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These are the core obsessions that drive our newsroom—defining topics of seismic importance to the global economy. Our emails are made to shine in your inbox, with something fresh every morning, afternoon, and weekend. In , a new cryptocurrency, Dogecoin, was minted as a joke making fun of the speculative frenzy surrounding Bitcoin. Then last August, an anonymous developer created the Shiba Inu coin, the canine mascot for Dogecoin, riffing off the previous prank. Somewhere along the way, the internet gags became very real. On Oct.

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India to propose cryptocurrency ban, penalising miners, traders - source

When you mine the coins, you have income on the day the coin is "created" in your account at that day's exchange value. You can report the income as a hobby or as self-employment. If you report as a hobby, you include the value of the coins as "other income" on line 21 of form If you report as self-employment income you are doing "work" with the intent of earning a profit then you report the income on schedule C. You can fully deduct your expenses if you can prove them see later.

The net profit is subject to income tax and self-employment tax. Your second income stream comes when you actually sell the coins to someone else for dollars or other currency.

Then you have a capital gain if they were worth more when you sold them than when you mined them or you have a capital loss if they are worth less when you sell them. And the gain or loss will be taxed differently if it is a short term gain you held it one year or less or long term more than one year. You will need to keep track of each coin you create date, value and when you sell it date and value.

And of course, if you immediately sell the coin for cash, then you only have income from the creation, you don't also have a capital gain or loss. Now, as far as expenses are concerned, if you are doing this as a schedule C business, you can take an expense deduction for computer equipment you buy as depreciation, subject to all the rules and your other expenses mainly electricity, maybe a home office.

But you need to be able to prove those expenses, such as with a separate electric meter or at least having your computer equipment plugged into a portable electric meter so you can tell how much of your electric bill was used in your business. Unless your expenses are very high, they won't offset the extra self-employment tax, so you will probably pay less tax if you report the income as hobby income and forget about the expenses.

On the other hand, if you report it as self-employment and pay SE tax, that adds to your credits in the social security system which may allow you to qualify for a higher retirement benefit. Having self-employment income on schedule C also allow you to claim some tax deductions like an IRA that you can't claim if all your income is hobby or "other" income. So there may be benefits to paying SE tax in the long run. If you earn more than a couple thousand dollars per year you will need to think about making estimated tax payments as well.

Why sign in to the Community? Submit a question Check your notifications Sign in to the Community or Sign in to TurboTax and start working on your taxes. Enter a search word.

Turn off suggestions. Enter a user name or rank. Turn on suggestions. Showing results for. Search instead for. Did you mean:. Level 2. How do I report Cryptocurrency Mining income? I started mining cryptocurrencies this year, but I can't figure out how to report them - can anyone help me? Topics: TurboTax Premier Online. Level This is an area where there is not much in the way of guidance. New Member. Opus You have two different income streams to consider.

Awesome, thanks for the advice! That can all be handled with the TurboTax Premier package, right? Here's the issue as I see it, many people mine in pools so it's next to impossible to get the correct value of the crypto being mined unless one uses prohashing or other pools like theirs. Also what about coins that aren't on exchanges yet but are being mined, they have no market value at the time they're being mined.

I can totally see a loop-hole here, where people abuse this. If you are in a pool, the income is reported when the currency is actually credited to your wallet in a form you can access, spend or trade.

Just earning coins 0. If you are really getting spendable coins committed to your wallet more often than once a day, you have a recordkeeping problems for sure. Be aware that cryptocurrency is not anonymous -- the ledger is public. As soon as you give a bank account number to an exchange to cash out your currency, your entire transaction history forever is vulnerable to the IRS if the subpoena the exchange.

So it is to your long term advantage to be as honest as you can, within the limitations of the system. Opus 17 I totally agree with you, I use coinbase just because it's open and transparent to US regulators and I don't want to get on the wrong side of the law. Also here's another issue, when someone dumps coins on yobit for btc, eth etc and then moving it to cryptopia to hold for the so called "hard forks" instead of coinbase.

And then after a year they move it to coinbase to sell for USD. How are taxes treated for this? Your gain is the difference between the ultimate selling price and the original basis or purchase price of the asset. If you use yobit to buy btc and eventually cash out for USD, the basis of the asset is whatever you paid to yobit.

If you paid very little, then you may have a very large gain. Also keep in mind that if you "exchange" one cryptocurrency for another, this will be a taxable event. No different that selling Microsoft stock and buying Apple stock.

