Mining Activity

The definition includes under paragraph (a) validating transactions and adding them to the publicly distributed ledger. The validating of transactions may be performed by any one of the various methods that cryptoasset networks use such as those that are commonly referred to as proof-of-work or proof-of-stake protocols. In addition, paragraph (c) of the definition would include, for example, a person that allows another person to use their equipment to carry out the validating of transactions and adding them to the publicly distributed ledger. In this case, both persons would be performing mining activities.

Locations of other summaries		Wordcount
Tax Topics - Excise Tax Act - Section 123 - Subsection 123(1) - Virtual Payment Instrument		142
Tax Topics - Excise Tax Act - Section 123 - Subsection 123(1) - Cryptoasset		56
Tax Topics - Excise Tax Act - Section 188.2 - Subsection 188.2(4)		119
Tax Topics - Excise Tax Act - Section 188.2 - Subsection 188.2(2)		374
Tax Topics - Excise Tax Act - Section 188.2 - Subsection 188.2(5)		304
Tax Topics - Excise Tax Act - Section 123 - Subsection 123(1) - Recipient		204
Tax Topics - Excise Tax Act - Section 141.01 - Subsection 141.01(4)		269
Tax Topics - Excise Tax Act - Section 200 - Subsection 200(2)		428

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Administrative Policy

GST/HST Notice No. 324, Proposed Amendment Addressing Mining Activities in respect of Cryptoassets, February 2023

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