bank Digital Currency (CBDC) tokens to its citizens for usage in their day to day activities.  

All three proposals were presented by Senator Irajá Silvestre Filho, guesses can only be made as to how receptive the removers of congress are, to these reform proposals. The North American Cryptocurrency community though, has rallied in numbers to show their support for the proposed reforms.

Arthur Mining, a U.S based mining company has published an announcement regarding the development, company CEO Ray Nasser, believes that the exemption of tax for green miners will develop the country into an ideal ‘Mining Haven’.

Crypto Mining Around The World 

Bitcoin and cryptocurrency mining has increasingly gathered attention over the years, it is a relatively profitable venture, even though it is energy intensive. Due to concerns about the environmental impact of mining crypto, innovative mining alternatives have been developed. Green mining which refers to renewable energy powered crypto mining, is a crucial step in the development of other environmental and energy friendly mining mechanisms.

In Brazil, miners will now be required to mandatorily register their relevant hardware to the authorities or they risk immediate shut down.

Meanwhile earlier this week, Iceland had rejected requests from new Bitcoin miners for extra power due to its nationwide power shortage.

The two cases can be used as a model for describing the situation of things regarding the cryptocurrency mining industry worldwide. The immense cost of energy required for crypto mining is a major setback that has bothered crypto miners since the inception of the industry. In various crypto mining -friendly nations, different regulations have been developed to effectively manage the ‘consequence’ of crypto mining.

Brazil’s Energy Difficulties

According to energy expert Ruda Pellini, Brazil is currently generating more than enough energy needed to sufficiently serve all sectors of the country, but it fails marginally to effectively and  efficiently transport the generated energy to consumers’ stations.

The correction of this flaw will see greater investments, both locally and internationally in the country’s  green energy production .   

Post Views: 279

Continue Reading

Previous: Will Bitcoin’s hard cap of 21 million be transformed?
Next: Coinbase Provides DeFi Deposit And Earn Opportunities For Its International Customer Base

Related Stories

Virtual Payout Review – Essential Questions To Ask About The Broker
3 min read
  • Brokers
  • Crypto News
  • Reviews

Virtual Payout Review – Essential Questions To Ask About The Broker

July 4, 2022
Crypto Hedge Fund 3AC Files for Bankruptcy
2 min read
  • Crypto Marketplace
  • Crypto News

Crypto Hedge Fund 3AC Files for Bankruptcy

July 3, 2022
Singapore Regulator Rebukes 3AC
2 min read
  • Crypto News
  • Regulation

Singapore Regulator Rebukes 3AC

July 2, 2022

Read our disclaimer

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$19,848.37
1.53%
ethereum
Ethereum (ETH)
$1,124.79
3.84%
tether
Tether (USDT)
$1.00
-0.22%
usd-coin
USD Coin (USDC)
$1.00
-0.09%
binancecoin
BNB (BNB)
$228.03
4.05%
ripple
XRP (XRP)
$0.324793
-0.24%
cardano
Cardano (ADA)
$0.460495
0.28%
dogecoin
Dogecoin (DOGE)
$0.068285
1.59%
polkadot
Polkadot (DOT)
$7.04
1.07%
Uniswap
Uniswap (UNI)
$5.09
3.18%

Recent Posts

  • Virtual Payout Review – Essential Questions To Ask About The Broker

    Virtual Payout Review – Essential Questions To Ask About The Broker

    Virtual Payout Review With the cryptocurrency market now valued in trillions, the interest in this space has exploded
  • Crypto Hedge Fund 3AC Files for Bankruptcy

    Crypto Hedge Fund 3AC Files for Bankruptcy

    3AC, the troubled crypto hedge fund that has been making headlines these days, has filed for bankruptcy. Court
  • Singapore Regulator Rebukes 3AC

    Singapore Regulator Rebukes 3AC

    The regulatory authority in Singapore has accused Three Arrows Capital (3AC) of providing false information to its clients
  • Bitcoin Tries Hard to cling to $20k as Its Future is Expected to be Bumpy

