Hi there,
I started mining cryptocurrency this year just to see if my computer could do it. From there, it pretty quickly increased into a full blown endeavor and I'm filing my activities as a business this year. I've calculated my fair market value payouts and have my reportable income established. I have all of my receipts for the equipment that was purchased and used exclusively for the operation gathered and ready to go. The only question mark I still have is what NAICS I would code the endeavor as.
This link (https://www.joehxblog.com/example-schedule-c-for-cryptocurrency-mining) mentions several suggestions including:
- Other Computer Related Services (541519)
- Data processing, hosting, & related services (518210)
- Computer systems design & related services (541510)
I know that a well-known Bitcoin mining company, Riot Blockchain, uses 541519 as their NAICS (https://www.riotblockchain.com/investors/company-information/profile) which leads me to think that this code might be the most applicable for my situation.
Does anyone have any further insight on the matter?
