user6165: Just a very quick, and I hope simple question. Is Bitcoin mining classed as running a business?
All comments appreciated!
Thanks

user6128: Unless you have a lot of ASICs, it's not profitable anymore.
If you mean business in terms of law, it depends on country you live in.

user6198: I have about 219 GH and I run it as a small business. On my 2012 taxes in the USA I simply reported the fiat currency and goods that I received as misc income. Kind of in the same way that one would report gambling winnings. I reported my gear, deprecation and power usage as a business expenses. 
I have various streams of income under a LLC and try to keep the various expenses that are associated w/ the income classified as divisions of the company in Quick-book's.
I plan on holding on to most of my Bitcoin's as long term investments. I have also purchased Litecoin's w/ my Bitcoins's and expect them to appreciate in value (unlike fiat currency). 
As far as financial planning is concerned I consider my Bitcoin paper wallets as emergency savings. I am not a rich man in the financial $ense but I am debt free. :)

6165: <p>Just a very quick, and I hope simple question. Is Bitcoin mining classed as running a business?
All comments appreciated!
Thanks</p>
 6128: <p>Unless you have a lot of ASICs, it's not profitable anymore.<br>
If you mean business in terms of law, it depends on country you live in.</p>
 6198: <p>I have about 219 GH and I run it as a small business. On my 2012 taxes in the USA I simply reported the fiat currency and goods that I received as misc income. Kind of in the same way that one would report gambling winnings. I reported my gear, deprecation and power usage as a business expenses. </p>

<p>I have various streams of income under a LLC and try to keep the various expenses that are associated w/ the income classified as divisions of the company in Quick-book's.</p>

<p>I plan on holding on to most of my Bitcoin's as long term investments. I have also purchased Litecoin's w/ my Bitcoins's and expect them to appreciate in value (unlike fiat currency). </p>

<p>As far as financial planning is concerned I consider my Bitcoin paper wallets as emergency savings. I am not a rich man in the financial $ense but I am debt free. :)</p>
