KanoPool kano.is lowest 0.9% fee 🐈 since 2014 - Worldwide - 2432 blocks - page 304.

ccgllc

copper member

Activity: 658

Merit: 101

Math doesn't care what you believe.

Quote from: CryptoStash on April 08, 2018, 01:01:05 PM

How close are we to a miner revolution? I'm presently in process of upgrading to 40~ miner strong and as I am nearing the end of the upgrade process for electricity, I am weary of investing heavily now into this generation of 13.5 THs miners..

Appreciate your insight.

My guess is that we will see something new for Bitmain in June, shortly after the coupons expire. Others say November. My SPECULATION is that they will simply be S9s with ASICBoost or some similar variation. I don't see any smaller die/significantly more efficient product coming out in the short run.

I'm probably going to use up my $400+ coupons to buy up more 13.5TH units, but once those are gone will continue to expand with 841s. They just RUN. No issues, no having to monitor them for performance decreases fixed by reboots, no cards mysteriously failing.

DCGOO

newbie

Activity: 7

Merit: 0

Quote from: Shazam!!! on April 08, 2018, 10:44:40 AM

I can understand where your coming from, but personally I want to leave no stone unturned, when it comes to maximizing my profits.

The United States taxes BTC as a capital gain, I believe. The price of BTC when you receive it is important. If you ignore that number, they will tax you at it's price when you convert, instead of when you received. As of right now the price is around $7000usd. Long term miners, like myself, do not convert at this price. Unless Forced too. Cashing out rewards at this price is going to be a waste of profit.

.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.

dutchlincoln

member

Activity: 434

Merit: 30

Quote from: userghost on April 08, 2018, 11:52:21 AM

Quote from: dutchlincoln on April 08, 2018, 11:51:06 AM

Quote from: userghost on April 08, 2018, 11:01:03 AM

If anybody has any 400+$ coupons I'm looking to buy another 20-25 miners within a week if I can get enough coupons. Currently have 6

Aaaaaahhh... So you could spare me 2... Grin

I offered 2! Just not 400$ ones

Didi i miss it?
You dont accept msg from newbies (a highly annoying status on this forum...) can that be the cause of miscommunication?

minergain.com

member

Activity: 285

Merit: 10

Free mining equipment tracking and reporting

Quote from: Shazam!!! on April 08, 2018, 09:11:01 AM

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.

kano

legendary

Activity: 4634

Merit: 1851

Linux since 1997 RedHat 4

There's a strange outage on the JP node at the moment.

It can't see anything in the USA at all, but has no problems connecting to anywhere else.
I'm awaiting the provider to sort it out.

Hopefully everyone mining on the JP node has another pool node as a backup.

Of course, no other nodes are affect.

CryptoStash

newbie

Activity: 26

Merit: 0

With all the coupons floating around, serious question for you my fellow Kanonians....

How close are we to a miner revolution? I'm presently in process of upgrading to 40~ miner strong and as I am nearing the end of the upgrade process for electricity, I am weary of investing heavily now into this generation of 13.5 THs miners..

Appreciate your insight.

Nick_01

newbie

Activity: 94

Merit: 0

and immediately all of you suddenly needed coupons ... gentlemen, please take turns ... Grin

brad2388

member

Activity: 73

Merit: 10

I too would like a 400 coupon to add one miner.

userghost

jr. member

Activity: 284

Merit: 3

Quote from: dutchlincoln on April 08, 2018, 11:51:06 AM

Quote from: userghost on April 08, 2018, 11:01:03 AM

If anybody has any 400+$ coupons I'm looking to buy another 20-25 miners within a week if I can get enough coupons. Currently have 6

Aaaaaahhh... So you could spare me 2... Grin

I offered 2! Just not 400$ ones

dutchlincoln

member

Activity: 434

Merit: 30

Quote from: userghost on April 08, 2018, 11:01:03 AM

If anybody has any 400+$ coupons I'm looking to buy another 20-25 miners within a week if I can get enough coupons. Currently have 6

