How to withdraw money from mining

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Russian legislation prohibits the use of bitcoins in the country to pay for services. Therefore, when mining cryptocurrencies, clients have to make a withdrawal of money from mining to a card and only then change it into fiat (rubles, dollars). There are several options for selling coins, differing in the size of the commission and security.

Legality of withdrawing funds from mining in Russia

In the Russian Federation, you can not pay with digital assets. However, the legislation does not prohibit earning from mining and trading cryptocurrency. Users can sell coins in exchangers and on exchanges to get rubles. The main thing is to pay taxes. The exchange of assets is a source of income for the miner.

If you mine cryptocurrency without paying state fees, a citizen will receive a fine from the Russian Tax Service. Liability is provided for non-paying miners.

Taxes for cryptocurrency transactions

If the mining farm brings income, its owner must pay fees to the treasury – 13% from each transaction. Cryptocurrency in the Russian Federation is the same asset as real estate. Therefore, part of the miner’s profit from the sale must be given to the country.

If coins were bought and then exchanged, the tax base is the difference between the prices of operations. Here it is necessary to show how many roubles the currency was received for.

To the form PIT-3, which is submitted to the tax service, you need to add the history of wallet transactions, confirming income. It is enough to take a screenshot of the transactions.

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A more favorable option for miners is the status of self-employed. They need to pay only 4% for selling coins to individuals and 6% to exchanges. However, they will have to find out information about the recipient of the assets.

How to withdraw money from mining

Several ways to exchange bitcoins for rubles are offered. Below we will tell you how to withdraw money from mining to the card in Russia and what advantages the options have.

Cryptocurrency exchanges

The most popular and safe way to get rubles. More than 40 cryptocurrency exchanges are available in Russia, but they work with some restrictions in 2023. On these platforms, you can exchange coins directly and withdraw them. P2P trading is also available.

The minus of exchanges – the commission is higher than exchangers take. It is also necessary to specify personal information during verification. For this trading platforms provide security and check the honesty of operations.

In addition, large exchanges (Binance) have high liquidity. This allows you to quickly exchange even huge amounts to rubles. However, platforms do not support all currencies, so you need to look at the list of coins in the listing. To cash out funds, it is necessary:

Open a wallet on the exchange.
Click on “Withdraw funds”.
Choose a payment method and coin.
Specify the data of an e-wallet or bank card, as well as the amount to be withdrawn.
Enter the confirmation code.

Exchangers

When cryptocurrencies in Russia were just becoming popular, it was difficult to get fiat. The exchanges known today have just appeared and worked with restrictions. Back then, miners mainly used exchangers.

Withdrawal of funds from mining through these services will take up to 10 minutes. To do this, you need to:

Specify the name and amount of cryptocurrency on the site.
Enter the number of the bank card, to which the service will send rubles.
Transfer coins to the wallet of the exchanger.

When the amount arrives on the account, 1-10% of the commission will be deducted from it, and then send the fiat. It is important to see the fee, so that mining is not unprofitable.

In Russia, scammers often create exchangers. They receive cryptocurrency and block the client. Find a legitimate service can be found in the monitoring of our site. Verified sites indicate commissions, the number of coins to choose from, customer reviews.

Payment systems

Some EPS also offer to sell cryptocurrency to other users and receive money from them to an electronic wallet. The service acts as an intermediary between clients. For example, WebMoney, Advcash, PAYEER allow you to send tokens to your wallet and exchange them for rubles at the rate of the payment system.

This method is as convenient as exchanges, but is characterized by high commissions and a small selection of cryptocurrencies. However, payment systems are a safe and simpler option. It is suitable if you need to quickly withdraw income and cash it out. After the exchange, the money is immediately credited to the wallet of the payment system, from which you can pay for services in Russia.

Cryptocurrency ATMs

These are analogs of familiar terminals, which in terms of the principle of operation do not differ much from the second. The user transfers coins to the wallet of the cryptomat and confirms the transaction. The exchange rate is close to the price of currency on exchanges. After processing the transaction, the cryptomat will issue rubles. However, terminals have a large commission – 5-10%.

How to withdraw money from mining — What cryptomats look like

In Russia, due to the low popularity of mining, cryptomats are not widespread. At the same time, most of them offer only to buy coins. The sale is available in a few cryptomats in the country.

Bank cards

Visa and Mastercard are planning to start working with bitcoins. However, according to the legislation, banks do not support digital assets. Perhaps in the future, Russian companies will start accepting tokens, but this will not happen in the next few years.

Before you can withdraw money from mining to the card, you need to sell coins on the exchange or through an exchanger. Engaged in bitcoin mining, it is worth considering several steps of the operation and the commissions of different services, as 2-3 such fees can nullify the profit from the sale of cryptocurrencies.

Withdrawal to the card via Telegram

Here there are also financial services that allow you to exchange tokens for rubles. They work as P2P exchanges. Users send digital assets to each other, and a bot checks the security of the transaction.

This is a simple and anonymous method, as there is no need to specify personal data. However, the risk of meeting with fraudsters is high. Payment systems and exchangers take the same commission, but are safer and have a good reputation.

P2P exchanges

These are trading platforms where people transfer money directly to each other. The service becomes a guarantor of transactions. If one user does not receive cryptocurrency, then the purse of the second will not receive the amount in rubles. Disadvantages of P2P exchanges:

A small selection of assets.
It is necessary to search for purchase offers.
The price is specified without commission.

When the counterparty responds to the user’s (miner’s) request, the trading platform will freeze rubles and show the wallet to which you need to send coins. After 3-6 hours, the party must confirm receipt and finalize the transaction. Fiat will arrive on the bank card Visa, Mastercard or to an electronic account.

Some P2P exchanges do not ensure the safety of users. On such platforms, fraudsters are more common, but you do not need to undergo verification. You should not use them, as you will not be able to get back the lost coins.

Safety and anonymity of cashing cryptocurrency

Many popular sites work under the laws of the Russian Federation. The safest options are cryptocurrency exchanges, payment systems. They have many users, good reviews and will not cheat people. Verification of identity protects miners from fraudsters. Between security and anonymity, it is better to choose the first.

It will not be possible to hide income from mining to avoid paying taxes. Banks monitor financial transactions and send information to the tax authorities. The Russian Federal Tax Service will fine a miner if it checks the income and finds a violation of the law.

Frequently Asked Questions

⚡ What does the exchange commission depend on?

Its size is influenced by the cryptocurrency the miner sells, the method of withdrawal, the amount and other factors. Usually losses amount to 7-8% of the profit.

📌 What is the commission of P2P exchanges?

It is 0-0.5% of the transaction. For example, Binance takes a part only from the author of the order.

✨ What are cryptocurrency cards?

This is a plastic Visa, Mastercard, which can be used to purchase services directly from a Bitcoin wallet. During payment, the cryptocurrency is exchanged at the dollar or ruble exchange rate, taking into account the commission.

📢 What is price fixing?

This is a service of exchangers and trading platforms that allows you to sell coins at the exchange rate at the time of the transaction. If the price changes during the transfer, the income in fiat will not be affected, but the commission will be higher.

🔔 Which exchanges for cryptocurrency exchange should be used?

You should choose popular platforms with a large pool of coins and good liquidity (for example, Binance, KuCoin).

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Author: Saifedean Ammous, an expert in cryptocurrency economics.