In earning the tokens, it is a share from others mining the tokens and one of them I'm not sure, but no exchange. I earned some from an exchange in 2021 and filed those. In mining, I pay a fee (in a digital currency) to collect a portion of what's mined. The other, I deposit a certain amount and they give (a percentage of my deposit in additional coins in a certain time frame). I asked this way ahead of time while I haven't participated in this too much to make a difference in taxes. I like to know as much of a tax implication as possible now. This way I can know what to expect before tax time. Part of my concern and the previous question were if I collect/earn the coins from the first scenario (from those who mined) and transfer the same coins to the second to earn additional coins when will the taxable event occur. For example: If someone/organization shares with me a portion of the mined tokens, I cannot earn from them while they just sit in the account--I wasn't going to cash them out anytime soon. Therefore, I found another, where I can transfer the coins and gain more coins while the coins just sit in accounts of others. Thanks!
posted
last updated
March 20, 2022
7:00 AM
