What Banks in the US Accept BTC Mining Profits?

Cloud Rush Crypto Mining Profits in US

Cloud Rush Crypto Mining Profits in US

For those who can afford it, mining Bitcoin (or any other altcoin) is a great way to earn a stream of passive income while contributing to the network’s functionality. For Bitcoin in particular, new coins are mined by various high-powered computers owned by different miners racing against one another to solve complex mathematical equations to add new blocks of data to the blockchain, and whichever does so first wins a block reward of 6.25 bitcoins, or about $287,058.36 at this time of writing.

So say you belong to a mining pool and you get to split that 6.25 BTC reward with the rest of your pool-mates. Congrats! You’d probably want to put that money in the bank, right? Not so fast. As much as any crypto enthusiast would love to head to their nearest bank branch, pull out their Bitcoin wallet on their phone and have the teller scan their QR code to make a deposit, those days are likely a number of years away. So which banks in the US would accept mining profits made from Bitcoin? Well, the answer is all of them technically, but only if you were to convert your Bitcoin into fiat (US dollars).

How come?

Banks don’t exactly play nice with crypto, primarily because they see them as an existential threat. Bitcoin was made to be a decentralized, peer-to-peer digital payment system on the blockchain without any need for a central institution or middleman. If its use were to take off the way many crypto fanatics hope it will, today’s banks would be in bad shape, effectively becoming obsolete.

Although bank customers can link their accounts with a centralized exchange such as Coinbase or a third-party service like Moonpay to purchase their cryptocurrency of choice, we’re still at a time where banks are resistant to crypto and may not be adopting them for some time. Thus, no American bank today will let you open a Bitcoin savings account or store your Ethereum with them, as they simply don’t have the infrastructure nor support for cryptos. This may change in the future, however, as crypto adoption is slowly starting to grow and spread.

 

Cloud Rush Crypto Mining Profits in US 2022



Contact Cloud Rush USA for more information.

Cloud Rush USA is a Southern California based cryptocurrency mining facilitator specializing in Filecoin mining plans. The views and opinions expressed on this Site are solely those of the author(s) and do not necessarily reflect the views of Cloud Rush USA or its employees. The content provided on this Site is for informational purposes only and should not be construed as investment, financial, or other advice.



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