How Much Money Do You Make With Monero XMR Mining

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How would you feel if anyone were allowed to peep into your bank account and check how much money you. XMR in circulation.

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I'm starting to see just how much income I could possibly get from this rig and I'm already self-employed so I've written all of my equipment off for tax purposes. I'm close to mining my second XMR and I haven't been keeping track of prices for when I got each coin, plus I don't even know if I plan on selling these until sometime next year. If I always keep these on my private wallet, is there any way for the IRS to be able to tell me how much I'd owe?

I looked into the same scenario on BTC but all I've seen are if the coin is on an exchange it is then trackable, but by the nature of XMR these are untraceable. I get that you're joking but I'm seriously curious as to how you 'hide' funds in a blockchain. Sure your deposits to each wallet address are lumped in with others, but there's still a timestamp on when your wallet received some amount. Do you have to mention the deposit address of the 'exit' account? (the one you cashed out into fiat from) Or do you just claim the USD value of what you cashed out as income? It's not a job for a lot of us so I legitimately don't know how you go about this.

• • • • • • •. I am not joking. And welcome to Monero.

I could give you my Monero address now and you wouldn't be able to tell how much money-ro I have on it, where I've got it from and who I've paid it to. The police seized a darknet server earlier this year. They got X amount of bitcoins and Y amounts of ethereum (you can probably google the exact amounts) and an unknown amount of Monero which they couldn't do anything with because they don't have the access codes to the wallet. So, yes, Monero is private and secure and you don't have to think about hiding your money in the blockchain because it is already there, by default and not something you can opt out of. As for moving said funds without tracing it back to you. You use localmonero or localbitcoin and agree to meet someone who will pay hard cash for your coins (or they just want to steal it from you - maybe bring a gun?) - You don't have to have a deposit address or exit account address, as long as you deal with Monero your balance is safe and that's the secure and private part in Monero's slogan, private, secure and fungible. Rightfully you would have to mention this transaction to tax authorities, next time you fill your tax forms.

But as I say, technically, there is no way for the authorities to track you here, unless they go undercover and decide to buy Monero from you. • • • • • • •. You claim it as ordinary income at the price when it's paid into a wallet you control. If you are profitable or intend to be profitable in the near future, you can claim this as business income and get all sorts of tax advantages like using depreciation schedules and deducting losses against other income. If that's a real possibility, see a tax adviser or do a ton of research. It's easy to do it wrong.

More likely, you want to claim it as hobby income. That's income from a hobby that lets you deduct your hobby expenses against the income you earned on the hobby so you don't have to pay taxes on a hobby you obviously lost money on. Here you can only deduct direct expenses during the year against actual hobby income during the year. If you have expenses left over, you can't deduct them against other non hobby income. For most hobby miners, between hardware costs and electricity, you probably will have plenty of expenses to offset all of your mining income. That said, I don't think there's any way to claim gains on cryptocurrencies could be considered hobby income. So unless you go the much more complicated route of calling your cryptocurrency mining and trading a business (along with a high audit risk because they assume many people make mistakes or tried to commit fraud by deducting so many weird items), you'll be paying capital gains tax on any coins that you held and later sold for a profit.

Of course you can always deduct investment losses against those gains if you lost money on a trade. I'm no tax adviser myself, and I tend to forget things this far from tax season, so check my work before taking my advice! • • • • • • •. Reposted due to accidental deletion: That.is not quite right, at least according to my crypto tax accountant. It is considered a commodity property by the IRS. You record your cost basis at the time you receive coin, which to my understanding is the market value, and then when you sell it you pay ordinary income tax (if within one year) or capital gains tax (if longer than one year) on the difference between your cost basis and your sale price. It is no different than holding inventory in a collectibles business like a trading card exchange.

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