How to Mine Solana? You Can’t, but You Can Earn Through Staking
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The main way to earn SOL is by staking. You can’t mine SOL since Solana uses Proof of Stake.
In the US, staking rewards count as income when you get them. If you sell or swap SOL later, you will have a capital gain or loss. Keep strong records for tax purposes.
Why trust our crypto tax experts
You can’t mine Solana. If you want to earn SOL, staking is your main option.
How to earn SOL (the simple version)
Here are the common ways people earn SOL:
Method | Process | Considerations |
Staking | Delegate SOL to a validator and earn rewards | You may have an unstake delay |
Liquid staking | Stake and receive a liquid token you can use elsewhere | Often involves a fee |
Earn SOL in apps | Rewards, promos, or incentives paid in SOL | Track value when received |
How staking SOL works
You give your SOL to a validator, who helps run the network. In return, you earn a share of the rewards after a commission is taken out.
You don’t need any mining equipment. Instead, you just need to choose a validator and keep good records for tax purposes.
How to stake SOL, quick steps
Step | Action |
1 | Move SOL to a wallet or platform that supports staking |
2 | Click “Stake” and choose an amount |
3 | Pick a validator |
4 | Confirm, then track your rewards |
What to look for when you pick a validator
Factor | Considerations |
Commission | Higher commission can reduce your rewards |
Uptime | Better uptime usually means steadier rewards |
Track record | A longer history can make behavior easier to evaluate |
Risks you can run into when staking
Risk | Result |
Unstaking delay | You can’t always exit instantly |
Validator downtime | Rewards may drop |
Liquid staking complexity | Extra tokens and transactions to track |
SOL staking taxes in the US
Crypto staking rewards count as income when you get them, based on their fair market value at the moment of receipt. If you sell or swap SOL later, you’ll usually have a capital gain or loss.
Event | Tax outcome | What to track |
Receive staking rewards | Income | Date, amount, USD value |
Sell or swap SOL | Capital gain/loss | Proceeds, fees, cost basis |
Transfer between your wallets | Not taxable by itself | Label as transfer |
Records you need to save for taxes
Date, amount, and USD value for each reward
Fees (staking fees, trading fees, network fees)
Sales and swaps with proceeds and cost basis
Transfers labeled as transfers so they don’t get misread as sales
Solana staking taxes FAQs (US)
Can you mine Solana in 2026?
Do I pay US taxes on SOL staking rewards?
If I restake SOL rewards, does that avoid US tax?
Where do SOL sales and swaps get reported in the US?
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