To clear this discussion up, we need someone to chime in who has gone through the rigamarole of doing taxes on  Cryptomining.
Paying the taxes on bitcoin you mined on XYZ date makes no sense whatsoever.

Say for instance, you mined a 1 Altcoin on 7/11/16  at a price of $500 .  A month later the price of the altcoin crashes to   $15 dollars amd doesnt recover for the  foreseeable future. The value of the alt-coin is only realized once the altcoin is converted to  Fiat or used to purchase a good. Technically the Alt-coin is a useless abstract currency until this occurs.

So the IRS expects us to pay the taxes on a mined alt-coin, before we ever realize its true worth?  This makes no sense, but, if that is the case, then miners should immediately cash  out whatever they earned, then re-convert whatever fiat  they want to re-invest in the particular coin. This would make it much easier for the miner to organize their particular taxes.

A friend of a friend recently purchased multiple  Asic miners and   he told me hes going to mine, hold, and whenever he cashes out present the earnings as capital gains. He will  put down the value of the equipment used in column E on his  Schedule D 1040 form.  I view this all as straight capital gains.  I feel thats the best thing for us miners to do, even if the  IRS balks, your not going to  jail and maybe have to pay a small fine due to the fact that this is a new field, for us and for the IRS.

Another thing that may work is, mine, hold, and hope that  your countries economy becomes like Japans, in Japan you can use Bitcoin  as a taxless currency  for goods, rent, property, cars and food.   I foresee this happening after the price  of a bitcoin starts to stabilize around 100K, which should occur toward the middle of the 2020's

     Using Bitcoin in Japan: https://youtu.be/xrauYRGDCjY

kindle

Reach out to them  via : host@giga-watt.com 
They've  been extremely  receptive

I have nothing buy good things to say about this company. Top notch on all levels. Dave Carlson is Gigawatts CEO.  Dave is a legend in the bitcoin mining world (See vid link below).  If you have a miner,  you would be naive not to do business with these guys.

https://www.youtube.com/watch?v=BoT-y5FPoqw

https://www.youtube.com/watch?v=cy28VGFBcyQ

https://youtu.be/XAIJ5D4bugQ




If you missed out on the token sale, no biggie. They allow you to rent tokens for a very  very inexpensive price. Gigawatt has a bright future!

 Why  dont you try and use the program before making such a misguided  post. To view a lbry vid, that vid  must be  dl'd to an end terminal. I love the concept  of cutting out the  middle  man,  but if you look at this  objectivity [which you obviously  arn't] you would  realize  lbry is junk. Regardless of how much users  get paid to "help seed the network", those  vids take up  alot of real estate  on a harddrive... technology as a whole is moving toward   smaller harddrives/ cloud computung/tablets/large cell phones.

A content creator has two goals  1) Exposure 2) Profit .... Even though  YouTube takes large portions of the profits, it's balanced  out  by the billion +  number of users they have.  More users = more  exposure = more money for  creator's.

"you are NOT an "investor"   why do you jump to the  conclusion  that  I was  only reffering   to my btc  investment?  My email to  Reilly  had nothing to do with the few bucks that were spent. I invested my personal time and exposed  my computer to their beta release.  I am a potential  customer .... customers/users =  investors. Where would lbry be without  a user base??? Lbry is a rinky dinky start up... users  are their  bread an butter. The  fact  that its been two weeks and no response   further  cements the notion  that  lbry is unprofessional/amateur.  I hope that im wrong  and  they get their act straightened out, but my gut feeling tells me they  won't.  This  coin is definitely a dump. Invest  in another  coin, there's  alot  of winners out  there  you may be missing out  on ...

Lbry is wack, p2p videos is so 1999. Getting the program off my Mac was literally impossible. In this day & age of tablets, lbry is useless. Lbry forces users to have to download memory eating videos onto their user terminals. This makes no sense whatsoever. Sure people who bought this coin are going to say Lbry is the best thing since yada-yada-yada (typical hype)... but regular everyday folk are never going to use lbry, they could care less if its decentralized or not. Downloading videos direct to a terminal is archaic, pointless and annoying. I sold all of my Lbry coin, lbry = crap coin... Besides all of this I emailed my lbry issues to Reilly Smith , their customer service rep (see link below). It's been over 12 days and still response.


 https://drive.google.com/file/d/0BxUV7svdfTVvZmZleDhKYW9ycVE/view?usp=sharing

True,  they say 90 % fail and 10% succeed

https://www.fxstreet.com/education/the-top-10-reasons-why-traders-fail-201402210000

Day trading cryptos is a dangerous game, in more of a buy and hold kinda t

Exactly!  If he wants to have any sucess, imo (take it or leave it), read up tremendously on the coins you're purchasing and buy during a dip, hold for quite some time and see where it goes after a few weeks.  Day trading cryptos will leave you pennyless,  the whales will  eat you right up

ICO's  while some are risky/scammy others are not.  Personlly I will be investing in the following ICO's this month:  OX, Enigma, Decentraland

If you want to  invest outside of the crypto world, look at this website: youstake.com
“staking,” the practice of financially backing players for a cut of their winnings is a growing business.

http://www.marketwatch.com/story/how-to-turn-60-into-40000-invest-in-a-poker-player-and-get-lucky-2017-07-31?mod=genpf_twitter_new2&link=sfmw_tw

good point! As Arnold would say.... I'll be back