It isn't exempt. The miner will have pay VAT when it tries to sell the gold.

> We tax people on the FMV of something valuable created out of thin air,

There are income taxes which apply when goods or services are sold.

There are sales taxes when goods are purchased.

There are property taxes when goods are owned.

Nothing gets taxed on creation.

And there are excise taxes when goods are created.

Excise taxes are a product-specific sales tax.

For example, on gasoline. The tax occurs at the pump, not at the refinery.

No, that's exactly wrong https://en.wikipedia.org/wiki/Excise.

"An excise, or excise tax, is any duty on manufactured goods that is normally levied at the moment of manufacture for internal consumption rather than at sale."

I'm very familiar with how the excise tax on alcohol works, it's definitely a tax on creation not consumption.