Hello,

I have just started out bitcoin mining, I have a few orders for the butterfly labs devices, while I wait I have built a GPU rig at home that chuggs away at 2Gh/s. 

I want to cash in my bitcoins and convert to sterling to help pay off my credit cards.  Do I need to think about paying tax on my earnings from bitcoin mining?

I am based in the UK, so anyone who knows about UK tax law I would appreciate some guidance.

thanks


Andrew

Hello,

I am sure I heard of this a few years ago, if only I had filled my bedroom with computers and GPU's back then.

Today I am a software developer who took a trading course and cashed in big on a demo trading account with bitcoins.  After googling bitcoins and then trying to mine at home I quickly realised my hardware was next to useless.

So I have made an executive decision and invested around 4k in Butterfly labs hardware.  I sincerely hope it gets delivered in time to at least make back my investment costs.

I decided to buy a few devices as the worry is the difficulty will increase too quickly rendering a single device useless.

I have been told my device will be in the data centre in a couple of months, I will report back when it becomes available.

thanks


Andrew