Topic: how to mine bitcoin as a business (Read 2104 times)
I think that there is no good regulation for now.
Mining in General is unprofitable and will likely not ROI after electricity and the miner is paid for. Even if you get a tax deduction you will simply lose less money but would not cause a profit.
Yes. Yet, most new comers still attract to the mining business.
And the only ones that get more or less constant flow of income are the mining equipment producers. Also, the question is inevitable as to why would they sell mining equipment if they could just mine themselves?
Regarding ethics, I see no problem here as long as the manufacturers don't change the mining equipment specifications (hash rate before all) and sell used hardware as brand new. If they mine too intensively on the equipment they sell, the difficulty will inevitably grow, and as a result the hash rate of the equipment will not provide enough return, so they won't be able to sell it in the end.
Mining in General is unprofitable and will likely not ROI after electricity and the miner is paid for. Even if you get a tax deduction you will simply lose less money but would not cause a profit.
Yes. Yet, most new comers still attract to the mining business.
And the only ones that get more or less constant flow of income are the mining equipment producers. Also, the question is inevitable as to why would they sell mining equipment if they could just mine themselves?
Regarding ethics, I see no problem here as long as the manufacturers don't change the mining equipment specifications (hash rate before all) and sell used hardware as brand new. If they mine too intensively on the equipment they sell, the difficulty will inevitably grow, and as a result the hash rate of the equipment will not provide enough return, so they won't be able to sell it in the end.
Mining in General is unprofitable and will likely not ROI after electricity and the miner is paid for. Even if you get a tax deduction you will simply lose less money but would not cause a profit.
Yes. Yet, most new comers still attract to the mining business.
And the only ones that get more or less constant flow of income are the mining equipment producers. Also, the question is inevitable as to why would they sell mining equipment if they could just mine themselves?
That's what I expected and would probably do the same myself if I were a mining equipment manufacturer.
its bussines personal or other people can join to ?
the most important . about security . if you makes some bussines for other people to
because hacker easy break low security.
good luck.
the most important . about security . if you makes some bussines for other people to
because hacker easy break low security.
good luck.
Mining in General is unprofitable and will likely not ROI after electricity and the miner is paid for. Even if you get a tax deduction you will simply lose less money but would not cause a profit.
Yes. Yet, most new comers still attract to the mining business.
And the only ones that get more or less constant flow of income are the mining equipment producers. Also, the question is inevitable as to why would they sell mining equipment if they could just mine themselves?
Mining in General is unprofitable and will likely not ROI after electricity and the miner is paid for. Even if you get a tax deduction you will simply lose less money but would not cause a profit.
Yes. Yet, most new comers still attract to the mining business.
And the only ones that get more or less constant flow of income are the mining equipment producers. Also, the question is inevitable as to why would they sell mining equipment if they could just mine themselves?
Hello,
I have a business and I would like to add btc mining as a source of revenue. I have a couple of questions. please share your experience and wisdom.
1. mining machines should be tax deductible under section 179?
2. mining income counts as business income?
3. electricity as business expense?
4. mining loss as business loss?
thank you
I have a business and I would like to add btc mining as a source of revenue. I have a couple of questions. please share your experience and wisdom.
1. mining machines should be tax deductible under section 179?
2. mining income counts as business income?
3. electricity as business expense?
4. mining loss as business loss?
thank you
Forget mining as a source of revenue, it isn't profitable anymore.
If you want you could try to instamine some altcoins to have better chances to profit, but the safest way is buying bitcoins directly.
Holding and buying coin is superior to mining coin for a while. Most experience users should know that by now.
You've really missed the boat on the whole mining for profit thing in terms of BTC. There are some altcoins where you can make a profit mining, but it's a huge crapshoot.
Hello,
I have a business and I would like to add btc mining as a source of revenue. I have a couple of questions. please share your experience and wisdom.
1. mining machines should be tax deductible under section 179?
2. mining income counts as business income?
3. electricity as business expense?
4. mining loss as business loss?
thank you
I have a business and I would like to add btc mining as a source of revenue. I have a couple of questions. please share your experience and wisdom.
1. mining machines should be tax deductible under section 179?
2. mining income counts as business income?
3. electricity as business expense?
