Bitcoin showed graph from less than one dollar in 2010 to $997 at the start of the 2017, and again to nearly $20,000 last December.
One Reddit contributor earlier this week claimed they had discovered they owe the IRS $50k because they traded in cryptos. The user wrote they had ended up with a $50,000 tax liability on trades after they sold $120,000 worth of bitcoin to buy different coins, which have a current value of $30,000. In New York, the state Public Service Commission has ruled that power companies can charge higher rates to crypto mining operations. Those mining for bitcoin using super high powered computers could face hefty bills in order to “prevent local electricity prices for existing residential and business customers from skyrocketing.” Despite the drop, bitcoin is still showing steady growth, according to Richard De Sousa, a partner at AltcoinTrader.