-1

Just a very quick, and I hope simple question. Is Bitcoin mining classed as running a business? All comments appreciated! Thanks

closed as too broad by cdecker, Stéphane Gimenez, Nick ODell, D.H. - bitcoin.se Aug 4 '13 at 8:50

Please edit the question to limit it to a specific problem with enough detail to identify an adequate answer. Avoid asking multiple distinct questions at once. See the How to Ask page for help clarifying this question. If this question can be reworded to fit the rules in the help center, please edit the question.

  • This is a legal question, so what country are you in? – Nick ODell Aug 2 '13 at 17:23
  • 1
    Agree with Nick, this is not a good question for StackExchange for many reasons. The answer will probably be different depending on your contry and even for a specific country it will probably depend on a number of factors. – D.H. - bitcoin.se Aug 4 '13 at 8:53
1

Unless you have a lot of ASICs, it's not profitable anymore.
If you mean business in terms of law, it depends on country you live in.

1

I have about 219 GH and I run it as a small business. On my 2012 taxes in the USA I simply reported the fiat currency and goods that I received as misc income. Kind of in the same way that one would report gambling winnings. I reported my gear, deprecation and power usage as a business expenses.

I have various streams of income under a LLC and try to keep the various expenses that are associated w/ the income classified as divisions of the company in Quick-book's.

I plan on holding on to most of my Bitcoin's as long term investments. I have also purchased Litecoin's w/ my Bitcoins's and expect them to appreciate in value (unlike fiat currency).

As far as financial planning is concerned I consider my Bitcoin paper wallets as emergency savings. I am not a rich man in the financial $ense but I am debt free. :)

0

I would not be absolutely certain about it, and l guess the rules could be different for various countries and states.... but l guess it is how you run it.

I.E. l imagine it could be classed as a business and if you intend to make a profit it probably should be classed as a business.

But then again, depending on the laws in your region you may be able to class it as a hobby (but get more advice and don't take my word for it as l am really not 100% sure)

Cheers

-1

It's a hobby. Unless you spend your full time resources on it and consider it your primary source of income.

Not the answer you're looking for? Browse other questions tagged or ask your own question.