4. mining loss as business loss?
thank you
Forget mining as a source of revenue, it isn't profitable anymore.
If you want you could try to instamine some altcoins to have better chances to profit, but the safest way is buying bitcoins directly.
Hello,
I have a business and I would like to add btc mining as a source of revenue. I have a couple of questions. please share your experience and wisdom.
1. mining machines should be tax deductible under section 179?
2. mining income counts as business income?
3. electricity as business expense?
4. mining loss as business loss?
thank you
I have a business and I would like to add btc mining as a source of revenue. I have a couple of questions. please share your experience and wisdom.
1. mining machines should be tax deductible under section 179?
2. mining income counts as business income?
3. electricity as business expense?
4. mining loss as business loss?
thank you
First question - Country of business?
A lot of mining rigs are set up in countries with low electricity cost...
As always, any gains that one should have, be it income or profit, should be listed and declared to be taxed. However, it still depends on what laws you have in your country.
If you really have to have mining as another source of income together with your business, I suggest you study first when or how you're gonna get an ROI because in these days, mining bitcoin is not profitable unless you have some pretty good hardware that can cover your electricity expenses. Speculating in trading is a risky process to take part with if you want to profit but heck, investing itself is a risky process, isn't it?
If you really have to have mining as another source of income together with your business, I suggest you study first when or how you're gonna get an ROI because in these days, mining bitcoin is not profitable unless you have some pretty good hardware that can cover your electricity expenses. Speculating in trading is a risky process to take part with if you want to profit but heck, investing itself is a risky process, isn't it?
And the only ones that get more or less constant flow of income are the mining equipment producers. Also, the question is inevitable as to why would they sell mining equipment if they could just mine themselves?
And you came to the conclusion this is equal to saying that it is not worth to manufacture and sell mining equipment? All I meant to say was that they might obtain more profits mining bitcoins themselves than selling the equipment. Really, if they don't sell it at the moment they have manufactured it, why not use it to mine some coins in the interim?
And the only ones that get more or less constant flow of income are the mining equipment producers. Also, the question is inevitable as to why would they sell mining equipment if they could just mine themselves?
When you sell mining equipment you have your money right now. When you want to mine, you need to wait for ROI and take a risk that it will never pay for itself.
Additionally, to successfully mine you need more than a miner - cooling, cheap energy, IT crew etc.
Generally it is much better to sell right now and acquired money spend on further development of the company - unless of course there were hundreds of people ready to prepurchase something that does not exist yet from some shady companies - then you can indeed mine because you already have the money and the miner.
So please, do not repeat the bullshit that it is not worth to manufacture and sell mining equipment.
Additionally, to successfully mine you need more than a miner - cooling, cheap energy, IT crew etc.
Generally it is much better to sell right now and acquired money spend on further development of the company - unless of course there were hundreds of people ready to prepurchase something that does not exist yet from some shady companies - then you can indeed mine because you already have the money and the miner.
So please, do not repeat the bullshit that it is not worth to manufacture and sell mining equipment.
Your argument about having money right now makes sense only if you the mining equipment manufacturer could sell the equipment right at the moment you have produced it. But if mining on it wouldn't bring you profit, how on earth are you going to sell in the first place?
And where did I say that it is not worth to manufacture and sell mining equipment? Could you point me to that part in my posts?
Hello,
I have a business and I would like to add btc mining as a source of revenue. I have a couple of questions. please share your experience and wisdom.
1. mining machines should be tax deductible under section 179?
2. mining income counts as business income?
3. electricity as business expense?
4. mining loss as business loss?
thank you
I have a business and I would like to add btc mining as a source of revenue. I have a couple of questions. please share your experience and wisdom.
1. mining machines should be tax deductible under section 179?
2. mining income counts as business income?
3. electricity as business expense?
4. mining loss as business loss?
thank you
Forget mining as a source of revenue, it isn't profitable anymore.
If you want you could try to instamine some altcoins to have better chances to profit, but the safest way is buying bitcoins directly.
When you sell mining equipment you have your money right now. When you want to mine, you need to wait for ROI and take a risk that it will never pay for itself.
Additionally, to successfully mine you need more than a miner - cooling, cheap energy, IT crew etc.
