Topic: The fate of the Miners - page 4. (Read 2455 times)
next eth asics will make mining eth at loss if you sell for less than $1200, this happened to bitcoin while back. The asics will be so powerful and they will make millions of them hehe, difficulty will be 100 times what is today. Keep selling your eth for $150 trolls hehe
I'm sure crypto won't close just because of that.The miners can still get profit with certain tricks. After all, not all miners have difficulty getting electricity. Coin prices don't always go down, it will definitely go up too.
Actually You count the day it was "mined" versus when you cashed it out. This would then count as A LOSS. Therefor taxes would be low-none. If you never cashed it out, then it's not a taxable event.(They also have no way of telling how much ETH/BTC/ETC your holding). Crypto is only a taxable event when you cash out for FIAT because money for that new lambo had to come from somewhere and I doubt any of us are drug dealers 
Not sure about how the US tax system works, where I live is just like you said, is only taxable if you convert to a government currency. As long as you hold then they can never tax you, and if you buy and hold is the same thing, only taxable when you convert it.
Anybody mining in the USA all of 2018 is at a real total loss on accounting. Most miners do not sell right away to fiat so you owe the IRS lots of money if you mined and hodled. Since the. Value of the coins dropped 6x on mining that means your 6x short on giving the irs their cut. Irs wants the value of the coins you mined that day. Your options is to buy 6x more coins to pay off the IRS or sell all your mined coins at a loss and clear out your accounting before end of year.
Congrats 2018 mining losers. You screwed yourself over
Congrats 2018 mining losers. You screwed yourself over
Actually You count the day it was "mined" versus when you cashed it out. This would then count as A LOSS. Therefor taxes would be low-none. If you never cashed it out, then it's not a taxable event.(They also have no way of telling how much ETH/BTC/ETC your holding). Crypto is only a taxable event when you cash out for FIAT because money for that new lambo had to come from somewhere and I doubt any of us are drug dealers
I've personally downsized my farm of 170~ GPUs completely selling off all my AMD gpus and sticking to Nvidia. Contrary to what everyone believes I sold them all within a month. Gamers want cheap RX 580s I sold them for 120(4GB) to 165 (8GB) on Fleabay.
I checked my rates and Mining is still profitable for me @ .10Kw Even ETH(barely) but I'm mining RVN and going to try SUQA. It annoys me that SRQL is so far behind in Acorns because they're suppose to reduce power as well.
I was checking some websites in the micro earnings section and pro typers I saw that they paid in litecoin and a minimum payment was only 1 dollar but in litecoin 1 is a good amount of ktc right now. I just started working yesterday and hioe to earn litecoin easily. Any body else taking profit in this way of price crash ?
My miners are on but I like to accumulate crypto in anyway I can.
My miners are on but I like to accumulate crypto in anyway I can.
Anybody mining in the USA all of 2018 is at a real total loss on accounting. Most miners do not sell right away to fiat so you owe the IRS lots of money if you mined and hodled. Since the. Value of the coins dropped 6x on mining that means your 6x short on giving the irs their cut. Irs wants the value of the coins you mined that day. Your options is to buy 6x more coins to pay off the IRS or sell all your mined coins at a loss and clear out your accounting before end of year.
Congrats 2018 mining losers. You screwed yourself over
Congrats 2018 mining losers. You screwed yourself over
If they mine and sell is worse cause price will sway to crash due to that, if they hold they win in the long term but as you said the tax problem screw anybody over, only idiots sell at these prices, how these prices have become a reality is beyond me. I myself thought eth would never crash lower than 300 usd and i was wrong too on 2015 when btc crashed to $200. I thought $400 would hold, i guess while bulls are pumping coins, prices rise more than we can ever think about and when it crashes is the same thing.
I think the reason why ETH crashed so hard is due to the liquidations on that DAI Maker market. Basically <$150 or so, there were massive liquidations.
I remember reading about DAI back at the beginning of the year and people were basically buying BMWs on leverage pretty much because everyone assumed that ETH will keep increasing in value.
This is similiar to what happened to the subprime loan crisis in USA about a decade ago.
Anybody mining in the USA all of 2018 is at a real total loss on accounting. Most miners do not sell right away to fiat so you owe the IRS lots of money if you mined and hodled. Since the. Value of the coins dropped 6x on mining that means your 6x short on giving the irs their cut. Irs wants the value of the coins you mined that day. Your options is to buy 6x more coins to pay off the IRS or sell all your mined coins at a loss and clear out your accounting before end of year.
