Red Squirrel
No Lifer
Well the time has come, might retire my mining rig which is mining with two GTX 1070 TIs. Still debating on if to do it or not but my hydro bill (equal billing) shot up from $140/mo to $280/mo. I think the real cause of that is A/C usage because it's been a hot summer and not actually mining but mining is still contributing to some degree with power usage as it's constant. Either way I need to greatly conserve power so I can try to bring my equal billing plan down again. I mined around 2.4eth so far since I started which is worth around $679.72 as I type this. Decent cash but does not even cover the cost of one of my GPUs that I bought. So think I'll cut my losses while I'm ahead.
The tax implications for crypto here in Canada are also super complicated so I don't even know what to do with it. Right now it's "technically" not in my name, but I'm sure the wallet address can be traced to my IP, so I guess it is in my name but if I start transferring it around such as moving it to an exchange and cashing in that's where things get very complicated. I'm not sure how closely the CRA looks at crypto at this point but the more I make the more I might show up on the radar. Pretty much would need a CPA to figure out the tax stuff if I wanted to stay in. Even my regular tax accountant does not know about the crypto rules as they are so niche and separate from typical customer base.
For the time being I'm still mining but think starting tomorrow once hydro is back to peak hour rates I'll turn it off. Was a fun run. This will liberate the hardware too which is new decent hardware so I might make another VM server with it or something. Just need to add more ram. Can also do an ethereum node. If I go that route would it be viable to use spinner disks in raid 5 or 0? I don't really want to use SSDs given how fast they wear out and the cost per TB. I'd have to check how many sata ports the motherboard has, but I'd get that many drives, maybe 2-3TB ones. How big is the chain now days a couple TB or is it much larger?
I'll probably end up just making it a VM server though. I want to experiment with Proxmox so it will be good hardware to do it with.
The tax implications for crypto here in Canada are also super complicated so I don't even know what to do with it. Right now it's "technically" not in my name, but I'm sure the wallet address can be traced to my IP, so I guess it is in my name but if I start transferring it around such as moving it to an exchange and cashing in that's where things get very complicated. I'm not sure how closely the CRA looks at crypto at this point but the more I make the more I might show up on the radar. Pretty much would need a CPA to figure out the tax stuff if I wanted to stay in. Even my regular tax accountant does not know about the crypto rules as they are so niche and separate from typical customer base.
For the time being I'm still mining but think starting tomorrow once hydro is back to peak hour rates I'll turn it off. Was a fun run. This will liberate the hardware too which is new decent hardware so I might make another VM server with it or something. Just need to add more ram. Can also do an ethereum node. If I go that route would it be viable to use spinner disks in raid 5 or 0? I don't really want to use SSDs given how fast they wear out and the cost per TB. I'd have to check how many sata ports the motherboard has, but I'd get that many drives, maybe 2-3TB ones. How big is the chain now days a couple TB or is it much larger?
I'll probably end up just making it a VM server though. I want to experiment with Proxmox so it will be good hardware to do it with.