BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

The IRS May Be Coming For Bitcoin Miners

by Abimbola Adu
Aug 12, 2022 - 12:00 am
in Blockchain
The IRS May Be Coming For Bitcoin Miners

There has been a new development in the crypto sphere regarding Bitcoin miners recently.

https://twitter.com/max_gagliardi/status/1557545090977087496

The IRS now has a new squad to audit all Bitcoin mining pools.

All wallet addresses, pool aliases, and similar information will be investigated.

Their motive for doing this is to ensure that there is no single Bitcoin mining pool without KYC verification.

As we know, the job of the IRS is to ensure the payment of taxes, process the taxes paid, and punish those who refuse to pay taxes.

Further, they view all income from cryptocurrency mining, including using Bitcoin, as a taxable event.

Therefore, all mining activities are to be reported to the IRS at the end of the month.

The income generated from mining is considered ordinary and taxed at a rate of 10-30%.

All miners, which include those who mine for fun and those who do it for business purposes, are mandatorily required to fill out a tax form for their earnings.

Failure to report these taxes can be considered tax evasion, and offenders may face tax interest and sometimes criminal charges.

In the event of this, the IRS may be forced to take legal action against the offender. 

An example of this is the rumour about the IRS’ plans to subpoena manufacturers of Bitcoin mining hardware ASIC dealers and mining pools in the US.

Aside from that, they can carry out criminal investigations regarding taxes and retirement plans and regulate tax-exempt organisations.

With all this, we can see that the IRS is out to get all companies and organisations that skillfully evade taxes and bring them to justice. 

And it appears that Bitcoin miners are now among the targets they are after.

Therefore, according to a CPA, the best thing to do now is to get your finances in order and don’t evade taxes because tax audit confrontations are escalating each day.

Tags: BitcoinMining
Abimbola Adu

Abimbola Adu

Abimbola Adu is a crypto content writer with a background in English studies. She is keen on enlightening others about cryptocurrency and blockchains. She enjoys writing poems and spending time with family.

Related Posts

Arthur Hayes speaking about Bitcoin as Japan’s new Prime Minister announces economic stimulus measures

Arthur Hayes Predicts $1M Bitcoin as Japan’s New PM Unveils Economic Stimulus

October 22, 2025

Arthur Hayes predicts Bitcoin could hit $1M as Japan’s new PM Sanae Takaichi launches economic stimulus, signaling potential...

blockchain

Bolivia’s President-Elect Rodrigo Paz Turns to Blockchain to Fight Corruption

October 20, 2025

Bolivia’s new president Rodrigo Paz plans to use blockchain in public procurement and crypto asset declarations as part...

Metaplanet and Bitcoin Magazine logos, symbolizing their new partnership to expand operations in Japan.

Japan Moves Toward Allowing Banks to Buy Bitcoin Under New Regulatory Framework

October 19, 2025

Japan’s regulators are reviewing changes that could let banks buy and hold Bitcoin, signaling a major shift in...

24H HOLD token price chart showing 35% surge despite market pullback

Crypto markets surge as Trump confirms October 31 summit with Xi Jinping

October 19, 2025

Crypto markets rebound after Trump confirms October 31 summit with Xi Jinping, easing US-China tensions and sparking optimism...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service