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1  Alternate cryptocurrencies / Mining (Altcoins) / Why its still worth mining ETH ( or other coins) for me on: October 05, 2018, 06:07:26 PM
Read a few topics in the past few weeks, so i decided to write a comment to one of those " People are stupid bc they still mining kida topics ... I think my comment worth a new topic , bc I'm sure i'm not the only one who is still mining with profit, of course with much less profit than last year December Wink If you jumped into mining this year , this topic definitely not for you, because you probably not even close to your ROI Smiley

ETH is NOT PROFITABLE AT THE MOMENT, but still has 248.000 gh/s of total network hashrate at the moment.

Are people stupid or what???

Lets put numbers to the question.


In my case its still worth mining, as all of the money i invested into mining rigs are back to my packet already.
Im not one of those guys who jumped into mining when bitcoin price hit 20000$ Smiley and wanted to get rich within a few months.

I always warned new members, members who opened topics like : "ITS TO LATE TO START MINING , IT IS STILL PROFITABLE ? WHY MY EARNING IS LESS THAN ALL THOSE ONLINE CALCULATORS TELLING ME? WHAT IS THE BEST COIN TO MINE ? WHAT IS THE MOST PROFITABLE COIN TO MINE" mining is a risky investment and no one can tell you whats coming tomorrow. After last year BTC and all other crypto coin price jump, ppl just started buying gpus like kids taking chocolate from the grocery shop shelves Smiley
You can read my "warning or i would say advice topic " here Wink

Let see a example why its still worth mining for me  :
I'm the only one on this forum who can say its still worth mining?

ETH11 as you can see on the attached picture hashing with 375MH/s , pulling 1590watts at the wall, im paying 0.097$/kWh
after pool fees ,miner fees,  power bill im still making around 80$ extra a months with current eth/usd exchange rate. ( as of today October 5 / 2018 )
So its worth mining for me ? Definitely YES !
If ETH11 will generating only 20$ / months its still worth mining for me ? Definitely YES !
Why im saying YES ?
Because my rigs are paid out already, and if i can have 20$ extra a months for nothing,  im still happy, but i have way more than 1 mining rig, so thats  going to be multiple times 20$ a months. With current price its still multiple times 80$ a months, or multiple times 40$ a months with a smaller builts ( 6-7-8 cards per rigs )

Miner reported hashrate:

Pool side reported hashrate :
( yes with the right bios mod , with the right undervolting/overclocking your miner reported hashrate should be the same as a pool side reported average hashrate. if its not the same, you definitely have some issues Smiley

Power Draw:
( measured with cyberpower PDU81007 Switched Metered-by-Outlet PDU  )

To a much easier understanding I placed all of my information into one online calculator ,dont forget online calculators are not always 100% accurate .

2  Alternate cryptocurrencies / Altcoin Discussion / Bitcoin Cash Network Highly Centralized, 49% of all Nodes Run from Alibaba’s on: July 14, 2018, 11:23:47 PM
Bitcoin Cash Network Highly Centralized, 49% of all Nodes Run on Alibaba’s Facilities: Bitpico

Weeks after announcing they would be launching an attack on the network of Bitcoin Cash, hacker group Bitpico has disclosed that the altcoin suffers from massive node centralization.

However, the claims by Bitpico did not go unchallenged with some users posting conflicting statistics. According to, for instance, Bitcoin Cash nodes are currently active in 48 countries spread around the world. The highest concentration of nodes is in the United States where approximately 28.26% of the nodes are located followed by China with 22.54% of the nodes. Germany comes in third with 10.95% of the nodes.
3  Alternate cryptocurrencies / Mining (Altcoins) / ETN is back to ASIC :) ATTN: Antminer X3 owners :) on: July 05, 2018, 06:21:01 PM
yes if you did not know yet, and you have a Antminer x3, its maybe time to redirect back to ETH mining Smiley
Network difficulty jumped already from 22,843,211,141 to 125,388,752,124
of course more ppl using they x3 , less money you going to make Sad

From ETN developers:

"ASICS are becoming more prevalent, they cost considerably less to run than a GPU rig and use a fraction of the electricity. We are going to encourage more ASIC ownership and take our hashing rate up to (and beyond) the enormous levels of hashing power that we had before the May fork.

