Individual extraction. It implies a personal search for blocks in the blockchain chain using the available equipment. Requires the use of powerful farms on video cards or ASIC miners. It is most effective for cryptocurrencies that have a small mining complexity. Rarely used by beginners.
Collective mining. The best way to start mining from scratch is to choose and register in some pool. Here, the capacities of all users are combined to solve a common cryptographic problem. The received remuneration is divided among all participants, taking into account the given power and the current rules.
Cloud mining. The most convenient way to mine cryptocurrency, which does not require the purchase of equipment and spending on electricity. Its essence consists in buying power from a certain server, which takes a commission for services and payment for the contract. If you don’t know how to start mining cryptocurrency, it’s better to start with this option.
Mining equipment.
Home computer. Suitable for beginners and allows you to get your first experience. Over time, you can buy a new video card for mining and obtaining additional power.
A GPU farm. Mining on a video card is more popular when several GPUs are used simultaneously. In this case, the miner builds an installation with several graphics adapters that are connected in parallel and thereby provide a higher hashrate. To power them, a more powerful power supply and other equipment are purchased.
ASIC. At the moment, the most effective way of mining BTC and other cryptocurrencies. It requires financial injections, because one ASIC miner costs from $ 1,000 and above, depending on the manufacturer and hashrate.
When choosing an ASIC, you need to take into account that they differ not only in price, but also in the algorithms they work on.
Example of a store where you can buy asic https://gis-mining.ru/prodaja-mining / . An example of a popular asic in Fig. 214.
Fig.214. An example of a popular asic.
140 Th/s is the maximum hashrate you get with Antminer S19XP. Thanks to the available power, you can solve calculations with blocks faster than most other miners. And this is the best solution, given the increasing complexity of bitcoin mining.
The higher the hashrate, the more power you will need to mine profitable coins.
Now about the legality of mining in Russia. After all, by purchasing asic, you essentially become a Central Bank and print your money.
Federal Law “On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation” dated 31.07.2020 N 259-FZ.
A digital currency is a set of electronic data (digital code or designation) contained in an information system that is offered and (or) can be accepted as a means of payment that is not a monetary unit of the Russian Federation, a monetary unit of a foreign state and (or) an international monetary or settlement unit, and (or) as an investment and in respect of which there is no person obligated to each owner of such electronic data, with the exception of the operator and (or) nodes of the information system, obliged only to ensure compliance with the procedure for the release of these electronic data and the implementation of actions in relation to them to make (change) records in such an information system with its rules.
Foreign currency is property (Article 141 of the Civil Code of the Russian Federation). The Ministry of Finance also insists on this (see, for example, letter No. 03-04-06/8370 dated 20.02.2015). And when selling any property, individuals must pay income tax and independently report on the profits received (Article 228 of the Tax Code of the Russian Federation).
Article 10. The operator of the exchange of digital financial assets (in fact, these are the requirements for the cryptocurrency exchange)
Transactions of purchase and sale of digital financial assets, other transactions related to digital financial assets, including the exchange of digital financial assets of one type for digital financial assets of another type or for digital rights provided for by law, including transactions with digital financial assets issued in information systems organized in accordance with foreign law, and also, transactions with digital rights, including digital financial assets and other digital rights at the same time, are made through the operator of the exchange of digital financial assets, which ensures the conclusion of transactions with digital financial assets by collecting and comparing multidirectional applications for such transactions or by participating at its own expense in a transaction with digital financial assets as a party to such a transaction in the interests of third parties.
The operator of the exchange of digital financial assets may be credit organizations, trade organizers, as well as other legal entities that comply with the requirements of this Federal Law and the regulations of the Bank of Russia adopted in accordance with it, which are included by the Bank of Russia on the basis of their application in accordance with the procedure established by it in the register of operators of the exchange of digital financial assets. The digital financial asset exchange operator has the right to carry out its activities from the moment of inclusion in the register of digital financial asset exchange operators, which is maintained by the Bank of Russia in accordance with the procedure established by it. The register of digital financial asset exchange operators is posted on the official website of the Bank of Russia on the Internet information and telecommunications network.
