Crypto mining has become a popular way for many investors in Spain to earn digital assets. With increasing adoption, more individuals are setting up mining rigs or joining mining pools to generate extra income. While the rewards can be attractive, the Agencia Estatal de Administración Tributaria (AEAT) views mining differently from buying or trading crypto.
In 2025, mining income in Spain is classified as a business activity, which means it falls under the general income tax scale. This requires miners to register correctly and report their earnings just like any other professional activity.
Understanding how these rules apply, what expenses you can deduct, and when capital gains tax becomes applicable is essential. This guide provides comprehensive information on everything you need to know to stay compliant.
How Is Crypto Mining Classified in Spain?
The AEAT treats crypto mining differently from activities such as trading or holding assets. Mining is considered an active economic activity rather than a passive investment, which means miners must follow business-related tax rules. To remain compliant, it is necessary to understand how the Spanish tax authority classifies mining and the tax scales that apply.
Business Activity Status
Mining is recognised as a business activity in Spain. Anyone involved must register as a freelancer, or autónomo, under business activity code 832.9 (otros servicios financieros). This registration formalises mining as professional work, making it subject to income tax requirements similar to other self-employed activities.
Applicable Tax Scale
Income earned from mining is taxed under the general income tax scale. These progressive rates range depending on your total annual income. Mining rewards are combined with other earnings, such as salaries or freelance work, to calculate your final bracket. This classification ensures that mining is taxed fairly alongside other income sources.
Income Range | Tax Rate |
Up to €12,450 | 19% |
€12,451 to €20,200 | 24% |
€20,201 to €35,200 | 30% |
€35,201 to €60,000 | 37% |
€60,001 to €300,000 | 45% |
Above €300,000 | 47% |
Also Read: Crypto Taxes in Spain: The Ultimate Guide
Capital Gains Tax on Disposed Mined Coins
Mining rewards are first taxed as income when received, but taxation does not end there. When you later sell or exchange the mined coins, the transaction is treated as a disposal. This creates a capital gain or loss, which must be reported under the savings income tax scale.
When Does Capital Gains Apply?
A capital gain applies the moment mined coins are sold, traded for another cryptocurrency, or used to pay for goods and services. The gain is calculated using the difference between the value of the coins when mined and their value at the point of disposal.
Savings Income Tax Rates In Spain
The profits from disposed mined coins are taxed progressively under the savings income brackets. The following table shows the applicable rates for 2025:
Profit Range | Tax Rate |
Up to €6,000 | 19% |
€6,001 to €50,000 | 21% |
€50,001 to €200,000 | 23% |
€200,001 to €300,000 | 27% |
Above €300,000 | 28% |
Calculating Cryptocurrency Mining Taxes
Once registered as a freelancer, miners in Spain must declare their rewards as part of their taxable income. The AEAT requires miners to calculate the value of their coins at the moment they are received and to include this in their income declaration. Understanding valuation and eligible deductions helps reduce the overall tax liability.
Evaluate the Value of Mined Coins
When you mine cryptocurrency in Spain, the taxable amount is based on the fair market value in euros at the exact time the coins are received. This value is recorded as income under the general tax scale, even if you decide not to sell the coins immediately.
Valuation of Mined Coins = Number of Coins Mined × Fair Market Value in Euros at Time of Receipt |
Determine the Deductible Expenses
Mining often involves high operating costs, but Spanish tax law allows certain expenses to be deducted to reduce your taxable income. These deductions must be directly linked to your mining activity and supported with proper documentation.
- Electricity costs used to power mining rigs.
- Equipment depreciation spread over the useful life of your hardware.
- Cooling systems and maintenance directly linked to mining operations.
- Other operational expenses that are essential to sustain mining activity.
Deductible Expenses = Electricity Cost + Cost of Equipment + Operational Cost |
Calculating Taxable Income:
Hence, the taxable income can be determined by the following formula:
Taxable Income = (Valuation of Mined Coins) – (Deductible Expenses) |
Finding Out the Capital Gains:
To calculate the gain, you subtract the original value at the time of mining from the sale or exchange value. The formula is:
Capital Gain = Sale Value – Value at Mining |
If the result is positive, you pay tax on the profit. If it is negative, it may be used to offset other gains within the permitted limits.
How To Report Crypto Mining On Your Taxes?
Reporting mining income correctly is as important as calculating it. The Agencia Estatal de Administración Tributaria requires miners to declare their earnings through specific tax forms, depending on their activity and the value of their assets. Knowing which forms to use ensures full compliance and prevents costly mistakes.
Modelo 100: Personal Income Tax (IRPF)
Mining income is generally reported on Modelo 100, which is Spain’s personal income tax return. Some guidance suggests that mining or staking income should be included in Box 0072. This form captures general income, making it the primary document for miners to declare their rewards.
Modelo 721: Declaration of Foreign Crypto Holdings
If your cryptocurrency wallets outside Spain hold more than €50,000 at any point during the year, you must also submit Modelo 721. This form is specifically designed to declare crypto assets abroad and must be filed between 1 January and 31 March of the following year.
Modelo 714: Wealth Tax Return
If your total assets, including cryptocurrencies, exceed the wealth tax threshold set by your autonomous community, you are required to file Modelo 714. Crypto is reported under Other assets and rights of economic content. This ensures your holdings are included when calculating regional wealth tax obligations.
When To Report Crypto Mining Taxes in Spain?
