How do you calculate the tax on bitcoins that have been mined. Given there was no purchase price of the asset, it was aquired through use of electricity.
E.G. I have mined $2000 AUD worth of bitcoin. Cost was $0 (plus electicity). If I sold this bitcoin would I have to pay CGT on the full $2000 at my marginal rate?
Thanks
Hi @Harpoonga,
You can look at the knowledge base article link and read through it. This provides information whether you are carrying on a business. However, if you have undertaken some Bitcoin mining activities in a way that is not part of a business, your mined Bitcoin would constitute holding of an asset, the Bitcoin you hold would be a be a capital gains tax (CGT) asset. This means that the CGT rules would apply. No deductions would be allowable. The CGT rules would need to be applied on the disposal of the Bitcoin. You can find more information about transacting with cryptocurrency and how to work it out on our website.
Please use the links below.
Links-
Mining Bitcoin KB.
Transacting with cryptocurrency.
All the best.
Hi @Harpoonga,
If you were gifted/received a CGT asset, the market value will be its value from the day you took ownership of it. If you then sell or dispose of the asset you will use market value when calculating your cost base.
You can view the information under receipt of cryptocurrency for services provided.
Please use the links below for further information.
Links-
Transacting with cryptocurrency.
Cryptocurrency used in business.
Mining cryptocurrency - KB (knowledge base article).
All the best.
15 Apr 2026 · 8 min read time
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3 replies