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Ethereum GPU mining?

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I considered using my web server to CPU mine, It's an older generation Xeon so I imagine it would do something decent. Come to think of it, if you colo a server with a couple GPUs I wonder if you could have it mine and cover the monthly cost of the colo. Hmmmmm.
 
I looked at collocation. You have to pick and choose very carefully. The local guys I talked to wanted insane fees for rackspace; in contrast, some service on Slashdot (I don't remember which) advertised 42U for $400/month which seems pretty good actually. Depends on how many amps you get for that price.

I wouldn't do that today, though. Summer 2016 or earlier? Sure! Hell a bunch of reference 290s running @ 800 MHz for low power would still be putting out profits.
 
Yeah I had looked into colo even for regular web server stuff, the main issue is if you run into hardware issues you either pay big bucks for "remote hands" or have to drive 100's of miles to get to it. The ongoing monthly cost is also much more than what you'd pay in hydro anyway. It's a fun thought though if you live in an area where hydro is so expensive that it may actually be worthwhile, or if you just have unreliable internet.

Heck if my ISP allowed servers and provided static IP blocks I'd host even my web stuff at home.
 
I recently listed a few items on Ebay and you have to pick the shipping method which is odd, as you won't really know the exact service until you get to the post office and are presented with the options. Seller probably just picked that not knowing what else to pick.
 
Though I'm kinda surprised these are not all sold by now. The only thing I find odd is one of the pictures shows the FTW edition, is there a big difference between that and TI? The other pictures show boxes for TI edition though.
 
Red Squirrel said:
I recently listed a few items on Ebay and you have to pick the shipping method which is odd, as you won't really know the exact service until you get to the post office and are presented with the options.
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Yes you can. They do deals with a company called Shippo. I sold somewhat functioning RX 480 reference recently from a bid. After it was done, I had to sign up with them, and they gave me shipping information I could tack onto the box. Prepaid, so I just had to go to the Post Office and send it in.

Seller probably just picked that not knowing what else to pick.
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I highly doubt this. I mean, unless he went crazy and is throwing money in the streets! Of course rather than throwing cold, hard cash, he just puts up really expensive video cards on eBay for super cheap! 😀

Same page for the card, these are recommendations at the bottom for similar listings:

Argh. I can't get this image link to work. Here's the URL. https://ibb.co/ig7vYb
 
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Yeah but that seemed like lot of trouble having to sign up to something, have to know box dimensions ahead of time etc. I just pick whatever random box I have lying around once the item actually sells and pick the cheapest option once I get to post office.

So how does this work, how are there so many listings that are so cheap but they only show up in recommended? I'm starting to regret buying, maybe this is some kind of scam. Should have probably known given how cheap they are selling for and fact that nobody else is buying.
 
Red Squirrel said:
Yeah but that seemed like lot of trouble having to sign up to something, have to know box dimensions ahead of time etc. I just pick whatever random box I have lying around once the item actually sells and pick the cheapest option once I get to post office.

So how does this work, how are there so many listings that are so cheap but they only show up in recommended? I'm starting to regret buying, maybe this is some kind of scam. Should have probably known given how cheap they are selling for and fact that nobody else is buying.
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I'm guessing hacked account.

If I'm wrong, though, feel free to send one or two my way. 😀
 
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Even if I get it I will wait a little while before I put it in my computer and keep checking the seller's feedback. If it is a fake who knows if it could blow the motherboard or something. lol
 
Ok so just canceled the payment to be safe. I got too excited when I saw that and acted too fast. Not sure how to cancel the actual ebay transaction though. Hopefully I don't take some kind of hit for that.
 
Red Squirrel said:
Ok so just canceled the payment to be safe. I got too excited when I saw that and acted too fast. Not sure how to cancel the actual ebay transaction though. Hopefully I don't take some kind of hit for that.
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You won't. eBay is good that way.

