[moltuae]

Originally Posted by ainarssems

I mean their current return rate is jusst out of this world and I expect it to drop dramatically but I think it's still worth a punt.

That was my reasoning for buying. That and my past experience with Bitmain and the S9. It's a gamble of course, but I figured it's probably less of a gamble than my S9 purchase was, especially since I'd had no previous dealings with Bitmain or their products back then.

Originally Posted by ainarssems

And I am back to tax issue. So let's say I earn some bitcoins and use them to buy more hardware without cashing it in to GBP. Does that mean i do not have to pay any income tax for it? I suppose the tax system is not up to date yet and there are changes to come .

I think that's essentially it, and that's how I interpret the HMRC documents I linked to. My customer asked their accountant a few similar hypothetical questions recently. He had heard of Bitcoin but knew little of mining and other cryptocurrencies. After looking into it, I believe his response was something on the lines of "wow, they're going to want to regulate this because presently there is nothing to stop you making a lot of money without paying tax, except when your exchange earnings into GBP". From what I've heard/read, I believe the current UK government stance towards cryptocurrencies is somewhere between positive and indifference. I don't know if that's true or if it's likely to change any time in the near future. I suppose it depends on how big the cryptocurrency market becomes and how much tax they think they can collect from it.