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Sounds like an absolute tax nightmare. In a pool you are awarded some small amount of coins every couple hours. Mine for a month, and you'll have hundreds or th
by sliverstorm 13y ago
Sounds like an absolute tax nightmare. In a pool you are awarded some small amount of coins every couple hours. Mine for a month, and you'll have hundreds or thousands of "bitcoin income" events, each with its own market price.
- PeterisP 13y agoWhat's the nightmare there? You need a single simple report (excel sheet?) from the mining pool and just total them up. Hundreds or thousands of events is nothing special - if your income would come from selling stuff in a tiny shop, you'd likely have that many receipts to report.
- sliverstorm 13y agoWell, sure, it would be easy if the pool provided you a 1099. But they don't.
- saalweachter 13y agoI believe you just stated the new killer feature for mining pools. Miners will presumably dump pools which make their taxes harder for pools which make them easier.
- LoganCale 13y agoMany people have mined across dozens of different pools over the years (and for different currencies as well), and many of those pools are now defunct.