How can the IRS know how long you have held onto cryptocurrency if you mine it and let it sit?
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Solved by badreg,
43 minutes ago, skaughtz said:the fair market value of the virtual currency as of the date of receipt is includible in gross income.
A reasonable interpretation of this would be the daily "closing" price of the asset on the date that it was mined. Even though cryptocurrencies trade 24 hours a day, the "closing" price is the price as of 23:59:59 UTC, and you can find historical data on this fairly easily. The IRS would likely use a similar method to verify your basis claims.
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