There is a further development. The first generation of hardware called an FPGA miner is arriving during 2018 and they make ANTI-ASIC capabilities a thing of the past, as they circumvent the slow delivery time of new ASICs by being re-programmable. If we are ready to embrace these rather than fight them, our network hashing power is increased further and our network stability and security is further enhanced.

Because ASICS run cooler, quieter and use a fraction of GPU rig power, they are suitable for MORE people to run in their homes. If you are interested, a search of “Cryptonight ASIC miner” in Google or Ebay will find the equipment needed to mine Electroneum. You will need to be reasonably technical to achieve this!

Having a stable network is absolutely key to both delivering mass adoption and to ensure we have a great relationship with the great exchanges that we’re already listed with, and to encourage more of the larger exchanges to see Electroneum as a coin that they want on board.

How will I mine Electroneum after this update?

If you are a mobile miner – nothing changes. If you are a GPU or ASIC miner then you’ll need to connect to an Electroneum pool but it is important to note that you will need to change your ALGORITHM. You MUST use the algorithm “Cryptonight” and NOT “Electroneum” or “CryptonightV7”. "
4  Economy / Computer hardware / 2x PDU for SALE - CyberPower PDU30SWHVT16FNET Switched PDU 30A - NEMA L6-30P on: June 06, 2018, 05:22:20 PM
CyberPower PDU30SWHVT16FNET Switched PDU 30A - NEMA L6-30P to 16x IEC-320 C13

I have for sale 2x used PDU30SWHVT16FNET. Latest firmware installed, units functional perfectly. PDU's used in a dust free server room, controlling, monitoring gpu miners , ASIC miners.

You can pm me , i accept BTC-LTC-BCH-ETH-ZCASH Or you can purchase from me via ebay and pay with paypal
5  Alternate cryptocurrencies / Mining (Altcoins) / POLL - Would you vote for a hard fork that obsceletes ETH ASICs on: March 29, 2018, 06:49:29 AM
Read before you vote Smiley
This is not a proposal, just an opinion poll Smiley

In August of this year (2017), Vitalik Buterin, creator of Ethereum, released the implementation guide for the first version of Casper.

As a hybrid proof-of-stake (PoS)/proof-of-work (PoW) algorithm, Casper v1 is going to decrease (and eventually end) the profitability for Ethereum miners.

The release date is estimated to be sometime in 2018 as part of the Constantinople hard fork and there’s a lot to learn before this happens: More Info HERE

If you vote "YES , save GPU mining" , you need to know ETH going to be a PoS coin sooner or later, that eventually end the profitability for Ethereum mining Sad

If you vote "NO , Lets ASICs take over" , you need to know ETH going to be a PoS coin sooner or later, that going to make ETH ASIC obsceletes anyway.

So for GPU miners is a catch-22

6  Alternate cryptocurrencies / Mining (Altcoins) / GPU's are getting cheaper now, but looks like Gamers can't buy all the cards :) on: March 24, 2018, 03:46:12 AM
GPU's are getting cheaper now, but looks like Gamers can't buy all the cards Smiley, and miners don't want those cards anymore Smiley
Check out the newegg promo store
I think the "The cryptocurrency craze" is over now, till the coins price stays low for sure
7  Alternate cryptocurrencies / Mining (Altcoins) / Mining is profitable for you or not as of first quarter of 2018 on: March 21, 2018, 05:03:28 PM
Around this days (2018-March) I see a lot of unhappy members here on bitcointalk, lot of them complaining about they reduced profit.
I think mining is still profitable , of course its depend on a lot of factors:
- When you started mining and bought your mining rigs ( gpu/asic ) ?
- Did you already get back the money you invested ?
- How much are you paying for electricity included all taxes ?

Yes any 1080 can be profitable today even if you are making 1$ profit only/day/card and you got your ROI already.
If you bought your 1080 in 2017 November/December or this year then you are in the different situation Smiley You still making money, but your ROI is waaaay much longer, and it will take some time to generating real profit for yourself....
But if you done a deep research about mining, you should know by the time you decided to start buying rigs/asics, mining has it's ups and downs.

8  Bitcoin / Press / [2018-03-19] Trump bans Venezuelan cryptocurrency in the US on: March 19, 2018, 07:16:11 PM
Trump bans Venezuelan cryptocurrency in the US

U.S. President Donald Trump has issued an executive order to ban Petro in the U.S. Petro is a cryptocurrency developed by the government of Venezuela.

