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LoneRangir
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December 30, 2016, 08:19:08 PM
Last edit: December 30, 2016, 08:29:21 PM by LoneRangir |
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More off topic chatter....
Has anyone's opinion of, and willingness to use, Coinbase change with all the IRS news? Up until now, I've only every mined coins. I've never bought or sold coins with/for fiat currency.
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xleejohnx
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December 30, 2016, 08:29:25 PM |
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More off topic chatter....
Has anyone's opinion of, and willingness to use, Coinbase change with all the IRS news? Up until now, I've only every mined coins. I've never bought or sold coins for with/for fiat currency.
Coinbase has reported to the IRS for years about what people have in their accounts What the problem is those who sold bitcoin and transferred into their bank accounts didn't pay taxes on that income So Obama wants his money Honestly you don't have to sell bitcoin anymore with the way the credit/debit cards work now The laws state that the bitcoins you sell must be reported for income for taxes purposes mining bitcoin can also be claimed as a business and report on your taxes So think about all the money in gear and time you put in your rigs claim that as a lose on the tax report This also only represents mined bitcoins or alt coins If you buy a bitcoin or alt coin it is considered an investment and treated as a stock investment |
As I see a super coin as the super highway and alt coins as taxis and trucks needed to move transactions. ~philipma1957
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ps_jb
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December 30, 2016, 08:52:18 PM |
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Coinbase has reported to the IRS for years about what people have in their accounts
What the problem is those who sold bitcoin and transferred into their bank accounts didn't pay taxes on that income
So Obama wants his money
Honestly you don't have to sell bitcoin anymore with the way the credit/debit cards work now
The laws state that the bitcoins you sell must be reported for income for taxes purposes
mining bitcoin can also be claimed as a business and report on your taxes
So think about all the money in gear and time you put in your rigs claim that as a lose on the tax report
This also only represents mined bitcoins or alt coins
If you buy a bitcoin or alt coin it is considered an investment and treated as a stock investment
If one only purchased coins - no transaction to bank account, will that person reported to IRS? |
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xleejohnx
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December 30, 2016, 08:59:15 PM |
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Coinbase has reported to the IRS for years about what people have in their accounts
What the problem is those who sold bitcoin and transferred into their bank accounts didn't pay taxes on that income
So Obama wants his money
Honestly you don't have to sell bitcoin anymore with the way the credit/debit cards work now
The laws state that the bitcoins you sell must be reported for income for taxes purposes
mining bitcoin can also be claimed as a business and report on your taxes
So think about all the money in gear and time you put in your rigs claim that as a lose on the tax report
This also only represents mined bitcoins or alt coins
If you buy a bitcoin or alt coin it is considered an investment and treated as a stock investment
If one only purchased coins - no transaction to bank account, will that person reported to IRS? If one purchases a coin it does have to be reported on taxes as it is considered a stock investment It's like a 401k investment plan. What you put in is reported on your taxes because that money isn't a taxed income until it is pulled out of the investment |
As I see a super coin as the super highway and alt coins as taxis and trucks needed to move transactions. ~philipma1957
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citronick
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December 30, 2016, 09:03:31 PM |
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More off topic chatter....
Has anyone's opinion of, and willingness to use, Coinbase change with all the IRS news? Up until now, I've only every mined coins. I've never bought or sold coins with/for fiat currency.
Sign of times for BTC in general -- which I think is good for BTC - being more and more recognised. Cant be helped, eventually any form of income will taxed. I dont think Coinbase will be able to say no IMHO. Looking forward to positive outlook for BTC after January change in guards. |
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philipma1957 (OP)
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'The right to privacy matters'
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December 30, 2016, 09:22:10 PM |
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More off topic chatter....
Has anyone's opinion of, and willingness to use, Coinbase change with all the IRS news? Up until now, I've only every mined coins. I've never bought or sold coins with/for fiat currency.
