bill1024
As far as I know that 600$ is not for one trade, it is for the whole year.
We have to file 1099 for the people who plow snow and mow the grass at our properties.
We get billed monthly, it is not over 600$, but at the end of the year because we paid them a couple two or three thousand we have to file the 1099 to the feds and send the landscaper a copy.
Hey pays income and we get the deduction.
 
So I would think the company that you trade xcoin for USD, if it is more than 600$ for the calendar year, they have to file 1099 for you.

We are talking about trading/exchanging your crypto for a different crypto in which the new tax law has nothing to do with cashing out to USD on this. It's based on the trade/exchange of crypto to crypto now. Each time you trade/exchange a crypto for another crypto, it's a taxable event.

Chris21010
Yea, you just need to read a little farther as to what that "taxable event" means. Because as I stated in my example the trade from eth to btc there was a taxable event. Said event is taxing the gains of said trade.

1031 was a way to make taxable events only trigger when trading crypto to/from fiat. So coin to coin before was not a taxable event and now it is.

The end result is that when you mine a crypto and then exchange it for a crypto that can be exchanged into USD, you will be taxed on the crypto to crypto exchange and then again when you exchange it to USD. This is a headache which also lowers the gain of mining a different crypto and you may as well mine a crypto that can be exchanged directly for the USD, like Ethereum, if that's what your goal in mining is. For the miner that has just a few gpu mining, it's simply the easiest way to go.

Guys guys guys, start another thread!

As to original thread...

As overall network hashing rate increases - One would think the 1080 ti will soon take over from 1070 as most profitable if it hasn’t already.

Not a single 1080 ti in stock, of course that could be just post Holidays effect

RoyTInHouston
Christine is a nut that demands attention.

That said. Wow, they really did make like kind of exchanges a taxable event. Theoretically you would not pay more any more tax than a straight up capital gain analysis at end of year. That becomes an accounting nightmare.

Definitely not crypto friendly

Please let's keep on track of the OP. Thanks.

Would it be good to dual mine zcash + siacoin?
I have a GTX 1070 FE with Samsung chips. Currently getting 32.5 Mh/s mining ETH. Overclocked of course.
But with all this talk about zcash, and dual mining, I may want to give it a try.

Viper453
I will try to send my titan V back for refund and just get 2 1080 ti hybrids if Nvidia accepts. I did some thinking and decided the titan V isn't worth the mega cost.

Agreed. Those V cards are pricey. 

good thread! Thanks for the info

The bottom line is for $11.00 a day work an hour extra it ill probably end up with more money in your pocket

bitcode
zcash

$4.5 per day per 1 unit 1080 ti,better then eth

I cannot suggest zcash enough. It has such good volatility. And it isn't awful to mine.

That being said, I had read that nvidia cards were at a disadvantage compared to AMD cards in regard to ETH. So i have avoided it.

You should also check out BBR. They are 3.20USD each.

For those looking into ZCash mining. I recommend mining it through Slushpool as they charge no fee currently. I've had no issues and you can set whatever payout threshold you want.

It's not profitable to mine with gpu's anymore on ethereum with asics coming out for it

The Bitmain E3 is the only Ethash ASIC that has been announced to date - and it is almost IDENTICAL stats vs a well-optimized AMD RX 470/480/570/580 6-card rig, and slightly WORSE stats (a few less Mhash, a little more power usage) vs a well-optimized Nvidia GTX 1070 6- card rig.
 
By the time Bitmain can sell the ONE AND A HALF MILLION of these miners it would take just to MATCH the existing ETH total network hashrate (which would STILL leave GPU rigs profitable for folks with average or lower power cost), ETH will probably have moved to FULL Proof of Stake rendering them nearly worthless (the other coins that use the ethash algorithm COMBINED total to less then 20% of the hashrate in ETH itself).
 
It also doesn't ship 'till Mid July at the earliest - by which point the next-gen Nvidia cards should be starting to show up and BEATING it on efficiency.
 
For perspective - it has taken Bitmain over 2 YEARS to achieve a little over ONE Million S9 miners sold despite that unit being the UNQUESTIONED efficiency leader, and by a very wide margin for a LOT of that timeframe.
The ONLY selling point the E3 has is price, and Bitmain already has limits on how many chips it CAN get out of TSMC to make miners with on the current process node (there is a FAINT possibility that the E3 is based on 28nm tech, but even there TSMC has production limits and Bitmain is already hitting on them for some of their OTHER altcoin miners like the X3 and probably their SIA one).
 
I don't see the E3 having a major impact on mining profitability for a long time, and I don't see it KILLING GPU mining on ETH at all before ETH goes full Proof of Stake.
 
The ETH developers have already stated they do not plan to fork ETH over the existence of the E3 (they also know it's not a major threat to miners) though they have reserved the right to fork at a future date if someone comes up with an ethash ASIC miner that is in the ballpark of the "RUMORED BUT NOT SUBSTANTIATED" F3 unit and WOULD cause a fairly significant short-term threat to miners if it exists and was produced in 100,000+ quantity.
 

Look what happened to Sia asics killed profitability overnight ,ETH fork fork fork but it looks like pow is coming sooner then later. Kinda glade I just got out of crypto, little upset I sold my gpus for 40% less then retail on ebay. I thought the market completely crashed now its recovered some :( . 1080 ti ftw3 790$ 2 msi 580 300$ shipped and many more)1070 an 1070 ti and 1060 6 gb take a heck of a loss close to a 1000$ fees and shipping but i made some crypto. I just remembered the old mining Apocalypse. It got BAD. Worst part is now I'm gaming on a gt 730, my 560 ti may be better but I can't find any gpu 4gb reasonable price 100$.