Blog By Sammy

Intro Bitcoin  Transactions and American Taxation  are two topics that have gained a lot of attention in recent years. As the use of Bitcoin and other cryptocurrencies continues to grow, many people are wondering how these transactions are taxed in the United States. In this blog, we will discuss the basics of Bitcoin transactions and American taxation, as well as how these two topics intersect. Understanding Bitcoin Transactions Bitcoin  transactions  are a form of digital currency that allows individuals to make peer-to-peer transactions without the need for a central authority, such as a bank. Each Bitcoin transaction is recorded on a public ledger called the blockchain, which ensures that the transaction is secure and cannot be altered. Taxation Basics in the United States Taxation  is the process of collecting money from individuals and businesses to fund government programs and services. In the United States, taxes are collected by the Internal Revenue Ser...

  Bitcoin  mining Bitcoin (BTC)  miners are preparing for another difficulty adjustment this week, as the computational power required to mine new coins reaches its highest level in history. The next difficulty adjustment, which is expected to occur on Friday, March 10, will take the difficulty level from 43.05 T to 44.46 T, according to estimations from the crypto mining data provider CoinWarz. Source: CoinWarz The expected increase will take the difficulty of mining new  Bitcoin  to yet another all-time high. This is despite the fact that it is already at a record-high level after a consistent rise in the difficulty level since the second half of 2022.Bitcoin Bitcoin mining difficulty level. Source: CoinWarz Hashrate continues to rise Increases in the difficulty level of Bitcoin mining generally follow increases in the hash rate on the network – the amount of computational power dedicated to mining Bitcoin globally. When the hashrate rises, difficulty also ris...