Nicehash mining information, not imported correctly

Koinly Support
1

I’ve tried to import Nicehash, both ways, by api and by CSV file, and I think that that mining transaction are not imported correctly. As you can see in the image, the mining profit are not imported as gain, and the fees are not imported as fees. It makes that all the transactions are counting wrong: the basis is wrong, the cost is wrong, the gain is wrong…
Please, can somebody confirm if the Nicehash mining transactions can be imported to koinly?
thanks

Captura de pantalla 2021-08-19 a las 11.11.55
Captura de pantalla 2021-08-19 a las 11.11.551129×748 68.6 KB

2

forget about CSV import, the API import is not working.
In settings, you can change this option: Treat mining as income?
But with both option the MINING INFORMATION is not imported correctly, the fees are counted as gain, and the mining profit is not counted.
It have no sense. Can somebody confirm that the nicehash api import is working?

3

I can confirm I have same issues as you.
Mining is not registered as gain, and cost weirdly enough have gain. (cant be right…)

4

Really bad support.
One week without answer.
Refund policy is designed to never be aplicable: everything seems to work in the demo, but when you have a problem you never can obtain a refund because the answer always will arrive when the refund period is expired (the answer will arrive if you are lucky)

5

Mining income should not show gains/loss unless you sell the BTC. It is income at the time it was paid out and that is your basis cost. Until you sell it you do not need to calculate gain/loss for tax purposes. This seems to be working correctly to me.

The fee is just a bad implementation by either Koinly or Nicehash. Koinly is using FIFO to “pay” the fee, and thus we get the gains/losses. It would be cleaner if they netted out the mining income and the fee at the time incurred, which is how I think it is intended in Nicehash.

Sample scenario:

  • You start in June 2021. Nicehash pays you .001 BTC for hash power at $30k market price, asses fee .00002 BTC (also at $30K price).

  • –fast forward in time–

  • You are mining in August 2021. Nicehash pays you .001 BTC for hash power at $45k market price, asses fee .00002 BTC. Here is the problem. In accounting, FIFO would mean I use the BTC from June 2021 to pay this fee. Since the value of the .00002 BTC increased from $.60 (June basis cost) to $.90 (August “Sale” value), I have a $.30 short term gain on my taxes :frowning: