(USA) Gross income taxation on mined / validated ETH

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(USA) Gross income taxation on mined / validated ETH

Was reading over this from the IRS:


Specifically this:

Q-8: Does a taxpayer who “mines” virtual currency (for example, uses computer resources to validate Bitcoin transactions and maintain the public Bitcoin transaction ledger) realize gross income upon receipt of the virtual currency resulting from those activities?

A-8: Yes, when a taxpayer successfully “mines” virtual currency, the fair market value of the virtual currency as of the date of receipt is includible in gross income. See Publication 525, Taxable and Nontaxable Income, for more information on taxable income.

Because validating distributes rewards every 6 or so minutes, does this mean at tax time I will need ~87,600 points in time for the year? Each point would list how much ETH was granted and what the value of ETH was (according to?) at that time.

submitted by /u/24x80phosphor
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