Ethereum and the transition to Proof of Stake: tax implications in Spain
The September 2022 Merge changed Ethereum from Proof of Work to Proof of Stake. This technical transition has important tax consequences for Spanish validators and stakers.
Proof of Work vs. Proof of Stake: tax difference
| Concept | Proof of Work (Mining) | Proof of Stake (Staking/Validation) |
|---|---|---|
| Activity | Economical (usually) | Movable or economic capital |
| Deductible expenses | Yes (light, hardware, cooling) | Limited |
| Taxation moment | Upon receiving reward | Upon receiving reward |
| DGT Classification | Economic activity performance | Furniture capital performance |
How are validation rewards taxed on Ethereum?
The rewards received by an Ethereum validator (32 ETH required) are taxed as income from movable capital in personal income tax, at the time they can be withdrawn and have economic value.
After the Shanghai Upgrade (April 2023), stakers can withdraw their rewards. From that moment on, each reward withdrawn is taxed at the market value of ETH at the time of withdrawal.
Rate applicable to movable capital:
- Up to €6,000: 19%
- From €6,000 to €50,000: 21%
- From €50,000 to €200,000: 23%
- More than €200,000: 28%
Liquid Staking (Lido, Rocket Pool, etc.)
Liquid staking adds complexity:
- ETH deposit: You deliver ETH and receive stETH (or rETH). This exchange can be considered a transfer and generate capital gain/loss depending on the value at that time.
- Rewards in stETH: The daily overflow of stETH can be interpreted as a return on continuously accumulated capital.
- Withdrawal: When you exchange stETH back to ETH, the value of what you received is compared to the cost of acquiring stETH.
The DGT has not published a specific binding consultation on liquid staking as of the date of this article. The most conservative criterion (and the one recommended by most advisors) is:
- Treat ETH → stETH exchange as transmission.
- Declare the annual accumulated excess as return on movable capital.
The historical price problem
To correctly calculate your ETH staking rewards you need to know the price of ETH at the exact time of each reward. With validators generating thousands of partial rewards, this is not feasible manually.
Tools like declaracrypto.es import reward history and apply the historical price automatically for each trade.
Personal income tax declaration
Staking rewards are declared in:
- Box 0033 and following (income from movable capital - other income).
If the staking platform is abroad and the value exceeds €50,000, it may be necessary to present Form 720.
Updated: April 2026 | Fiscal year: 2025