How to do your Ergo (ERG) taxes
What is Ergo?
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.
Follow these steps to sync your ERGO (ERG) data automatically to Koinly:
You can sync your Ergo wallet in two different ways:
Using your xpub key (recommended):
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.
Ergo Mobile Wallet
- Select Details for the wallet you want to sync.
- In the top right corner, select the gear icon for Settings.
- Click Display Public Key.
- Copy your public key.
- Select Settings.
- Select Export Public Key.
- Copy your public key.
Other wallets may store the xpub key in different locations.
Using your public addresses:
- Open your Ergo wallet and locate a list of all of your public addresses. If you have never generated a new address then you will only need your current address.
- Copy your addresses.
- Add each of your addresses into the field in Koinly, separated by commas.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find ERGO (ERG) in the list
- Select API > Paste the public address/key you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Go to the Tax Reports page to view your tax liability!
- You can enter multiple addresses by adding a comma between them
How to find your ERGO public addresses
Open your Ergo wallet and locate a list of all of your public addresses. If you have never generated a new address then you will only need your current address.
Copy your addresses.
Log in to Koinly and head to wallets.
Search for and select Ergo.
Paste all your public addresses, and separate each using a comma.
You'll find easy-to-follow steps on how to get your public key or address for hundreds of wallets here.
Your frequently asked questions
How are Ergo transactions taxed?
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.
How do I get an Ergo tax report?
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.
How do I export my Ergo transaction history?
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.
What does Ergo coin do?
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.
Can you mine Ergo?
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.
Is Ergo mining profitable?
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.
How many Ergo coins are there?
ERG has a maximum supply of 97 million, with a circulating supply of 58 million currently.