How I Get Ready for Crypto Mining Taxes (USA)



In this video I discuss how I prepare all my transactions and expenses to get ready to file my taxes for crypto mining in the US. I showcase CoinTracking.info – my favorite website to track crypto mining income and trading.

Website Used In This Video:
▶️ CoinTracking Referral Link:

GPURisers How To Start A Cryptocurrency Mining Business:
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Clickbank Promo Tools

Other Helpful Crypto Tax Resources (US):
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Links to support me:
▶️ Red Fox Crypto Discord:
▶️ Awesome Miner Referral Link:
▶️ Hive OS Referral Link:
▶️ CoinTracking Referral Link:

Video Chapters:
00:00 Preparing for Crypto Mining Taxes
00:20 Crypto Mining Transactions & Expenses
01:05 Gathering Crypto Transactions with CoinTracking.info
01:32 Manually Adding Transactions
03:02 Automatically Adding Transactions
04:13 Other Features of CoinTracking.info
04:33 Generating a Crypto Tax Report
05:16 CoinTracking.info Pricing
06:09 Tracking Mining Expenses
06:22 Gathering Hardware Expense Cost
07:05 Gathering Electric Expense Cost
09:02 Check GPURisers YouTube Channel for More
09:44 Learning From Your First Year Filing Crypto Mining Taxes

Crypto Miners:
📺 BitsBeTrippin:
📺 Voskcoin:
📺 Red Panda Mining:
📺 Hash Raptor:
📺 SerpentXSF:
📺 SavageMine:
📺 Guntis Vitolins:
📺 The Life of a Miner:
📺 ChumpChangeXD:
📺 Altered Component:
📺 The Hobbyist Miner:
📺 Mining Office:

Follow me:
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Mining Rig Parts I Use:
▶️ 6-GPU Frame:
▶️ 8-GPU Frame:
▶️ Risers:
▶️ Risers:
▶️ PCIe Splitters:
▶️ MOBO:
▶️ CPU:
▶️ PSU:
▶️ RAM:
▶️ HDD:
▶️ Test Bench:
▶️ PDU:

Grow Tent Setup:
▶️ Old Tent:
▶️ New Tent:
▶️ Inline Fan:
▶️ Ducting:

Power Meter:
▶️ DROC AC Power Meter:
▶️ SpaceGoats DROC Power Meter Build:

As an Amazon Associate I earn from qualifying purchases.

#CryptoMining, #MiningTaxes, #CryptoTaxes

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20 thoughts on “How I Get Ready for Crypto Mining Taxes (USA)

  • April 17, 2022 at 3:52 pm
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    How do you prepare for for tax season as a crypto miner?

    Reply
  • April 17, 2022 at 3:52 pm
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    What's the point of a decentralized currency if you're paying f**** taxes to a government institution. Just refuse to pay taxes on crypto. They can't lock us all up.

    Reply
  • April 17, 2022 at 3:52 pm
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    im pretty close to just committing suicide and i barely mined 2k but i had traded it for a bunch of coins

    Reply
  • April 17, 2022 at 3:52 pm
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    I just did my taxes today. I mined and sold $22k of ETH in 2021. I paid no taxes on it after deductions. 🥰

    Reply
  • April 17, 2022 at 3:52 pm
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    So, in the US, is the crypto taxable income the minute it's deposited into your wallet, or do you have to sell/convert the crypto first? Thanks!

    Reply
  • April 17, 2022 at 3:52 pm
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    As a hobby miner I can’t write off electric / card cost can i?

    Reply
  • April 17, 2022 at 3:52 pm
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    Do you need to have a business be able to write off expenses?

    Reply
  • April 17, 2022 at 3:52 pm
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    What If you cloudmine by buying hashrate and get a reward. Guessing price payed for hasrate is a buisness expense and goes against reward until you break even?

    Reply
  • April 17, 2022 at 3:52 pm
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    Fantastic video! Extremely helpful as I prepare to report my first year in mining to the IRS. Thanks Red Fox!

    Reply
  • April 17, 2022 at 3:52 pm
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    I never expected that Dillion_1uptrade on instagram would ever turn to reply i have been constantly following him for 9months and always good reviews about bitcoin and NFT with trading signals, Indeed his a blessings to this generation.

    Reply
  • April 17, 2022 at 3:52 pm
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    You provide ZERO information on how to LOWER your crypto taxes.

    Reply
  • April 17, 2022 at 3:52 pm
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    Thank you for this! Getting ready to file for the first time as a business. 🤞🏻

    Reply
  • April 17, 2022 at 3:52 pm
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    Where would you report it if you got scammed out of your cryto?

    Reply
  • April 17, 2022 at 3:52 pm
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    So what happens if I get hacked and lose everything?

    Reply
  • April 17, 2022 at 3:52 pm
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    ⬆️⬆️⬆️Yes you are the best thing that have ever happened to me..I am currently impressed with all you do and I can’t take your effort in my life for granted I really appreciate Sir.

    Reply
  • April 17, 2022 at 3:52 pm
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    i agree with MaAfee, never pay tax for crypto lol.

    Reply
  • April 17, 2022 at 3:52 pm
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    do you have to file even if you dont sell any of your coins?

    Reply
  • April 17, 2022 at 3:52 pm
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    You cant pay any tax on your portfolio until you have sold the coins then and only then can you calculate your profit if any from buying price to selling price (crypto income) minus transactions fees.

    Reply
  • April 17, 2022 at 3:52 pm
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    can you expense the cards if you aren't a business or is it considered like a "home office" or home business kind of thing?

    Reply
  • April 17, 2022 at 3:52 pm
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    Great video. Having a metered pdu has really helped me track electricity consumption as I keep adding cards.

    Reply

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