<p>Mining cryptocurrency can be considered an export of computing processing time, which is paid in a foreign currency (e.g. BitCoin).</p>

<p>The GDP is a measure of production of wealth of a nation. Exports and imports are considered in every <a href="http://www.investopedia.com/terms/g/gdp.asp" rel="nofollow noreferrer">method of calculating the GDP</a>. You can read more on how each country calculates their GDP in this <a href="https://www.economist.com/blogs/economist-explains/2014/03/economist-explains-26" rel="nofollow noreferrer">Economist article</a>.</p>

<p>It is important to note that the actual GDP for each country is an <strong>estimate</strong>: it is very hard to calculate accurately the GDP, as you can imagine it is hard to calculate all of the consumption information about a given economy (cash transactions, informal markets, etc.). 
However, economists try to include every single expenditure via estimations: the UK includes <a href="http://www.dailymail.co.uk/news/article-2888416/Who-said-crime-doesn-t-pay-Counting-prostitution-drugs-GDP-figure-seen-UK-s-economy-overtake-France-fifth-largest-world.html" rel="nofollow noreferrer">estimates of drug sales and prostitution</a> as an illustration of the attempts to be accurate. I believe cryptocurrencies could fall in the same category.</p>

<p>Additional reading on the guesstimates of the GDP <a href="http://www.newindianexpress.com/opinions/columns/shankkar-aiyar/2017/jan/08/gdp-estimates-guesstimates-assumptions-and-the-playbook-of-growth-1557247.html" rel="nofollow noreferrer">here</a>.</p>

CC BY-SA 3.0
2017-08-13T14:44:14.333Z
Thanks for the questions! I've edited the answer to make it more clear and accurate.
JoaoBotelho
CC BY-SA 3.0
2017-08-13T15:03:01.197Z
I think here you are pointing a bit towards how mining could enter GDP. However, the question is whether GDP actually incorporates part of the value of the cryptocurrency market.
luchonacho
CC BY-SA 3.0
2017-08-13T15:09:39.020Z
You make me realise that the answer should rather be that cryptocurrencies are not "valued" as they are just currency - a way to change value from one hand to another. Otherwise, you could convert the question also to "how are dollars, yens and euros reported in the GDP?" They are used to count, but their value is based on converting them into real products.
JoaoBotelho
CC BY-SA 3.0
2017-08-13T10:57:43.843Z
2017-08-13T15:01:35.960Z
2017-08-13T15:01:35.960Z
JoaoBotelho
<p>Apparently the total market value of cryptocurrencies is currently <a href="http://www.bbc.com/news/technology-40848505" rel="nofollow noreferrer">close to $118 billion</a>.</p>

<p>Is any of this reflected in GDP figures over the years? For example, if I start mining bitcoin today, I will consume electricity and produce bitcoins. How does this affect GDP?</p>

CC BY-SA 3.0
2017-08-08T06:43:43.537Z
GDP refers to final products and services produced in a given year. New currency (even standard ones by the official mint offices or the central bank) is not a final good, as consumers do not buy currency for final consumption, nor is an investment in productive assets, but a mean of transaction or to store value. Related subproducts like energy will be recorded. Maybe things change in the future though. But at the moment I think GDP do not directly record mining outputs.
luchonacho
CC BY-SA 3.0
2017-08-08T10:28:06.313Z
By definition of GDP, bitcoins are not and should not be included. Neither is the nominal production of Dollars or Euros.
Tobias
<gdp><cryptocurrency>
How are cryptocurrencies reported in GDP?
Ganesh Sittampalam
# How are cryptocurrencies reported in GDP?

(Asked by: username_0 on 2017-08-07)

Apparently the total market value of cryptocurrencies is currently [close to $118 billion](http://www.bbc.com/news/technology-40848505).

Is any of this reflected in GDP figures over the years? For example, if I start mining bitcoin today, I will consume electricity and produce bitcoins. How does this affect GDP?

**Tags:** gdp, cryptocurrency
> **Comments:**
> **username_1**: GDP refers to final products and services produced in a given year. New currency (even standard ones by the official mint offices or the central bank) is not a final good, as consumers do not buy currency for final consumption, nor is an investment in productive assets, but a mean of transaction or to store value. Related subproducts like energy will be recorded. Maybe things change in the future though. But at the moment I think GDP do not directly record mining outputs.  
> **username_2**: By definition of GDP, bitcoins are not and should not be included. Neither is the nominal production of Dollars or Euros.  

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## 1 answers

### Answer by username_3 on 2017-08-13. Score: 4

Mining cryptocurrency can be considered an export of computing processing time, which is paid in a foreign currency (e.g. BitCoin).

The GDP is a measure of production of wealth of a nation. Exports and imports are considered in every [method of calculating the GDP](http://www.investopedia.com/terms/g/gdp.asp). You can read more on how each country calculates their GDP in this [Economist article](https://www.economist.com/blogs/economist-explains/2014/03/economist-explains-26).

It is important to note that the actual GDP for each country is an **estimate**: it is very hard to calculate accurately the GDP, as you can imagine it is hard to calculate all of the consumption information about a given economy (cash transactions, informal markets, etc.).
However, economists try to include every single expenditure via estimations: the UK includes [estimates of drug sales and prostitution](http://www.dailymail.co.uk/news/article-2888416/Who-said-crime-doesn-t-pay-Counting-prostitution-drugs-GDP-figure-seen-UK-s-economy-overtake-France-fifth-largest-world.html) as an illustration of the attempts to be accurate. I believe cryptocurrencies could fall in the same category.

Additional reading on the guesstimates of the GDP [here](http://www.newindianexpress.com/opinions/columns/shankkar-aiyar/2017/jan/08/gdp-estimates-guesstimates-assumptions-and-the-playbook-of-growth-1557247.html).

> **Comments:**
> **username_3**: Thanks for the questions! I've edited the answer to make it more clear and accurate.  
> **username_1**: I think here you are pointing a bit towards how mining could enter GDP. However, the question is whether GDP actually incorporates part of the value of the cryptocurrency market.  
> **username_3**: You make me realise that the answer should rather be that cryptocurrencies are not "valued" as they are just currency - a way to change value from one hand to another. Otherwise, you could convert the question also to "how are dollars, yens and euros reported in the GDP?" They are used to count, but their value is based on converting them into real products.  

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