I am mostly a lurker / seldom visit this thread anymore, however I do want to note that mining is a way to anonymously acquire ethereum (much more-so than markets) and it's much harder to trace records for taxes and what-not.
I am mostly a lurker / seldom visit this thread anymore, however I do want to note that mining is a way to anonymously acquire ethereum (much more-so than markets) and it's much harder to trace records for taxes and what-not.
Well, keep in mind that if you've gotten a stable rig, it essentially sits there doing nothing but making money for $TIME. There's a monitoring aspect to it, moreso if you do manual mining of specific currencies vs using an 'autominer' like Nicehash, but it's not like this overt amount of time spent on it. Sure, sure, learning new marketable skills, training, whatever might be a better use of time, but I do that shit all day already, I'd rather have something a little more laid back to do when I got home."Well its not a ton of money for someone running 1 card, but its still "free money" for letting your computer run."
got it, so like uber - buy a car (mining rig) to get "free money" which is actually not free at all.
wouldn't spending some time on your skills, certifications, training, network and instead contracting at orders of magnitude higher per hour be much more worthwhile ?? wouldn't the money to fund the rig become an afterthought if you can sell your experience/time >$100/hour ?
However, hobby aspect I understand (mine cost money so if someone found ones that break even, more power to them).
You sell the BTC/ETH/whatever for $ (or other fiats) on an exchange, like Coinbase (which makes it very easy).got it, may be it make sense for others - again from a person in US perspective, WTF will I do with it? all transactions I have are actually in dollars - I am paid in dollars, I need dollars for my obligations, I spend dollars, I invest dollars, the crypto is as useful to me here as say indian rupies or middle eastern dinars. and if I need something not in dollars, it usually converts
got it, may be it make sense for others - again from a person in US perspective, WTF will I do with it? all transactions I have are actually in dollars - I am paid in dollars, I need dollars for my obligations, I spend dollars, I invest dollars, the crypto is as useful to me here as say indian rupies or middle eastern dinars. and if I need something not in dollars, it usually converts
They're already 'caught up', you're required to file for capital gains on any cryptocurrency gains you make, as well as tax on buying/selling profits if you don't mine, but just play in the exchanges. This has been established for a few years now. Those that don't, do so at their own peril.Got, thank you all. Not my thing (nothing wrong with it just don't think it is worth the effort in the limited time we all have available, others may see it differently). I do wonder how soon taxing authorities (states, federal, etc) will catch up that if you 'make' something and 'sell' something they will want their cut of it for the 'gains' you have maid.
So forgive me for asking - what is the point for home user , at least in US ? A single day of ANY job would bring more than a month of 'mining'. A single hour of qualified labor (consulting, etc) would do the same. Am I missing something? Why would anyone bother with this (in US as example)?
In theory, you could get hit by the IRS for earning personal income with business resources (electricity), I think. From a technical standpoint though, nothing is stopping you from doing that. You might not break even at this point however.Which leads me to wonder, is it worth spending ~$350 on a GPU to stick in an office PC to mine 24/7, if the computer is already there and running 24/7? GPU being the only cost, since my company would pay for the electricity (write off, lol)
You'd be lucky to earn $1/day with a GPU these days. And that's before power and cooling costs.
Currently @ $18/day (minus a pittance of electricity) w/5x1080ti's, 1x1080, 1x960. Admittedly a lot lower than when I bought 'em, and a high bar to clear wrt cost of the rig, but it doesn't require divine intervention.You'd be lucky to earn $1/day with a GPU these days. And that's before power and cooling costs.
Would a 980TI be better than my 1070? I can pick one up locally used (but brand new in box "looking") for ~$300
Yep, old gen hardware (unless it's AMD, they get a pass for vram latency) is pretty much a non-starter unless you already own the hardware. Even with that, it's often not worth it unless your electricity is free (then you may as well mine on your phone).Wow just looked it up, like 20% slower and almost DOUBLE the wattage
(then you may as well mine on your phone).
Haha, yeah that'd prolly work if you had a solid battery, aren't expecting much, get free charging, and don't mind the idea of it getting exceptionally hot (and dying quickly).Here you go, very efficient I'm told. Just not very fast and as a bonus you can use your phone as a hand warmer in winter:
https://play.google.com/store/apps/details?id=com.minergate.miner
The funniest thing is the amount of downloads this thing has... LoL...
Here you go, very efficient I'm told. Just not very fast and as a bonus you can use your phone as a hand warmer in winter:
https://play.google.com/store/apps/details?id=com.minergate.miner
The funniest thing is the amount of downloads this thing has... LoL...
They're already 'caught up', you're required to file for capital gains on any cryptocurrency gains you make, as well as tax on buying/selling profits if you don't mine, but just play in the exchanges. This has been established for a few years now. Those that don't, do so at their own peril.