Rick can you substantiate that? My understanding is that the IRS only taxes "real" things. Trades among different cryptocurrencies are not the same as stock trades because the cryptocurrencies are not real and not recognized as real, taxable things. Rick zakdaks Rick is correct. There was a change in the tax cut bill that was signed in December For and before, it is unclear whether cryptocurrencies are taxed at every exchange or only when cashed out.

Beginning January 1, , every exchange bitcoin to ether, to lite coin, etc. So this really ups the recordkeeping burden. Some parts of my previous answer from 2 months ago are now wrong.

There are still many things that are unclear about this area since there are no regulations, etc. I think most commentators at least the ones I tend to follow agreed that the exchange of one cryptocurrency for another was a taxable event even before your noted change. It just makes sense and follows the spirit of IRS notice How do you determine the value of the coins mined if the mined coins are not yet available on any exchange or have any trading pairs to USD or even BTC?

The hope is that they will one day become tradeable, but they were not tradable or yet had a market value on the day they were mined. Re "coins are not yet available on any exchange" I think simply, income 0 and cost basis 0. People keep forgetting IRS notice uses term "convertible virtual currency" is taxable. Now since a coin is not listed anywhere is definitely not "convertible". They are not convertible. Very side note, I would do same for forked coins, cost basis 0 because there were no price at the time of fork, unless some exchange listed it before the fork but then the price is fake in a way like a "future contract" while you should report as fair market value, so logically 0, no market available until coin available.

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Is there a future for bitcoin? An investor and a skeptic make their cases

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coins 0 bitcointalk forum

Subscriber Account active since. The family of a deceased man, David Kleiman, is claiming their family member helped create the popular digital currency and is suing Kleiman's alleged business partner in the endeavor, Craig Wright, for half of Satoshi Nakemoto's 1. For the past five years, Wright has been claiming on and off that he created Bitcoin, but has failed to provide any proof of his ownership. The creator could easily prove their identity by moving even a fraction of the cache of Bitcoin, or using the private key that controls the account.

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How high can meme coin prices go?

Try out PMC Labs and tell us what you think. Learn More. The data are taken from CoinMarketCap [ 37 ], including daily closing price, market capitalization the product of the price and the circulating supply , and the type of the cryptocurrency coin or token. We empirically verify that the market capitalizations of coins and tokens in the cryptocurrency universe follow power-law distributions with significantly different values for the tail exponent falling between 0. We provide a rationale for this, based on a simple proportional growth with birth and death model previously employed to describe the size distribution of firms, cities, webpages, etc. We empirically validate the model and its main predictions, in terms of proportional growth Gibrat's Law of the coins and tokens.

Forget bitcoin. These cryptocurrencies are surging even more

Graeme Wearden. Wed 19 May The sell-off has been triggered by news that China is looking to ban the use of cryptocurrencies. The speed of the sell-off suggests that leveraged accounts are being hit badly and the indiscriminate slump across the space also points to a lack of buying intent. Investors should not buy in a falling market and should wait until price action stabilizes before considering hitting the buy button.

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How to generate your very own Bitcoin private key

January has been the worst month for bitcoin since the pandemic-induced panic selling of March , however the price is showing strong signs of recovery. On-chain trends have offered some hope to investors that this market reversal may continue, with data from analytics firm Glassnode revealing that long-term holders are refusing to sell. Bitcoin exchange reserves are also falling, suggesting a potential supply squeeze that could force the price up in the short term. You can follow all the latest cryptocurrency news, analysis and expert price predictions right here.

When asking for technical support: - Search for posts on the same topic before posting a new question. However, as long as you back up your BIP39 seed there will not be risk to lost your fund. The data directory is the location where Bitcoin's data files are stored, including the wallet data file. And already it send t hrough the form to send private keys has.

Learn what Stacking is, how it works, and start earning BTC rewards. Stacks What is Stacks, conceptual overview, and why Bitcoin.

When you mine the coins, you have income on the day the coin is "created" in your account at that day's exchange value. You can report the income as a hobby or as self-employment. If you report as a hobby, you include the value of the coins as "other income" on line 21 of form If you report as self-employment income you are doing "work" with the intent of earning a profit then you report the income on schedule C. You can fully deduct your expenses if you can prove them see later.

Bitcoin is an online currency that is used worldwide to make online payments. It has consequently become an investment vehicle in itself and is traded in a way similar to other open currencies. The ability to predict the price fluctuation of Bitcoin would therefore facilitate future investment and payment decisions. In order to predict the price fluctuation of Bitcoin, we analyse the comments posted in the Bitcoin online forum.

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  1. Malduc

    I disagree with her

  2. Amott

    You have thought up such matchless phrase?