Hello,
I have started buying some crypto currency this year. But I want to start mining it next year as a sole proprietorship. To reason I want to do is to account for my expenses such as electricity use, internet use and the cost of the hardware. Then once I have some coin with hopefully some appreciation I can sell them to possibly buy more mining hardware.
Are there any special things I need to worry about?
Plans for the next few days
1. Identify hardware for ming
2. Identify hardware to keep track of electricity use
3. Setup router to keep track of internet usage
Next steps
4. Buy hardware
5. Mine coin
Longer term
6. Sell coins
7. Buy more hardware
Is this the best strategy for keeping my taxes down on mining crypto?
I have started buying some crypto currency this year. But I want to start mining it next year as a sole proprietorship. To reason I want to do is to account for my expenses such as electricity use, internet use and the cost of the hardware. Then once I have some coin with hopefully some appreciation I can sell them to possibly buy more mining hardware.
Are there any special things I need to worry about?
Plans for the next few days
1. Identify hardware for ming
2. Identify hardware to keep track of electricity use
3. Setup router to keep track of internet usage
Next steps
4. Buy hardware
5. Mine coin
Longer term
6. Sell coins
7. Buy more hardware
Is this the best strategy for keeping my taxes down on mining crypto?
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