As of today, U.S. citizens, residents and companies can’t buy or sell Petro. The executive order says that Venezuelan President Nicolás Maduro is trying to avoid U.S. sanctions against Venezuela with this new cryptocurrency. The U.S. Treasury Department already warned U.S. investors back in January.

Maduro first unveiled the country’s cryptocurrency in December. He said that Petro would be backed by oil and mineral reserves. But the issue is that the Venezuelan government unilateraly fixes the price of the Petro. So Maduro can say Petro tokens aren’t worth anything in a year without any consequence.

While the government has published multiple whitepapers, it's still unclear if Petro is based on the Ethereum blockchain or NEM blockchain. But it didn't stop them from raising hundreds of millions of dollars during the pre-sale. Venezuela's National Assembly has also deemed Petro illegal.

Venezuela currently faces an economic collapse combined with hyperinflation. The bolívar fuerte, the country’s currency, is now worth 10,000 times less than its value in August 2012.

So turning to cryptocurrencies could be a smart move when your bank notes aren’t worth anything. But it doesn’t solve the core of the issue.
9  Bitcoin / Press / [2018-03-18] Lawsuit Challenges Google’s Ban on Crypto Ads in Russia on: March 18, 2018, 05:26:50 PM
Read the full article HERE

Lets hope John McAfee, a USA crypto entrepreneur going to do the same in the USA Wink

Lawsuit Challenges Google’s Ban on Crypto Ads in Russia.

A lawsuit has been filed against Google in Russia after the company announced restrictions on cryptocurrency-related ads. Entrepreneur Vladimir Orehov demands a 2 billion ruble compensation from the Russian Google entity ООО «Гугл». He claims the ban will deprive him of opportunities to invest in crypto projects and find investors to fund his own business initiatives.  

Google’s decision to impose restrictions on the advertisement of cryptocurrencies and related content has triggered a legal action in the Russian Federation. A local businessman has filed a lawsuit against the Russian-registered Google entity ООО «Гугл», Vedomosti reports. Vladimir Orehov claims he is missing business opportunities and possibly losing money. He insists on receiving compensation for his foregone earnings to the amount of ₽2 billion RUB (almost $35 million USD).

The Russian crypto entrepreneur says the ban will deprive him of opportunities to invest in crypto projects and also find other investors willing to support his business plans. Orehov wants to be compensated for the “moral damage” caused by the ban and insists on its lifting. The lawsuit has been filed with the Zamoskvorechye District Court. Its press secretary confirmed the claim has been registered on March 15.

" I believes people should have the right to make choices. "

10  Bitcoin / Press / [2018-02-24] Bitmain may have made as much money as Nvidia last year (2017) on: February 24, 2018, 05:10:42 PM
Chinese bitcoin mining company may have made as much money as Nvidia last year. ( Original article here )

  • Based on conservative estimates of gross margin of 75 percent and operating margin of 65 percent, Bernstein analysts calculate that Beijing-based Bitmain made $3 billion to $4 billion in operating profits in 2017.
  • In contrast, Nvidia's operation profit was $3 billion during the same period, according to Bernstein's U.S. semiconductor team estimates.
  • Bernstein's analysis also indicated that "Bitmain shrewdly adjusts the prices of miners according to bitcoin prices."

A secretive Chinese start-up called Bitmain that dominates the bitcoin "mining" industry likely made as much as chipmaker Nvidia did last year, Bernstein analysts estimate.

Based on conservative estimates of gross margin of 75 percent and operating margin of 65 percent, the analysts calculate that Bitmain made $3 billion to $4 billion in operating profit in 2017. Bernstein's U.S. semiconductor team estimates Nvidia's operation profit was $3 billion during the same period.

"But Bitmain achieved this in merely four years, while it took Nvidia 24 years to get here," the Bernstein analysts said in a report published Wednesday.

Beijing-based Bitmain was founded by Jihan Wu and Micree Zhan in 2013. The company has since grown into one of the primary firms involved with bitcoin mining, the process of using computing power to generate bitcoins. Wu is also a widely followed figure in the bitcoin world.

Bitmain declined to comment for this story.

