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Tax records for mined bitcoin: what to keep

The records most accountants ask a mining owner for, and where each one lives in your portal.

Basics

Careful: This is not tax advice. Rules differ by country. Ask your accountant.

Whatever the rules are where you live, an accountant can only work from records. Mining produces a small amount of bitcoin often, so the records are easy to keep if you collect them as you go and hard to rebuild years later. This guide lists what to keep and where to find it.

The four records

Record	Why it is asked for	Where it is
Date and amount of each payout	It shows what you received and when	Earnings, Activity, Download CSV
Bitcoin price on each of those days	It turns each BTC amount into your currency	Taxes page for US owners, or a public price history
Hosting invoices	They show what running the machines cost you	Invoices, Monthly reports, Download PDF
Machine purchase invoice	It shows what you paid for the machines and when	Invoices, Order confirmations and Earlier invoices

Each payout: date and amount

Open Earnings, set the period to All, and scroll to Activity. Each line has its date, its type and its amount in BTC. Press Download CSV to save the list. Lines of type Mining are what your machines made each day. Lines of type Paid to you are transfers sent to you.

Your pool and your wallet keep their own history of every payment received, with the transaction ID. The Open at link under Your pool accounts on My miners opens the pool's page. Keep those records too: they prove the bitcoin arrived at an address you control.

The bitcoin price on the day

In many countries, mined bitcoin is counted at what it was worth on the day you received it. That makes the price on each day part of your records.

US owners: the Taxes page lists every payout with its date, the BTC amount, the price and the value in dollars, and lets you download the list.
Owners elsewhere: the Earnings file carries dates and BTC amounts. Your accountant applies the price source and the currency your country's rules call for.
Whatever source is used, use the same one all year and write down which one it was.

Hosting invoices

Open Invoices. Under Monthly reports, click a month and press Download PDF. Each document shows who it is billed to, the month, the amount and whether it was paid. If you pay hosting with autopay, the month is a Performance report that shows how the bitcoin was split between hosting and you. Keep those the same way.

Machine purchase invoice

On the same page, Order confirmations lists each machine order with its number, date, machines, site and price. Earlier invoices holds hardware billed before the dashboard existed: press View invoice to open the original PDF. Keep the proof of payment as well, such as the bank transfer or the receipt we emailed you.

Records the portal does not hold

What you did with the bitcoin afterwards: sales, swaps, spending, transfers between your own wallets. Those records are at your exchange and in your wallet.
The bank statements showing money arriving from an exchange.
Other costs tied to your mining, such as accounting fees.

A simple habit

Once a month, when your invoice arrives, download its PDF into one folder.
Once a quarter, download the Earnings CSV for the period.
At the end of the year, export your exchange and wallet history and add it to the same folder.
Send the folder to your accountant in one go.

Good to know: Missing a document, or a purchase price that is not on record? Write to hello@firsthandbitcoin.com and we will send it or add it.

Open Earnings