The Bank of Russia includes legal entities that are not credit organizations or trade organizers in the register of digital financial asset exchange operators if these legal entities meet the following requirements:
IX) in relation to commercial organizations:
a) the personal law of a legal entity is Russian law;
b) the amount of the authorized capital on the day of filing the application for inclusion in the register of digital financial asset exchange operators is at least 50 million rubles;
c) the amount of net assets for a business entity calculated in accordance with the requirements of the Bank of Russia is at least 50 million rubles;
d) participants (including members, shareholders) of such a legal entity may not be legal entities registered in states or territories that provide preferential tax treatment and (or) do not provide for disclosure and provision of information when conducting financial transactions (offshore zones), the list of which is approved by the federal executive authority that carries out functions for the development of state policy and regulatory regulation in the field of budgetary, tax, insurance, currency and banking activities;
e) a collegial management body (supervisory or other board) has been established in a legal entity, as well as an internal control service and a risk management service have been established, or a controller and an official responsible for organizing a risk management system have been appointed;
f) the sole executive body, members of the collegial executive body, members of the collegial management body (supervisory or other board), chief accountant, head of the internal control service (controller), head of the risk management service (official responsible for the organization of the risk management system) of such a legal entity must meet the qualification requirements established by Part 4 of this article, and the requirements for business reputation established by part 5 of this article, a legal entity does not act as the sole executive body, the functions of the sole executive body have not been transferred to a commercial organization (management organization) or an individual entrepreneur (manager);
g) a person who has the right, directly or indirectly (through persons controlled by him) independently or jointly with other persons related to him by contracts of trust management of property, and (or) a simple partnership, and (or) orders, and (or) a shareholder agreement, and (or) another agreement, the subject of which is the exercise of the rights certified by shares (shares) to dispose of 10 percent or more of the votes attributable to the voting shares (shares) constituting the authorized capital of such a legal entity must meet the requirements for business reputation, established by part 5 of this article;
2) in relation to non-profit organizations:
a) the personal law of a legal entity is Russian law;
b) the aggregate annual amount of property contributions of founders (participants, members) to the property of a legal entity is at least 50 million rubles;
c) the founders (participants, members) of such an organization cannot be legal entities registered in states or territories that provide preferential tax treatment for taxation and (or) do not provide for disclosure and provision of information during financial transactions (offshore zones), the list of which is approved by the federal executive authority that performs the functions of developing state policy and legal regulation in the field of budgetary, tax, insurance, currency and banking activities;
d) a collegial management body (supervisory or other board) has been established in a legal entity, as well as an internal control service and a risk management service have been established, or a controller and an official responsible for organizing a risk management system have been appointed;
e) a sole executive body, members of a collegial executive body, members of a collegial management body (supervisory or other board) or, if a legal entity is created in the organizational and legal form of a foundation, the board of trustees of such a legal entity, the chief accountant, the head of the internal control service (controller), the head of the risk management service (official responsible for the organization of the risk management system) of such a legal entity must meet the qualification requirements established by part 4 of this article, and the requirements for business reputation established by part 5 of this article, a legal entity does not act as the sole executive body, the functions of the sole executive body are not transferred to a commercial organization (management organization) or an individual entrepreneur (manager).
The persons specified in subparagraph “e” of paragraph 1 and subparagraph “d” of paragraph 2 of Part 3 of this Article, when appointed (elected) to positions and during the entire period of performing functions for these positions, including temporary performance of official duties, must meet the following qualification requirements:
the person performing the functions of the sole executive body, a member of the collegial executive body of the operator of the exchange of digital financial assets – higher education and experience in managing a financial organization or a structural subdivision of a financial organization operating in the financial market for at least two years, or higher education and experience in managing an organization operating in the field of information and communication technologies for at least two years, or higher education and experience in senior positions in government bodies of the Russian Federation Federation or States – members of the Eurasian Economic Union, state authorities of the subjects of the Russian Federation, the Bank of Russia for at least two years;
2) member of the collegial management body (supervisory board or other board) of the digital financial asset exchange operator – higher education;
3) chief accountant of the digital financial asset exchange operator – higher education and work experience related to accounting, preparation of accounting (financial) statements or auditing activities in a financial organization for at least one year;
4) the head of the internal control service (controller), the head of the risk management service (the official responsible for the organization of the risk management system) of the digital financial asset exchange operator – higher education and experience in managing a financial organization or a structural subdivision of a financial organization related to the methodology and assessment of risk management, internal control or internal audit, not less than one year, or higher education and work experience in senior positions in government bodies of the Russian Federation or states – members of the Eurasian Economic Union, state authorities of the constituent entities of the Russian Federation, the Bank of Russia for at least one year, or higher education and work experience in a structural subdivision of a financial organization related to the methodology and assessment of risk management, internal control or internal audit for at least three years.
