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Ethereum is a decentralised blockchain network that allows for creation of decentralised applications and smart contracts. Ether is the native Cryptocurrency.

More detail:

Ethereum is a decentralised, open-source blockchain platform that allows developers to create their own decentralised applications and deploy their own smart contracts. It was created by Vitaly Dmitrievich Buterin.

Ether is the native currency of the Ethereum network. Ether is created during Crypto Mining, a process which verifies transactions on the Ethereum blockchain network. Ether does not have a hard-cap limit on the number of tokens like Bitcoin. Also unlike Bitcoin, Ethereum switched to a proof-of-stake consensus in 2022. This means that to create new Ether, users can stake their Ether to potentially receive staking rewards. This mechanism uses much less energy and so it better for the planet.

Crypto Mining may result in being eligible for Income Tax and National Insurance contributions. However, it may also be possible to claim back mining expenses. Selling Cryptocurrency for a profit could require you to pay Capital Gains tax on the profits, if it is above the Capital Gains Tax Allowance.

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