I think the accounting for bitcoin production would be similar to any other
manufacturing cost accounting although identifying the component costs may
be interesting. If you are running your own hardware to do it then that is
one cost, (depreciation, running costs etc) which will more than likely
https://www.irs.gov/newsroom/irs-virtual-currency-guidance
IIRC (from reading in 2014, so don't count on me as your accountant or
lawyer, of which I am neither), according to the guidance linked in the
post above, mined cryptocurrency is to be reported as regular income at
its then current
Definitely one for both a CPA and lawyer for anyone doing any actual mining.
I’m sure someone big somewhere is already blazing this trail, and it would be
interesting to see how it is being handled on their books.
Regards,
Adrien
> On Oct 26, 2017, at 9:19 AM, John Ralls
From what I read last night, the basic idea is to estimate the mineral value
from the purchase if it wasn’t stated explicitly. When purchasing a property
for the purpose of mineral extraction, the estimated lode value is listed in
the sale documents. You’re making two purchases - one for the
> On Oct 26, 2017, at 4:19 AM, Jean-David Beyer wrote:
>
> On 10/26/2017 12:21 AM, Rodney Elliott wrote:
>> Hi All.
>>
>>
>> If I were to purchase a cryptocurrency (say Bitcoin) with a fiat
>> currency recognised by gnucash (say USD), then the procedure to
>> record
On 10/26/2017 12:21 AM, Rodney Elliott wrote:
> Hi All.
>
>
> If I were to purchase a cryptocurrency (say Bitcoin) with a fiat
> currency recognised by gnucash (say USD), then the procedure to
> record the transaction is clear - create an asset account of the type
> 'stock', associate it with a
After some more creative search phrasing, I found those mining entries, but
they don’t really apply. I’d think then you’re dealing with a situation more
like farming. You’re not extracting a depleting resource but creating one, with
limited inputs. (unless you consider the artificial hard limit
Ironic that you refer to Bitcoin as coming from ‘thin-air’ in the same
discussion claiming no ‘fiat currency’ was involved.
You might have just exposed cryptocurrency as not having any clothes.
At least for now, I’d posit the answer has to lie in the accounting equation.
Have you decreased
Hi All.
If I were to purchase a cryptocurrency (say Bitcoin) with a fiat currency
recognised by gnucash (say USD), then the procedure to record the transaction
is clear - create an asset account of the type 'stock', associate it with a new
security that uses the coin ticker (BTC) and the