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Paying tax on receipts from mining cryptocurrencies

We consider cryptocurrency mining to generally be an activity aimed at making a profit, not a hobby. Any mining-related fees or rewards are taxable income.

A cryptocurrency miner is a person who validates cryptocurrency transactions and maintains the ledger. In exchange for this service, they receive cryptocurrency.

Mining cryptocurrency as part of a pool

Mining income is derived when the pool periodically distributes each miner's share.

Depreciation rate for cryptocurrency mining equipment

You may be able to claim depreciation on equipment used for mining cryptocurrency. ‘Computers’ is an ‘asset category’ for depreciation purposes.

Claiming depreciation