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Noticing this too. Buy prices need to go up. He / group or whoever it is is successfully pushing down little by little. If buy prices get in higher that current it will stop him. It's trading thin to 50. Should we all bid in a little?
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Yes, it's 290 not 290X
How can you get 14.xx Mh/s with vardiff !? I am using ASUS Refference AMD R9 290 x 3, windows 7 64b, driver 14.3 Beta I get only 11.xx Mh/s with latest CGMiner (25th March version) I have the same config as it's given on your homepage config file example. Please try Use Driver 13.8 beta How do yo use fixdiff? |
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People leave buy and sell orders open. Same as any exchange. Coins or stocks.
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Mintpal is actually offline now!
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Crazy volume this morning on Mintpal... Anyone else take notice? 24 hour volume at 100BTC
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Anyone interested? Could be developed into an information site, coin currency site, product site for IRS compliance with new rulings... I'm not a developer, so just wondering if there's any interest!  |
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PM Offers.  Pay in BTC, LTC, or Other. |
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Their position, essentially, is that even as a solo miner you are providing a service to the network and being paid in kind. As with any other payment in kind (unless some exception applies), that is revenue at fair market value.
This is essentially correct in reality, though I'm not ready to credit the IRS with fully understanding bitcoin. The only reason you are allowed to stick that coinbase transaction in there giving yourself 25 coins out of thin air, is that the rest of the network has agreed your services in securing the blockchain are worth that much.
Key words being "essentially correct in reality".  I'm sure lawyers will be arguing reality in court someday. |
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Your thinking is way off. The IRS has (correctly) determined that bitcoins are not manufactured goods, instead mining is a service, for which miners are paid an income. You contribute your computing power to secure the network, you get paid bitcoins in exchange for your contribution, and those bitcoins are taxable income. It's so simple only a tax denier could dispute it.
Hashers provide a service and receive payment from the pool operator. Miners create a coinbase transaction and their peers may or may not accept it as valid. And for solo miners? |
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All I'm saying is that you can pick yourself which BTC purchases match up to which BTC sales, just like with stock.
No you can't. It's LIFO. With stocks it is LIFO unless you identify specific shares when you sell. I haven't seen anything to say that bitcoin will be different that stocks, but who knows what is coming next. My bad, you are correct. |
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That doesn't really tackle my point regarding that you don't know what your gains are, because you don't know which coins you are exactly selling. If they are all fractional-mined at different values, you are getting profits or losses depending on WHEN they were mined. There is no way to track that information.
It would be pretty easy to write a script, using the blockchain API to iterate all the mining receive transactions during the tax year on the receiving address(es) and to get a historical exchange values from the same API. The databases exist for free of charge, and you most likely have a computer that could run such a script. please re-read my posts regarding the question remaining, how do you know which cashed out BTC, are from which exact mined BTC. It helps zero to know, you received x btc at x price. You need to know, that xyz bitcoin was recieved at xx price, and those same xyz bitcoin fraction was sold at yy price. I believe you can use FIFO, LIFO, or pick yourself the associations. Same as with stocks. FIFO requires a ruling from the IRS for your company... It would put you on the radar. what? All I'm saying is that you can pick yourself which BTC purchases match up to which BTC sales, just like with stock. No you can't. It's LIFO. |
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That doesn't really tackle my point regarding that you don't know what your gains are, because you don't know which coins you are exactly selling. If they are all fractional-mined at different values, you are getting profits or losses depending on WHEN they were mined. There is no way to track that information.
It would be pretty easy to write a script, using the blockchain API to iterate all the mining receive transactions during the tax year on the receiving address(es) and to get a historical exchange values from the same API. The databases exist for free of charge, and you most likely have a computer that could run such a script. please re-read my posts regarding the question remaining, how do you know which cashed out BTC, are from which exact mined BTC. It helps zero to know, you received x btc at x price. You need to know, that xyz bitcoin was recieved at xx price, and those same xyz bitcoin fraction was sold at yy price. I believe you can use FIFO, LIFO, or pick yourself the associations. Same as with stocks. FIFO requires a ruling from the IRS for your company... It would put you on the radar. |
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That doesn't really tackle my point regarding that you don't know what your gains are, because you don't know which coins you are exactly selling. If they are all fractional-mined at different values, you are getting profits or losses depending on WHEN they were mined. There is no way to track that information.
It would be pretty easy to write a script, using the blockchain API to iterate all the mining receive transactions during the tax year on the receiving address(es) and to get a historical exchange values from the same API. The databases exist for free of charge, and you most likely have a computer that could run such a script. please re-read my posts regarding the question remaining, how do you know which cashed out BTC, are from which exact mined BTC. It helps zero to know, you received x btc at x price. You need to know, that xyz bitcoin was recieved at xx price, and those same xyz bitcoin fraction was sold at yy price. Your exchange keeps that information. If they are required to report it to the IRS, they will. If you don't want to pay your taxes, then using poor record keeping isn't an excuse for not paying your taxes. Men with guns from the IRS can still come after you and demand payment of taxes using a worst case scenario (on your part) . IRS agents don't carry guns. |
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What happens if you mine 100k in coins and your HDD crashes? You lose your private keys. Coins are gone. What then?
Umm... for starters you would be a moron for not making a backup of your wallet. Or if your computer was hacked... Malware... |
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Sure, but would you owe taxes?
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What happens if you mine 100k in coins and your HDD crashes? You lose your private keys. Coins are gone. What then?
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Your thinking is way off. The IRS has (correctly) determined that bitcoins are not manufactured goods, instead mining is a service, for which miners are paid an income. You contribute your computing power to secure the network, you get paid bitcoins in exchange for your contribution, and those bitcoins are taxable income. It's so simple only a tax denier could dispute it.
And considering its decentralized, who pays when you mine? If you were the ONLY miner, say on an altcoin with zero other miners, you would create coins. Who pays then? |
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