...

But there is a lot more to it than just "mining" There is foldingcoin and curecoin and other coins tied to BOINC.
There are many people doing very well at it. Switching around between those and other coin is profitable if you know what you're doing.
 
Myself, JMHO I do not like VC, ISIS and other "scum of the earth" use it for very very bad reasons.
Drugs, guns/weapons, money laundering and who know what else...
I would rather see the gov outlaw all of it,  make it 5 years hard labor and 500,000$ fine for anyone caught involved in it.
But that is just what I think, I am sure others disagree with that.

can you ever simply compile your thoughts into a single post?
 
as to that link and statements made, they are talking in reference to BTC and Bitcoin Cash. anyone mining this coin or any of the other top 10 coins will have to fight really hard against people with billions to spend on hardware. not a easy fight for the little guys unless the markets explode like they have this year. the cost of electricity only becomes major factor in mining when you mining large farms, at which point 1 cent per kwh could add up to hundreds of dollars a month. or in the case with all these massive farms in china, thousands a day in savings due to their 40,000 KWH per day usage.
 
so, yea.  if you are a millionaire and have the capital to invest they will do so in the most profitable area. but to simply say that average joe can only be profitable in the same place as the millionaire is simply a Logical Fallacy. the millionaire can still make a profit in america but could make more in china. that does not mean america is not profitable it's simply means america is less profitable.

As of right now the US gov has a big stake in BC.
The took 500g in BC from some dealer or gun runner (somebody) a few years ago.
Now it is worth billions and billions of dollars. the US gov is in the process of selling it all off.
Was just on the news a day or two ago.
Will the justice department have to pay cap-gaines on the HUGE profit they will make? LOL
 
I find this whole thing interesting, just not crazy about the dark side of it, that and the amount of energy being used.
Tons and tons of carbon must be put into the air to generate all the power being use to do all of this.
As we fold and BOINC for a cure, we will need a cure for all the pollution being produced, including hardware being used and tossed as it no longer is profitable to use it.
 
 

...

Thread seems to have fallen off the rail -----> "Tax implications of crypto mining"
 
 
 
 
 

you mean like this wonder thread filled with a ton of " ... " for no reason? yea tax info seem only relevant in a flame war around here as people are quick to the gun to call the end of the world due to change but slow to understanding the true implications of what that change really means.

Temp Locking for review
 
Unlocked For NOW
 
Please remember to Follow the TOS: It is NOT Optional
(excerpt)
 

Roy, if you want to be banned, simply stop coming to the forums. There is no reason for anyone to ban you just because you don’t want to be here.

I hope their deductable system is on point and able to accurately calculate losses for EVERYONE that would pay them. And if miners became known as businesses you would not be able to mine in houses/apartments that you rent. $600 and I have to start paying taxes? No shot I'm starting that low. If mining is something I have to pay taxes for, it should be something I can get a loan for from a bank. We all know that's not going to happen. Some governments fear replacement of banks so much.

Quarterly payments only apply above a theshold, as I recall.
Mining at home is not an issue, you use the SAME IRS provisions about "home office" or "home business" as ANY OTHER BUSINESS that is run out of a home - rented OR owned.
 
Banks don't like loaning to cryptocoin miners because they don't understand the business model, or because they DO understand the business model (in a few cases) and consider the RISK level too high.
 
 A lot of "small" miners probably would get counted as "hobbyist" by the IRS, especially the first year or two they are getting started and their expenses for buying gear is more than they make back in earnings.
 

With the OP RoyTInHouston Banned maybe this Thread should be Delete or Locked.