Cryptocurrency Mining Tax Guide – Expert Explains

Curated Content by Dan - Coin Cerberus

April 6, 2022

 

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How do crypto taxes work? What do Bitcoin miners and altcoin cryptocurrency miners NEED TO KNOW for taxes? Let's consult a US tax professional and CPA Miles Brook of Coinledger to create the best crypto mining tax guide! Get a free tax report with our CryptoTrader Tax link! https://voskco.in/tax21 Sub to VoskCoin for more crypto guides! http://voskco.in/Sub
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This is the best mining rig you can buy in 2022 – https://voskco.in/b300 Crypto taxes stress a lot of people out – myself included. That’s why we asked a crypto tax expert to come on board and explain how to do your cryptocurrency taxes, especially crypto taxes related to mining! Mining crypto directly affects your taxes, so today we go over how to understand crypto mining and taxes. Are crypto mining rigs expenses that can be written off? How is your mined crypto taxed? Should you start a business for your crypto mining farm? All of this and more are discussed in depth in this interview! Find out how to set electricity up correctly for mining – https://www.youtube.com/watch?v=eZi_yx_koXc
Should you mine crypto in 2022? Find out here – https://www.youtube.com/watch?v=Vb4jNqdCJH4
How profitable is mining crypto right now? https://www.youtube.com/watch?v=L90Y90A1vjQ
CryptoTrade.Tax is rebranding to CoinLedger – https://voskco.in/tax21 ⏰ Timestamps ⏰
00:00 How do you properly report your crypto taxes?
01:48 Do you need to start a business for mining cryptocurrencies?
04:51 Is mining cryptocurrency taxed?
06:53 Does Constructive Receipt apply to crypto?
09:02 Crypto tax violations consequences
10:46 Race F1 cars in this NFT meta game!
11:19 Is Crypto Mining worth it?
15:14 Do you have to pay taxes on your crypto interest?
17:04 What happens when you want to cash out?
18:38 Short and long term capital gains rates with crypto
19:34 What happens when my crypto loses value? Please note that this is NOT tax advice and cannot be construed as such. VoskCoin does not offer financial or tax advice. This interview is referencing 2021 tax regulations within the United States. Please consult a tax professional for all of your tax questions. VoskCoinTalk the VoskCoin forum – http://voskco.in/forum
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VoskCoin Reddit – https://www.reddit.com/r/voskcoin/
VoskCoin Discord Server Invite – http://voskco.in/discord
VoskCoin Twitter – https://twitter.com/VoskCoin
VoskCoin Instagram – https://www.instagram.com/voskcoin/ VoskCoin is for entertainment purposes only and is never intended to be financial investment advice. VoskCoin owns or has owned cryptocurrency and associated hardware. VoskCoin may receive donations or sponsorships in association with certain content creation. VoskCoin may receive compensation when affiliate/referral links are used. VoskCoin is home of the Doge Dad, VoskCoin is not your Dad, and thus VoskCoin is never liable for any decisions you make. #VoskCoin #crypto #taxes #asicmining #asic #cryptotaxes #cryptomining #passiveincome #antminer #gpumining #cpumining #interview Video Source https://www.youtube.com/watch?v=doY_CglnobA

Crypto Currency Resources & Recommended Products

The following lists are tools and resources that I put together to help anyone that is interested in crypto get a head start. It can be quite daunting when you first get into cryptocurrencies. There is some much information out there and some much uncertainty.

Disclaimer This new crypto movement is an economic revolution. While it may be an exciting time to get started with crypto currencies, this digital gold rush has a plethora of bad information out there. The recommended products below are based on my own experience with my own personal use of these products.

Disclaimer: I am not a finical advisory. I do earn a small commission if you choose to purchase any of the recommended products below. Please make sure that you do your research before you purchase any Cryptocurrencies related products or services.

Coinbase

Crypto Currency Wallet & Coin Exchange

Coinbase is one of the worlds leading cryptocurrency wallets. It also gives people the option to purchase and trade digital currencies like that of Bitcoin, Bitcoin Cash, Ethereum Classic, Ethereum and Litecoin.

Coinbase popularity stems from its ease of entry and exit from the cryptocurrency world. It's pretty quick to get set up and start investing in digital currencies. Get $10 FREE Bitcoin {BTC} when you spend $100 with our referral link.