Today, Bitmain sells Antminer bitcoin mining rigs that can cost several hundred dollars to a few thousand dollars each. The company also operates "mining pools" in which participants collaborate on bitcoin mining in order to cut costs. As a result, Bernstein estimates Bitmain has 70 to 80 percent of market share in bitcoin miners and asics.

The analysts estimate that most of Bitmain's revenue was generated by selling miners powered by the company's chips. "The rest was largely generated by mining itself and, to a much lesser extent, by collecting management fees from the mining pools it operates and renting out the mining power of its mining farms through cloud services."

Much of the growth in mining revenue came from the exponential rise in bitcoin prices, the Bernstein report said. Its analysis also indicated that "Bitmain shrewdly adjusts the prices of miners according to bitcoin prices."

So as bitcoin skyrocketed toward $20,000 late last year, the price of Bitmain's AntMiner S9 climbed near $5,000 ( ? on ebay maybe ) while production costs remained the same, according to Bernstein's estimates.

To come to the final $3 billion to $4 billion operating profit figure, the Bernstein analysts also looked at Bitmain's purchases from Taiwan Semiconductor Manufacturing and estimated the start-up contributed 2 to 3 percent of the chipmaker's total revenue last year.

"In the year 2018, Bitmain will likely lead the cryptocurrency asic industry and migrate some of its chips to 10nm and the most advanced 7nm," the report said. "That will make the company one of the top five users of TSMC's 7nm in 2018, with demand comparable with Qualcomm's, HiSilicon's, or AMD's."

But longer-term growth is not guaranteed, especially in the fickle cryptocurrency world. Bitcoin has lost half its value in about two months amid worries about a regulatory crackdown.

Chinese authorities have taken some of the strongest actions so far by banning initial coin offerings and causing local bitcoin exchanges to close.

Bitmain has taken strategic steps to stay ahead of the game.

The company launched a mining pool subsidiary last April in Israel, and is opening mining farms in Canada and Switzerland, and regional headquarters in Singapore, the Bernstein report pointed out. Bitmain is also expanding its business to other cryptocurrencies such as ethereum and monero.

The Bernstein analysts say the Chinese company also has a "massive cash position" that should help it through sluggish periods in the industry. And in its main bitcoin mining business, Bitmain protects itself from losing too much to investor speculation by selling chips to miners, rather than doing all the bitcoin mining itself.

"Some money is left with customers, but so are a lot of risks," the report said. "The results, in our view, have been remarkable."

11  Economy / Computer hardware / [WTS] 2 or 3 ANTMINER S9 - 13.5TH/s Brand New w or without PSU ,Check my ebay on: February 09, 2018, 03:58:22 AM
My eBay listing:
Bitmain Antminer S9 - 13.5TH/s Bitcoin Miner w PSU In hands , next day shipping

Up for sale some Antmier S9 brand new ! Received my order today , the hosting company im using can not host my miners till april 1st , my "home mining cave" reached the amps i can use there , so im selling 2 or 3 from my latest order .
Accepting paypal , cash,  wire transfer or any payment method,  BTC , BCH , ETH ... As soon as i received the payment , printing the shipping label , and sending the package (only continental US). Local pick up available ... I can sell with or without the Bitmain APW3++ psu.
No its not a scam , im a trusted ebay member  in the past 16 years , over 600 transactions with 100% feedback rating,  also a Hero Member here on with the same username , I posted the same on ebay Wink so you can see thats me Smiley
You can use any escrow service if you want , but you paying for it.
Check my feedback , You can see under my feedback profile my last order from ebay was  2 industrial fans , you can see those fans installed on my mining room on those pictures i posted .
No international shipping , only continental US .
Thank You!
Price for 1 S9 with psu is 3200$ included 3 days shipping in the continental US
Price for 1 S9 without psu is 3050$ included 3 days shipping in the continental US
we can deal via ebay , but then the price is higher , bc all the fees i have to pay .

Contact me via PM or via ebay message ...

I can open the boxes and check the miners for you if you prefer that way , or i can send you with the unopened box .

12  Alternate cryptocurrencies / Mining (Altcoins) / Graphics Card Scam on E-Bay! GTX 1080 / 1080 Ti and others on: February 02, 2018, 04:38:07 PM
Before you thinknig you find your best deal of the year on ebay, please becareful ! There is a lot of scammer out there ! They know you have money , they know you want to buy VGA cards for mining , they know you are looking for the best deal , they know there is a wordwide GPU shortage

13  Alternate cryptocurrencies / Mining (Altcoins) / "Wide selection" of Miners available from Bitmain , very unusual ;) on: February 02, 2018, 12:26:39 AM
Just checked Bitmain website , wanted to see if the miners price are following the current coins price drop .