Persons specified in subparagraph “e” of paragraph 1 and subparagraph “d” of paragraph 2 of part 3 of this article, when appointing (electing) to positions and during the entire period of performing functions for these positions, including temporary performance of official duties, as well as persons specified in subparagraph “g” of paragraph 1 of part 3 of this article, may not be:
persons who have an outstanding or outstanding criminal record for committing an intentional crime;
2) persons in respect of whom the period during which they are considered to have been subjected to administrative punishment in the form of disqualification has not expired;
3) persons who performed the functions (regardless of the period during which they performed them) of the sole executive body, a member of the collegial executive body, a member of the collegial management body (supervisory or other council), the chief accountant of a financial organization during the 12 months preceding the day of revocation (cancellation) for violation of the legislation of the Russian Federation at financial organization licenses to carry out operations corresponding to the type of activity of the financial organization, or the day of exclusion of a financial institution from the relevant register for violation of the legislation of the Russian Federation, if on the day preceding the date of appointment (election) of a person to the position, the five-year period has not expired from the date of revocation (cancellation) of the license to carry out operations corresponding to the type of activity of a financial organization, or from the date of exclusion of such an organization from the relevant register (except for with the exception of the case if the person has submitted to the Bank of Russia evidence of non-involvement in the decision-making or the commission of actions (inaction), which led to the revocation (cancellation) of the license to carry out operations corresponding to the type of activity of a financial institution, or to the exclusion of a financial institution from the relevant register);
4) persons who, two or more times in the last three years, in accordance with a judicial act that has entered into force, have been brought to administrative responsibility for unlawful actions in the bankruptcy of a legal entity, intentional and (or) fictitious bankruptcy of a legal entity (except if such an administrative offense entailed administrative punishment in the form of a warning);
persons who, in accordance with a judicial act that has entered into force, have been brought to criminal responsibility for unlawful actions in the bankruptcy of a legal entity, intentional and (or) fictitious bankruptcy of a legal entity, if the five-year period from the date of entry into force of the said judicial act has not expired;
persons whose information is contained in the list of organizations and individuals provided for by Federal Law No. 115-FZ of August 7, 2001 “On countering the legalization (laundering) of proceeds from crime and the financing of terrorism”, in respect of which there is information about their involvement in extremist activities or terrorism, or the list of organizations and individuals in respect of whom there is information about their involvement in the proliferation of weapons of mass destruction;
persons in respect of whom the interdepartmental coordinating body performing the functions of countering the financing of terrorism has decided to freeze (block) their funds or other property.
The operator of the exchange of digital financial assets, with the exception of the operator of the exchange of digital financial assets, which is a credit institution or a trade organizer, is obliged to notify the Bank of Russia of the appointment (election) of persons to the positions specified in subparagraph “e” of paragraph 1 and subparagraph “d” of paragraph 2 in the manner and within the time limits established by the regulatory act of the Bank of Russia part 3 of this article, on the release of persons from these positions, as well as on the assignment of temporary performance of duties for the positions specified in subparagraph “e” of paragraph 1 and subparagraph “d” of paragraph 2 of part 3 of this article, and about the release from temporary performance of duties in these positions. The operator of the exchange of digital financial assets, with the exception of the operator of the exchange of digital financial assets, which is a credit institution or a trade organizer, is obliged to submit to the Bank of Russia information about the persons specified in subparagraph “g” of paragraph 1 of Part 3 of this Article in the manner and within the time limits established by the regulatory act of the Bank of Russia.
If the facts of non-compliance of the persons specified in subparagraph “e” of paragraph 1 and subparagraph “d” of paragraph 2 of Part 3 of this Article with the qualification requirements established by Part 4 of this Article and (or) the requirements for business reputation established by Part 5 of this Article are revealed, the Bank of Russia has the right to demand from the digital exchange operator financial assets, with the exception of the digital financial assets exchange operator, which is a credit institution or a trade organizer, their replacement in accordance with the procedure established by the regulatory act of the Bank of Russia.