Click Here To Watch A Tutorial Guide On How To Use Coinbase

Make Money Online

 Cash Network & Affiliate Training

Trust me here… If you’re like many Internet marketers, you can’t help drooling when you peruse the famous (and quite addictive) ClickBank marketplace.

From just the front page of the
marketplace ClickBank’s clients will earn close to One Hundred Million Dollars this year! As you click from page to page, your eyes get wider and wider... your heart starts pounding...

… and your jaw drops to the floor when you start to see the incredible popularity, the gravity, all those product pitch pages…


Check out the video to learn more...


What you’re about to see is not a joke... It’s not a lousy ploy. This is truly a dream come true... I am about to give you something so exciting and SO valuable you may not be able to keep it to yourself.



BUT, I need you to please keep this a secret until you see what I’m talking about.

I cannot risk something like this getting out to the public. At least not this early… Follow the link below to finally realize what it feels like to have control. Feel your dreams come to life! 


Don’t believe me? See for yourself.  If you don’t act quickly, I’ll have to pass this along to someone else who is willing to create a better life for themselves.


I have a feeling you’re going to love this :)

binance

Cryptocurrency Exchange

Binance is one of the worlds fastest growing cryptocurrency exchanges. Because of its trading volume and the number of altcoins it trades it will be one of the worlds biggest crypto exchanges in the world.

While Coinbase is still the easiest way to get into cryptocurrencies, Binance trades a lot more Altcoins compared to that of Coinbase. If you want to purchase Altcoins like Cardano ADA, Ripple XRP, Steller Lumens, TRON, Dash and Monero then Binance is your first port of call. 


In order to trade here, you must hold some cryptocurrencies first. So it's best to purchase some Ether or Litecoin from Coinbase and transfer it too Binance.

Click Here Watch A Tutorial Guide On How To Use Binance.

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Ledger-Nano-Wallet

Cryptocurrency Hardware Wallets

One of the most popular Hardware Cryptocurrency wallets is that of

Ledger Nano S. The Ledger hardware wallet provides a secure offline solution for cryptocurrency traders to store their digital data. 


Commonly knowns private keys the Ledger hardware wallet gives users a multi cryptocurrency offline storage solution. Because of essential, these hardware wallets are similar to that of a USB key, it provides security by hosting the private keys offline making them difficult for hackers to access your cryptocurrencies.


It hosts some of the more common crypto coins but also some fewer know Altcoins Bitcoin Gold, Ark, Bitcoin, Bitcoin Cash, Digibyte, Dash Dogecoin and Ether.

Watch A Video Guide On How To Use The Ledger Nano S 

Exodus

Digital Crypto Currency Wallet 

The Exodus Wallet is desktop cryptocurrency storage solution. It can be used with Mac and PC which has compatibility with a popular cryptocurrency exchange called Shapeshit. Which gives the user the ability to trade cryptocurrency with in the Exodus Wallet.  This feature alone makes the Exodus wallet a very popular choice with beginner crypto traders.


The interface is very intuitive making it very easy to understand and use for anyone that's starting out with investing in cryptocurrencies. The Exodus Wallet is one of the most popular lite wallets, even with a number of crypto storage assets, it doesn't require your system to download the complete blockchain.


While the Exodus Wallet is free to download and a very secure piece of software, please note that it does take between 1-3% fee with the exchange of cryptocurrencies. Click Here To Watch Walk Through Video On The Exodus Wallet.

Brave-Browser

Cryptocurrency Browser

The Brave Browser is just like most web browsers, it allows you to surf the web, find videos, websites and allows you to download content from the web. But with a few difference with it's set up compared to that of Google Chrome. It was set up by the same creators as that of Mozilla, basing their software on open source code similar to that of Google Chrome.

Brave has in built ad blocking technology to stop intrusive ads. It also integrates with the cryptocurrency Basic Attention Token {BAT} to pay users for their attention for displaying less intrusive ads.


Brave keeps 15% of the less intrusive ads, giving content publishers 55% per cent which is good for bloggers and vloggers, last but not lease even users of the Brave browser will receive 15% off the revenue. It also gives users the option to donate BAT to content creators or sites they love.


One of the striking features of the Brave Browsers is that it removes a ton of tracking pixels which cause websites to load slower. This gives you a much faster experience when visiting websites online


Tags

altcoin mining, bitcoin mining, crypto mining, mining cryptocurrency


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