Miners price are not reduced at all , but what is very unusual, A3 / L3++ / T9+ are still available for sale and not sold out within a few minutes Smiley (as of today February 1 - 2018 )
I guess  Wink people scared to buy them because the current situation.

Let see whats going to happen with the VGA cards Smiley

AMD just "announced" ‘ramping up production’ to address graphics card shortages .

At the same time Nvidia has had enough of the price gouging, so it’s asking retailers to reserve some supply for gamers.
Specifically, Nvidia’s proposal is a limit of two cards per customer, enough to set up a sweet SLI rig if that’s what you’re into.

We are going to have a very interesting few weeks, months ahead of us ( miners )

14  Alternate cryptocurrencies / Mining (Altcoins) / Mining Shed / Room zero-electricity air cooler made from plastic bottles ? on: January 21, 2018, 07:00:55 PM
Im one of those guys who built a mining room or shed for my rigs , ASIC miners .
Im located on the south Smiley where the summer temperature sometimes is going over 37-38C or 100F .
I survived the last 2 summers somehow , but i had to cut back the mining power for my rigs during very warm days , this way much less heat was generated. ASIC miners are blowing the warm air to outside via ducts , sucking the " cold ( amb temp outside), filtered " air from outside. but my open frame gpu rigs generated a lot of heat .
I was able to keep the GPU temps under 75C , i have a great airflow in the mining room , pushing/pulling air with high cfm fans.

Then i come across some article about "zero-electricity air cooler made from plastic bottles"

Does It Actually Work? Does It Really Work?

Wit this method from a 112F ( 45C ) temp ppl was able to reduce the temp to 95F (35C ) just with basic , natural air flow , no fans involved , just lot of plastic bottle Smiley

15  Alternate cryptocurrencies / Altcoin Discussion / Bitconnect, which has been accused of running a Ponzi scheme, shuts down on: January 17, 2018, 03:05:05 AM
Bitconnect, which has been accused of running a Ponzi scheme, shuts down

Announcement from they wesite :

This is to inform all community members that we are closing the Bitconnect lending and exchange platform. We are closing the lending operation immediately with the release of all outstanding loans. With release of your entire active loan in the lending wallet we are transferring all your lending wallet balance to your BitConnect wallet balance at 363.62 USD. This rate has been calculated based on last 15 days averages of the closing price registered on You are free to withdraw your BitConnect coin currently in QT wallets that was used for staking as well. We are also closing BCC exchange platform in 5 days.  In short, we are closing lending service and exchange service while website will operate for wallet service, news and educational purposes.

The reason for halt of lending and exchange platform has many reasons as follow:

The continuous bad press has made community members uneasy and created a lack of confidence in the platform.
We have received two Cease and Desist letters, one from the Texas State Securities Board, and one from the North Carolina Secretary of State Securities Division. These actions have become a hindrance for the legal continuation of the platform.
Outside forces have performed DDos attacks on platform several times and have made it clear that these will continue. These interruptions in service have made the platform unstable and have created more panic inside the community.
Closing the lending and exchange platform doesn’t mean that we will stop supporting BitConnect coin. Closing the lending platform will allow Bitconnect to be listed on outside exchanges giving more options for trading.

We will keep working to make BitConnect coin available to merchant websites providing them API access to accept BitConnect Coins on their platforms.

BitConnect X ICO is still functional and we are building an exchange platform on the BitConnect X website. With BitConnect X operating as an exchange platform, BitConnect Coin (BCC) will be listed there.

This is not the end of this community, but we are closing some of the services on the website platform and we will continue offering other cyptocurrency services in the future.

