
The Rich Somers Report How to Write Off Bitcoin — 100% Legally | Colin Yurcisin E425
Nov 18, 2025
Colin Yerkeson, a Bitcoin miner and entrepreneur, shares insider tips on legally writing off taxes using Bitcoin mining. He reveals how miners can take advantage of 100% bonus depreciation to offset ordinary income and discusses the booming profitability driven by data-center scarcity. Colin also highlights the risks of altcoins and past crypto failures, urging caution and a focus on Bitcoin as a stable investment. His journey from a hefty tax bill to discovering powerful tax strategies is both eye-opening and actionable for entrepreneurs!
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Bitcoin As Superior Hard Money
- Bitcoin is a hard-money asset capped at 21 million and resists inflationary fiat policies.
- Measuring assets in Bitcoin often shows they decline relative to Bitcoin's performance.
$500K Tax Bill Sparked Mining Strategy
- Colin paid a $500,000 tax bill in 2021 and then discovered miners qualify for 100% depreciation.
- Since 2022 he stopped buying spot Bitcoin and instead purchases miners to dollar-cost-average into BTC with write-offs.
Use Mining To Capture 100% Bonus Depreciation
- Buy Bitcoin mining machines through a business to claim 100% bonus depreciation in year one.
- Use mining business deductions (power, maintenance, setup) to offset active income and lower taxes.



