I think you're right(ish), with one caveat that I think you understand, but this time last year I would not have... If you ever sold them, and long-term capita

I think you're right(ish), with one caveat that I think you understand, but this time last year I would not have... If you ever sold them, and long-term capital gains should apply, you would still owe the long-term capital gains tax on the proceeds from the sale. So, subtract your cost basis (which for THE actual creator of bitcoins is arguably more intensive than average miner who merely creates bitcoins), subtract that which has not been (depreciated?) on any other gains, and pay tax on those gains from the proceeds of the sale.