Congrats 2018 mining losers. You screwed yourself over
Congrats 2018 mining losers. You screwed yourself over
If they mine and sell is worse cause price will sway to crash due to that, if they hold they win in the long term but as you said the tax problem screw anybody over, only idiots sell at these prices, how these prices have become a reality is beyond me. I myself thought eth would never crash lower than 300 usd and i was wrong too on 2015 when btc crashed to $200. I thought $400 would hold, i guess while bulls are pumping coins, prices rise more than we can ever think about and when it crashes is the same thing.
Ya miners are one tough sons of a b*tches group. Price of eth dumps 10x but hashrate only dumps 10 percent.
Mining will live on. Just everyone gets fractions of a peanut profits if any.
Mining will live on. Just everyone gets fractions of a peanut profits if any.
the vast majority of people who post here are hobby miners that control little of total hash, the big farms with near zero electricity cost control most of the hash and are still making profit, they will be the last ones standing.
there are also small miners with access to free power (usually at the expense of someone else) that will also survive, these guys can't scale tho
what separates this bull run with the last one is the industrialization of mining, i recall stories of farms buying gpu's by the plane load for example
you also have fpga/asics continuously improving
"Still making profit " is not enough to stay profitable. There are much bigger factors at play and not as simple as what most of you think. There is a lot that many of you have not accounted for or speak of much.
You still need to pay off equipment which is 3+ years and by then theirs better equipment you got to rebuy so your never making real profit. You end up with more oudated shovels.
Once you add IRS accounting that's pretty much nail in the coffin full loss. They want 1/3 of the profit the day you mined it. And if you didn't sell right away and the value dropped like it is now your at 6x loss deep in the hole with no way out but to sell all your mined coins at a full loss.
Im quite sure a lot if you were mining eth at $400 and higher and zcash at $200 and higher and still bag holding. Big mistake when doing your mining taxes
pretty sure most (early)farms would have ROI'd a many many times already in the bull run, and now its just pure profit. basically if you got in before 2018 you're break even or better, those late to the party... well their risk didn't pay off
i've also read of rumors of much more efficient ETH asics which Bitmain could already be running
my impression is most of the hash power is outside the US, in places like EU Russia China, could be wrong tho
Just look at the ETH difficulty, its dropping but not massively.
I am assuming many with power > 0.10kwh are shutting down their rigs, and those that are mining are doing it out of speculation because they think ETH will hit $1000 again and BTC might go back to $20K.
Crypto won't stop because many have either free or very cheap electricity and those miners will still be mining. Basically go look at the difficulty charts of 2014-2015 when the BTC Price took a massive hit and the difficulty exploded upwards.
However, compared to last year, it was possible that BTC would rise again. hopefully it will happen.
you can't compare with last year world economic not same like this year.
i think BTC will rise at Q2 2019
Just look at the ETH difficulty, its dropping but not massively.
I am assuming many with power > 0.10kwh are shutting down their rigs, and those that are mining are doing it out of speculation because they think ETH will hit $1000 again and BTC might go back to $20K.
Crypto won't stop because many have either free or very cheap electricity and those miners will still be mining. Basically go look at the difficulty charts of 2014-2015 when the BTC Price took a massive hit and the difficulty exploded upwards.
However, compared to last year, it was possible that BTC would rise again. hopefully it will happen.
the smart ones are the ones buying eth at this price $140 coming next year or 2020 eth price will jump 20 times, eth $3000 easy sell and a possible $8000 in 2020/2021.
I agree. I have a ton of machines and I am not buying ETH because I mine for it. If you are not mining yet and your DON'T buy eth at these prices and decide to buy equip and mine, you are not smart.
I am pretty sure that there are a ton o people who are buying mining equipment right now, and they are doing it bec thay are smart.
Also, i think we can get lower than this right now and if the bear market continues and prices go lower you will se a flood of equipment dumped into the market that will be way to cheap not to buy it.
Ya miners are one tough sons of a b*tches group. Price of eth dumps 10x but hashrate only dumps 10 percent.
Mining will live on. Just everyone gets fractions of a peanut profits if any.
Mining will live on. Just everyone gets fractions of a peanut profits if any.
the vast majority of people who post here are hobby miners that control little of total hash, the big farms with near zero electricity cost control most of the hash and are still making profit, they will be the last ones standing.
there are also small miners with access to free power (usually at the expense of someone else) that will also survive, these guys can't scale tho
what separates this bull run with the last one is the industrialization of mining, i recall stories of farms buying gpu's by the plane load for example
you also have fpga/asics continuously improving
"Still making profit " is not enough to stay profitable. There are much bigger factors at play and not as simple as what most of you think. There is a lot that many of you have not accounted for or speak of much.
You still need to pay off equipment which is 3+ years and by then theirs better equipment you got to rebuy so your never making real profit. You end up with more oudated shovels.
Once you add IRS accounting that's pretty much nail in the coffin full loss. They want 1/3 of the profit the day you mined it. And if you didn't sell right away and the value dropped like it is now your at 6x loss deep in the hole with no way out but to sell all your mined coins at a full loss.
