Number 9! Ninth altcoin thread. Back to the moon Baby! - page 66.

JayDDee

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Quote from: nsummy on January 26, 2021, 01:36:33 PM

Nvidia also made their 2000 series obsolete with the new gen.

That was their big mistake. With limited supply of 3000 and a discontinued 2000 they have nothing to sell.
If they had been smart they would have kept the 2000 with a reduced price and charged a premium for 3000.
Now the scalpers are making all the profits.

nsummy

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There would be a major card shortage even if mining wasn't profitable currently. The mining profits though make a bad situation worse. You can't even find the latest Ryzens anywhere. Increasingly Nvidia and AMD do these paper launches. One comes out with a new card claiming better performance, the other has to one-up or match them. The problem is that neither companies have the capacity to meet even the smallest demand. Nvidia also made their 2000 series obsolete with the new gen.

adaseb

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Quote from: deadsix on January 25, 2021, 12:51:49 AM

I wish all the cards I purchased were 8GB polaris, not 4GB but then I was so sure we would hit POS on ETH by 2020 end.

Yes I was in the same boat as you. The difference in price was only $40 between the 4GB <-> 8GB however back in 2016, I was telling myself "Only idiots are overpaying for 8GB models, ETH will never be POW past 4GB" and yet 4.5 years later, here we are.

On the used card markets like Facebook marketplace and Craiglist, it seems the 8GB models are going for MSRP price of 2016. While the 4GB models are around 33-50% of that. Pretty good investment if you bought in 2016, mined for 4.5 years and sold for MSRP during the Covid pandemic to gamers. I am pretty sure 8GB will be enough until ETH goes full POS, I think maybe the 6GB models of some cards maybe will run out of space in 2 years or so.

philipma1957

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'The right to privacy matters'

Quote from: badbart on January 25, 2021, 04:22:40 PM

I go to Microcenter everyday at lunch and I was able to buy a couple cards a week. Now I go and the shelves are bear or they have over priced 6800 XTs, 1660s or 3090s for two grand. Is the GPU supply low or is their a lot of demand similar to 2017?

I still have 30 1000 series cards I need to replace .

I am thinking this is going to be harder to get cards then 2017 was.

badbart

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I go to Microcenter everyday at lunch and I was able to buy a couple cards a week. Now I go and the shelves are bear or they have over priced 6800 XTs, 1660s or 3090s for two grand. Is the GPU supply low or is their a lot of demand similar to 2017?

I still have 30 1000 series cards I need to replace .

philipma1957

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'The right to privacy matters'

Quote from: soothaa on January 25, 2021, 03:47:04 PM

Quote from: btcshiner on January 21, 2021, 11:15:20 PM

Quote from: philipma1957 on January 21, 2021, 08:33:49 PM

Quote from: btcshiner on January 21, 2021, 08:31:21 PM

Might be getting close to a short term top. MSI may be making some mining cards soon.

https://www.tomshardware.com/news/msi-registers-rtx-3060-ti-miner-cards

With the way that MSI has priced their cards this year can't see them being that cheap compared to non mining 3060 ti's so they would need to be fast or less power hungry.

they just need to be available. Grin

Available now for delivery next week!

Where? I can't find them..

Yeah same here they don't list anyplace at all.

At this point they most likely shipped a ton to some farm and fucked the rest of us.

soothaa

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Quote from: btcshiner on January 21, 2021, 11:15:20 PM

Quote from: philipma1957 on January 21, 2021, 08:33:49 PM

Quote from: btcshiner on January 21, 2021, 08:31:21 PM

Might be getting close to a short term top. MSI may be making some mining cards soon.

https://www.tomshardware.com/news/msi-registers-rtx-3060-ti-miner-cards

With the way that MSI has priced their cards this year can't see them being that cheap compared to non mining 3060 ti's so they would need to be fast or less power hungry.

they just need to be available. Grin

Available now for delivery next week!

Where? I can't find them..

deadsix

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Activity: 751

Merit: 517

Fail to plan, and you plan to fail.

Quote from: adaseb on January 24, 2021, 10:47:34 PM

I think the best time to GPU mine ETH was actually in 2016. We had a nice small bubble then of great profits but the remainder of the year we made like a steady $1.5 per 280X per day. Sure now we make like $2.5 per 480 per day however back then there was less volatility and wasn't as hectic as it is now.

At ~$1.50 per day of profits, nobody wanted to mine ETH. Craiglist was full of cheap GPUs, Newegg had tons of GPUs with rebates, miners weren't buying them. Now its the complete opposite, profits are $2.00-$2.50 for a mid-tiered GPU per day, everybody wants to mine ETH. Craiglist has no supply of GPUs, the ones listed are crazy over priced, Newegg has everything sold out. Miners are buying like crazy.