Sign of times for BTC in general -- which I think is good for BTC - being more and more recognised. Cant be helped, eventually any form of income will taxed. I dont think Coinbase will be able to say no IMHO. Looking forward to positive outlook for BTC after January change in guards. making it mainstream should mean more growth I hope. |
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ps_jb
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December 30, 2016, 10:27:37 PM |
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If one purchases a coin it does have to be reported on taxes as it is considered a stock investment
It's like a 401k investment plan. What you put in is reported on your taxes because that money isn't a taxed income until it is pulled out of the investment
Thank you for explanation! |
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bittawm
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December 30, 2016, 10:58:43 PM |
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hey guys first off I want to say that I hope you have a good new year and that thanks for everyones help over this year. second thing is.... HELLLLLLP what are normal mining temps for ref rx470s and rx480s i say this becaue I have 2 ref cards that I got before any of my new cards they are in an open built frame like most other miners HOWEVER HERE IS MY PROBLEM......83 degrees at 75% fan speeds......... I want to know why these cards are so hot with such high fan speeds where my other ones are not I know they are ref cards but this is crazy right?  Cheeers in Claymore, use -tt and -fanmax and -tstop features I like using -tt 77, -fanmax 99 and -tstop 95 on all my cards. XMR and ZEC mining is not bad in terms of temps and power consumption. Worse is ETH mining. All my RX480s are ref cards. -tt doesnt work on one of my rigs, idk why so i have to manually set fan speeds |
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GabryRox
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December 30, 2016, 11:08:04 PM |
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This tax issue has been on my mind a lot lately so nice to see it brought up here. There doesn't seem to be a lot tax info specifically about cryptocurrency, but seem like it is fair to treat like similar types of businesses... so as several have mentioned here, stock investment would be a key benchmark, at least for the cash-out of coins.
For miners, we should certainly be able to write-off the cost of our equipment, as well as the incremental electricity cost of mining, which can be deducted from your mining income to arrive at a net income to report to the IRS. It does get a bit tricky here but from what I understand, you should use the value of the coin on the day you received it to track and report its value. This is also known as your "basis", in tax terms. Since you acquired this coin as part of a business venture, the net income results must be reported to the IRS. You also need to keep track of that basis should you ever sell to USD or convert to another coin, which is where things really get convoluted, because in the case of converting to another coin, you then have to deal with adjusted basis and other things.
Now, as for actually buying a coin outright, I am pretty sure you do not have to report that on your tax return. However, you do need to record the rate that you bought that coin at (your basis) so that should you sell it in the future, you can calculate that profit or loss and then claim that on your tax return.
As for the appreciation of coins you are holding, there should also be no reporting necessary, again, until such time as you decide to sell those coins. This is how stock holdings are treated... meaning if you hold ABC stock at a $50 basis, it goes to $70 in 2017 and $90 in 2018 and $110 in 2019 when you decide to sell it... there would be no tax impact in 2016, 17 or 18, but in 2019, you would be taxed on $60, which is the profit from selling price of $110 less the $50 basis.
What gets really confusing is if you are constantly swapping coins because that make it very difficult to track basis, which you will eventually need when you sell to USD or even use the proceeds to buy goods.
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xleejohnx
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December 31, 2016, 12:32:39 AM |
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This tax issue has been on my mind a lot lately so nice to see it brought up here. There doesn't seem to be a lot tax info specifically about cryptocurrency, but seem like it is fair to treat like similar types of businesses... so as several have mentioned here, stock investment would be a key benchmark, at least for the cash-out of coins.
For miners, we should certainly be able to write-off the cost of our equipment, as well as the incremental electricity cost of mining, which can be deducted from your mining income to arrive at a net income to report to the IRS. It does get a bit tricky here but from what I understand, you should use the value of the coin on the day you received it to track and report its value. This is also known as your "basis", in tax terms. Since you acquired this coin as part of a business venture, the net income results must be reported to the IRS. You also need to keep track of that basis should you ever sell to USD or convert to another coin, which is where things really get convoluted, because in the case of converting to another coin, you then have to deal with adjusted basis and other things.
Now, as for actually buying a coin outright, I am pretty sure you do not have to report that on your tax return. However, you do need to record the rate that you bought that coin at (your basis) so that should you sell it in the future, you can calculate that profit or loss and then claim that on your tax return.
As for the appreciation of coins you are holding, there should also be no reporting necessary, again, until such time as you decide to sell those coins. This is how stock holdings are treated... meaning if you hold ABC stock at a $50 basis, it goes to $70 in 2017 and $90 in 2018 and $110 in 2019 when you decide to sell it... there would be no tax impact in 2016, 17 or 18, but in 2019, you would be taxed on $60, which is the profit from selling price of $110 less the $50 basis.
