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accolade(Enthusiast)Registered Tax Professional
24 Aug 2022

If I mine Bitcoin and purchase an item for $10 000 with the mined coins, my capital gain would be $10 000 as the cost base is NIL. Can I add to my cost base the electricity cost of mining and the depreciation on the computers used to mine?

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1,949 views
3 replies

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Bruce4Tax(Taxicorn)Taxicorn
25 Aug 2022

Mining = ordinary income, not capital gains.


Electricity and computers are a business deduction against mining.


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Crypto mining on CGT account and depreciation of computers | ATO Community