Saturday, February 13, 2021

So Nicehash pretty much rents out our GPU, wouldn't this effect taxes?

So I just started using Nicehash and was curious about taxes for next year.

I've seen lots of posts about taxes and that when you mine a coin that is a taxable event. Also when you sell it that is a second taxable event.

However, since Nicehash is only paying us for our GPU horsepower, we aren't actually mining the actual coin. We are pretty much just being paid for virtually renting our equipment, we are just being paid in Bitcoin.

So would Nicehash taxes be different than if we were actually mining the coins ourselves?


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