How to Report Your NiceHash Taxes

What is NiceHash?

NiceHash is a crypto mining marketplace and trading platform where users can sell computing power, buy hashrate for mining, and manage crypto balances in a NiceHash account. Miners commonly connect ASICs, GPUs, or CPUs and receive payouts in bitcoin, while buyers use the marketplace to direct rented hashrate toward supported mining pools. NiceHash also includes wallet and trading features, so tax reporting can involve mining income, trades, deposits, and withdrawals; this guide explains how to handle those transactions with Coinpanda.

How to do your NiceHash taxes

You can easily report your NiceHash taxes by connecting your NiceHash account to Coinpanda using the API or by uploading a CSV file. Coinpanda automatically imports your transactions, calculates your capital gains and income, and generates ready-to-file tax reports for NiceHash.

Supported transactions

Coinpanda supports the most common transaction types from NiceHash. See the full overview below to confirm which transactions are supported before you connect your account.

How to connect NiceHash with API

We are only requesting view permissions. This does not give us access to your private keys or the ability to move your funds.

Follow these steps to add your NiceHash account to Coinpanda with API:

Click on the profile icon in the top-right corner and then ‘My Settings’
(https://www.nicehash.com/my/settings/)
Select ‘API Keys’ in the left-side menu
Click the ‘Create New API Key’ button
Enter a name in the ‘App Name’ field (Ex: ‘Coinpanda’)
Activate only the following permissions:
- ‘Wallet Permissions’ → ‘View balances, wallet activities and deposit addresses‘
- ‘Market place Permissions’ → ‘View hashpower orders‘
- ‘Mining Permissions’ → ‘View mining data and statistics‘
- ‘User Management & Security Permissions’ → ‘View users‘
Make sure that the box ‘API Key never expires’ is ticked
Keep the IP address field empty and click the ‘Generate API Key’ button
Enter your 2FA code if asked
Copy your ‘API Key Code’ and ‘API Secret Key Code’ to Coinpanda
Tick off the box and click ‘Activate API key now’
Enter the email verification code if asked and click ‘Activate’
The final step is to copy the ‘Organization ID’ found above the list of API keys and save it to Coinpanda

April 28, 2023: A major update to the NiceHash API integration has just been completed. To avoid duplicate transactions, you will need to re-import all transactions if you have synced with API before this date.

You will need to copy the Organization ID exactly as shown on the API key page. Please see the screenshot below for where this key is located.

How to connect NiceHash with CSV

Follow these steps to export your transactions from NiceHash:

Click on the profile icon in the top-right corner and then ‘My Settings’
(https://www.nicehash.com/my/settings/reports)
Select ‘Reports’ in the left-side menu
Click ‘New Report’
Select ‘ALL’ for the transaction type
Select the currency and time period you want to export transactions for
Click ‘Create’ and download the report when ready
Upload the CSV file to Coinpanda

Only CSV files in English are supported at the moment. Before exporting the CSV file, you must switch your language to English.

Does NiceHash provide tax documents?

Typically, exchanges don't provide finalized tax documents for their customers, and NiceHash is no exception. It's hard for an exchange to build tax logic that serves customers across many jurisdictions. Hence, it's more practical for a customer to use a tax platform like Coinpanda.

How are NiceHash transactions taxed?

The exact tax implications on NiceHash transactions depend on which country you live in and the type of transactions you have made. In general, you must pay either capital gains tax or income tax on your cryptocurrency transactions on NiceHash.

Capital gains tax: Whenever you sell a cryptocurrency for more than you purchased it for, you generate a capital gain. On the other hand, if you sell the cryptocurrency for less than you paid initially, you have a capital loss, which can, in most cases, offset other gains.
Income tax: Earned cryptocurrency on NiceHash, such as staking, interest, bonuses, and referral rewards, is typically treated as taxable income and must be reported on your tax return.

To learn more about how NiceHash transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.

How to file your NiceHash taxes

First, you must calculate capital gains and income from all taxable transactions on NiceHash. When you have this information ready, you can report capital gains and income together with other forms of income, such as employment and dividends, in your annual tax return.

To calculate your capital gains, you must first export a complete history of all transactions made on NiceHash. Once you have this data, you can calculate your capital gains or losses by determining the price at which you bought the cryptocurrency (your cost basis) and the price at which you sold it (your proceeds). Luckily, Coinpanda can help you with this and generate ready-to-file tax forms quickly and easily.

After downloading your NiceHash tax statements from Coinpanda, the last step is to report the capital gains and income on your tax return before the deadline. Most countries allow you to self-declare taxes online in 2026, but you can also get help from a professional tax accountant to file taxes for you.

Calculate your NiceHash taxes

How do I troubleshoot the imported NiceHash transactions to Coinpanda?

While we strive every day to ensure the highest possible accuracy when importing transactions from NiceHash to Coinpanda, it may happen that not all transactions are imported or that some data is imported incorrectly. Some reasons for this can be:

Changes in the NiceHash API
Updated CSV file format
NiceHash does not provide a complete record of all transactions

To get the best help from Coinpanda support, you must first identify which transactions are missing or incorrectly imported. To do this, we recommend comparing your transaction history on NiceHash with the transactions imported into your Coinpanda account. See also our help article with an overview of known exchange API limitations.

The quickest way to get help from our dedicated support team is to send a message in the Live Chat.

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Other options for contacting support:

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Frequently asked questions

Can NiceHash calculate my taxes?

NiceHash cannot calculate your taxes since it does not have knowledge of your transactions made on other exchanges or platforms. However, if you have only interacted with crypto on NiceHash your entire life, it could technically do so.

How do I get NiceHash tax documents?

The easiest way to get tax documents and reports is to connect your NiceHash account with Coinpanda, which will automatically import your transactions. After that, you can download complete tax reports for NiceHash.

Does NiceHash provide financial or end-of-year statements?

No, NiceHash does not provide a complete financial or end-of-year statement for your crypto transactions. However, you can get this using a crypto tax calculator.

Do I have to pay taxes on NiceHash?

Yes, all transactions on NiceHash involving the disposal of a crypto asset are, in most cases, taxable. You must also pay income tax on earned crypto, such as staking, interest, or referral rewards.

Is transferring to NiceHash taxable?

No, transferring cryptocurrency to NiceHash is not taxed as long as you transfer between your personal wallets or exchange accounts.

How do I avoid paying taxes on NiceHash?

It is impossible to avoid paying taxes completely on NiceHash legally if you live in a country that taxes cryptocurrency. However, there are several ways to reduce your taxes, such as tax-loss harvesting.