    Bitcoin Tries Hard to cling to $20k as Its Future is Expected to be Bumpy

    Just when the price of Bitcoin (BTC) elevated a bit, many investors thought it was growing for good.
  • Brad Garlinghouse Says Ripple will Leave US if it Loses to SEC

    Brad Garlinghouse Says Ripple will Leave US if it Loses to SEC

    The chief executive of Ripple Labs, Brad Garlinghouse, talked about the company’s lawsuit with the Securities and Exchange

Start Trading

Categories

Top Posts

  • Regulations Have Been a Welcome Change of Pace in Crypto Landscape

    Regulations Have Been a Welcome Change of Pace in Crypto Landscape

    The world of crypto trading has seen its fair share of ups and downs. When things were just
  • Terra Experienced a 23.67% Price Plummet and May Dip to $32.36, Price Analysis

    Terra Experienced a 23.67% Price Plummet and May Dip to $32.36, Price Analysis

    At the time of writing, the buyers are trying to defend a low trading price of Terra (LUNA)
  • US SEC’s Decision To Lodge A Lawsuit Against Ripple (XRP) Worries Crypto-Exchanges In India

    US SEC’s Decision To Lodge A Lawsuit Against Ripple (XRP) Worries Crypto-Exchanges In India

    In its recent decision, the US Securities & Exchange Commission (SEC) had decided to settle the dispute with
  • Double Your Investment with Paykeyy.com

    Double Your Investment with Paykeyy.com

    Whether you want to earn passive income or are looking to enjoy big profits in no time, you
  • Elcomercio24 Review – A Recommended Crypto Broker

    Elcomercio24 Review – A Recommended Crypto Broker

    Elcomercio24 Review No one had really expected technology to advance so quickly and rapidly. But as the world

Archives

You may have missed

Virtual Payout Review – Essential Questions To Ask About The Broker
3 min read
  • Brokers
  • Crypto News
  • Reviews

Virtual Payout Review – Essential Questions To Ask About The Broker

July 4, 2022
Crypto Hedge Fund 3AC Files for Bankruptcy
2 min read
  • Crypto Marketplace
  • Crypto News

Crypto Hedge Fund 3AC Files for Bankruptcy

July 3, 2022
Singapore Regulator Rebukes 3AC
2 min read
  • Crypto News
  • Regulation

Singapore Regulator Rebukes 3AC

July 2, 2022
Bitcoin Tries Hard to cling to $20k as Its Future is Expected to be Bumpy
2 min read
  • Bitcoin (BTC)
  • Crypto News
  • Price Analysis

Bitcoin Tries Hard to cling to $20k as Its Future is Expected to be Bumpy

July 1, 2022
  • Kraken
  • OrbitGTM
  • Fxoro
  • BTC-Trends
  • KuCoin
  • Huobi
  • Bitfinex
  • PrimeXBT
  • United Exchange
  • Impressive Area
  • DG Flex
  • Tredexo
  • Sure Exchange
  • CTmatador
  • DXCBIT
  • IBC Exchange
  • CryptoPayIn
  • PrimeHolders
  • CMC Markets
  • XCGIN
  • Globe Exchange
  • XPRTcoin
  • Mainrow
  • Goldvence
  • Gamma Capitals
  • Towards Soure
  • CoinsMarkets
  • Cryptos Circus
  • Easy Crypto4U
Copyright © All rights reserved. | DarkNews by AF themes.
  • bitcoinBitcoin(BTC)$19,848.371.53%
  • ethereumEthereum(ETH)$1,124.793.84%
  • tetherTether(USDT)$1.00-0.22%
  • usd-coinUSD Coin(USDC)$1.00-0.09%
  • binancecoinBNB(BNB)$228.034.05%
  • rippleXRP(XRP)$0.324793-0.24%
  • cardanoCardano(ADA)$0.4604950.28%
  • SolanaSolana(SOL)$35.014.35%
  • dogecoinDogecoin(DOGE)$0.0682851.59%
  • polkadotPolkadot(DOT)$7.041.07%
  • UniswapUniswap(UNI)$5.093.18%
  • bitcoin-cashBitcoin Cash(BCH)$106.681.76%