Tax authorities in Norway have urged diligence when reporting cryptocurrency profits after news emerged that two miners paid just 74,000 kronor ($ 8750) in tax on reported holdings of 34 BTC ($ 218,000).
Much Bitcoin, Little (Taxable) Wealth
As local news outlet Dagens Næringsliv reports August 20, Philip Eriksen and Roy Arne Olsen amassed the funds from a now-defunct mining operation over an extended period.
The pair first made known about their success in interviews with the local press in their home city of Tromso in late 2017, when the value of their holdings hit highs of around $ 680,000. “Having unrealized millions in cryptocurrency wealth in after two years is a fantastic feeling,” Olsen said at the time.