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How To File Your NiceHash Taxes With Koinly

NiceHash pairs perfectly with Koinly to make crypto tax easy! 🤝Sync NiceHash with Koinly to calculate your crypto taxes fast. ⚡ Connect in minutes! 🖱️

Last updated: Monday, 30 January 2023

How to do your NiceHash taxes with Koinly

NiceHash is a leading cryptocurrency platform for mining. Users can sell or buy computing power and support the digital ledger technology revolution. NiceHash also offers an exchange on which to buy, sell and trade cryptocurrencies. Koinly can help you do your NiceHash taxes safely, quickly, and accurately.

  1. Sign up to Koinly and choose your country and currency
  2. Connect NiceHash with Koinly to import all of your NiceHash trades safely and securely
  3. Koinly categorizes NiceHash transactions into gains, losses and income
  4. Koinly calculates your NiceHash Capital Gains Tax and NiceHash Income Tax
  5. Download your NiceHash tax report from Koinly
  6. File your NiceHash taxes online or with your crypto tax accountant

Watch how to do your NiceHash taxes fast

Does NiceHash report to the IRS?

It’s not known whether NiceHash reports to the IRS. NiceHash isn’t known to issue 1099 forms, but as one of the largest mining platforms in the world, it’s likely NiceHash have faced pressure from the IRS and other tax offices to share customer data to ensure tax compliance.

How to connect Koinly and NiceHash via API

On NiceHash

  1. Log in to NiceHash.
  2. Click your profile icon in the top right corner.
  3. Select my settings from the drop down menu.
  4. In the menu on the left, select API keys.
  5. Copy the organization ID.
  6. Select create new API key.
  7. Name your API key, for example, Koinly.
  8. Under permissions, you'll need to grant all "view" permissions when creating your API key (check out below for the exact details).
  9. Select generate key.
  10. Enter your password to confirm and select verify.
  11. Copy your API key and API secret key code. You will not be able to access these again so make sure to store them in a secure place.

On Koinly

  1. Sign up or log in to your Koinly account and go to the wallets page.
  2. Select add new wallet: NiceHash.
  3. Select set up auto-sync.
  4. Paste the API key and API secret key into Koinly.
  5. Paste the organization ID into Koinly.
  6. Select secure import.

Important

You'll need to grant all "view" permissions when creating your API key for NiceHash, this includes:
1. For wallet permissions, check 'view balance, wallet activities and deposit addresses'.
2. For market place permissions, check 'view hashpower orders'.
3. For exchange permissions, check 'view exchange orders' and 'view and trade'.
4. For mining permissions, check 'view mining data and statistics'.
5. For user management and security permissions, check 'view users'.

Please note:
mining fees prior to 1st March 2021 are not imported by the NiceHash API. If you have mining fees from before this date, use the CSV file method.

How to integrate NiceHash with Koinly using CSV

You'll need to start by downloading a CSV file with your full trading history from NiceHash before you can upload it to Koinly - here's how.

How to download and export your transaction history CSV file from NiceHash

  1. Log in to NiceHash.
  2. Click your profile icon in the top right corner.
  3. Select my settings from the drop down menu.
  4. In the menu on the left, select reports.
  5. Select new report.
  6. Under 'select transaction type' select all.
  7. Select the currency you're dealing with.
  8. Select the fiat currency you're dealing with.
  9. Set a date range.
  10. Set a time zone.
  11. Select create.
  12. Next to your newly generated report - click the three dots on the right.
  13. Select download report.

How to upload your NiceHash CSV to Koinly

Now you've got your CSV file, here's how to upload it to Koinly.

  1. Sign up or log in to your Koinly account and go to the wallets page.
  2. Select add new wallet: NiceHash.
  3. Select import from file.
  4. Upload your CSV file.

Important

It may take NiceHash a few minutes to generate your CSV file. You'll get an email when your CSV file is ready to download.

How do I troubleshoot my NiceHash integration to Koinly?

Need help with connecting Koinly and NiceHash? No problem:

Calculate your Nicehash taxes

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Does NiceHash have tax documents?

No, NiceHash doesn’t provide tax documents. Instead, it provides details about your transaction history which can be used by crypto tax software to calculate and report taxes. 

How do I get NiceHash tax documents?

The easiest way to get your NiceHash tax documents is to connect to Koinly, either via API or by uploading a CSV file of your NiceHash transaction history. Koinly can then generate your NiceHash tax documents, ready to file with your tax office.

Do you get a 1099 from NiceHash?

No, NiceHash doesn't provide tax reports and that includes 1099 tax forms.

Does NiceHash provide financial or end of year statements?

No, NiceHash doesn’t supply a financial statement. However, with your NiceHash transaction history, you can generate a financial statement that is used for tax reporting.

Do I have to pay taxes on NiceHash?

Yes - if you have capital gains or income as a result of your crypto investment activities on NiceHash, you'll need to report these to your tax office and pay taxes on them. For more detailed information about NiceHash taxes, check out our country crypto tax guides.

Are there NiceHash miner taxes?

Generally, if you’re receiving mining rewards on NiceHash, these will be subject to Income Tax upon receipt based on the fair market value in your fiat currency on the day you received them. You’ll also pay Capital Gains Tax when you later dispose of those mining rewards by selling, swapping or spending them.

How to report NiceHash on taxes?

How to report your NiceHash taxes depends on where you live and your transactions, but it’s generally as part of your annual tax return. For example, in the US, you’d report gains & losses from NiceHash on Form 8949 and Schedule D and income from NiceHash on Schedule 1 (Form 1040).