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You probably don't want to report cryptocurrency mining or investment as self-employment. While it is possible to be so heavily into mining or investing that it constitutes income earned from "work", it also makes you subject to an additional 15% self-employment tax for social security. You can sometimes deduct investment expenses (computer purchase, home office) but those expenses are usually not significant enough to offset the self employment tax. And if you report the income as "earned from working" to qualify for EIC, it makes you an audit target.
Normally, investment income is "unearned" (not earned by performing work or a service.)
Cryptocurrency involves two possible taxation schemes.
1. Every unit you mine, no matter which type, is taxed as ordinary income at the US$ conversion rate as of the date it is available to you to spend (credited to your wallet). (Even if you cash out in Euros or any other national currency, you report the income at the US$ value for that day.) This is reported as miscellaneous "other income", unless you want to file a self-employed return with "mining" as a business. (This has pluses and minuses.)
Trades between different cryptocurrencies have no tax implications.
2. Any time you convert a cryptocurrency to something "real" (US$, gold coins, other assets), you have a capital transaction that is either a capital gain or a capital loss. The selling price is the US$ conversion value on the day you bought it and your cost basis is the purchase price or the value you paid tax on when it was created. If you cash out for more than your basis, you have a capital gain and if you cash out for less you have a capital loss. This is reported under "Sales of stocks and other assets."
So, unless you immediately cash out every coin you mine, you have two transactions to report -- ordinary income when the coin is created, and a capital gain or loss when it is converted to real currency or other assets.
Stock brokers issue a form 1099-B that tracks the purchase price and sales price of your stocks to make tax reporting easier. Because cyrptocurrency exchanges are not required to do this, you need to keep really good records of all your transactions so you can determine the cost basis of the coins you convert to cash or tangible assets. If you are audited and don't have adequate proof of your basis, the IRS can determine that the entire proceeds is a taxable gain.
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