Official Mining Thread

[Riptide]

Depreciate the equipment out as in claiming business expense?

If I did that it would be for the first year only. It's a bigger hassle on taxes. You still pay income tax but you also then have to pay the additional self employment tax. And to top it off? They want you to make quarterly tax payments if you're self employed.

It's a total rape. Who wants some GPU @ MSRP? PM me.

[OverclockN']

I'm out too. Not worth my energy or time after dabbling in it for maybe a week on and off. I did buy that additional 1080Ti, but it was more of just convincing myself to get it since I wanted it anyway and using mining as an excuse. Not sure if I'll sell it, probably not.

Happy mining fellas, good luck.

[Riptide]

For sale thread going up this evening. Pulling everything apart and will take photos. I have invoices/PO for everything and none of it has been used for more than a month.

What little LUX, ZCOIN, Electroneum and Verge I've mined I am going to try and find someone to take it for a discount and do a paypal transaction for it. Not sure how that will work, may have to be someone I know who has a trust relationship with me.

[Dave]

[nycdarkness]

For sale thread going up this evening. Pulling everything apart and will take photos. I have invoices/PO for everything and none of it has been used for more than a month.

What little LUX, ZCOIN, Electroneum and Verge I've mined I am going to try and find someone to take it for a discount and do a paypal transaction for it. Not sure how that will work, may have to be someone I know who has a trust relationship with me.

Honestly, this would be the same thing as if you sold 10k worth of stuff on ebay and never claimed it which would be like everyone else out there who didnt just live off an ebay store.

I am not saying to evade taxes but with the amount gained from what 5 cards? Whatever income u receive is pennies in taxes. Also the IRS has really no good way of dealing with this right now. If anything as the law gets more clear it would be wiser to make a decision then. Even if you had to pay some taxes you would of had a profit to cover your initial cost, then you can sell your cards for whatever they are worth. Now if you had planned on mining being a long term side income that be different.

[KAC]

Wtf is going on lol.

[Dave]

I just don't see our federal government being able to track this. How many years did we go without paying sales tax online? Hell they still can't track that. Just keep your transactions below $500. If you transfer 10k in a day and wonder why the IRS is knocking on your door - you're an idiot. I am wondering if some of you are using the tax law as an excuse to bow out

[Riptide]

eBay is a non issue unless you are over 20,000$ or 200 transactions. Otherwise not considered a business.

My boss is trying to convince me not to sell and switch over to nicehash instead. I'm not sure I understand him but supposedly renting out your hash means the ones who buy contracts on nicehash should pay the tax burden.

For instance if you rent out a generator to a business you don't pay taxes on the income they generate with it.

[nycdarkness]

I just don't see our federal government being able to track this. How many years did we go without paying sales tax online? Hell they still can't track that. Just keep your transactions below $500. If you transfer 10k in a day and wonder why the IRS is knocking on your door - you're an idiot. I am wondering if some of you are using the tax law as an excuse to bow out

What I was thinking lol

eBay is a non issue unless you are over 20,000$ or 200 transactions. Otherwise not considered a business.

My boss is trying to convince me not to sell and switch over to nicehash instead. I'm not sure I understand him but supposedly renting out your hash means the ones who buy contracts on nicehash should pay the tax burden.

For instance if you rent out a generator to a business you don't pay taxes on the income they generate with it.

Income is income on ebay. 20k or not and if were all angels that would be reported. I use nicecash I am not going to bother with everything else out there. I need minimal time investment and simplicity to make this worth it. The tax part is whatever, I have a cpa in the family and a tax lawyer lol. I ran this by them and they were like ermmm thats interesting lol.

[Riptide]

My parents were audited. They weren't doing anything extremely unusual. They weren't running a business. They were retired and had some money in equities. The IRS really wasn't able to provide much of a reason for it other than it was more or less a random selection thing.

If the IRS audits you and wants a few years or whatever worth of bank statements. What do you think they are going to say when they see all those $500 coinbase transactions on there?

Them: "Where did that come from?"
You: "Uhhh...."

[nycdarkness]

My parents were audited. They weren't doing anything extremely unusual. They weren't running a business. They were retired and had some money in equities. The IRS really wasn't able to provide much of a reason for it other than it was more or less a random selection thing.

If the IRS audits you and wants a few years or whatever worth of bank statements. What do you think they are going to say when they see all those $500 coinbase transactions on there?

Them: "Where did that come from?"
You: "Uhhh...."

GO to an ATM. Be john smith @ [email protected] lol.

[Dave]

If I get audited I get audited and I'll deal with it. My taxes take me all of 30 minutes to file, just my w2 and that's it. See no reason they'll target someone like me.

[nycdarkness]

If I get audited I get audited and I'll deal with it. My taxes take me all of 30 minutes to file, just my w2 and that's it. See no reason they'll target someone like me.

Pretty much. Unless you have ridiculous deductions or a very complicated tax layout you will just be ignored.

[Riptide]

That also applies to my parents. It can happen to anyone.

It's a risk you're taking and if they ever did catch you it could be a little bit more of a nightmare than just paying some back taxes and that's it.

Fines are one thing that comes to mind along with the possible jail time if they can hit you with a knowingly evade type of charge. Remember with the IRS You are guilty until you prove innocence.

Secrets safe with me though I'd never turn anyone in.

[OverclockN']

I am wondering if some of you are using the tax law as an excuse to bow out

Excuse? Nah. All we do is leave our computers running and you make money. I can't think of why someone would be looking for excuses to stop. Not making much money off it, don't want to skirt the tax issue, don't want to bother keeping track.

So...choose not to. When you have no money actually invested in it besides leaving the computer running for 5 or 6 days, it's pretty easy to just decide to stop without needing excuses.

[Riptide]

lol excuse

I would love to continue. It's FUN.

