Some Bitcoin miners use enormous racks with specialized equipment. Hobby miners usually have a passion for mining cryptocurrency and spend their time mining for non-commercial purposes. They do this to advance the blockchain network for personal reasons. Hobby miners who are not interested in financial rewards, usually home-based cryptomining, practice small-scale mining.
- The mining coins are seen as a capital purchase rather than a profit.
- The cost of mining coins is the sum of all the costs associated with mining equipment, operations and the operation of mining equipment.
- If you sell your coin gains within a year of purchase, the tax is 100%. After a year, coin gains are subject to only a 50% tax.
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