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Successful Beta Service launch of SOMESING, ‘My Hand-Carry Studio Karaoke App’
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adminJul 27, 2022 13:08 UTC
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Jul 27, 2022 at 13:08 UTC
By Clark
A new two-way bill has been introduced within the Senate that might simplify the utilization of cryptocurrency for everyday purchases by making tax exemption for private crypto transactions beneath $50 similarly as once the capital gains area unit but $50.
New ‘Virtual Currency Tax Fairness Act’
A Bipartisan Bill, referred to as the “Virtual Currency Tax Fairness Act,” was introduced in Congress Tuesday by Senators Pat Toomey (R-PA) and Kyrsten Sinema (D-AZ).
According to the announcement by the U.S. Senate Committee on Banking, Housing, and Urban Affairs, the bill aims to “simplify the utilization of digital assets for everyday purchases” by making “tax exemption for little personal transactions.”
Senator Toomey commented, “While digital currencies have the potential to become a normal part of Americans’ everyday lives, our current tax code stands within the manner.” He added:
The Virtual Currency Tax Fairness Act can permit Americans to use cryptocurrencies more simply as an everyday method of payment by exempting from taxes little personal transactions like buying for a cup of Coffee.
Under current law, whenever crypto is employed to acquire purchases of any quantity, a nonexempt event happens. a private would owe the Internal Revenue Service (IRS) capital gains on the dealing if the crypto appreciated in price, notwithstanding solely by a fraction of a penny.
The new legislation seeks to “amend the inner Revenue Code of 1986 to exclude from gross financial gain Delaware minimis gains from bound sales or exchanges of virtual currency, and for alternative functions,” the text of the bill reads.
The announcement continues:
The Virtual Currency Tax Fairness Act would Simplify the utilization of digital assets for everyday transactions by making a smart Delaware minimis exemption for gains of but $50 on personal transactions and for private transactions beneath $50.
Toomey and Sinema’s Virtual Currency Tax Fairness Act additionally has two-way support within the House of Representatives. Reps. Suzan DelBene (D-WA) and David Schweikert (R-AZ) introduced a previous version of the legislation in February. That bill sought-after to exempt personal transactions created with cryptocurrency once the gains are $200 or less.
Clark
Head of the technology.
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Republican National Committee Endorses Pro-Bitcoin Platform in Party Draft
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July 8, 2024By
adminToday, a Republican National Committee panel approved a draft of its 2024 party platform, that strongly supports Bitcoin.
On page nine, the draft explicitly states, “We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their digital assets, and transact free from Government Surveillance and Control.”
JUST IN: 🇺🇸 Republican National Committee panel passes draft of party platform, pledging to "defend the right to mine #Bitcoin" and protect self custody. pic.twitter.com/CnH8nMOuUO
— Bitcoin Magazine (@BitcoinMagazine) July 8, 2024
Additionally, it promises to end what it calls the Democrats’ “unlawful and unAmerican Crypto crackdown” and opposes the creation of a Central Bank Digital Currency (CBDC). According to The Hill, the platform committee overwhelmingly approved the new draft and it will face a final vote on Tuesday.
This decision further marks a clear stance by the Republican party in favor of Bitcoin and cryptocurrency innovation, positioning itself against the current unwelcoming stance by the Biden Administration and Democrats.
The draft reflects the growing interest and advocacy for protecting and supporting Bitcoin within the party, aligning with broader trends of Bitcoin adoption and support among various Republican politicians. In May, Donald Trump said he “will ensure that the future of crypto and Bitcoin will be made in the USA.”
The full approved draft can be read here:
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Bitcoin
Bitcoin Mining Difficulty Crashes 5% To Lowest Level In 3 Months, What Happens Next?
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4 hours agoon
July 8, 2024By
adminRecent data shows that the Bitcoin mining difficulty is on the decline and has hit its lowest since May. This is significant considering what this could mean for the Bitcoin ecosystem, specifically Bitcoin’s price.
Bitcoin Mining Difficulty Drops To 79.5 T
Data from CoinWarz shows that Bitcoin mining difficulty has dropped to 79.5 T at block 851,204 and hasn’t changed in the last 24 hours. This mining difficulty has continued to fall for a while, with further data from CoinWarz showing that it is down 5% in the last seven and 30 days.
Bitcoin mining difficulty refers to how hard it is for miners to mine a new block on the Bitcoin network. The difficulty usually reduces when there is less computational power on the power and increases when miners are mining faster than the block average time of ten minutes. The recent drop in mining difficulty suggests that more miners are leaving the Bitcoin network.
This is most likely due to the effects of the Bitcoin halving, which cut miners’ rewards in half. This has reduced the revenue from their mining operations, with many miners struggling to stay afloat, especially with increased competition. Bitcoin’s price action since the halving has also not helped, as the drop in the flagship crypto’s price has also affected their income.
Bitcoin miner f2pool recently highlighted the profitability of various categories of miners at Bitcoin’s current price. The mining firm noted that only ASICs with a Unit Power of 26 W/T or less can make a profit at Bitcoin’s current price range.
Crypto analyst James Van Straten also recently highlighted how “weak and inefficient miners” continue to be purged from the Bitcoin network. He claimed that the recent drop in mining difficulty shows that miner capitulation is closer to ending. Due to the low profitability that miners have faced since the halving, some have had to offload a significant amount of their Bitcoin reserves to meet operational costs, and others have had to exit the Bitcoin ecosystem entirely.
What This Means For Bitcoin’s Price
The decline in mining difficulty suggests that miner capitulation might be ending soon, which is a positive for Bitcoin’s price considering the selling pressure these miners have put on it. Bitcoinist reported that Bitcoin miners sold over 30,000 BTC ($2 billion) last month, which ultimately caused the flagship crypto to experience significant price crashes.
Crypto expert Willy Woo also attributed Bitcoin’s tepid price action to these miners and mentioned that the flagship crypto will only recover when the “weak miners die and hash rate recovers.” He stated that Bitcoin would have to shed weak hands for this to happen, with inefficient miners going into bankruptcy while other mines are forced to buy more efficient hardware.
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