Reminds me of the Antminer S5 days of 2015. Sure the profits weren't that great, however the difficulty was almost flat for most of the year. Great time to accumulate Bitcoin back then.

Now mining has just gotten way too competitive.

I wish all the cards I purchased were 8GB polaris, not 4GB but then I was so sure we would hit POS on ETH by 2020 end.

philipma1957

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'The right to privacy matters'

Quote from: adaseb on January 24, 2021, 10:47:34 PM

I think the best time to GPU mine ETH was actually in 2016. We had a nice small bubble then of great profits but the remainder of the year we made like a steady $1.5 per 280X per day. Sure now we make like $2.5 per 480 per day however back then there was less volatility and wasn't as hectic as it is now.

At ~$1.50 per day of profits, nobody wanted to mine ETH. Craiglist was full of cheap GPUs, Newegg had tons of GPUs with rebates, miners weren't buying them. Now its the complete opposite, profits are $2.00-$2.50 for a mid-tiered GPU per day, everybody wants to mine ETH. Craiglist has no supply of GPUs, the ones listed are crazy over priced, Newegg has everything sold out. Miners are buying like crazy.

Reminds me of the Antminer S5 days of 2015. Sure the profits weren't that great, however the difficulty was almost flat for most of the year. Great time to accumulate Bitcoin back then.

Now mining has just gotten way too competitive.

Yeah the only hope I have is no one gets very much gear and price is driven upwards long enough to match diff.

It may be we get the 6-9 months os good profits.

Adding gear may be next to impossible for most anyone.

I would think this could be a good thing and keep profits up 🆙.

I now have more space and power.
I have 400 amps at 240 volts and a new space.

I can do 70kwatts easy. I got some onda d1800 boards coming on the 28th.

I could do 3x 3060ti on a board and do 100 boards no problem.

Biggest issue is getting cards. Maybe it is a good thing.

Just add a few cards a month when they show up.

adaseb

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I think the best time to GPU mine ETH was actually in 2016. We had a nice small bubble then of great profits but the remainder of the year we made like a steady $1.5 per 280X per day. Sure now we make like $2.5 per 480 per day however back then there was less volatility and wasn't as hectic as it is now.

At ~$1.50 per day of profits, nobody wanted to mine ETH. Craiglist was full of cheap GPUs, Newegg had tons of GPUs with rebates, miners weren't buying them. Now its the complete opposite, profits are $2.00-$2.50 for a mid-tiered GPU per day, everybody wants to mine ETH. Craiglist has no supply of GPUs, the ones listed are crazy over priced, Newegg has everything sold out. Miners are buying like crazy.

Reminds me of the Antminer S5 days of 2015. Sure the profits weren't that great, however the difficulty was almost flat for most of the year. Great time to accumulate Bitcoin back then.

Now mining has just gotten way too competitive.

btcshiner

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Quote from: philipma1957 on January 24, 2021, 08:44:34 PM

I project 3-6 months of good profits with my gear in hand.
I am hoping for 6 to 9 months at 5 cents or more per mh.

I hope your right!

philipma1957

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'The right to privacy matters'

I project 3-6 months of good profits with my gear in hand.
I am hoping for 6 to 9 months at 5 cents or more per mh.

btcshiner

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Quote from: philipma1957 on January 24, 2021, 08:08:53 PM

Quote from: btcshiner on January 24, 2021, 07:55:09 PM

ETH just jumped up nicely. $1,426.76 @ 0.04372 BTC https://etherscan.io/

Be nice if we could hold this for a few months.

The key 🔑 is lack of gear. If we shoot to a diff of 500thfrom current 344 th (an all time high)

Price will have trouble holding. A lot depends on how much asic gear gets built.

I see 2000 price
I see 400 th
I see fee drop.

I see good mining ⛏ for us.

Hoping gear stays scarce until summer.

I am hoping the fee drop is later rather than sooner especially if we are only 6 months give or take to a "difficulty bomb'. Why you would do something like this to force a POS path on devs escapes me but I haven't launched any coins.

ETh $2000 I think may be doable and you might be proven right

I saw on CNBC there are some ETH etf's getting launched next month. I think Greyscale is launching one of them. Should help price.

400 th is probably a given.

Gear that chips haven't been delivered for is probably going to remain scarce. The auto industry is lobbying the new administration to force foundries to prioritize their chips over others.

Container shipping prices have gone way up and capacity is full for 3-4 months out with some containers getting bumped further out even when they pay a premium due to some products taking priority in a pandemic.

On the flip side more gamers are mining as a way to justify paying the premiums gpu's are selling at.

philipma1957

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'The right to privacy matters'

Quote from: btcshiner on January 24, 2021, 07:55:09 PM

ETH just jumped up nicely. $1,426.76 @ 0.04372 BTC https://etherscan.io/

Be nice if we could hold this for a few months.

