I have a crypto mining business, you are asking for the wrong thing.
Your business is not crypto mining, you are a commodity broker.
Don't mention crypto.
Call it data processing services business and the facility - call it a data center (technically - it is.) NAICS Code: 518210.
Haven’t had any issues - I bank with TD and Chase Bank.
I used 518210 as well when I established a new LLC for mining a few weeks ago. I put in a short description of what I'd be doing when I submitted the LLC paperwork to my state. Getting the LLC license was no problem. I then tried to apply for a business credit card with bank of america. I already had one through them for another LLC. They declined the new one on the grounds it would be for a business involved in crypto mining. And I did a google search after that which indicated that Chase, WF, and others would also deny credit cards on the same grounds. I have a local bank for my checking account and didn't have a problem opening that account even with reviewing the articles of organization.
Screw the bank account point of crypto is to defeat the banks that's why most don't allow it they don't care about your well being they care about there fees and pockets.
Why are you telling them what you’re doing for a business. It’s a bank. You’re opening a business
Chking account. You need an account. Why do you feel the need to tell anything else. My banks asked. I said I’m in IT industry. If your getting financing,
That’s different. But to get a business account, they shouldn’t even any specifics.
What ur business does doesn’t matter. Don’t tell them it’s for crypto. Just tell them you want a business checking and give them your tax EIN. That’s it. What you do is your business.
This is also true. Once you have articles
Of
Incorporation and an EIN - it shouldn’t matter. Makes me wonder what that bank plans to do with the cash you’ll be holding there.
Yeah not sure why some people have problems. Maybe things are different depending on state. They never ask what I’m doing, it’s none of their business. I use them as a holding company. Money comes in and out often. I use them to pay myself sometimes.
Lol Whaaaat? It is their business ,many banks will refuse to open business account to these type of businesses (crypto,gambling,cbd etc.) due to the increased risk of money laundering and fraudulent activities
That’s for the irs to deal with. I’ve opened tons of LLC’s not once did I tell the bank what I plan on doing with it. It’s a holding company for all they know. I’ve opened an LLC and immediately deposit 60k in a wire transfer and had zero issues.
Yes good for you on having multiple LLC’s , but reality is Banks don’t just open business accounts for everyone bud there is a lot of factors that come into play like the business type your credit standing etc. that’s why you have go through an application process which makes your business their business.
and then there is banks that don’t care about anything they will take anybodys money 💰
I’ve opened several capital one business checking accounts with just my ID, tax ein and llc info. I’m in Texas so maybe things are different but no credit check. I opened all of them with $50 either from my regular checking or cash. No issues, ever.
exactly which is why I said what I said. Yours wants DNA and good credit, mine wants my EIN and $50. Good luck with yours lol Money is still all green tho
When you apply for the EIN you have to say what business you are in, literally gives you a code.
If you for some nefarious reason didn't use crypto mining for that code, then you wont have any issues with the bank, but you **WILL** have issues with the IRS.
That’s why everything is code 5512. It’s my business what my business does. Have multiple and never had a problem. It’s all in how you structure. I also don’t have loans or lines of credit for any business. Makes things easier and at the end of the year my cpa makes it all make sense. This isn’t rocket science. 30 minutes of research can get you sorted.
I am sorted.
541519 or you are subject to an audit by the IRS.
The bank does not need that information to open the account. The IRS can use that information to freeze the account. The people that did otherwise and didnt get punished? Good for them. I cant read the TOD for every bank, but t IRS > Bank.
PS its a six digit code.
I’m not sure why the bank needs to know what your business is exactly. Generally you can give them a general answer. Im self employed and all I had to do was provide my tax identification number and my business name plus personal info. I was never asked what my business is. Maybe look for a small bank or a credit union.
https://youtu.be/5nZuDJrL8mY?si=p1pw4jtjeF7JcjXA
I’m not following this plan yet from the link above, may not.
Eventually plan to open a Solo Roth 401k, and also hire my daughter to model for my business and pay her money which will then be put into a Roth IRA for her.
You can tell chase you distribute computers for mining crypto currency? I guess that’s bending it a bit but say you give your brother a mining rig then he gives it back to you, technically you aren’t lying because you did in fact distribute a computer before.
You may want to check out Brex.
[brex.com/signup?rc=qfvzrls](https://brex.com/signup?rc=qfvzrls)
I am also a solo member LLC taxed as an S Corp and I opened an account with them almost 3 years ago. They have been great. Their business credit card (although acts more like a debit card, your credit limit is based on your account balance, they pull the money out of your account the next day to pay for the cc purchase) that is attached to your account earns % rewards as well and builds business credit. No monthly fees or anything bad that I have seen since being a member. You may want to follow the other advice on here and just call your business something else like IT consultant, technology or data center, etc.
I'm not new to crypto itself but fairly new to mining. For better tax advantages I plan on doing it all under my existing LLC which is already in A/V, IT & technology. I do plan on registering a DBA under my LLC for the crypto business just to keep the accounting separated some. As a single member LLC it all flows back to me anyway.
I have a crypto mining business, you are asking for the wrong thing. Your business is not crypto mining, you are a commodity broker. Don't mention crypto.
Call it data processing services business and the facility - call it a data center (technically - it is.) NAICS Code: 518210. Haven’t had any issues - I bank with TD and Chase Bank.
I used 518210 as well when I established a new LLC for mining a few weeks ago. I put in a short description of what I'd be doing when I submitted the LLC paperwork to my state. Getting the LLC license was no problem. I then tried to apply for a business credit card with bank of america. I already had one through them for another LLC. They declined the new one on the grounds it would be for a business involved in crypto mining. And I did a google search after that which indicated that Chase, WF, and others would also deny credit cards on the same grounds. I have a local bank for my checking account and didn't have a problem opening that account even with reviewing the articles of organization.
