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I’m mining cryptocurrency. What does that mean for my taxes?

SOLVEDby TurboTax98Updated January 13, 2023

Include cryptocurrency (such as Bitcoin) mining as part of your gross income, even if you think of it as only a hobby.

If you:

  • Mine your own cryptocurrency, it will be taxed as self-employment income at the fair market value when you get it and as property (a capital asset) for the sale
  • Get paid to mine cryptocurrency, you have to report it as regular income like you would for any job (as an employee or self-employed, depending on your situation)

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