I don't like having the IRS thing hanging over my head. That is a problem for me. For most it's no issue. Good luck to them.

Playing by the rules means you are going to have a hassle on your hands when you file. And the tax burden itself is expensive. Eats into your profits by a lot.

If all you had to pay was cap gains on this I'd be in like Flynn. But the double whammy on taxes and all the hassle? Eh. I dunno.

[curio]

Secrets safe with me though I'd never turn anyone in.

Riptide? Never spoke to him before, no idea what you're talking about Mr. Taxman

[Riptide]

Has anyone filed yet with turbotax? Does it ask about mining/crypto during the process?

Sale is on temporary hold. I'm stressed and my wife wants me to pay attention to her tonight and not camp out on the computer wringing my hands over this. Probably a good thing to take a break from it for a while.

[nycdarkness]

Has anyone filed yet with turbotax? Does it ask about mining/crypto during the process?

Sale is on temporary hold. I'm stressed and my wife wants me to pay attention to her tonight and not camp out on the computer wringing my hands over this. Probably a good thing to take a break from it for a while.

No it does not ask you that. Maybe next year lol. You would calculate it as additional earned income and fill the appropriate forms.

[curio]

Probably a good thing to take a break from it for a while.

[Treeckcold57]

I just installed another pcie 6+2 pins for my fury pro, so no more daisy chain. It's now dedicated cables. I also have another extra two pcie 6+2 pins ready for a 7950 for later. All I need to do is just read more info about how to setup, undervolting, wallet, etc.

[Riptide]

When you guys are using Nicehash does it:
1) Let you choose the frequency of payouts or alternately do them on demand
2) Let you payout to a wallet address of your choice (ie, not their built in wallet)

[andino]

Got the auto refresh kicking!

1 on the SC2 cards
1 on the FTW3 cards

[nycdarkness]

When you guys are using Nicehash does it:
1) Let you choose the frequency of payouts or alternately do them on demand
2) Let you payout to a wallet address of your choice (ie, not their built in wallet)

U get a payout into their wallet @ every .001? something like that (I cant remember the number) btc. Then that can go into your coinbase with 0 fee or another wallet with a fee. It keeps track of the last 30 days. So if you wanted to make a log. You would just be getting that days market value of btc. So in google sheets you could write = source market blah blah. Oh external wallets need to be .01 for payout i think.

[curio]

.002 I believe

[Dave]

When you guys are using Nicehash does it:
1) Let you choose the frequency of payouts or alternately do them on demand
2) Let you payout to a wallet address of your choice (ie, not their built in wallet)

Payout to internal nicehash wallet is every .002. Payout to coinbase is free (no fee) once your internal wallet has reached .002. Payout to external wallet besides coinbase requires a minimum balance of .0055 with a .5% fee. Coinbase is an instant transfer, while other transfers can take up to 24 hours.

[Riptide]

Yah I dunno what I'm gonna do yet. Still thinking it over.

Gdam taxes. Would be so much easier if they didn't expect you to claim income and especially not on every payout to your wallet.

[KAC]

Man my motherboard and rig case needs to be shipped out soon. Cards have shipped. Can Dave and curio post when you receive the cards and condition of them.

[Dave]

Man my motherboard and rig case needs to be shipped out soon. Cards have shipped. Can Dave and curio post when you receive the cards and condition of them.

I got one that I ordered last week, came in today. It's mining right now. Came in retail box, everything included. Box had some damage where it opens (tape torn). Card and rad were in antistatic bags. Card works perfectly. The other 6 get here tomorrow hopefully

[KAC]

I got one that I ordered last week, came in today. It's mining right now. Came in retail box, everything included. Box had some damage where it opens (tape torn). Card and rad were in antistatic bags. Card works perfectly. The other 6 get here tomorrow hopefully

Can someone run me through best way to mine. I see whattomine and it says I should be mining ETH. How can I do that using NiceHash?

[nycdarkness]

Lovely star wars limited eidtion bs. Has screws under the serial and collectors edition sticker. Blocking it would require removing them which throws warranty down the drain. So gota get rid of them as I don't want these hair dryers lol.

[KAC]

Lovely star wars limited eidtion bs. Has screws under the serial and collectors edition sticker. Blocking it would require removing them which throws warranty down the drain. So gota get rid of them as I don't want these hair dryers lol.

Limited always meant that you will be limited in terms of modding them...

[nycdarkness]

If anyone has a regular XP they be willing to trade you got a deal as well. As long as you didnt register the serial number.

[Riptide]

Mining eth with a Nvidia card? I think you're doing it wrong.

[KAC]

Yeah I really don’t know what I am doing. I will spend some time researching over the weekend but can you tell me which websites to use? I don’t even know how to read whattomine correctly.

[curio]

I'm just going to stick with nicehash & pool mining I think

And my cards won't be here until next week probably

[KAC]

Yes, NiceHash has been doing well for me. I am at about 50 dollars (was 55 until bitcoin took a dump while I was asleep and is now down to 10K USD). I don't want to spend anymore time on this as my time is at a premium. I want to just set it up and let it run w/ the occasional check from the wife while I am away.

Good news is that most of my stuff has shipped except the most important one - MOTHERBOARD, CPU AND RIG FRAME! WTF!



Btw when do you think your mining rigs will be setup? I think I will be the last one as my expected delivery date of motherboard etc. is Feb 20th

[Dave]

My motherboard will be here Thursday, everything else Wednesday (1/31). I hope to be up and running be the end of the weekend. Hoping about a week from now it's all setup and I can forget about it.

[KAC]

Do show me how you mount the 8th rad.

[Dave]

Do show me how you mount the 8th rad.

I won't be, probably put my gaming x card in the rig and use one of these msi cards in my gaming rig