What are you mining? Coal? Copper? Cryptocurrency? You are very focused on what you are doing, but there are many kinds of mining, and we don't know anything about you or your business except what you write in your post.
You don't "set up" a sole proprietorship. If you personally received some revenue and paid some expenses, you have a sole proprietorship. Whether any expenses can be deferred depends on what the expenses are. The cost of electricity cannot be deferred. If you purchased equipment you might be able to defer part of the cost by depreciating it over a span of years.
You should sit down with a local accountant to discuss the best way to organize your business and how to handle the bookkeeping and taxes.
