You really should consult with your CPA on this, but I am a CPA so I can give you some advice.
When you are talking about "forming" a business, I am not sure you have the right idea about it. You can have a sole proprietorship, which does not actually require "forming" anything, but is basically stating you now have a sole proprietorship, and take depreciation on your equipment and deduct electricity costs. (That is at the federal level, state level may be different. In KS I do not need to file anything with the state, but your state may be different).
Your mining earnings would be treated as ordinary income and could be offset by depreciation of equipment and any other costs associated with running the equipment. But as previously stated, you would owe self employment tax, which can be a headache and expensive. It is still better to go this route though.
Remember though, if you depreciate and then sell the equipment, you will owe gains on the sale of the equipment. Keep very thorough spreadsheets of ALL activity is my best advice.
I have a few spreadsheets set up for my various activities. I suppose for a fee I would be happy to provide accounting work relating to mining for individuals.
This matches up what our research and tax advice has been. Unless you get really big, ie you need to hire employees. It seems best to file as self employed business, just like a handyman or small scale general contractor might do. It sucks paying the self employment taxes (our wonderful government really encourages people to try to better their life eh?) but I think you could get royally screwed by the IRS if you don't go that route. Check with a local tax pro that will know or be able to find out your local and state laws that may differ from what others on these forums have at the state/city/town level. Def do not get caught skirting self employment tax, they do not like that and come down very harsh if caught. |
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You really should consult with your CPA on this, but I am a CPA so I can give you some advice.
When you are talking about "forming" a business, I am not sure you have the right idea about it. You can have a sole proprietorship, which does not actually require "forming" anything, but is basically stating you now have a sole proprietorship, and take depreciation on your equipment and deduct electricity costs. (That is at the federal level, state level may be different. In KS I do not need to file anything with the state, but your state may be different).
Your mining earnings would be treated as ordinary income and could be offset by depreciation of equipment and any other costs associated with running the equipment. But as previously stated, you would owe self employment tax, which can be a headache and expensive. It is still better to go this route though.
Remember though, if you depreciate and then sell the equipment, you will owe gains on the sale of the equipment. Keep very thorough spreadsheets of ALL activity is my best advice.
I have a few spreadsheets set up for my various activities. I suppose for a fee I would be happy to provide accounting work relating to mining for individuals.
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Tytanik, do you know whats going on here?
Not really but please upgrade your motherboard to newest. then plug out your motherboard batter and power from PSU. Wait 10 minutes. and then sec in bios: 1) Make sure you are running the latest BIOS! 2) Set device to boot from USB/pendrive 3) Upgrade bios to newest (important !) 4) Enable 4G encode 5) Set PCIe support to Auto 6) Enable onboard graphics to default (PEG - > IDG) 7) Plug your monitor into the ONBOARD graphics Also this can be also bad riser, bad gpu, and many other things. Try connecting less gpus and see whats happening. Ok, I will work through those things this weekend. Thank you for the advice. So that error message is based on my equipment and nothing going wrong with the actual mining? When you say "please upgrade your motherboard to newest". Do you mean BIOS or actually using a different motherboard? Thanks again! |
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Can anyone help me with this mining issue? I bought a 4 GPU rig from a member on this forum and for the life of me cannot get the thing to run for more than a couple of hours at a time. I have tried each GPU individually, and every time it ends up just giving me this error after a few hours. http://imgur.com/a/asI2JThe details of the rig are here... https://bitcointalk.org/index.php?topic=2013051.0and the only difference is that I used my own version of simpleminer on a USB drive. I am running Core Mhz at 1162 and Memory Mhz at 1750 with a powerstage of 3 (I believe that is stock settings for the 580?) Any help would be appreciated. Thanks Tytanik, do you know whats going on here? |
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Very nice list, would you mind highlighting or bolding the heading categories, it gets really hard to follow going down the list with all the font the same.
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Can anyone help me with this mining issue? I bought a 4 GPU rig from a member on this forum and for the life of me cannot get the thing to run for more than a couple of hours at a time. I have tried each GPU individually, and every time it ends up just giving me this error after a few hours. http://imgur.com/a/asI2JThe details of the rig are here... https://bitcointalk.org/index.php?topic=2013051.0and the only difference is that I used my own version of simpleminer on a USB drive. I am running Core Mhz at 1162 and Memory Mhz at 1750 with a powerstage of 3 (I believe that is stock settings for the 580?) Any help would be appreciated. Thanks |
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Do you offer GPU hosting? Would you also offer complete build and setup of GPU miners, meaning you procure the various equipment needed and get it up and running?