Im quite sure a lot if you were mining eth at $400 and higher and zcash at $200 and higher and still bag holding. Big mistake when doing your mining taxes
Ya miners are one tough sons of a b*tches group. Price of eth dumps 10x but hashrate only dumps 10 percent.
Mining will live on. Just everyone gets fractions of a peanut profits if any.
Mining will live on. Just everyone gets fractions of a peanut profits if any.
the vast majority of people who post here are hobby miners that control little of total hash, the big farms with near zero electricity cost control most of the hash and are still making profit, they will be the last ones standing.
there are also small miners with access to free power (usually at the expense of someone else) that will also survive, these guys can't scale tho
what separates this bull run with the last one is the industrialization of mining, i recall stories of farms buying gpu's by the plane load for example
you also have fpga/asics continuously improving
Anybody mining in the USA all of 2018 is at a real total loss on accounting. Most miners do not sell right away to fiat so you owe the IRS lots of money if you mined and hodled. Since the. Value of the coins dropped 6x on mining that means your 6x short on giving the irs their cut. Irs wants the value of the coins you mined that day. Your options is to buy 6x more coins to pay off the IRS or sell all your mined coins at a loss and clear out your accounting before end of year.
Congrats 2018 mining losers. You screwed yourself over
Congrats 2018 mining losers. You screwed yourself over
Kudos to gpu miners who are still mining. I have stop my mining rig and buying eth instead as I'm making about 0.5eth/mth only and based on current price, I'm spending about 1eth/mth on electricity.
So, instead of paying my Electric Co, I'm buying eth direct. Might buy more if price dip further. Will definite restart mining if price goes up.
So, instead of paying my Electric Co, I'm buying eth direct. Might buy more if price dip further. Will definite restart mining if price goes up.
The price is really not the only factor in this race. The hashrate on the network also should be taken into account when counting profitability of a coin. So if the majority of hashrate drops out, then it starts being profitable again.
How can you say that crypto will stop this year? At first bitcoin's price was some cents and it was doing well, last year we had 600$ and still it was doing well, there is no way to say that bitcoin has problem with current 4K usd price. Yeah, this is fall which we don't want to see, I talk not only about bitcoin but on another altcoins, as you know they follow btc.
Miners will keep their job and for this reason they will need price which will be enough to get them at least a little bit profit. Then it's a matter of task when price will rise. It will happen anyway because we want it.
Miners will keep their job and for this reason they will need price which will be enough to get them at least a little bit profit. Then it's a matter of task when price will rise. It will happen anyway because we want it.
Ya miners are one tough sons of a b*tches group. Price of eth dumps 10x but hashrate only dumps 10 percent.
Mining will live on. Just everyone gets fractions of a peanut profits if any.
Mining will live on. Just everyone gets fractions of a peanut profits if any.
90% of eth miners are mining at loss, 9% are breaking even and 1% is earning peanuts per day with their gpus. The hashrate difficulty is proof that people believe eth will rise in the coming months a lot cause most of them are losing money mining it, best thing is just buy the coin and wait for 2020/2021.
There's always going to be a group of miners that will remain profitable- that's just how mining works, and difficulty adjustments will make things more profitable eventually. Mining will always continue on major cryptocurrencies, as even if people stop mining, difficulty will eventually correct itself to make mining profitable again, and blocks will continue to be mined.
I've personally chosen to turn off essentially all my mining rigs and I am currently just purchasing and holding cryptocurrencies. Many others on this subforum have chosen to do the same. Just keep in mind that if you're mining at a loss, you're essentially buying coins at market price plus electrical and maintenance fees- not an ideal situation.
I've personally chosen to turn off essentially all my mining rigs and I am currently just purchasing and holding cryptocurrencies. Many others on this subforum have chosen to do the same. Just keep in mind that if you're mining at a loss, you're essentially buying coins at market price plus electrical and maintenance fees- not an ideal situation.
thats not actually true. I am basically mining at a loss now with the latest dumps, but getting free heating, im making around 0.00025 day btc using 300w and at 0.113 kwh means im basically buying btc at 3250€, thats cheaper than the 3900€ its at now.
You're correct, but not everybody mines for free heating, though it is true that mining for heat and crypto can be a viable option. It's been a relatively mild winter where I live, but for those who live in cooler environments this is absolutely a viable option. For those who don't mine for heat, though, if you're mining at a loss, you're better off buying coins.
Ya miners are one tough sons of a b*tches group. Price of eth dumps 10x but hashrate only dumps 10 percent.
Mining will live on. Just everyone gets fractions of a peanut profits if any.
Mining will live on. Just everyone gets fractions of a peanut profits if any.
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