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This $140 Crypto Miner Earns How Much?! - Passive Income 2023The short answer is yes. In fact, it's actually highly recommended that businesses set up wallets with an associated business name for greater. Since mining cryptocurrencies using professional equipment such as powerful video cards for creating farms is not cheap, many who want to mine. You should consult IRS guidelines and a tax professional to determine whether your mining operation would be considered a 'business' or 'hobby'. Can the IRS.