USA Does Anyone Track Cryptocurrency "Mining" Income for Clients?

Aug 25, 2018
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United States
Hey all, quick question for my USA CPAs/Accountants.

Do any of you happen to track cryptocurrency "mining" income for clients?

If so what strategy and/or software do you use?

I myself am a miner, and personally use QuickBooks because it's really useful for other aspects of my business, but it REALLY sucks for crypto mining (I have to manually enter every transaction).

I DO understand that there are several major taxable events when it comes to crypto which must be tracked:

1. Receiving cryptocurrency from "mining" is a taxable event (income).
2. Receiving cryptocurrency in exchange for a good/service is a taxable event (income).
3. Selling cryptocurrency, or exchanging it for another, is a taxable event (capital gains/loss).

I find that tracking "mining" income (#1) is quite a painful process, compared to the others.

I need to track the USD value right when I receive the mined coins (which can be several payouts a day).

Not only this, but I have to remember which payouts were received at what USD price, to accurately track short/long-term capital gains as well before selling.

I am thinking about developing a web application to automate this whole process, and am curious if other Accountants are having this problem with their clients?


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