Best Regards,

The Team BitConnect
16  Alternate cryptocurrencies / Mining (Altcoins) / My ETN mining experience with CPU on: January 12, 2018, 04:41:01 PM
A lot of members , mostly newbies have  questions about cpu mining .
Some ppl say its not worth it , wasting money , some ppl say its worth it...
Let me share my own experience with the bitcointalk community Smiley
None of my mining CPU's are running with full potencial , those cpu's have some another work load to deal with also Smiley They just set up for mining on the side Smiley
im mostly using i5-4440 / i5-4440s / i5-4670K / i7-3770 / i7-4790 / i7-5960x / xeon-e5-2666V3ES i have a few from this cpu's Smiley
Im using nanopool to mine ETN w CPU's , the calculated numbers on the nanopool website doesnt substrack the power usage for the estimated mining income for each CPU . Please do your own calculation with your actal KW/h price Smiley

One of the cpu im using for mining ( xxcsuHTPC-i7-3770K )is set to mine with the full potencial ,as its in my HTPC , and really not using it for anything else right now Smiley

UPDATE 1-16-2018 Added watts calculation , colser numbers for real earning
I did not calculated the exact power usage , but let see by factory numbers Smiley
one more times i would like to tell you guys None of my mining CPU's are running with full potencial , those cpu's have some another work load to deal with also...
Im paying 0.09$/KWh

i5-4440 84 watts max = that is 60480watts/months , so 60.5kwh = 5.445$/months , with etn mining i can earn 16.2$/months so that is
10.755$ profit/months

i5-4440s 65watts max = that is 46800watts/months , so 46.8Kwh = 4.2124$/months , with ETN mining i can earn 11.524$/months so that is
7.3116$ profit/months

i5-4670K 84 watts = that is 60480watts/months , so 60.5kwh = 5.445$/months , with etn mining i can earn 19.467$/months so that is
14.022$ profit/months

i7-3370K 77 watts max = that is 55400watts/months , so 55.44Kwh = 4.9896$/months , with ETN mining i can earn 40.737$/months so that is
35.7474$/months , this cpu is mining with 100% potencial

i7-4790 84 watts = that is 60480watts/months , so 60.5kwh = 5.445$/months , with etn mining i can earn 33.434$/months so that is
27.989$ profit/months

i7-5960X 140 watts = that is 100800watts/months , so 100.8kwh = 9.072$/months , with ETN mining i can earn 80.8$/months so that is
71.728$ profit/months

Xeon E5-2666 v3 ES 105 watts = 75600 watts/months , so 75.6Kwh = 6.804$/months , with ETN mining i can earn 84.082$/months so that is
77.278$ profit/months


Another update as of crypto prices  are falling like crazy Smiley JAN 12 -2018 5.50PM EST

as of today , all crypto coin lost the value by 20%-30%-40%-50% because of a news come out , that the South Korea , The country, which had been a big player in the cryptocurrency boom, is now considering a full shutdown of all crypto coin exchanges,  they government was preparing a law to close all the nation’s exchanges.

So my calculated eranings are 48% less on this day 1-16-2018 at 5.30pm EST, than it was 5 days ago Sad

i5-4440 - 10.755$ profit/months - 5 days later - 5.592$ profit/months as of today
i5-4440s - 7.3116$ profit/months - 5 days later - 3.8$ profit/months today
i5-4670K - 14.022$ profit/months - 5 days later - 7.29$ profit/months today
i7-3370K - 35.7474$/profit/months - 5 days later - 18.59$ profit/months today
i7-4790 - 27.989$ profit/months - 5 days later - 14.55$ profit/months today
i7-5960X - 71.728$ profit/months - 5 days later - 37.30$ profit/months today
Xeon E5-2666 v3 ES - 77.278$ profit/months - 5 days later - 40.18$ profit/months today

In this example everyone can see why those web calculators can not be accurate , those calculators never know whats happening tomorrow , those calculators just for that moment when you typing in your information Smiley If you bought , built your rig based on what any calculators told you 5-10 days ago , now you have to face to that fact , you going to earn 20%-30%-40%-50% less money ... It maybe going back next week , maybe going down tomorrow ... Your estimated ROI might just doubled Wink

So there is some screenshot Smiley

17  Alternate cryptocurrencies / Mining (Altcoins) / Why is witholding payments ? on: January 11, 2018, 04:49:53 AM
So..WTF ...
Im sure a lot of us using
I just was wondering why i did not received any payment to my wallet from in the past 7 days , no answer to support ticket ,no information why or what ...
This info might help you , if you are in the same situation ...

Then registered on they forum , and found a interesting forum post ...
Im going to paste and copy here:
1099-MISC for and Automatic Withholding for non-us persons.
Postby pavvappav » Mon Jan 01, 2018 8:01 pm

Based on the information on the "1099-MISC" section of the help, the decision to provide 1099 forms to us persons was based on the 2014 guidance from the IRS, specificly Q13 is referenced.