Aaaaaahhh... So you could spare me 2... Grin

maddadata

newbie

Activity: 85

Merit: 0

Quote from: firetreeactual on April 08, 2018, 11:03:24 AM

Quote from: DCGOO on April 08, 2018, 10:12:58 AM

Quote from: figmining26 on April 08, 2018, 09:46:17 AM

Current usd price at time of payment is something i would really like as well. To report, need 2 numbers. The first number is usd at time u recieved the coin. This instant you earned income, so tax man needs a usd number to tax it. Then need the usd price sold at. The diffence between these prices is taxed at either short term or long term capital gains, depending on how long u held.
Disclosure so u cant sue me... Im not accountant, this not financial advice. However, this is how my accountant told me to do it.

What I am doing is not counting it as income at all until it converts to USD. IOW, it doesn't matter to me what the price was when it was mined. Only when I convert it to $. As long as it sits in BTC, it is not recognized as income to me. Nobody else has any way of knowing about it until it converts. Six months of records distilled down to a single entry in Quickbooks (at the current exchange rate, it might be a lot longer ). Kano and the other pools are not tracked or monitored by the authorities, only the exchanges.

Well...according to a close relative who is actually an IRS person...it's income when you cash it for USD...NOT when you mine it. Same as gold bullion.

IRS has reversed themselves on that several times. if you are a miner you forgot it's not income until you ROI and then only that amount that exceeds electrical cost and depreceation. Good idea to create an LLC to report these and then pass through any income. If you do than any accountant you talk to is gonna come up with the same number, but mining as an individual is not something easy to report.

THANX CRYPTOSTARUSA!

dutchlincoln

member

Activity: 434

Merit: 30

Quote from: Shazam!!! on April 08, 2018, 10:44:40 AM

Quote from: DCGOO on April 08, 2018, 10:12:58 AM

Quote from: figmining26 on April 08, 2018, 09:46:17 AM

Current usd price at time of payment is something i would really like as well. To report, need 2 numbers. The first number is usd at time u recieved the coin. This instant you earned income, so tax man needs a usd number to tax it. Then need the usd price sold at. The diffence between these prices is taxed at either short term or long term capital gains, depending on how long u held.
Disclosure so u cant sue me... Im not accountant, this not financial advice. However, this is how my accountant told me to do it.

What I am doing is not counting it as income at all until it converts to USD. IOW, it doesn't matter to me what the price was when it was mined. Only when I convert it to $. As long as it sits in BTC, it is not recognized as income to me. Nobody else has any way of knowing about it until it converts. Six months of records distilled down to a single entry in Quickbooks (at the current exchange rate, it might be a lot longer ). Kano and the other pools are not tracked or monitored by the authorities, only the exchanges.

I can understand where your coming from, but personally I want to leave no stone unturned, when it comes to maximizing my profits.

The United States taxes BTC as a capital gain, I believe. The price of BTC when you receive it is important. If you ignore that number, they will tax you at it's price when you convert, instead of when you received. As of right now the price is around $7000usd. Long term miners, like myself, do not convert at this price. Unless Forced too. Cashing out rewards at this price is going to be a waste of profit.

So, keeping the 1st number, and correlating that against monthly cost of equipment and electricity, when converting can give me
a more accurate "starting point" for the amount of capital gains they will tax.

I do fully understand pools are not looked at, and exchanges are, but there is a percentage of the Rewards that get charged to receive
the Rewards. Pool fees. That is also an important number you have to consider. It is a COST you have to pay to receive your rewards.
There is also an exchange percentage you need to capture. These are ALL important numbers. Get the most out of your earnings.

Also, thank you cryptostarusa!!!