What gets really confusing is if you are constantly swapping coins because that make it very difficult to track basis, which you will eventually need when you sell to USD or even use the proceeds to buy goods.
honestly unless you are dealing in the 1000s per month i wouldnt even bother with taxes but for those wanting to know more these two pages have good info on the matter https://en.bitcoin.it/wiki/Tax_compliancehttp://www.forbes.com/sites/laurashin/2015/12/16/bitcoin-at-tax-time-what-you-need-to-know-about-trading-tipping-mining-and-more/#6db83b396692 |
As I see a super coin as the super highway and alt coins as taxis and trucks needed to move transactions. ~philipma1957
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LoneRangir
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January 01, 2017, 03:36:39 AM |
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Of course....
I want to leave town today, and one of my miners starts to act up. This is the 5-card machine I rebuilt this last weekend. The machine rebooted and now when start.bat gets executed, I get a popup that says "EthDrcMiner64.exe has stopped working... <yada yada>" immediately when it starts (after the environmental variables are set). I've tried both ETH mining and ZEC mining.
Any suggestions? It has 5 cards, I may go pull one and see if that changes anything. *edit: this did not change anything.... *
Okay try new amd 16.11.3 after you uninstall current amd. do 1 card delete zec claymore 7 8 9 9.1 9.2 but save your bat on the desktop. install clay 9.2 drag your bat in and see if 1 card works if so add second card. yeah it sucks but risers go bad easy and anyone riser could be the issue. or a corrupt amd file or a bad claymore (rare) file or a bad windows install or the rarest of all a bad linux install delete of amd 16.11.3 and reinstall 1 card at a time is around an hour. oh fedex has rescheduled my mobo for thurs. Hmmm... after what... A week? It's doing the same darn thing. I'm going to try W7 instead of W10. If that doesn't do it, this 990 AMD board will be going to ebay. |
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bittawm
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Activity: 1894
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January 01, 2017, 08:40:31 PM |
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I am having the issue where my GPUS are not working properly again on one of my rigs
hashrates are fluctuating (4 x rx480s) and my average hash rate for 8 hours is 20mhs
last time this happened claymores miner restarted after 30 mins and said
gpus are hanging
miner restart
then its usually fixed,
but in this case its been going overnight , PITA BUG
mayb i should reinstall windows
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@bittawm is my real telegram
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QuintLeo
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January 01, 2017, 10:49:25 PM |
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hey guys first off I want to say that I hope you have a good new year and that thanks for everyones help over this year. second thing is.... HELLLLLLP what are normal mining temps for ref rx470s and rx480s i say this becaue I have 2 ref cards that I got before any of my new cards they are in an open built frame like most other miners HOWEVER HERE IS MY PROBLEM......83 degrees at 75% fan speeds......... I want to know why these cards are so hot with such high fan speeds where my other ones are not I know they are ref cards but this is crazy right? Cheeers My Sapphires are blower type but not sure if they're ref. One runs 68 c at about 75% fan the other 71 c at about 78% fan. The hotter one has only about 1 slot of space between it and the next card, which limits airflow a little. These cards will NOT work in a Phil-style 4-card rig (except as the card closest to the CPU) as they have backplates. |
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citronick
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January 02, 2017, 05:34:48 AM |
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Hi Phil - I just ordered 1 x Pandaminer - DHL shipping about 3 days, delivery schedule Thurs AM ... nice, maybe I am closer to Hong Kong their port of shipment.
For the Windows 10 matter in your current post in the Panda review thread.... I think you will need the license specifically for the W10 Enterprise version because earlier this year when I was trying to get a 7xGPU build for ETH - chatter from Ethereum board... Windows 10 will max out at 7 GPU (with 3-1 splitter) but 8 GPU possible in Enterprise version with "registry hack". Of course Linux can go more like that dude who did the 30 x GPU monster with PCI extension board. I know Claymore had to do a special update to ETH Dual Miner to see that many cards.