If the facts of non-compliance of the persons specified in subparagraph “g” of paragraph 1 of Part 3 of this Article with the requirements for business reputation established by Part 5 of this Article are revealed, the Bank of Russia, within 30 days from the date of such identification, sends an order to the specified persons demanding the elimination of violations or the conclusion of a transaction (transactions) aimed at reduction of the participation of a person who has the right to directly dispose of more than 10 percent of the shares (shares) of a digital financial asset exchange operator in the authorized capital of such a digital financial asset exchange operator to the amount of, not exceeding 10 percent of the shares (shares) in the authorized capital of such an exchange operator of digital financial assets. A copy of the instruction of the Bank of Russia specified in this part is also sent to the operator of the exchange of digital financial assets. The Bank of Russia, in accordance with the procedure established by it, places on the official website of the Bank of Russia in the information and telecommunications network “Internet” information about the directed instruction no later than the day of its direction. The persons specified in this part are obliged to comply with the instruction of the Bank of Russia within 90 days from the date of its receipt and no later than 5 days from the date of its execution to notify the operator of the exchange of digital financial assets and the Bank of Russia in accordance with the procedure established by the regulatory act of the Bank of Russia. From the date of posting on the official website of the Bank of Russia in the information and telecommunications network “Internet” information about the directed instruction of the Bank of Russia until the date of posting information about its cancellation, the persons to whom the instruction of the Bank of Russia was sent, and (or) shareholders (participants) of the operator of the exchange of digital financial assets, control over which is carried out by persons who the instruction of the Bank of Russia was sent, and (or) persons related to the persons to whom the instruction of the Bank of Russia was sent, and jointly exercising the rights with them, certified by shares (shares) of such a digital financial asset exchange operator, have the right to vote on the number of shares (shares) of such a digital financial asset exchange operator, in aggregate not exceeding 10 percent of the shares (shares) of such a digital financial asset operator.
The instruction of the Bank of Russia specified in part 8 of this Article is subject to cancellation by the Bank of Russia in case of fulfillment of the requirements specified therein. The act of the Bank of Russia on the cancellation of the order of the Bank of Russia is sent to persons who have received the order of the Bank of Russia. Copies of the act on cancellation of the instruction of the Bank of Russia are sent to persons who have received copies of the instruction of the Bank of Russia. The form and procedure for sending the instruction of the Bank of Russia and the act on cancellation of the instruction of the Bank of Russia are established by the regulatory act of the Bank of Russia. Information on the cancellation of the order of the Bank of Russia is posted no later than the day of sending the act on the cancellation of the order of the Bank of Russia on the official website of the Bank of Russia in the information and telecommunications network “Internet” in accordance with the procedure established by the Bank of Russia. The operator of the exchange of digital financial assets, no later than the day following the day of receipt of a copy of the act on the cancellation of the Bank of Russia regulation, is obliged to inform its shareholders (participants) of the receipt of the specified copy of the act on the cancellation of the Bank of Russia regulation in accordance with the procedure provided for by the regulatory act of the Bank of Russia.
The digital financial asset exchange operator is obliged to ensure that information about transactions with digital financial assets made through it, as well as about participants in such transactions, is stored for at least five years from the date of the relevant transactions.
The Bank of Russia has the right to establish additional requirements for the activities of digital financial asset exchange operators (including requirements for the organization of circulation of digital financial assets, requirements for operational reliability and reporting requirements).
The Bank of Russia supervises the activities of the digital financial asset exchange operator in accordance with the procedure established by the Bank of Russia.
13. The operator of the exchange of digital financial assets may combine its activities with the activities of the operator of the information system in which the issue of digital financial assets is carried out.
14. The operator of the exchange of digital financial assets, as well as other types of digital rights issued using the investment platform, may be the operator of the specified investment platform.
15. The operator of the exchange of digital financial assets has the right to recognize persons as qualified investors on their applications in accordance with Article 51.2 of Federal Law No. 39-FZ of April 22, 1996 “On the Securities Market”. 16. The consequence of the acquisition of digital financial assets corresponding to the characteristics defined by the Bank of Russia in accordance with Part 9 of Article 4 of this Federal Law by a person who is not a qualified investor, including in the case of unlawful recognition of the said person as a qualified investor, through the operator of the exchange of digital financial assets is the imposition on such an operator of the exchange of digital financial assets of the obligation on demand the specified person who acquired digital financial assets, purchase these digital financial assets from him at his own expense and reimburse him for all expenses incurred by him in this case. In case of acquisition by a person who is not a qualified investor of digital financial assets corresponding to the characteristics determined by the Bank of Russia in accordance with Part 9 of Article 4 of this Federal Law, exceeding the limit set by the Bank of Russia of the amount of funds and (or) the aggregate value of other digital financial assets transferred to their payment and (or) as a counter-provision, the consequence provided for in this part applies only to digital financial assets acquired in excess of the specified limit. If a person is recognized as a qualified investor on the basis of false information provided by him, the consequence provided for in this part does not apply. A claim for the application of the consequences provided for in this part may be filed by a person who has acquired digital financial assets corresponding to the characteristics determined by the Bank of Russia in accordance with Part 9 of Article 4 of this Federal Law within one year from the date of acquisition of such digital financial assets.