I actually "bought" two cards at different times that were way too good to be true. eBay warned me it was a scam almost right away. I knew almost 100% it was fake, but I really wanted a card, heh.

If payment went through, it'll probably take regular time to get the credit back on your card.

If I'm wrong, though, feel free to send one or two my way. 😀
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Dibs on the second one!
 
Paypal seems to have put a hold on the payment, definitely something fishy I guess. Probably should have known given that price.
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Looking at the really cheap, supposedly fake cards,

One card has 24 sold,
one has 11,
the other has 4,
another 4,
yet another is at 37,
another at 24,
I see 22,
and 3.

Everyone has 100% or near 100% positive feedback. This is interesting because the two I bought that were fake was from a new user.

Man, possibly dozens of accounts(thus, the people associated with it) might be affected by it.
 
Most likely a hacked account. If you view feedback most of his previously sold items are under $20. You don't go from selling random junk to selling $50,000 worth of tech gear.
 
They are also using hacked accounts to purchase cards and ship them to exporters located in the US who must fly them over to the motherland in bulk.

Ask me how I know...
 
Red Squirrel said:
Yeah it's BS, you end up paying tax twice on it.
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No, you don't. You pay ordinary income tax on the value of the token when mined (well, paid, since most of us are pool mining). You then have a basis in that. You then pay capital gains only on the gains, not the basis.
 
ElFenix said:
No, you don't. You pay ordinary income tax on the value of the token when mined (well, paid, since most of us are pool mining). You then have a basis in that. You then pay capital gains only on the gains, not the basis.
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So you're saying, we pay income tax on mining revenue? Is that only when we cash it out? I've been cashing out through Coinbase fairly directly from NiceHash, so it's not too complicated. I guess, I want to get my taxes right. From what I read before, they considered CC to be an "intangible asset", and that you would pay short-term capital gains.
 
VirtualLarry said:
So you're saying, we pay income tax on mining revenue?
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yes
Is that only when we cash it out?
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no
I've been cashing out through Coinbase fairly directly from NiceHash, so it's not too complicated. I guess, I want to get my taxes right. From what I read before, they considered CC to be an "intangible asset", and that you would pay short-term capital gains.
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broadly:
in the IRS's view, you have income the moment your wallet address is credited with a token. that income is whatever the value of that credit is in dollars at that moment. that's supposed to be declared on that year's income taxes. you can write your costs against it such as mining hardware (though i'm not sure whether computer equipment is depreciated vs. expensed, and of course all this stuff probably changed for tax year 2018) and electric bills (though only the portion associated with the mining activity, assuming you're not renting a facility just to mine in).

then, when you sell, whatever gain those tokens have gotten since you mined them is a capital gain. that capital gain is also taxed, at whatever rate capital gains are (short term, same as ordinary income; long term, favorable rates).

if all your mining and selling occurred in one tax year, then it really wouldn't matter whether it's regular income or if its capital gains, as all the tax events happened in one year and are subject to the same rate structures.

but, if you mined in one year, and sold in another, you'd have the mining activity on one year's return, and a capital gain on the other year's return. in the capital gain worksheet, you'd use the basis as declared (and taxed) on the previous tax return to calculate the gain amount.

as an illustration: in year 1 you mine $100 in tokens. you don't sell any tokens. and you stop mining at the stroke of midnight on new years eve. you file your tax return for year 1 and pay 25% ordinary income tax on it, or $25. in year 2, the value of your tokens goes up to $1000. you sell those. you then have a capital gain of $1000 - $100 = 900. that would then be subject to 25% tax rate, so you'd pay $225.

if, instead of selling in year 2, you held the tokens long enough to qualify for LTCG (let's say year 3), you would qualify for reduced rates (let's say 10%). so, you'd have a $900 capital gain, which would have $90 in taxes.

now, since most people don't neatly keep the original mining and the capital gains separate like that, it's a bit messier out in the real world. since the tokens themselves are fungible they probably adopted either a last mined first sold, or first mined first sold rule.
 
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