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Crypto Taxes Explained - Beginner's Guide 2023Ultimately, the reward tokens that taxpayers receive in exchange for performing mining activities is taxed as ordinary income upon receipt. The received tokens. Yes, crypto miners have to pay taxes on the fair market value of the mined coins at the time of receipt. The IRS treats mined crypto as income. Crypto mining can be taxed �twice� because you're taxed at the income level when you receive mining rewards and then taxed at the capital gains.