For the electrical capacity questions, I would speak to an electrician as every place is different. If you are doing this out of your home then you won't have access to 3 phase power usually, which isn't a bad thing but you will be limited to how many machines you can run because of a lack of amps. Most homes in the US run off about 120 amps, which means 10 machines would max out your breaker, with NOTHING else running in the house. In order to run more than that many machines you'll need to upgrade your breaker, but IMO you would be better of moving to a commercial location with 3-phase and several hundred amps available.
As for the tax write off situation, again, best you speak to a professional (accountant). I would imagine it would be the same as a company writing off any other computer or server, the depreciation formulas that the IRS accepts are out there. The standard write off time may be longer than the life of a miner, you'll have to do some digging. Also ask about capital gains tax treatment with BTC mining.
Topic: Introduction (Read 147 times)
Remember if you want to try and write off the hardware you better be paying the proper taxes on your earnings. Bitcoin is treated as property and subject to capital gains taxes.
Hello my fellow miners!
I wanted to take the time to write a formal introduction now that I've been lurking in the forum for some time reading through and absorbing the knowledge we have on hand here.
For about 2 months now I've been slowly making my way into mining. I initially started with a simple Antminer s5 to learn on and get my feet wet. This led me to immediately buying 2 Antminer s7's (I bought all 3 through amazon) as well as ordering an Antminer s9 that is shipping between now and the 29th.
I'm set up out in Los Angeles and I'm running it out of my garage.
https://imgur.com/a/lVvvi
Currently I am only running the 2 s7's, as it seems like the s5 is just not worth it for the power consumption. Both units are being run off 120v. The garage is well ventilated so I've managed to keep the heating problem mitigated, though I have noticed a loss in hash rate during the hottest points in the day.
Average Hash rate: 8.5 t/hs
Earned amount to datet: $610 usd (1 month with s5+s7, then 1 month with 2 s7's)
Pool: Slushpool
Power: ~$276 usd /month
Honestly, I have nothing to really brag about it as I am a newbie miner. But, I have the good fortune to be moving into my recently purchased duplex. Of which there is garage that I will be able to renovate to exactly how I want it. Including running 220v hook ups for future expansion.
With that being said I do have a few questions that I am trying to figure out. Awhile back I read an article on turning the whole operation into a small business with the intent of taking advantage of the hardware as write offs and tax deductions.
1. Is it possible to do the aforementioned goal of writing off the hardware for tax purposes? I already have a small business up and running and have my tax id # established.
2. Next year after I've taken on more units i want to expand into an office space. Does anyone have experience making this kind of move? How hard is it to get the needed 220v hookups run in? What are pitfalls to watch out for? I have seen some office spaces that offer utilities covered, including electricity.
3. Any recommendations on setting up the new garage? Is it worth it to set up the infrastructure in advance or expand as I go? I have 5 spare circuits on my Box, should I install all of the 220v hookups in advance?
My current goals are this:
1. Buy an s9 or equivalent hardware (as they are released by future competitors) or Avalon product each month until the end of 2018. By reinvesting all my profits into new hardware.
2. Hit ~120+ Th/s by December 2018
3. Find a secure office space and continue expanding, with the final goal of finding a warehouse.
------------>TL:DR : Newbie miner saying hello
I wanted to take the time to write a formal introduction now that I've been lurking in the forum for some time reading through and absorbing the knowledge we have on hand here.
For about 2 months now I've been slowly making my way into mining. I initially started with a simple Antminer s5 to learn on and get my feet wet. This led me to immediately buying 2 Antminer s7's (I bought all 3 through amazon) as well as ordering an Antminer s9 that is shipping between now and the 29th.
I'm set up out in Los Angeles and I'm running it out of my garage.
https://imgur.com/a/lVvvi
Currently I am only running the 2 s7's, as it seems like the s5 is just not worth it for the power consumption. Both units are being run off 120v. The garage is well ventilated so I've managed to keep the heating problem mitigated, though I have noticed a loss in hash rate during the hottest points in the day.
Average Hash rate: 8.5 t/hs
Earned amount to datet: $610 usd (1 month with s5+s7, then 1 month with 2 s7's)
Pool: Slushpool
Power: ~$276 usd /month
Honestly, I have nothing to really brag about it as I am a newbie miner. But, I have the good fortune to be moving into my recently purchased duplex. Of which there is garage that I will be able to renovate to exactly how I want it. Including running 220v hook ups for future expansion.
With that being said I do have a few questions that I am trying to figure out. Awhile back I read an article on turning the whole operation into a small business with the intent of taking advantage of the hardware as write offs and tax deductions.
1. Is it possible to do the aforementioned goal of writing off the hardware for tax purposes? I already have a small business up and running and have my tax id # established.
2. Next year after I've taken on more units i want to expand into an office space. Does anyone have experience making this kind of move? How hard is it to get the needed 220v hookups run in? What are pitfalls to watch out for? I have seen some office spaces that offer utilities covered, including electricity.
3. Any recommendations on setting up the new garage? Is it worth it to set up the infrastructure in advance or expand as I go? I have 5 spare circuits on my Box, should I install all of the 220v hookups in advance?
My current goals are this:
1. Buy an s9 or equivalent hardware (as they are released by future competitors) or Avalon product each month until the end of 2018. By reinvesting all my profits into new hardware.
2. Hit ~120+ Th/s by December 2018
3. Find a secure office space and continue expanding, with the final goal of finding a warehouse.
------------>TL:DR : Newbie miner saying hello
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