I purchased Bitcoin this year below $5000 and the price went up over $17000. I used the Bitcoin to buy a Bitcoin Mining contract to mine more Bitcoin.
Would this be considered a purchase (taxable event) or a reinvestment? I haven't actually cashed out or deposited into my bank account.
Also, I'm taking my earnings and reinvesting into the platform for the first 6 months, so not making any income the first 6 months. After the first 6 months, then I will start deposited to my hardware wallet. Will probably take some out, but will keep it to a minimum as I want to accumulate more Bitcoin.