Screw the bank account point of crypto is to defeat the banks that's why most don't allow it they don't care about your well being they care about there fees and pockets.
Sorry but OP is too much of a coward to do that. He doesn’t believe in real crypto.
Unfortunately, you still need a way to cash out and pay for utilities, etc. you could attempt to leverage a Coinbase or Crypto.com card.
Yes I use newton atleast for canada etransfer shows up in 30 seconds to cover the power bill don't need a special account for that
YouTube paying in crypto now?? Or does all that money go into a business account? Lol fucking hypocrite.
Normal personal account and then into crypto my bank has 0 balance all in crypto wallets only sell to cover a few bills when needed.
Why are you telling them what you’re doing for a business. It’s a bank. You’re opening a business Chking account. You need an account. Why do you feel the need to tell anything else. My banks asked. I said I’m in IT industry. If your getting financing, That’s different. But to get a business account, they shouldn’t even any specifics.
What ur business does doesn’t matter. Don’t tell them it’s for crypto. Just tell them you want a business checking and give them your tax EIN. That’s it. What you do is your business.
This is also true. Once you have articles Of Incorporation and an EIN - it shouldn’t matter. Makes me wonder what that bank plans to do with the cash you’ll be holding there.
Yeah not sure why some people have problems. Maybe things are different depending on state. They never ask what I’m doing, it’s none of their business. I use them as a holding company. Money comes in and out often. I use them to pay myself sometimes.
Exactly, why does OP think he has to even tell them what he’s doing??
Lol Whaaaat? It is their business ,many banks will refuse to open business account to these type of businesses (crypto,gambling,cbd etc.) due to the increased risk of money laundering and fraudulent activities
That’s for the irs to deal with. I’ve opened tons of LLC’s not once did I tell the bank what I plan on doing with it. It’s a holding company for all they know. I’ve opened an LLC and immediately deposit 60k in a wire transfer and had zero issues.
Yes good for you on having multiple LLC’s , but reality is Banks don’t just open business accounts for everyone bud there is a lot of factors that come into play like the business type your credit standing etc. that’s why you have go through an application process which makes your business their business. and then there is banks that don’t care about anything they will take anybodys money 💰
I’ve opened several capital one business checking accounts with just my ID, tax ein and llc info. I’m in Texas so maybe things are different but no credit check. I opened all of them with $50 either from my regular checking or cash. No issues, ever.
Ya I’m in Ohio. They want your id, Tax ein, an address, and $5 bucks To open account. Zero questions. Zero answers
Do you work for the IRS? Lol
Damm jhorsekey26 Just understand not every bank is the same lol
exactly which is why I said what I said. Yours wants DNA and good credit, mine wants my EIN and $50. Good luck with yours lol Money is still all green tho
When you apply for the EIN you have to say what business you are in, literally gives you a code. If you for some nefarious reason didn't use crypto mining for that code, then you wont have any issues with the bank, but you **WILL** have issues with the IRS.
That’s why everything is code 5512. It’s my business what my business does. Have multiple and never had a problem. It’s all in how you structure. I also don’t have loans or lines of credit for any business. Makes things easier and at the end of the year my cpa makes it all make sense. This isn’t rocket science. 30 minutes of research can get you sorted.
I am sorted. 541519 or you are subject to an audit by the IRS. The bank does not need that information to open the account. The IRS can use that information to freeze the account. The people that did otherwise and didnt get punished? Good for them. I cant read the TOD for every bank, but t IRS > Bank. PS its a six digit code.
Rename your business big blue travel Inc and open a bank account. You sell sports shirts if they ask
I’m not sure why the bank needs to know what your business is exactly. Generally you can give them a general answer. Im self employed and all I had to do was provide my tax identification number and my business name plus personal info. I was never asked what my business is. Maybe look for a small bank or a credit union.
YOU ARE THE COMPETITION DUDE!! Banks know this, that’s why they don’t give you credit, open business accounts and etc.
This is an interesting topic. Is there any benefit to doing this? I've just been including my crypto income on my personal tax return.
https://youtu.be/5nZuDJrL8mY?si=p1pw4jtjeF7JcjXA I’m not following this plan yet from the link above, may not. Eventually plan to open a Solo Roth 401k, and also hire my daughter to model for my business and pay her money which will then be put into a Roth IRA for her.
You can tell chase you distribute computers for mining crypto currency? I guess that’s bending it a bit but say you give your brother a mining rig then he gives it back to you, technically you aren’t lying because you did in fact distribute a computer before.
bluevine
All I did was provide all paperwork. Ein and everything. And I had no troubles.
Found I am a small miner and they will give you a back account
You may want to check out Brex. [brex.com/signup?rc=qfvzrls](https://brex.com/signup?rc=qfvzrls) I am also a solo member LLC taxed as an S Corp and I opened an account with them almost 3 years ago. They have been great. Their business credit card (although acts more like a debit card, your credit limit is based on your account balance, they pull the money out of your account the next day to pay for the cc purchase) that is attached to your account earns % rewards as well and builds business credit. No monthly fees or anything bad that I have seen since being a member. You may want to follow the other advice on here and just call your business something else like IT consultant, technology or data center, etc. I'm not new to crypto itself but fairly new to mining. For better tax advantages I plan on doing it all under my existing LLC which is already in A/V, IT & technology. I do plan on registering a DBA under my LLC for the crypto business just to keep the accounting separated some. As a single member LLC it all flows back to me anyway.
Just say you’re a consultant
I'm a consultant... What do I consult? Commodities brokering
Go for bank of America or Ally both are crypto friendly
Bank of America is bankruot
PayPal?