I'd talk to a CPA if I were you.
Not sure what you've heard?https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q
US miners are getting raped on taxes.
Topic: Mining crash coming soon? - page 2. (Read 784 times)
https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q
US miners are getting raped on taxes.
Below 10k now :O
Oh yeah!!! I have a buy order in at 8K. Getting closer.
Hard to pick the best time to jump in aha
Below 10k now :O
Oh yeah!!! I have a buy order in at 8K. Getting closer.
Below 10k now :O
In the US the IRS wants you to pay income tax on everything you mine. If you turn around and sell to cover expenses you'll be paying capital gains on top of that. It sucks. If you can afford to pay your expenses out of pocket and not sell any of your mining proceeds that would be better. Sell later and pay the lower long term gains tax.
I'd talk to a CPA if I were you.
In the US the IRS wants you to pay income tax on everything you mine. If you turn around and sell to cover expenses you'll be paying capital gains on top of that. It sucks. If you can afford to pay your expenses out of pocket and not sell any of your mining proceeds that would be better. Sell later and pay the lower long term gains tax.
You have sold nothing along the way? Not saying your hodl philosophy is wrong however i can totally understand why someone would sell what they have mined. The story could end at much lower prices too. Again not saying that will happen but it could happen.
Not a penny of it. Selling to cover monthly mining expenses is normal, but if you are converting everything to fiat right away you are robbing yourself of so much money. Thats why Isay if you are selling it all off you are doing it wrong. Always mine for the future.
That's the way I look at it. I took some profit when btc was around 15k. Enough to cover electricity costs for a few months. Eventually I'll take some profit to cover the cost of my gpu rigs, because at some point I would like to have that back in my savings account in fiat, but for now I'm holding out to see what happens over the next several months. If we see a huge spike as in double or triple current prices, I'll pull out enough to cover the cost of my mining rigs.
People who use credit cards or borrow fiat from sources that they shouldn't to fund a mining operation or to directly invest in a coin are the ones losing sleep over a bear market and the daily value of their crypto portfolio. It would piss me off if it all went to zero tomorrow and I lose, but I won't be in debt, because of it, if that were to happen.
You haven't lost anything until you sell at a loss.
You have sold nothing along the way? Not saying your hodl philosophy is wrong however i can totally understand why someone would sell what they have mined. The story could end at much lower prices too. Again not saying that will happen but it could happen.
Not a penny of it. Selling to cover monthly mining expenses is normal, but if you are converting everything to fiat right away you are robbing yourself of so much money. Thats why Isay if you are selling it all off you are doing it wrong. Always mine for the future.
I used to sell everything to fiat too frequently, what a mistake that was. Missed out on so much profit.
Don't make the same mistakes I did!
You have sold nothing along the way? Not saying your hodl philosophy is wrong however i can totally understand why someone would sell what they have mined. The story could end at much lower prices too. Again not saying that will happen but it could happen.
Not a penny of it. Selling to cover monthly mining expenses is normal, but if you are converting everything to fiat right away you are robbing yourself of so much money. Thats why Isay if you are selling it all off you are doing it wrong. Always mine for the future.
Uninformed people read these clickbait bullshit article about the death of cryptocurrency and believe it to be true. What we are seeing is the prices settling down after a period of unprecedented growth.
For example lets look at ethereum:
11/1/2017 - $305
12/1/2017 - $444
1/1/2018 - $750
1/30/2018 - $1156
This shows crypto is stronger than ever. It also shows how valuable the token has become. When a token rises in price, people start mining it, pushing profitability down as the difficulty rises. This is a normal function of the ecosystem and in no way means there is a problem or a crash about to occur.
Also, if you are using whattomine and chasing profitability day by day, it shows you have no understanding of how to properly mine for future profit. People mining aren't looking to convert their coins the second a payment hits your wallet (if you dont do this the whattomine calculations become increasingly irrelevant after a few hours). You should be mining coins with the intention of keeping them so that you can profit in a large way later on down the road. A shortsighted approach to mining will cause nothing but pain.
