<p>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. </p>

<p>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.</p>

<p>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). </p>

<p>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. :)</p>

CC BY-SA 3.0
2013-08-03T09:24:49.900Z
2013-08-03T09:24:49.900Z
Tornado
<p>Unless you have a lot of ASICs, it's not profitable anymore.<br>
If you mean business in terms of law, it depends on country you live in.</p>

CC BY-SA 3.0
2013-08-01T11:35:11.293Z
2013-08-01T11:35:11.293Z
ripazha
<p>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.</p>

<p>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.</p>

<p>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)</p>

<p>Cheers</p>

CC BY-SA 3.0
2013-08-02T10:47:26.633Z
2013-08-02T10:47:26.633Z
Aussie Pete
<p>It's a hobby. Unless you spend your full time resources on it and consider it your primary source of income.</p>

CC BY-SA 3.0
2013-08-03T22:21:32.370Z
2013-08-03T22:21:32.370Z
user5573
<p>Just a very quick, and I hope simple question. Is Bitcoin mining classed as running a business?
All comments appreciated!
Thanks</p>

CC BY-SA 3.0
2013-08-02T17:23:43.007Z
This is a legal question, so what country are you in?
Nick ODell
CC BY-SA 3.0
2013-08-04T08:53:00.107Z
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.
<mining-pools><legal><sell-bitcoins><taxes>
Is bitcoin mining a business?
Kinger3914
# Is bitcoin mining a business?

(Asked by: username_0 on 2013-08-01)

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

**Tags:** mining-pools, legal, sell-bitcoins, taxes

> **Comments:**
> **username_1**: This is a legal question, so what country are you in?  
> **username_2**: 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.  

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## 4 answers

### Answer by username_3 on 2013-08-03. Score: 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. :)


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### Answer by username_4 on 2013-08-01. Score: 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.


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### Answer by username_5 on 2013-08-02. Score: 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


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### Answer by username_6 on 2013-08-03. Score: -1

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


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