Launched in 2019, Ergo (ERG) is a programmable blockchain for dApps that aims to make financial contracts safer, simpler, and more efficient. Ergo utilizes a modified version of Bitcoin’s mining protocol (Autolykos) that’s more energy efficient and resistant to large mining protocols, as well as offering smart contract capability.
Koinly makes it easy to do your Ergo crypto taxes. Here's how.
You can sync your Ergo Wallet in two ways - either using your xpub key (we recommend this option!) or using your public addresses.
The location of your xpub key will depend on the wallet you're using, so we'll use two different examples of where to find your xpub key in two popular Ergo wallets
Other wallets may store xpub keys in different locations. Once you have your xpub key, here's how to add it to Koinly:
You'll find easy-to-follow steps on how to get your public key or address for hundreds of wallets here.
Remember, if you're using multiple wallets to interact with Ergo, you'll need to connect each of these wallets to Koinly in order to calculate your transaction history correctly.
If you're having any issues connecting Ergo and Koinly, we're here to help:
Sign up free to calculate your Ergo taxes today!
Generally speaking, if you have capital gains from selling or trading Ergo or income like mining rewards from your Ergo investments, you'll need to declare this to your tax office and pay any tax due. Crypto tax varies depending on where you live, so check out our crypto tax guides for more information.
The easiest way to get an Ergo tax report is to connect to a crypto tax calculator like Koinly using your public key. All you need to do is paste your public key into Koinly to connect, and Koinly calculates your gains, losses, and income, and generates a crypto tax report, ready to help you file online or hand over to your accountant.
Depending on the wallet you're using, you may be able to generate CSV files of your Ergo transaction history, but generally speaking, many non-custodial wallets do not offer this feature. It's easier to connect to a crypto tax calculator to automatically import your Ergo transaction history.
ERG is the native coin used on the Ergo blockchain to pay any transaction fees, as well as reward miners for maintaining the security of the network and processing transactions.
Yes. You can mine Ergo and receive mining rewards for participating in maintaining the network. But it's important to note - your crypto mining rewards are taxable.
Ergo has been praised by the crypto community thanks to an ASIC-resistant consensus algorithm, which is also means the blockchain is resistant to large mining pools. This means solo miners can competitively mine Ergo using a GPU, with much lower energy and equipment costs.
ERG has a maximum supply of 97 million, with a circulating supply of 58 million currently.