The last sentence of Q13 and the entirety of Q14 cover payment of virtual currencies to contractors who are not us citizens.

The 515 document covers the withholding of taxes for non-resident aliens (non us citizens not living within the US). According to this document, it appears that income from Prohashing paid to non resident aliens is subject to a flat 30% tax unless otherwise reduced by treaty with the nation of the foreign individual.

According to 515:
When to withhold. Withholding is required at the time you make a payment of an amount subject to withholding. A payment is made to a person if that person realizes income, whether or not there is an actual transfer of cash or other property. A payment is considered made to a person if it is paid for that person's benefit. For example, a payment made to a creditor of a person in satisfaction of that person's debt to the creditor is considered made to the person. A payment also is considered made to a person if it is made to that person's agent.
A U.S. partnership should withhold when any distributions that include amounts subject to withholding are made. However, if a foreign partner's distributive share of income subject to withholding is not actually distributed, the U.S. partnership must withhold on the foreign partner's distributive share of the income on the earlier of the date that a Schedule K-1 (Form 1065) is provided or mailed to the partner or the due date for furnishing that schedule. If the distributable amount consists of effectively connected income, see Partnership Withholding on Effectively Connected Income , later.

So, with that said, is Prohashing going to be following US law and withholding the 30% tax on income paid to miners who can not or will not provide their TIN and information for 1099-Misc withholding? And understand, I base this question on the description prohashing has provided in their help, and the documents referenced in Prohashing's help on the 1099-Misc page.

Help page from about 1099-MISC forms

1099-MISC forms
To comply with United States Internal Revenue Service regulations, Prohashing issues 1099-MISC forms to its customers yearly each January. Since we rent hashrate from customers, use it to mine blocks for ourselves, and pay customers a fixed rate for the product they are renting, these forms are required by US law to be distributed to   all customers (who live in the United States or who meet some other conditions) and who earned more than $600 during the previous calendar year.

Prohashing does not withhold any taxes, nor do these forms necessarily mandate the payment of taxes. Prohashing's obligation is solely to generate the forms and mail them by physical mail to qualifying customers. We do not provide advice on how to complete this paperwork or whether you are required to do so; you may want to consult the IRS website, an accountant, or a lawyer for assistance. Some information may be found in this document. The response in answer A-13 is what caused us to decide to mail these forms to US customers. Information about whether international customers qualify as exempt from the paperwork is provided at this site.

If you live in the state of Pennsylvania, you may be sent additional paperwork specific to Pennsylvania. No additional information is required other than that already requested for the IRS forms. Your street address will be used to determine whether this additional paperwork is required. As with the IRS forms, we do not provide tax advice and are simply providing these forms as part of a legal requirement.

To provide information to be included on the 1099-MISC form, visit the "Settings" page and enter the required information. If you wish to declare that you are exempt from receiving a 1099-MISC form, select the option that declares that you are not a US resident and click "Submit."

Address data submitted to the system is archived offline weekly, so any potential hacking in the future will only result in the loss of the most recent data. Because the data is not stored online, it is not possible to display previously submitted data. Instead, we can only display whether a customer has submitted a form or not. If you believe you made a mistake in a previous submission, submit the form again and the previous data will be replaced with the data you just submitted.

Customers who have not earned $600 in a calendar year are not required to submit this information, although they may submit it anyway to ensure prompt payment should they exceed the $600 threshold for form mailing. If information has not been submitted for a customer who crosses the $600 threshold, we reserve the right to withhold payment until the information is received. While we intend to make every effort to pay customers no matter when they submit this information, Prohashing's liability for payments exceeding the $600 yearly threshold for customers who have not submitted information ends 90 days after the threshold was first exceeded.

