Cryptocoin Mining?

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Cloudfire777

Golden Member
Mar 24, 2013
1,787
95
91
Seems like people are devided there. Some sell their 60GH/s Avalon for some reason. Same goes for the 5GH/s Jalapenos.

You can make almost $4000 in 3 months with a 5GH ASIC. Avalons, a fortune. But I`ve seen them sell for $50000, thats 3months of mining. My guess is that they mined enough to be satisfied and quitting while they are ahead.

Personally I`d mine with any of them today. But it will be interesting to see how much the auction I linked to will sell for. Right now its $3550, so this guy will atleast make 3 months worth of mining. I guess thats why they do it, the uncertainty with all the ASICs coming to the network. Who knows what the difficulty will be in 2 months.
 
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TheUnk

Golden Member
Jun 24, 2005
1,810
0
71
Auction is at $4k now. Seems foolish to spend any more than that. You could get $4k worth of PC/GPU hardware and get 5GH+ easy.

Granted it's going to cost you more in power costs but at least you have something still worth money should bitcoin fail.
 
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Zargon

Lifer
Nov 3, 2009
12,240
2
76
TheUnk said:
Auction is at $4k now. Seems foolish to spend any more than that. You could get $4k worth of PC/GPU hardware and get 5GH+ easy.

Granted it's going to cost you more in power costs but at least you have something still worth money should bitcoin fail.
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it'd be alot more work of course

and he shows it pulling 5.6gh/s

no killawatt pic though

you'd have over 3g's just in GPU's(8 7970's......~400 a pop)
 
philipma1957

philipma1957

Golden Member
Jan 8, 2012
1,714
0
76
KentState said:
So now the question is, do you mine with your ASIC or sell it for a quick profit?
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you sell it. that 5Gh/s miner is worth 1500 to 2000 to a sane investor. yeah I know that in theory it makes about 40 usd a day. but that is at the rates of 138 dollars a coin with 8.9 mill diff. we all know the diff is going up up up.

It seems to me all asic builders are doing trickle supply to keep people wanting gear. Kind of like making 10000 beanie babies an releasing them slowly. While this make me wait for my purchased asics my miners are still turning coin. I rather they keep the asics release nice and slow then do a big dump.
 
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Binky

Diamond Member
Oct 9, 1999
4,046
4
81
birthdaymonkey said:
Haha, I will declare my <$1000 in profits if I can also write off all my computer hardware as business expenses.
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Worst case is they charge you with revenue, but don't allow any write-off for "business" expenses. I think the U.S. may be doing something like this for pot farms which are semi-legal in certain areas (but the federal government doesn't like them). If the government doesn't like the "business," they will find ways to kill it.
 
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Cloudfire777

Golden Member
Mar 24, 2013
1,787
95
91
Here in Norway we have to pay 28% tax on Bitcoins...
We have tax on just about anything. We are the worlds 4th richest country but that means little when everything cost so much more here. :(
 
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TheUnk

Golden Member
Jun 24, 2005
1,810
0
71
hmm bitcoin ATM being shown May 2nd in San Diego, CA. Maybe I should buy some coins before then haha
 
philipma1957

philipma1957

Golden Member
Jan 8, 2012
1,714
0
76
Binky said:
Worst case is they charge you with revenue, but don't allow any write-off for "business" expenses. I think the U.S. may be doing something like this for pot farms which are semi-legal in certain areas (but the federal government doesn't like them). If the government doesn't like the "business," they will find ways to kill it.
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no rulings as of yet. most likely if your machine is a dedicated miner it is a write off . US tax law would allow a 3 year deprecation and or a 1 year write off. I set my mining up based on the idea I will declare it as a business. last year I would have a loss this year I would have a gain. so far no rulings so I paid 1000 extra and filed for an extension.

My guess is All usa law based I worked for IRS for a while and have a degree in accounting. I don't hoard coins I mine I sell I mine I sell. I set my books up to show this.

Once you hold the coins beyond what is needed to sell them they may switch to a stock base capital gains. Not mining law. By this; lets say you sell to "fast cash 4 bit coins "

They require a minimum sale of 50 dollar. So you could hold onto your mined coins until they reach 50 usd and then sell them. Lets say .5 coins are 50 dollars. Lets say you earn them in 2 days and spend 2 bucks on power. you would report 50 income minus 2 in power cost a gain of 48 dollars. once you could have sold them and decided not to. The coins would be considered 'stock' so you would need 2 sets of books. This was one reason I sell them as I earn them. Of course a lot depends on how the us rules on the accounting for this. It will become very interesting to see the rulings.
 
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Silverforce11

Lifer
Feb 19, 2009
10,457
10
76
They collect if your banks are not inclined to protect customer privacy. But small fry are not if ever the target of tax investigations. They need to devote the tax workers to look at banking details of big fish.
 
ultimatebob

ultimatebob

Lifer
Jul 1, 2001
25,135
2,445
126
Silverforce11 said:
They collect if your banks are not inclined to protect customer privacy. But small fry are not if ever the target of tax investigations. They need to devote the tax workers to look at banking details of big fish.
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I used my Bitcoin to buy something directly from a store using Bitpay... I'm not sure how they're going to track that unless they audit the records of the store I bought it from.
 
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Silverforce11

Lifer
Feb 19, 2009
10,457
10
76
ultimatebob said:
I used my Bitcoin to buy something directly from a store using Bitpay... I'm not sure how they're going to track that unless they audit the records of the store I bought it from.
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The store's income is taxed, yours will not. In a way, BTC has already paid its due taxes.

But if you somehow roll up with a new Mercedes valued at x10 your annual income.. well, it may attract an auditor. Depends how busy the tax men are really.

Its similar to receiving income to a paypal acc, then using that to directly buy items. It never touches a bank on your end.
 
hokies83

hokies83

Senior member
Oct 3, 2010
837
2
76
What kind of MH/S does an 7850 get on Avg New Egg has them open box for 126$

Trying to choose between that and a 7790... i was ready to get the 7790 then it went off sale heh....

I Just snagged a i5 3570k + extreme 4 for 150$ shipped to build another mining rig.
 
njdevilsfan87

njdevilsfan87

Platinum Member
Apr 19, 2007
2,330
251
126
Open box isn't worth it. Just find a deal with a rebate, sell the game bundle, your final cost will the same as open box, and maybe even less.
 
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24601

Golden Member
Jun 10, 2007
1,683
39
86
njdevilsfan87 said:
Open box isn't worth it. Just find a deal with a rebate, sell the game bundle, your final cost will the same as open box, and maybe even less.
Click to expand...

If you do open box you better buy it from one of the venders that do RMAs directly from serial number and do not require registration.
 
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Silverforce11

Lifer
Feb 19, 2009
10,457
10
76
chart_large_lin_90d.png


It's amazing how well BTC prices track with increasing difficulty overall. Except for that massive spike.. which then crashed below the trend and now stabilizing back towards that trend again.

Whats interesting is the mining factor, USD per 100Mha/s, in theory it should be flat or downwards if ASICs impact negatively on the GPU mining..
 
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