You must report this income annually as part of your tax return. Here’s a breakdown of the key information regarding when and how to report crypto mining taxes in Spain:
- Tax Year: The tax year in Spain runs from January 1st to December 31st.
- Filing Deadline: The deadline for filing and paying your personal income tax (Modelo 100) is June 30th of the year following the tax year.
Note: For the 2025 tax year, the deadline to file crypto taxes would be June 30, 2026. |
What Records Do Crypto Miners Need To Keep While Filing Taxes?
Accurate record-keeping is essential for anyone engaged in crypto mining in Spain. The AEAT requires miners to maintain detailed documentation to justify income and expense claims. These records not only support your tax filings but also ensure you can provide evidence in the event of an audit.
Tracking Income and Expenses
To stay compliant, miners must keep detailed records of every transaction and cost linked to their mining activities. The AEAT expects transparency in both earnings and expenses, so documentation should be accurate and up-to-date. Key records include:
- The fair market value in euros of each coin at the time it was mined.
- Invoices for electricity bills directly linked to mining operations.
- Receipts for equipment purchases and documentation for equipment depreciation.
- Proof of cooling and maintenance costs used to keep mining rigs operational.
- Any other operational expenses directly connected to the mining process.
Duration of Record Retention
All records should be retained for a minimum of five years. This retention period allows the Spanish Tax Agency to review your filings if required. By keeping well-organised records, miners can avoid disputes and ensure smooth processing of their tax returns.
How Can KoinX Help With Crypto Mining Taxes in Spain?
Handling mining taxes can be complicated due to multiple forms, deductible expenses, and dual taxation on income and disposals. KoinX simplifies this process by automating calculations, organizing data, and generating reports that comply with Spanish tax regulations. This ensures miners can focus on their operations without worrying about errors in tax filings.
Automatic Tracking of Mining Rewards
KoinX records the fair market value of coins at the moment they are mined. This ensures your income is logged correctly and is ready to be included in your annual declaration without manual effort.
Deduction Management for Expenses
With KoinX, you can easily track deductible costs such as electricity bills, hardware depreciation, and maintenance expenses. The platform organises this data so deductions can be applied accurately when calculating taxable income.
Integration with 800+ Platforms
KoinX connects with over 800 exchanges, wallets, and blockchains. This broad integration allows miners to consolidate all their activity in one place, eliminating the need to switch between multiple records or tools.
Generation of Spanish-Compliant Tax Reports
The platform generates reports that conform to the format required by the Agencia Tributaria. Whether for Modelo 100 or Modelo 721, KoinX provides ready-to-use outputs, saving miners time and ensuring compliance with Spanish requirements.
By using KoinX, miners can simplify their tax reporting, reduce mistakes, and secure peace of mind. Start with KoinX today and make mining tax compliance straightforward and stress-free.
Conclusion
Crypto mining in Spain is taxed as a business activity, making it subject to the general income tax scale. Additionally, when mined coins are later sold or exchanged, they are also taxed under the savings income brackets. This dual taxation highlights the importance of accurate reporting and careful expense tracking.
To manage these requirements effectively, miners need reliable tools. KoinX automates the process by recording mining rewards, tracking expenses, and generating Spanish-compliant tax reports. Sign up with KoinX today and simplify your crypto mining tax filing in Spain while ensuring complete compliance with the Agencia Tributaria.
Frequently Asked Questions
Do I Need To Pay VAT On Crypto Mining In Spain?
No, crypto mining is not subject to VAT in Spain. The AEAT treats mining as a business activity for income tax purposes but does not classify it as a service subject to VAT. However, you must still register as a freelancer and declare mining income under the general tax scale.
Can Mining Losses Be Offset Against Other Income?
Mining losses cannot be directly offset against unrelated sources of income. However, you can deduct legitimate mining expenses such as electricity and equipment depreciation to reduce your taxable base. This lowers the total income subject to tax, helping to manage liabilities while remaining compliant with Spanish tax laws.
Is Joining A Mining Pool Taxed Differently From Solo Mining?
No, both mining pools and solo mining are taxed under the same framework in Spain. The coins you receive are valued at their fair market price when distributed. If you are part of a pool, you must declare your share of the rewards as income, just as you would for individual mining.
Do I Need To Register My Mining Equipment With The Agencia Tributaria?
There is no requirement to register your mining hardware with the tax authority. However, it is advisable to keep receipts and records of equipment purchases. These documents are needed to claim depreciation as a deductible expense. Proper documentation ensures that your deductions are accepted if your tax return is reviewed.
Are Cloud Mining Contracts Taxed In Spain?
Yes, income from cloud mining contracts is taxed as general income in Spain. The rewards are valued at the market price of the coins at the time of receipt. Since the activity does not involve owning hardware, no equipment depreciation applies, but you may deduct contract-related costs where valid.
What Happens If I Stop Mining But Still Hold The Coins?
If you stop mining, the coins you previously earned remain part of your taxable wealth. You will not owe additional income tax unless you sell them, but they may trigger Wealth Tax if your total assets exceed the threshold. When sold later, savings income tax applies to any profit.
Can I Deduct Internet Costs Used For Mining?
Yes, internet expenses that are directly linked to your mining activity can be deducted. To claim them, you must provide detailed invoices and show that the connection is essential for operating your mining rigs. Proper documentation ensures that these costs are accepted by the Spanish tax agency as legitimate deductions.