E.G. I was mining ETH when it was $8.50 per token. I held onto all of those tokens and now they are worth ~$1100 each.
Mining is a long game, plain and simple. If you fret over it daily you will be miserable and probably not want to continue.
For example lets look at ethereum:
11/1/2017 - $305
12/1/2017 - $444
1/1/2018 - $750
1/30/2018 - $1156
This shows crypto is stronger than ever. It also shows how valuable the token has become. When a token rises in price, people start mining it, pushing profitability down as the difficulty rises. This is a normal function of the ecosystem and in no way means there is a problem or a crash about to occur.
Also, if you are using whattomine and chasing profitability day by day, it shows you have no understanding of how to properly mine for future profit. People mining aren't looking to convert their coins the second a payment hits your wallet (if you dont do this the whattomine calculations become increasingly irrelevant after a few hours). You should be mining coins with the intention of keeping them so that you can profit in a large way later on down the road. A shortsighted approach to mining will cause nothing but pain.
E.G. I was mining ETH when it was $8.50 per token. I held onto all of those tokens and now they are worth ~$1100 each.
Mining is a long game, plain and simple. If you fret over it daily you will be miserable and probably not want to continue.
You have sold nothing along the way? Not saying your hodl philosophy is wrong however i can totally understand why someone would sell what they have mined. The story could end at much lower prices too. Again not saying that will happen but it could happen.
Uninformed people read these clickbait bullshit article about the death of cryptocurrency and believe it to be true. What we are seeing is the prices settling down after a period of unprecedented growth.
For example lets look at ethereum:
11/1/2017 - $305
12/1/2017 - $444
1/1/2018 - $750
1/30/2018 - $1156
This shows crypto is stronger than ever. It also shows how valuable the token has become. When a token rises in price, people start mining it, pushing profitability down as the difficulty rises. This is a normal function of the ecosystem and in no way means there is a problem or a crash about to occur.
Also, if you are using whattomine and chasing profitability day by day, it shows you have no understanding of how to properly mine for future profit. People mining aren't looking to convert their coins the second a payment hits your wallet (if you dont do this the whattomine calculations become increasingly irrelevant after a few hours). You should be mining coins with the intention of keeping them so that you can profit in a large way later on down the road. A shortsighted approach to mining will cause nothing but pain.
E.G. I was mining ETH when it was $8.50 per token. I held onto all of those tokens and now they are worth ~$1100 each.
Mining is a long game, plain and simple. If you fret over it daily you will be miserable and probably not want to continue.
For example lets look at ethereum:
11/1/2017 - $305
12/1/2017 - $444
1/1/2018 - $750
1/30/2018 - $1156
This shows crypto is stronger than ever. It also shows how valuable the token has become. When a token rises in price, people start mining it, pushing profitability down as the difficulty rises. This is a normal function of the ecosystem and in no way means there is a problem or a crash about to occur.
Also, if you are using whattomine and chasing profitability day by day, it shows you have no understanding of how to properly mine for future profit. People mining aren't looking to convert their coins the second a payment hits your wallet (if you dont do this the whattomine calculations become increasingly irrelevant after a few hours). You should be mining coins with the intention of keeping them so that you can profit in a large way later on down the road. A shortsighted approach to mining will cause nothing but pain.
E.G. I was mining ETH when it was $8.50 per token. I held onto all of those tokens and now they are worth ~$1100 each.
Mining is a long game, plain and simple. If you fret over it daily you will be miserable and probably not want to continue.
I noticed earlier in the month on whattomine.com a 1080 TI would generate about $10 per day. The last week was about $5 per day and I see it says $4 per day as of today. Do you think a mining crash is coming soon and when?
My 1070 struggle to make $3 a day
They want $999 for a 1070
Something is wrong. Something is very wrong
You're numbers are off again. Retailers are asking around $530 usd for a 1070. You're probably just confused about who you are really buying from.
sure just like nvidia has sales all the time, let me tell you I didnt have enough time to put my credit card in before they yanked it out my cart
most places are 900 and up
https://www.newegg.com/Product/Product.aspx?Item=N82E16814487265
That link just proves you are confused about who you are buying from. That is a reseller on NewEgg. That is not a link to a gpu being sold by NewEgg. Guess you missed the part that says ... "Sold and Shipped by: uShopMall".
