Thanx Kano!!! I was receiving alerts, saw the website was down, and instantly knew you'd be a busy fella.
Just a thought here about the new accounting page:
Is there any chance you could write a code/script that could, show the price of Bitcoin at the time of a reward payout? This feature
would certainly be helpful, for those of us who need to have a date with Uncle Sam! Ha!
minergain.com takes care of this automatically (in US dollars right now - if someone needs other currency, I can add that in an hour of programming). Just do a file, save as of your rewards, upload that file to your minergain rewards section and the price of BTC when the block was found is assigned to the display below. As I understand it, that is one way to report your cost basis. Unfortunately I do not have the wallet transfers built in yet, so this method is only good for reporting based on when it is found for now. Of course this can be used with any pool we are monitoring as well. You can list your rewards by day, week, month or year. You will have your accounting info done in about 2 minutes with this process! PM me if you have any issues with the process.
THANK YOU Minergain!!! I will definitely set some time aside, to take a look at this.
.US only worries about Bitcoin as a capital gain if you are TRADING in BTC. IOW, if you buy 1 bitcoin for $US6000, and sell it for $US7000, that is a gain of $US1000 when you sell it, not before. But if you MINE 1 bitcoin for that is 1 BTC of pure income. Not the same. If you sit on that mined bitcoin until it is worth $US10000, and sell it, that is pure income of $US10000, but not until you exchange it for USD. IOW, the price in US$ of BTC when you actually acquire it has no effect on your cost to acquire.
The actual direct cost to mine BTC is zero, it is found money. I bought my miners with USD, and I pay my electricity bill with USD. I can deduct those expenses against my mining revenue, but only after the revenue is converted from BTC into USD, regardless of what the price was at the time I "found" the bitcoin. Hopefully I can continue pay the bills from other sources until the BTC price increases to something worthwhile.
The BTC cost for MINING is likely zero. The cost for TRADING is whatever you paid and sold it for in US$. If you are doing both mining and trading, my suggestion would be to keep separate wallets for each activity.
Not true at all. Mining does cost money, you can write off power, machines, hosting, etc...
Now we're getting off-topic, so back to
MINING ON WITH KANO-SAN!You are correct. This has turned from a simple question, into alot of speculative responses. I just wanted the info for recording keeping, in the event the IRS decides to pull the wool down over unsuspecting eyes. The information on hand, would be ALOT easier to see, than having to go back and dig up.
Goodluck to us ALL!!! C'mon BTClock!!!
Note: This doesn't even include the one Kano is in the process of working through the far and few between, rare technical issues for right now.
