Reporting crypto mining income

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Mining income can be reported either as Hobby or Business income. In case income is reported as a hobby, no deduction can be claimed for expenditure. If you mined cryptocurrency as a hobby, you will report the value of the currency or currencies that you earned as "Other Income" on Line 8 of Schedule 1;. The IRS views Bitcoin mining or cryptocurrency mining as a taxable activity. Each time you receive a mining reward, you have taxable income to.