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- Tax On Unsold Mined Bitcoin 2 answers
Lets say I created a new coin and mined 1 trillion of them. It isn't on any exchange to get its true value.
But someone on a forum pays me $100 for 100 coins. Now these coins value is at $1 and shows up on exchanges for $1 for each coin. Then I mine another 1 trillion. Am I liable to pay $1 trillion in taxes? How would that work?