No. The IRS stated in their ruling that as soon as the BitCoin is mined, the miner owes taxes on: USD Value of BTC Received - Expenses to Mine. And I'd advise people to be very very very careful about what they claim are expenses.
Would you mind elaborating on this further, or maybe Mike or someone else with this experience could? I would think hardware costs and/or depreciation of that hardware as well as electrical would all be reasonable? I have a follow-up with my accountant soon and would like to have as much information in this regard as possible.
Thanks in advance.