Coinpanda integrates directly with NiceHash to simplify your tax reporting. Learn how to calculate your taxes and generate all required tax documents for NiceHash quickly.
If you have been trading, staking, or earning crypto on NiceHash, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for NiceHash quick and easy by following these steps:
Create a free account and connect NiceHash to Coinpanda safely and securely
Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from NiceHash
Wait for Coinpanda to automatically calculate capital gains and income for your NiceHash transactions
Download your NiceHash tax report
File your NiceHash taxes before the deadline
Supported transactions
To calculate your taxes accurately, you must import all transactions from NiceHash to Coinpanda. Coinpanda supports the following transactions from NiceHash today:
Tx Type
API import
CSV file upload
Deposits
Withdrawals
Spot trades
Mining rewards
Mining fees
Hashpower orders
RECOMMENDED
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:
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:
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.
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 offset other gains in most cases.
Income tax: Earned cryptocurrency on NiceHash, such as staking, interest, bonuses, and referral rewards, is typically seen as taxable income from a tax perspective and must be reported in 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 do I file my 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 2023, but you can also get help from a professional tax accountant to file taxes for you.
Calculate your NiceHash taxes
Sign up free today to 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 for importing transactions from NiceHash to Coinpanda, it can happen that either 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.
No, NiceHash does not provide complete and ready-to-file tax documents. This is because NiceHash does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
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 you can reduce your taxes, such as tax loss harvesting.
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.
Is NiceHash safe?
NiceHash is generally considered to be a safe exchange. Although NiceHash follows industry best practices for safety and to prevent malicious attacks, there is always a risk associated with keeping your crypto on centralized third-party exchanges including NiceHash.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site.
Functional
Always active
These cookies are essential for the proper functioning of the website and cannot be disabled.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Analytics
These cookies collect information about how you use our website. All of the data is anonymized and cannot be used to identify you.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