I noticed earlier in the month on whattomine.com a 1080 TI would generate about $10 per day. The last week was about $5 per day and I see it says $4 per day as of today. Do you think a mining crash is coming soon and when?
My 1070 struggle to make $3 a day
They want $999 for a 1070
Something is wrong. Something is very wrong
You're numbers are off again. Retailers are asking around $530 usd for a 1070. You're probably just confused about who you are really buying from.
sure just like nvidia has sales all the time, let me tell you I didnt have enough time to put my credit card in before they yanked it out my cart
most places are 900 and up
https://www.newegg.com/Product/Product.aspx?Item=N82E16814487265
I noticed earlier in the month on whattomine.com a 1080 TI would generate about $10 per day. The last week was about $5 per day and I see it says $4 per day as of today. Do you think a mining crash is coming soon and when?
My 1070 struggle to make $3 a day
They want $999 for a 1070
Something is wrong. Something is very wrong
You're numbers are off again. Retailers are asking around $530 usd for a 1070. You're probably just confused about who you are really buying from.
GPU Mining will die in 2018
GPU Mining will die in 2019
GPU Mining will die in 2020
GPU Mining will die in 2021
GPU Mining will die in 2022
Bitcoin dies at least 20 times/year
GPU Mining will die in 2019
GPU Mining will die in 2020
GPU Mining will die in 2021
GPU Mining will die in 2022
Bitcoin dies at least 20 times/year
Haha this post actually deserves some Merit
But yes, you got the point.
It's always the same - GPU mining already died many times, Bitcoin already is a zombie.
The 1070 may be ridiculously overpriced right now, but like the poster above me said, there are alternatives that make more sense to buy. There's even a 1080 FE in stock on Best buy right now for $589 right now. I can check out with it right now, seems like it is continuously going in and out of stock right now though.
https://www.bestbuy.com/site/nvidia-founders-edition-geforce-gtx-1080-8gb-gddr5x-pci-express-3-0-graphics-card/5330600.p?skuId=5330600
The point is graphics cards still come back in stock regularly even now. If you've got any patience you'll get what you want.
https://www.bestbuy.com/site/nvidia-founders-edition-geforce-gtx-1080-8gb-gddr5x-pci-express-3-0-graphics-card/5330600.p?skuId=5330600
The point is graphics cards still come back in stock regularly even now. If you've got any patience you'll get what you want.
bitcoin is like a pokemon car, so it's definietely going to crash 
I noticed earlier in the month on whattomine.com a 1080 TI would generate about $10 per day. The last week was about $5 per day and I see it says $4 per day as of today. Do you think a mining crash is coming soon and when?
My 1070 struggle to make $3 a day
They want $999 for a 1070
Something is wrong. Something is very wrong
Dude......
NO MAJOR RETAILER IS SELLING A 1070 FOR ONE THOUSAND DOLLARS.
RESELLERS DONT COUNT!!!
Fucking NEWEGG has a 1080Ti RIGHT NOW for $949.....
https://www.newegg.com/Product/Product.aspx?Item=N82E16814133653&ignorebbr=1
GPU Mining will die in 2018
GPU Mining will die in 2019
GPU Mining will die in 2020
GPU Mining will die in 2021
GPU Mining will die in 2022
Bitcoin dies at least 20 times/year
GPU Mining will die in 2019
GPU Mining will die in 2020
GPU Mining will die in 2021
GPU Mining will die in 2022
Bitcoin dies at least 20 times/year
I wouldn't be too worried now, the impact at this point is on GPU prices in relation to profitability. I've recently begun mining and this is the key factor for me, price will fluctuate across the market but the GPU/build prices are affecting entry to mining and length of time for a ROI.
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