All quite offtopic if you ask me...

swanny88

newbie

Activity: 103

Merit: 0

Quote from: kano on April 08, 2018, 09:16:22 AM

Quote from: VRobb on April 08, 2018, 09:12:00 AM

Quote from: MinerSRQ on April 08, 2018, 08:38:19 AM

For those of you who have Solo as your third pool, which Solo service are you using?

https://bitcointalksearch.org/topic/yh-solockpoolorg-2-fee-solo-mining-usade-255-blocks-solved-763510

The expensive one that charges more than here and expects a large tip to make it even higher Tongue

Where do you suggest that we point our 3rd failover? I understand the solo pool is expensive but if I did hit a block on a failover the last thing in the world I would be thinking about is the fee. haha

swanny88

newbie

Activity: 103

Merit: 0

Quote from: kano on April 08, 2018, 11:26:02 AM

Quote from: swanny88 on April 08, 2018, 11:19:46 AM

Anyone know what happened to the payouts tab?

Top of the previous page:
https://bitcointalksearch.org/topic/m.34214415

Sorry, I read most of these and looked but I guess I didn't look hard enough...lol, Thanks!

clgrissom3

legendary

Activity: 1736

Merit: 1032

Carl, aka Sonny :)

Quote from: swanny88 on April 08, 2018, 11:19:46 AM

Anyone know what happened to the payouts tab?

Haha! This is an active thread...everyone has to keep up Cheesy

kano

legendary

Activity: 4634

Merit: 1851

Linux since 1997 RedHat 4

Quote from: swanny88 on April 08, 2018, 11:19:46 AM

Anyone know what happened to the payouts tab?

Top of the previous page:
https://bitcointalksearch.org/topic/m.34214415

swanny88

newbie

Activity: 103

Merit: 0

Anyone know what happened to the payouts tab?

rifleman74

member

Activity: 658

Merit: 21

4 s9's 2 821's

Quote from: firetreeactual on April 08, 2018, 11:03:24 AM

Quote from: DCGOO on April 08, 2018, 10:12:58 AM

Quote from: figmining26 on April 08, 2018, 09:46:17 AM

Current usd price at time of payment is something i would really like as well. To report, need 2 numbers. The first number is usd at time u recieved the coin. This instant you earned income, so tax man needs a usd number to tax it. Then need the usd price sold at. The diffence between these prices is taxed at either short term or long term capital gains, depending on how long u held.
Disclosure so u cant sue me... Im not accountant, this not financial advice. However, this is how my accountant told me to do it.

What I am doing is not counting it as income at all until it converts to USD. IOW, it doesn't matter to me what the price was when it was mined. Only when I convert it to $. As long as it sits in BTC, it is not recognized as income to me. Nobody else has any way of knowing about it until it converts. Six months of records distilled down to a single entry in Quickbooks (at the current exchange rate, it might be a lot longer ). Kano and the other pools are not tracked or monitored by the authorities, only the exchanges.

Well...according to a close relative who is actually an IRS person...it's income when you cash it for USD...NOT when you mine it. Same as gold bullion.

Correct, but you have to establish a cost basis for that eventual dollar/euro/Zimbabwe dollar transaction. It's not 100% income.

firetreeactual

legendary

Activity: 952

Merit: 1003

Quote from: DCGOO on April 08, 2018, 10:12:58 AM

Quote from: figmining26 on April 08, 2018, 09:46:17 AM

Current usd price at time of payment is something i would really like as well. To report, need 2 numbers. The first number is usd at time u recieved the coin. This instant you earned income, so tax man needs a usd number to tax it. Then need the usd price sold at. The diffence between these prices is taxed at either short term or long term capital gains, depending on how long u held.
Disclosure so u cant sue me... Im not accountant, this not financial advice. However, this is how my accountant told me to do it.

What I am doing is not counting it as income at all until it converts to USD. IOW, it doesn't matter to me what the price was when it was mined. Only when I convert it to $. As long as it sits in BTC, it is not recognized as income to me. Nobody else has any way of knowing about it until it converts. Six months of records distilled down to a single entry in Quickbooks (at the current exchange rate, it might be a lot longer ). Kano and the other pools are not tracked or monitored by the authorities, only the exchanges.

Well...according to a close relative who is actually an IRS person...it's income when you cash it for USD...NOT when you mine it. Same as gold bullion.

userghost

jr. member

Activity: 284

Merit: 3

If anybody has any 400+$ coupons I'm looking to buy another 20-25 miners within a week if I can get enough coupons. Currently have 6

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