Wow. Bitcoin is almost $1,500

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JEDI

Lifer
Sep 25, 2001
26,072
588
126
Honestly I was actually making money GPU mining, I just stopped because of the tax implications, it's just too complicated to try to figure out how to claim taxes as there's not much details on how to do that and even my tax accountant did not know anything about crypto. It was putting a pretty big dent on my hydro usage too so that was another factor that made me stop. I was probably close to breaking even really once I factored in hydro.

If I went large scale and bought land to put a solar/wind farm to power it then I'd just hire a full time CPA to figure out the taxes for me. Now would be way too late to do any of that though.
why even bother telling the govt about your bitcoin stuff?
 

Red Squirrel

No Lifer
May 24, 2003
55,931
7,487
126
www.uovalor.com
why even bother telling the govt about your bitcoin stuff?
It's fully trackable. They threaten jail time if you don't do it, or don't do it properly.

I mean you could probably mine through a VPN, and never convert it to cash and probably be ok though. But if that wallet address sees your home IP or a bank account in your name even once in one way shape or the other everything from there can be tracked back to you.

But the fact that it's fully trackable should mean that the tax stuff should be easier. They should offer a place on their site where you submit your wallet addresses and they tell you how much you owe and have a printable form that you give to your tax person. If they want money they should at very least do all the legwork for us.
 

ultimatebob

Lifer
Jul 1, 2001
22,145
830
126
(Sigh) I miss crypto mining. It seemed a like a nice way to pay for your new video card before the mining difficulty shot through the roof and the feds started wanting their cut of the action.
 
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destrekor

Lifer
Nov 18, 2005
28,706
324
126
What's funny is that the halving didn't seem to do much positive for the price.
Yet.
I don't recall it having a significant effect right away the last time, but it did then build up later in the year and then explode on the exponential charts. I'm not sure how long it can trend exponentially, as there is also a lot of talk about how it's already priced into the asset already, meaning this was an expected event and investors already accounted for that in determining the value. With the market now having the major whales and big legit investors heavily involved, it's coming to behave more like many other investment assets, whereas 2016 was kind of the last period of major control still resting in the supply side.
 

Staples

Diamond Member
Oct 28, 2001
4,880
70
91
I think the halving will have the effect of people not wanting to mine anymore. It is already not profitable and boy, lets cut the profitability in half. I am not sure if the creators thought this far down the line. The halving may be the death of bitcoin unless the price per bitcoin goes up enough to where it is break even or profitable.
 

ultimatebob

Lifer
Jul 1, 2001
22,145
830
126
I think the halving will have the effect of people not wanting to mine anymore. It is already not profitable and boy, lets cut the profitability in half. I am not sure if the creators thought this far down the line. The halving may be the death of bitcoin unless the price per bitcoin goes up enough to where it is break even or profitable.
One nice thing about Bitcoin is that the difficulty adjusts depending on how many people are mining. If a bunch of people quit mining it (and they should, it's a waste of electricity and the profit just isn't there anymore), it should eventually adjust to the point where at least the big miners with cheap electricity and cooling will break even.
 

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