Well, the equip deduction is nice...I did mine the crypto to get the 5 obelisk sc-1 miners for a total in USD of $10,140.00 USD.
ON THE OTHER HAND
In 20/20 hindsight it cost me 4.108 BTC. That amount of BTC (at the current price as I type this of) $12,760.44 USD gives
me a total cost of $$57,419.89 at current BTC prices......yeah....mental giant I am! Not a real deal for 5 Obelisks. Had a buddy do the same.
(I shall blame him...he got 5 first...I simply had to follow...it is all his fault!)
And the price of BTC will likely GO UP MORE by the time they ship.... June 2018
Not sure if I should mine them or leave them virgin and put them in a bookcase shrine..never to touch the internet on their rarity!
fun times, damn silly hobby I got into...but hey!!!!
I HAVE $10,140.00 USD I can take off my gross income this year for tax purposes......
sheesh.....
brad
Yes, thats funny...in a long run you'll probably never mine enough SIA to catch up to value of those 4BTC...then again, who knows what the future holds for us...
For basic i never use BTC to buy mining equipement oO
When i buy mining equipment is only from new money, i never take from my crypto stack ...
On other way you make a bet, if BTC go down after your buy, you win ... In other way you loose ...
Second you blame someone cause they tell to you buy SIA ASIC, well you are a grown man and you take YOUR DECISION.
DONT BLAME OTHER PEOPLE FOR THIS oO
I was just letting everyone have a good laugh at my expense......I did NOT buy a lot of mining equipment...at the end of the year
just the sia stuff.....majority I did at 1st part of the year for crypto and have killed it this year
actually, that slack allowed me to gamble with obelisk's as a hedge because the tax man was gonna kill me w/o equipment
catch 22
but no, always have a reason to do stuff...but when BTC went beyond 2.5k ..well....them days of using crypto and mining it back died
around June 2017....up until then ..the angle has worked well for me since 2013
but your point is vaild, from now on take out a 'bank loan' and if it all goes pear shaped THEN use crypto to get out of the hole
but that will only work from now on with very modest amounts of equipment that make sense
anyway, w/o the siacoin miners at 10,104.00 ....I'd be in doo/doo with the IRS now ..so again ..ego wise it made sense back in the day
er now...er $$$ first then crypto if you get jam'd up..but only enough $$$ to get modest equip for deduction reasons to use for IRS
by modest 1 or 2...but even such miners do not exist and may not exist for a year....if ALL cryptos continue to play this MOON SHOT game!
live an learn....(don't be me)
brad