Yes, but only if your GPU rigs are in 19" server enclosures. https://bitcointalk.org/index.php?topic=1731197.0That forum talks about using the very economical Rosewill RSV-L4500 server case. You can get them at NewEgg. https://www.newegg.com/Product/Product.aspx?item=N82E16811147164There are also Grey Matter GPU cases that are very nice, but much more expensive. https://www.miningrigs.net/Typically we don't do complete builds of GPU equipment, although it is possible. It would have to be negotiated on a case by case basis depending on the complexity. Thank you for the information, personally I think it would be easier if you guys sourced the build for me as it would create less confusion in my mind. If this is something you would be interested in, please let me know, I understand if it is not. To start, I would probably only want 1 or 2 rigs, but would scale up as we developed a relationship. |
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As others have said, you are drawing an unsafe amount of power from those 2 PSU's. That is the most likely problem.
Also, please post your what your mem and core clock settings are from the SimpleMining webpage, if those are not set correctly, that could be an issue.
EDIT: You should also have those power supplies plugged into 2 separate circuits, unless you are running at a higher amperage.
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Whats wrong with deadline? Its getting worst day by day; I have added almost 24TB in last 5 days but still deadline getting worst.
Any idea?
Not entirely sure what you mean by deadline getting worst? The deadline is pretty much random, sometimes you will submit a better one for a given block and the next block could be a worse one. |
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Do you offer GPU hosting? Would you also offer complete build and setup of GPU miners, meaning you procure the various equipment needed and get it up and running?
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It would probably be best to open a scam accusation thread, state your case, and then ask for this information. That way people may be more inclined to help you if they feel like you have been wronged.
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Can anyone share stock and better Core and Memory MHz for a 580 4GB?
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Even the "buy 5" offer is WAY too expensive.
This miner needs to be under 1 Bitcoin at current Bitcoin pricing to be worth even THINKING about.
Agreed, these are about 3 times way to expensive. |
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Would you mind sharing photos of your Burst farm? 200 TB isn't that small of a farm and would still take some work to setup.
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Posting to keep updated. As someone who also believes in Burst and am putting heavy investment into it (See my miner on http://pool.burstcoin.party:8081/), I am eagerly following developments. |
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I feel dirty just looking at all this top secret stuff.
This must be some kind of record for largest and heaviest physical "coin" to date.
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I have purchased from them a few times and they have always requested an ID. Sent it and never had a problem. Really isnt much for scammers to steal from an ID anyway.
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Not all houses have 200 Amp service, but you can always call the electric company and have them come out and upgrade your service, this is going to be your main limiting factor.
If your main purpose for buying the house is to mine in it, your probably going to lose money, I just can't imagine a house only used for mining purposes, a shed on the other hand is a viable option, but it would do you good to research it a little more. You will need a breakdown of your costs associated with setting it up and know how to cool it and secure it. The electric company should be able to install a new 200 amp circuit onto a shed, then you just need to run outlets from that. As others have said, you would be better to run 240v off of it, but again, it all depends on what your plan is.
Cooling is also going to be a problem for you, research what others have done with a shed and how they cool and secure it, will go a long way to helping you decide if it is worth it or not.
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I would offer $9300 for the lot if your interested. I live in Olathe, so we can pick up the units, but would you potentially be available to help set them up if we make a deal, we could include an extra charge for the assistance with smOS and cabling set up? I have not worked with multiple PSU's per rig before, so I want to make sure there won't be any issues and we can get setup and running with no problems.
As the helpful poster just above me noted, running dual power supplies, much to my surprise, turned out to be a non-issue. I read plenty of people recounting how it was nothing but trouble, and I originally intended it to only be a stop-gap solution. Whether it is due to the PSUs having good voltage control or just because I am lucking, I have not had a single issue with running dual PSUs. In fact, it has turned out to be nice from the perspective of savings in not needing to buy the extra large, extra expensive PSUs. As for your offer, I have to admit that I saw you posting in another for sale thread where you mentioned you were located in Olathe, and I was hoping you would notice my listing. Avoiding the need to package everything up and ship it sounds awfully enticing, but $9,300 is a little below where I want to be. Given the benefits your offer entails (i.e., your location) I'm willing to go a little further than meeting you halfway. How about $9,700, and I will be happy to assist with setup. If you need any help justifying the price to yourself, I think I mentioned in listing the that it includes extra risers. I haven't counted recently how many extra risers I have, but I believe I have 5 or more risers that I will throw in with the deal. Let me confer with my partner and I will get back to you. We would have to figure out something on our end as our partnership has about 9500 in btc and cash currently, and we want to keep a little just in case we need something. Would you consider 9200 and a note for the remaining 500 to be paid over 3 months at 8% interest? Obviously we would meet up, possibly have a beer and chat, and make sure you have everything needed to trust us, but I am just spitballing some alternative ideas. Please let me know your thoughts. |
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I would offer $9300 for the lot if your interested. I live in Olathe, so we can pick up the units, but would you potentially be available to help set them up if we make a deal, we could include an extra charge for the assistance with smOS and cabling set up? I have not worked with multiple PSU's per rig before, so I want to make sure there won't be any issues and we can get setup and running with no problems.
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