If i want my hard earned litecoins Smiley i have two options :

I DO live in the United States or qualify according to the guidelines , then im going to receiving a 1099-MISC
I DO NOT live in the United States and do not qualify according to the guidelines , then who knows what happening Smiley

One thing for sure , i did not received payment in the past 7 days ,i hope after i submitted the requested information , im going to get my LTC to my wallet Smiley

18  Alternate cryptocurrencies / Mining (Altcoins) / RX480(580) cards real power draw, 1000 watts psu for a 5-6-7 RX 480 builds ? on: October 05, 2017, 07:17:52 AM
In the past few days i saw in many post when members keep telling the newbies you can go safely with a 1000 watts psu for a 5-6-7 RX 480 cards , the mining is not a real stress to those RX 480 cards , those cards never pulling close to 200 watts , gpuz or afterburner what telling you how much power your cards using ... ( Rx580 cards using slightly more power than RX480's )
Some "Hero ranked" members still believe GPUz or Afterburner measuring the vga cards total power usage...
The PSU should be a EVGA or CORSAIR 1200 watt , fully modular and Platinum rated like the Hx1200 from Corsair, this PSU can keep up 5 cards even if they are running near 200 watt but that is not the case because when you are mining Ethereum they are consuming 135 watt each from GPU-Z or MSI afterburner app.

Yes you can run 5-6 or maybe 7 RX480 / RX580 cards from a 1000 watts PSU safely, with a proper bios mod ( not just paste and copy mem straps) , undervolting / underclocking , BUT this is not for a newbies who asking questions like :
Hi bitcointalk, I want to build mining rig but I dont have the slightest idea how will i build one and how much would it cost me.
Want to start a small miner at home, any tips?

Just bc i had a few minutes free time Smiley and i had a RX480 card on my bench test pc ,  i just created a custom bios for that card ,hex edited , optimized to ETH-SC dual mining ... Im going to post some picture about the real power usage of the RX480 cards with different stage of the process . You can also compare the Afterburner (or gpuZ ) reported gpu power usage to a whole vga card power usage .
Sorry about the large files , but this way newbies can see the picture better Wink
This is my own experience with RX480-RX580 cards.... and building mining rigs for years Smiley

test bench / idle power usage

when you are mining Ethereum they are consuming 135 watt each from GPU-Z or MSI afterburner app.
If gpuz or afterburner showing you 135watts for ETH  , your bios is not optimized at all , the only mods you have is probably copy/paste mem straps , changed some voltage in polaris editor, and undervolting with AB or any other software !

19  Alternate cryptocurrencies / Altcoin Discussion / SEC has charged two initial coin offerings with defrauding investors 9-30-2017 on: September 30, 2017, 12:22:32 PM
After China ICO's ban , In the US The Security and Exchange Commission today has charged both a diamond and a real estate initial coin offering scheme with defrauding investors.

ReCoin is a new Ethereum-based cryptocurrency with Smart Contracts capabilities that provide the solution to any B2B, B2C or P2P real estate rental activities. The value of REcoin is guaranteed by American real estate assets, which are held in a trust equal to the value of all REcoins sold.

DRC Diamond Reserve Coin is backed by phisical diamonds which are the most reliable and fast growing assets already for more than 100 years.
Diamonds prices constantly grow just as the value of your funds.
20  Alternate cryptocurrencies / Mining (Altcoins) / WHY NEWBIES KEEP ASKING THE SAME QUESTION " ITS TO LATE TO START MINING ? on: September 26, 2017, 04:36:37 PM

No one can tell you !
Always going to be a 2 group of ppl who telling you it's ok go for it , or dont bc you just wasting ur money and time !
You have to make a decision for yourself !
Do your own research !
No one can tell you for sure what's going to happen with cryptocurrency !
No one can tell you it's going to be profitable for you or not !
No one can tell you how much profit you going to be able to make ! ( if you can make any at all )
No one can tell you the ROI ( return of investment) time !
No one can tell you what is the best coin to mine !
No one can tell you what is the most profitable coin to mine! Coins profitability always changing, what is best to mine today, maybe going to be the worst to mine tomorrow !
None of those calculators you are seeing on the web can tell you what's coming tomorrow , months later or 6 months later !
Those calculators telling you about today , at that moment when you typing in your information !
None of those online calculators calculating pool luck !
None of those online calculators calculating your stale/rejected or invalid shares !
None of those online calculators able to predict difficulty growth !
None of those online calculators can predict what would be the coin/$ exchanges rates a minutes later, a hour later,  tomorrow, next week,  months later, 6 months later or a year later !
It's little bit of gambling , you must to decide you want to play on the lottery or not  Grin
YES some of us got lucky , made some money with mining
YES some of us got unlucky , lost some money , bc when price started to fall , sold they coins , miners...

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