Topic: Number 9! Ninth altcoin thread. Back to the moon Baby! - page 67. (Read 66416 times)

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. 

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.

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...

Hoping they are as good as my older d1800 boards.

I think I will order nine more if they are.

An order of nine beats the Trump tax.

if all works It took from Dec 22 to Jan 28 to get them.

Woot woot!  Very exciting!! Can't wait to hear more about them!

I have some good news. The slow boat 🚣‍♂️  from china 🇨🇳 arrived in Los Angles.
My nine Onda D1800 mobos have been handed off to UPS they are due on Jan 28.

I have nine ram sticks.

I have six seasonic focus psu’s and a corsair rm850x psu.

I would run 3 cards per board. lots of air and no overheating.

I have 3+2+2=7 cards.

with nine boards I will be needing more cards.

I was able to snag 2 of these today.  Supposed to be ready for pickup Thursday. 

https://www.bestbuy.com/site/gigabyte-nvidia-geforce-rtx-3060-ti-eagle-oc-8g-gddr6-pci-express-4-0-graphics-card-black/6442485.p?skuId=6442485

I'm at the point where I either build another rig or swap out cards.  Since I am in a warm state I think I am going to sell my amd cards as I am able to get 3060's and or 3080's in. 

I have a gigabyte vision 3080 and a MSI Ventus 3060 and I like both cards.  These are the only two cards not paid off.  The 3080 runs cool at 50 pretty steady. 

I get an average of 90mh on eth with the 3080 at 225w.  I can get 81mh's on octopus if I up the watts to 240.  Haven't tried Octopus on the 3060.

I think this strategy will get me these benefits:

1. All 3000 series rigs with minimal to no new investments for slightly more hashing power on eth.
2. More potential algorithms to mine if ETH gets less profitable or goes full pos sooner than later.
3. Less heat in the summer.
4. Higher resale down the road.

Available now for delivery next week!

they just need to be available.

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.

my 3 evga 3080 pull 220 watts and are quiet they are midrange cards

https://www.evga.com/products/product.aspx?pn=10G-P5-3885-KR


my 3060ti aorus is a premium card I kind of feel guilty with it as a mining card. It is very quiet and it is physically bigger than the 3080 cards

https://www.newegg.com/gigabyte-geforce-rtx-3060-ti-gv-n306taorus-m-8gd/p/N82E16814932375?

If you could get either card at msrp you should.

as for the ryzens

3600
3700
3800
3900
3950
3960 thread ripper
3970 thread ripper is my preferred ryzen but it is not worth the money they ask for it.

my amazon invoice :

Order Summary
Item(s) Subtotal: $1,899.99
Shipping & Handling: $0.00
Total before tax: $1,899.99
Estimated tax to be collected: $125.87
Gift Card Amount: -$800.00
Grand Total: $1,225.86


1899.99
 125.87
2024.86

the 800 gift cards were discounted to 640

the remaining 1225.86 ws discount to 1164.57

so 640+1164.57 + 1804.57 cost for me

It is a stupid good cpu

I used this motherboard

https://www.amazon.com/gp/css/summary/edit.html/ref=dp_iou_view_this_order?  it dropped from what I paid 383.84

so mobo + cpu was 2188.41

ram = 480 for 128gb super over kill
nvme ssd =  102
cooler = 100
psu = free I have a corsair titanium 1500 watt

so 682 and I think the psu was a refurb from. corsair back in 2017 for 250. so 932

932+1804.57 = 2736.57 for this psu not counting the amd 5500 xt which brings this build to 3000 or so.

It won't roi as It earns 4  a day, but it is truly an outstanding cpu which you would not be able to build at 2736 right now due to price rise in the cpu and in the gpu.

I could switch the amd 5500 with my evga 3080 and sell this for 4000 bucks.


for a practical build the ryzen 3900 is a good cpu

@Phil just running 2 60ti @57% PL, 40-60% fan and it is acceptable from noise in living room.
Are your 3080 also ok from noise, or are the much louder because of the more wattage vs the 60ti or are the bigger coolers compensat it?

Whats your choice favourite choice ryzen cpu price/hashrate/power? Any details of consumption on your variants?

I would say its easier for ETH is double in price since it market cap is smaller. However if both doubled in price, I would say that there is a higher odds that BTCs price holds while ETH would quickly fall back down.

Reason why is because there are more hodl'er of bitcoin and many BTC miners usually hold the coins instead of dumping them on the market like ETH miners do. BTC miners are usually large farms which hold BTC during bear markets. While ETH miners usually just dump at market price whenever they get a pool payout. The market share of individual miners is higher for ETH than it is for BTC. Large corps can hold and wait for higher prices while individual miners need to sell to pay for GPUs and electricity bills.

So, which is more likely to double in price?  Eth or Bitcoin.

Or are they so tied together (in perception?) that it does not matter which one you hold long term.

Currently mining 100% Nicehash - Ethereum, converting to bitcoin....

I would say 1st grade not kindergarten.

This thread is a good thread a lot of honest people are in it.

This saturday I will help you program a new usb stick for smos.

I will make a video of it and post it on you tube.

Thanks! 

I woke up this morning and I've got enough to add a churro to the order!  LOL 

This has been a fascinating journey just to get to this kindergarten step.  Every day I've learned 1 thing and realized I have 27 more things to learn.  I'm grateful to this community and it's willingness to share and teach. 

welcome to the home mining community.  There will be many more tacos in the future

Nice Congrats!  Have fun watching those hashes bring in some crypto.

Yep, it's pretty slick!  I have already earned almost enough for a taco and it's still Tuesday for a couple more hours!  LOL

I am the seller.  And I sold him a 3 card rig hooked up to simpleminer mining eth at nicehash.
It shipped slowly but intact from NJ to UT.

It does 75mh at 290 watts. At the kwatt meter

2x 1660ti
1x 1660