CRA treats bitcoin mining as a barter exchange of services for bitcoin

The Directorate found that since the value of Bitcoin received in a Bitcoin mining operation (which the Directorate characterized as giving rise to the receipt of Bitcoin in exchange for services rendered) is more readily valued than the value of the services rendered, it was the value of the Bitcoin received that was to be brought into the computation of the miner’s income.

Source: 23 December 2013 Internal T.I. 2013-0514701I7 - Bitcoins