The key 🔑 is lack of gear. If we shoot to a diff of 500thfrom current 344 th (an all time high)

Price will have trouble holding. A lot depends on how much asic gear gets built.

I see 2000 price
I see 400 th
I see fee drop.

I see good mining ⛏ for us.

Hoping gear stays scarce until summer.

btcshiner

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ETH just jumped up nicely. $1,426.76 @ 0.04372 BTC https://etherscan.io/

Be nice if we could hold this for a few months.

arielbit

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taxes? what taxes? LOL Grin

JayDDee

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Quote from: nsummy on January 24, 2021, 12:32:14 PM

Why would he need to show some profit? If you lose money selling something it seems pointless to pay taxes on a non-existent profit.

Reporting a loss is done to offset reported income and reduce taxes. If you end up with a net loss it
raises the risk of an audit.

philipma1957

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'The right to privacy matters'

The us government did not give guidance for years in this area.

I sell old gear and have been selling old gear onebay and btc since 2003.

Since I had no guidance on how to report gpu sales I treated my gpus mining profits as long term exotic rebates.

so if my gpus cost 30 k and my mining profits were 12 k the cost value of them was 18k

thus when I sold them for 20k

my true profit was

30-12 = 18

20-18 = 2k

now I have no idea how crazydane reports his gpu mining profits.

but the method above is my way of reporting them.

The mining profits lowered the cost of the gpus.

nsummy

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Quote from: philipma1957 on January 24, 2021, 08:09:24 AM

Quote from: crazydane on January 24, 2021, 07:52:06 AM

PayPal just sent me a 1099K since all the used graphics cards I sold on eBay during 2020 added up to more than $20k.

The thing is, I sold them all at a loss (paid ~$750 for my 1080Ti's back in 2017 that I sold for ~$500, for example).

I file using TurboTax and the only option I see for entering what I paid for these GPUs, is to enter an overall beginning of 2020 inventory value and a end of 2020 inventory value, which isn't really going to work I don't think.

Anyone else get a 1099K from PayPal that use TurboTax for filing, and if so, how did you enter this "hobby business" expense?

Guess this might be the year that I consult a tax advisor instead of just using TurboTax self-employed version...

you need to file a schedule c

and show some profit.

Ie you purchased at 25k and sold at 20k = no good.

you can use 18k as cost of of goods sold and sold at 20k a 2k profit.

you will owe some tax and some tax for self employment.

I have been doing schedule c for years.

started with ebay sales back in 2003.

You may need to talk to a tax guy.

Why would he need to show some profit? If you lose money selling something it seems pointless to pay taxes on a non-existent profit.

philipma1957

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'The right to privacy matters'

Quote from: DigitalFarns on January 24, 2021, 10:12:47 AM

I've been talking to my CPA about moving into this realm, and she advised me that the IRS is turning Crypto into one of the most confusing bits of tax law she's ever seen. She's still trying to a good handle on it all, and it's changing very rapidly. I'm not entirely sure how the tax implications of this business will play out, but I intentionally didn't start anything until 2021, so that there's no trace of this in my 2020's... It's all a fresh slate for me starting with this year. She told me to document every expense, every detail of earnings and trades, and we'll figure it out together. I'm planning to just sock away a percentage of everything to be prepared for the tax bill.

On a side note, I also decided that since I see a lot of you buying hardware, using it, and then reselling it later to upgrade, that I'm going to do something I don't typically do, I'm going to save every box, every bit of packing material, etc., for doing exactly that down the road. So when I upgrade to some future 7060 ti (fictional) card, I can sell off the used gear easily and properly packaged.

As long as you don't trade much and leave the coin alone it is not that bad. Coin trading and selling and moving makes it way harder.

My mom 28 years retired was an irs auditor
My wife 33 years retired was an its agent.
ME 3 YEARS IRS collections 1981-1984. I have an accounting degree.

If you mine ETH at nicehash have them auto-vert to BTC and send the coins to coinbase biweekly. Then never touch them it won't be complicated.

You will have gear expense.
You will have power expense.
You will have gross income valued at deposit time at coinbase.

Never touch the coins just hodl.

I know how big your rig is and what it cost you as I sold it to you. I have a good idea of the power cost. It would not be a hard addition for the accountant.

Now transfer the coins around trade them a lot on exchanges and = a f..king mess.

edit hodl the coins over 1 year since it gets rid of short term cap gains tax

I know your age so you should effort to hodl coins more then 10 years.

I am 64 in 3 days I don't have a 10 year hodl plan. I will cash near the age of 70.

All advice to hodl depends on coin price.

Ie if you hodl 2 years and coins go to 10,000,000 sell some of them. As they are nt that good as to be at 10 mill in 2 years. 100k in two years could be true.

Topic: Number 9! Ninth altcoin thread. Back to the moon Baby! - page 66. (Read 66416 times)