Generally it is much better to sell right now and acquired money spend on further development of the company - unless of course there were hundreds of people ready to prepurchase something that does not exist yet from some shady companies - then you can indeed mine because you already have the money and the miner.
So please, do not repeat the bullshit that it is not worth to manufacture and sell mining equipment.
Additionally, to successfully mine you need more than a miner - cooling, cheap energy, IT crew etc.
Generally it is much better to sell right now and acquired money spend on further development of the company - unless of course there were hundreds of people ready to prepurchase something that does not exist yet from some shady companies - then you can indeed mine because you already have the money and the miner.
So please, do not repeat the bullshit that it is not worth to manufacture and sell mining equipment.
Mining in General is unprofitable and will likely not ROI after electricity and the miner is paid for. Even if you get a tax deduction you will simply lose less money but would not cause a profit.
Yes. Yet, most new comers still attract to the mining business.
And the only ones that get more or less constant flow of income are the mining equipment producers. Also, the question is inevitable as to why would they sell mining equipment if they could just mine themselves?
Why truck producers sell trucks to logistic companies if they could just transport goods themselves?
Why fishing equipment manufacturers sell fishing equipment while they could fish themselves?
Because in these cases both the truck producers and fishing equipment manufacturers need much more to earn profits than by simply selling their merchandise. Why would you as a trader sell an allegedly winning trading system if you could make money with it yourself?
Mining in General is unprofitable and will likely not ROI after electricity and the miner is paid for. Even if you get a tax deduction you will simply lose less money but would not cause a profit.
Yes. Yet, most new comers still attract to the mining business.
And the only ones that get more or less constant flow of income are the mining equipment producers. Also, the question is inevitable as to why would they sell mining equipment if they could just mine themselves?
Why truck producers sell trucks to logistic companies if they could just transport goods themselves?
Why fishing equipment manufacturers sell fishing equipment while they could fish themselves?
Mining in General is unprofitable and will likely not ROI after electricity and the miner is paid for. Even if you get a tax deduction you will simply lose less money but would not cause a profit.
Yes. Yet, most new comers still attract to the mining business.
And the only ones that get more or less constant flow of income are the mining equipment producers. Also, the question is inevitable as to why would they sell mining equipment if they could just mine themselves?
no good regulation for now
The IRS rules are a headache to figure that out. If you do try it make sure you ere on the side of caution. They are rather unforgiving to say the least. Also check state and local regs of course.
I think these days you can make more through trading or investing or providing services for bitcoins, then actually through mining.
Mining in General is unprofitable and will likely not ROI after electricity and the miner is paid for. Even if you get a tax deduction you will simply lose less money but would not cause a profit.
Yes. Yet, most new comers still attract to the mining business.
Mining in General is unprofitable and will likely not ROI after electricity and the miner is paid for. Even if you get a tax deduction you will simply lose less money but would not cause a profit.
1. None I think. Don't quote, and check your laws.
2. I believe it should, but again check laws and regulations. I know that mining was... capital gains? Go look around, there were threads created about it.
3. Do other businesses class electricity as an expense? That's probably your answer.
4. How do you lose mining capability?
Please, whatever you do, I'm NOT a 100% pure guide to follow. Always check your laws and regulations, and I'm not trying to give financial advice. Don't quote me on my statements, I'm just trying to point you in the right direction.
2. I believe it should, but again check laws and regulations. I know that mining was... capital gains? Go look around, there were threads created about it.
3. Do other businesses class electricity as an expense? That's probably your answer.
4. How do you lose mining capability?
Please, whatever you do, I'm NOT a 100% pure guide to follow. Always check your laws and regulations, and I'm not trying to give financial advice. Don't quote me on my statements, I'm just trying to point you in the right direction.
Hello,
I have a business and I would like to add btc mining as a source of revenue. I have a couple of questions. please share your experience and wisdom.
1. mining machines should be tax deductible under section 179?
2. mining income counts as business income?
3. electricity as business expense?
4. mining loss as business loss?
thank you
I have a business and I would like to add btc mining as a source of revenue. I have a couple of questions. please share your experience and wisdom.
1. mining machines should be tax deductible under section 179?
2. mining income counts as business income?
3. electricity as business expense?
4. mining loss as business loss?
thank you
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