Topic: KanoPool kano.is lowest 0.9% fee 🐈 since 2014 - Worldwide - 2432 blocks - page 305. (Read 5352295 times)
April 08, 2018, 10:58:17 AM
Was going to ask about the reward not showing up but kano answered that question above. So now we're just back to MINING ON WITH KANO-SAN!
April 08, 2018, 10:47:46 AM
Anyone who has 2 $420 coupons for me? I can trhow in some $100 coupons for exchange...
Will point hashpower to kano.
Will point hashpower to kano.
April 08, 2018, 10:44:40 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.
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
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!!!
April 08, 2018, 10:36:24 AM
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.
Kudos -
Getting specific recommendations on your specific tax liabilities based on your specific mining activities from your own accountant is highly recommended.
Of course. But that is my opinion, and I'm stickin' to it lol
April 08, 2018, 10:23:31 AM
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.
Kudos -
Getting specific recommendations on your specific tax liabilities based on your specific mining activities from your own accountant is highly recommended.
April 08, 2018, 10:16:48 AM
BTCBlockBTC, on to the next one. Kano Pool, the Best Bitcoin Mining Pool on Earth!! Mine On With Kano-San.
April 08, 2018, 10:12:58 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.
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 $. As long as it sits in BTC, it is not recognized as income to me. Nobody else has any way of knowing about it until it converts. Six months of records distilled down to a single entry in Quickbooks (at the current exchange rate, it might be a lot longer
April 08, 2018, 10:07:43 AM
Block by cryptostarusa! This is our 1st of BLOCK SUNDAY! 
It was less than 200% as well
The reward for this block wont appear until I've finished fixing the missing shift, just before the payout - I still need to fix the missing shift and I'm setting that up now on another server to generate the missing shift data (charlotte) and correct the beldandy shift.It was less than 200% as well
Anyone who looked closely enough would have noticed that the beldandy shift says it's twice as long but not twice as many shares
(and charlotte is missing)
The reward of course depends on the shift data, so I have to get the shifts correct before generating the rewards, for doing the payout.
It should be done in time for the payout
And in the meantime, who has an extra coupon for bitmain (420$) and who does not feel sorry for him, you can donate to me for the purchase and further connection of the miner to our pool 
April 08, 2018, 10:02:08 AM
Block by cryptostarusa! This is our 1st of BLOCK SUNDAY!
It was less than 200% as well
The reward for this block wont appear until I've finished fixing the missing shift, just before the payout - I still need to fix the missing shift and I'm setting that up now on another server to generate the missing shift data (charlotte) and correct the belldandy shift.It was less than 200% as well
Anyone who looked closely enough would have noticed that the beldandy shift says it's twice as long but not twice as many shares
(and charlotte is missing)
The reward of course depends on the shift data, so I have to get the shifts correct before generating the rewards, for doing the payout.
It should be done in time for the payout
April 08, 2018, 09:55:27 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!
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!
You can pull a historical price for a date and time on any crypto. I just make sure I use the same exchange for all of my calculations. I have a spreadsheet made up that pulls the historic price for both purchases and sells to determine the profit.
Also, this six-minute wait between posting is a nuisance.
April 08, 2018, 09:52:00 AM
Oh, I also forgot to point out, I removed the Payments page.
It's just a copy of data from the Rewards page and has never shown any extra useful information other than your address, which you should know, but it does show payouts that didn't get sent due to dust.
It's just a copy of data from the Rewards page and has never shown any extra useful information other than your address, which you should know
, but it does show payouts that didn't get sent due to dust.Link to the payments page is still there on rewards page (even though the page itself is gone)
April 08, 2018, 09:51:44 AM
Block!!!
April 08, 2018, 09:50:19 AM
Quote from: DCGOO
But isn't that a meaningless number? You need to know what the price is when you convert to USD. You have to do that on one of the exchanges, because Kano doesn't speak USD (nor do we want him to).
Nope, not meaningless. The moment you get the block in your wallet is your cost basis, taxed as ordinary income. The difference between long term capital gains and ordinary income can be substantial.
April 08, 2018, 09:48:28 AM
Yeeeee block baby!! Plus we dont care about taxes here! Our goverment has no clue 😂😂
April 08, 2018, 09:47:53 AM
Block!
April 08, 2018, 09:47:30 AM
Block!!!
Thank you Cryptostarusa!
Thank you Cryptostarusa!
April 08, 2018, 09:47:22 AM
BTClock finally!
Thank you Cryptostarusa!
Thank you Cryptostarusa!
April 08, 2018, 09:47:03 AM
Block by cryptostarusa! This is our 1st of BLOCK SUNDAY!
It was less than 200% as well
It was less than 200% as well
April 08, 2018, 09:46:17 AM
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!
[/quote]
But isn't that a meaningless number? You need to know what the price is when you convert to USD. You have to do that on one of the exchanges, because Kano doesn't speak USD (nor do we want him to).
[/quote]
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.
would certainly be helpful, for those of us who need to have a date with Uncle Sam! Ha!
[/quote]
But isn't that a meaningless number? You need to know what the price is when you convert to USD. You have to do that on one of the exchanges, because Kano doesn't speak USD (nor do we want him to).
[/quote]
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.
April 08, 2018, 09:45:36 AM
1 BTC = 1 BTC
Just use the income tax % on the total amount of bitcoin, send that to the IRS
Or, you could live in a jurisdiction that doesn't tax capital gains...
Other people can do whatever hand waving and fancy tax tricks they want. I recognize a block reward as income once it hits 101 confirms and is sent by Kano. Keeps it easy for me, my taxes are nice and clean, and my mining LLC runs smooth.
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