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Author Topic: Do miners pay TAX over their earnings??  (Read 6697 times)
zekarsalih
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June 24, 2015, 07:17:20 PM
 #61

Seems like many of you are interested in this topic. For me one answer stands out. Let's agree all not to pay tax. And if our Bitcoin becomes more valuable compared to your desired currency and we get rich, help others. In my opinion we are paying enough tax and it does not help us. I currently live in the Netherlands, my operation wil hopefully launch in 3 weeks. Operating from KRG region near boarders of Turkey. We have no currency and why not take Bitcoin and be a step ahead?


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June 25, 2015, 06:17:11 AM
 #62

Seems like many of you are interested in this topic. For me one answer stands out. Let's agree all not to pay tax. And if our Bitcoin becomes more valuable compared to your desired currency and we get rich, help others. In my opinion we are paying enough tax and it does not help us. I currently live in the Netherlands, my operation wil hopefully launch in 3 weeks. Operating from KRG region near boarders of Turkey. We have no currency and why not take Bitcoin and be a step ahead?



it is better to pay the bills with your real job and leave bitcoin earned from mining, in cold storage for now, so you can avoid any issues with taxes, and you do not need to pay them at all

if you are forced to use bitcoin, by dumping them because of emergency you can stay below 600 in one year for USA, or below 1k in one year for European(they are starting to take action against this)
KaChingCoinDev
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June 26, 2015, 05:47:12 PM
 #63

Don't tell the government, but I never put it on my earnings.

I live in the us.

I ended up losing money though, so it didn't matter. But I wouldn't of anyway.
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June 27, 2015, 05:14:11 AM
 #64

well all countries need to be able to let governement know of peopes actions but not impose taxes let them peope be more aware of the need to be taxxed and let the polititians do the work in countries that are needed of bitcoin if the tax of mining and all bitcoin trades come to majoity of countries they are able to put bitcoin into 1000 dollars a pieace and tha can also be good the tax aceptacy and less anon of the coin

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June 29, 2015, 08:12:57 PM
 #65

Mining is an open accounting system which is purely based on peer to peer networking system, and the users in the network helps each other to send and receive the payments safely and securely without being any involvement of central authority, so there is no way that the terms of Tax applicable occurs here.
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June 30, 2015, 05:58:40 AM
 #66

Naturally miners don't pay tax over their earnings but tax can be included when converting to fiat but spending bitcoin directly is tax-free.

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June 30, 2015, 06:47:24 AM
 #67

I believe tax should paid only if mined BTC sold right away. So one pays for selling, not mining.

Another analogy. You do not pay taxes for fruits growing in your garden. Until you sell those fruits.
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June 30, 2015, 07:04:20 AM
 #68

also miners should not pay taxes, because they are actually already paying those, via electricity bills, so it is included

if miners are intelligent they should keep their bitcoin and dump only for paying electricity, which is their taxes
zekarsalih
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June 30, 2015, 10:41:10 PM
 #69

@amph,  what if the government of the country subsidizes electricity and actually loses money in the sales of electrcicity?




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July 01, 2015, 06:14:47 AM
 #70

@amph,  what if the government of the country subsidizes electricity and actually loses money in the sales of electrcicity?

look at it, like it was another thing, for example instead of mining you pay a big portion of your electricity, because you need to wash clothes every hour or you need to eat foods only cooked in the oven(standard oven consume 1k per hour), you will need to pay a tons of electricity for that

do you need to pay taxes on top of that? i don't think so
HashBTC
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July 10, 2015, 02:23:22 PM
 #71

Yes they should.

Do they? .... probably not ....

Also completely depends on location.

GMPoison
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July 10, 2015, 06:41:06 PM
 #72

Miners don't pay taxes because mining has nothing to do with united states currency. Maybe if you have a mining operation close to the point where it's earning enough as a second job, and you're converting the bitcoin into usd on a consistent basis you would want to look into it, but if you're only dealing in bitcoins there's no reason you should have to pay taxes on anything, all you're doing is simply using your electricity to solve calculations Smiley
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July 29, 2015, 10:15:50 AM
 #73

I run a small mining operation in Australia and we pay our tax, in fact we're always dealing with the accountant to keep the books up to date.
We pay tax on the income we earn through bitcoin mined, bitcoin traded and from all the sales made when re-selling mining equipment.


ECoinLand
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July 29, 2015, 12:25:46 PM
 #74

I run a small mining operation in Australia and we pay our tax, in fact we're always dealing with the accountant to keep the books up to date.
We pay tax on the income we earn through bitcoin mined, bitcoin traded and from all the sales made when re-selling mining equipment.



That's good to know.

Though I wonder if taxes include the Bitcoin price change (for example, if Bitcoin value raises regarding Fiat currency)

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July 29, 2015, 07:22:52 PM
 #75

also miners should not pay taxes, because they are actually already paying those, via electricity bills, so it is included

if miners are intelligent they should keep their bitcoin and dump only for paying electricity, which is their taxes

Miners should keep track of gear purchased, any expenses.  For example my summer mining area caused a decent expense.   And of course electricity used.

For me converting into a nice summer area with wiring and everything was a pretty good amount of expense.   It was worth it yes but for taxes I record everything as far as costs.
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July 29, 2015, 07:37:57 PM
 #76

Don't feed the pigs your bitcoin revenue.
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