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How to Connect NiceHash and Koinly

Effortlessly calculate your NiceHash taxes and generate the right tax reports to send to your tax authority. Koinly fully integrates with NiceHash and makes your tax reporting a breeze.

API Import CSV File Import

How to connect NiceHash with Koinly

Nicehash is a crypto service with a difference. This unique wallet lets anyone connect to mine and lets investors buy computing power from others. Nicehash also offers an exchange to buy, sell and trade cryptocurrencies on.

How to get a tax statement from Nicehash

You might be wondering, does Nicehash provide CSV tax and trade history reports? What about a Nicehash tax API? Is it even possible to get tax info and statements from Nicehash? The good news is, while Nicehash might not provide tax forms and documents, Nicehash does offer 2 easy ways to export transaction and trade history!

Nicehash pairs with Koinly through API or CSV file import to make reporting your crypto taxes easy. Once connected, Koinly becomes the ultimate Nicehash tax tool. How? Koinly will calculate your Nicehash taxes based on your location AND generate your EOFY tax report, all within 20 minutes! All you’ll need to do at tax time is download your Nicehash tax statement from Koinly and file it with your local tax authority. Done!

Connect to Koinly with the Nicehash tax report API

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. Head over to Nicehash.

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 wallet permissions, check 'view balance, wallet activities and deposit addresses'.
  9. Under market place permissions, check 'view hashpower orders'.
  10. Under exchange permissions, check 'view exchange orders' and 'view and trade'.
  11. Under mining permissions, check 'view mining data and statistics'.
  12. Under user management and security permissions, check 'view users'.
  13. Select generate key.
  14. Enter your password to confirm and select verify.
  15. 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. Paste the API key and API secret key into Koinly.
  2. Paste the organization ID into Koinly.
  3. Select secure import.

Good to know
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 import your Nicehash tax report CSV file to Koinly

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 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.

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 import from file.
  4. Upload your CSV file.

Good to know
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 check my Nicehash import is accurate?

We recommend checking through your Nicehash transactions to ensure accuracy regularly. Koinly crypto tax software is smart, but incorrectly imported data can cause issues. Checking your transactions and correcting any inaccuracies lets Koinly calculate and generate the most accurate tax reports. There are some simple steps you can follow to make sure your Nicehash tax report is accurate.

Sync all wallets, exchanges and blockchains

Start by making sure all your wallets and exchange accounts are synced with Koinly. This lets Koinly identify which transactions are transfers and which are deposits or withdrawals.

Look out for big numbers

Now, head to your transactions page in Koinly and take a little time to ensure they're all correct. You can filter by the type of transaction as well as by the amount to identify and amend any transactions that you believe to be incorrect. For example, large withdrawals or deposits that are actually transfers between wallets is an easy fix.

Review the labels of your transactions

Finally, review the labels on your transactions. Koinly will normally do this automatically, but there are some instances when transactions like rewards or mining income aren't marked in the imported data. It's always good to double check your transactions and use any of the following labels.

Withdrawal Labels (sending funds):

Withdrawals refer to sending coins, tokens and funds. Koinly sees these as a disposal of an asset, which makes the transaction subject to Capital Gains Tax in most countries. But, some withdrawals are tax free and you should label these using withdrawal tags.

  • Tag as costTag any transaction fees.
  • Sent to pool: Sending coins to a pool? Mark these as sent to pool. It lets Koinly know you still hold these assets.
  • Tag as gift: Gifting crypto is often a non-taxable event in many countries, so make sure to tag these.
  • Tag as lost: If you have crypto stolen, in many countries you can claim this as a loss.

Deposit Labels (receiving funds):

Deposits refer to receiving new coins. Koinly sees deposits as a purchase at market price or an investment. They can be subject to Income Tax or Capital Gains Tax, depending on your location and the type of deposit. Check the labels to make sure the right tax is applied.

  • Tag as airdrop: Most countries see airdrops as a bonus and apply Income Tax.
  • Tag as loan interest: If you're loaning crypto and receiving interest, use this tag. Many countries apply Income Tax to interest.
  • Tag as income: Crypto income is subject to Income Tax, not Capital Gains Tax - just like any other salary
  • Tag as fork: Just like airdrops, new coins from a fork may be subject to Income Tax.
  • Tag as mining: Most countries treat mining as a form of income and apply Income Tax.
  • Received from pool: Use this tag to mark the capital you originally sent to a pool, not any rewards from it.
  • Tag as reward: This tag can be used to mark any deposits you receive as a reward, for example staking rewards. In most countries, rewards are subject to Income Tax.

Exchange Labels (trading funds):

Trading crypto for crypto, buying crypto with fiat and selling crypto for fiat are exchanges. Trades are sometimes taxed (depending on where you live), buys are never taxed and sells are always taxed. Koinly calculates all this on your behalf, so there's only one exchange tag you may need.

  • Tag as swap: If a coin has exchanged its symbol or name, use the swap tag, as this is tax free.

It's really helpful to use our Getting Started Guide before reviewing your transactions. This can help you identify and resolve any issues in no time at all.

How do I troubleshoot my Nicehash integration to Koinly?

Koinly has a great help section here with heaps of excellent advice form our amazing customer support team. You'll find answers to common queries about integrating Nicehash and Koinly there. Here's some of our most frequently asked questions about Nicehash integration:

You can find more Nicehash and Koinly help on our discussion forum too. If you need any further help, don't hesitate to contact our customer support team who will be happy to help resolve your query.