Is mining Bitcoin a legit business?

Can a person create a registered company (LLC perhaps) and use all the expenses getting the company set up, i.e purchasing the ASIC’s and any other equipment as a write off expense? How about the space to run the company? The electricity to run the company? Could all of this be a write off like it is if you have any other kind of business?? My thought is yes. I am in the Bitcoin mining business which secures a transaction processing and data recording global network. How is this not a legit business? How can I not write off all of my expenses against the revenue generated??