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philipma1957 (OP)
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'The right to privacy matters'
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January 02, 2017, 05:04:16 PM |
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Hi Phil - I just ordered 1 x Pandaminer - DHL shipping about 3 days, delivery schedule Thurs AM ... nice, maybe I am closer to Hong Kong their port of shipment.
For the Windows 10 matter in your current post in the Panda review thread.... I think you will need the license specifically for the W10 Enterprise version because earlier this year when I was trying to get a 7xGPU build for ETH - chatter from Ethereum board... Windows 10 will max out at 7 GPU (with 3-1 splitter) but 8 GPU possible in Enterprise version with "registry hack". Of course Linux can go more like that dude who did the 30 x GPU monster with PCI extension board. I know Claymore had to do a special update to ETH Dual Miner to see that many cards.
I did more research. Enterprise windows 10 is needed. Either windows 10 enterprise. The deluxe version Windows 10 enterprise LTSB THE Stripped version. And it looks like pandaminer used Microsofts instructions on how to,alter windows 10 into Windows 10 enterprise LTSB which leaves the version not activated. To compound it you can't buy a code from Microsoft to activate it. I posted a better explanation. Of it on the other thread. Basically the issue is Microsoft wants to sell a 10 to 500 pc code. To a company. If pandaminer was to buy a 500 pc code they could be ripped off by anyone that finds the code with a key finder. Then sells it. Then all the panda miners that are not sold when sold and fired up will not keep activated since 200 or 300 other pcs are using the code ahead of them. Once again windows could solve this by selling a one pc key to me or,anyone else |
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citronick
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January 02, 2017, 05:19:46 PM |
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Hi Phil - I just ordered 1 x Pandaminer - DHL shipping about 3 days, delivery schedule Thurs AM ... nice, maybe I am closer to Hong Kong their port of shipment.
For the Windows 10 matter in your current post in the Panda review thread.... I think you will need the license specifically for the W10 Enterprise version because earlier this year when I was trying to get a 7xGPU build for ETH - chatter from Ethereum board... Windows 10 will max out at 7 GPU (with 3-1 splitter) but 8 GPU possible in Enterprise version with "registry hack". Of course Linux can go more like that dude who did the 30 x GPU monster with PCI extension board. I know Claymore had to do a special update to ETH Dual Miner to see that many cards.
I did more research. Enterprise windows 10 is needed. Either windows 10 enterprise. The deluxe version Windows 10 enterprise LTSB THE Stripped version. And it looks like pandaminer used Microsofts instructions on how to,alter windows 10 into Windows 10 enterprise LTSB which leaves the version not activated. To compound it you can't buy a code from Microsoft to activate it. I posted a better explanation. Of it on the other thread. Basically the issue is Microsoft wants to sell a 10 to 500 pc code. To a company. If pandaminer was to buy a 500 pc code they could be ripped off by anyone that finds the code with a key finder. Then sells it. Then all the panda miners that are not sold when sold and fired up will not keep activated since 200 or 300 other pcs are using the code ahead of them. Once again windows could solve this by selling a one pc key to me or,anyone else If you haven't discovered kinguin yet, check them out at https://www.kinguin.net/They are like ebay of serial codes and legit. They also accept Bitcoin and Paypal payments. |
If I provided you good and useful info or just a smile to your day, consider sending me merit points to further validate this Bitcointalk account ~ useful for future account recovery...
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ps_jb
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January 02, 2017, 05:22:03 PM |
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If pandaminer was to buy a 500 pc code they could be ripped off by anyone that finds the code with a key finder. Then sells it.
My bet is (based on absolute silence from them) - PM even did not think that using bootlegged version is a problem. It is just a way of how licences are treated in China. Similar situation was in Russia in 2000's, which was finished basically in one day - when a school teacher was imprisoned for installation in school ~20 bootlegged versions of Windows. Since then - 99% of all software is legal. |
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rawbert
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January 02, 2017, 06:30:51 PM |
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Hi Phil - I just ordered 1 x Pandaminer - DHL shipping about 3 days, delivery schedule Thurs AM ... nice, maybe I am closer to Hong Kong their port of shipment.
For the Windows 10 matter in your current post in the Panda review thread.... I think you will need the license specifically for the W10 Enterprise version because earlier this year when I was trying to get a 7xGPU build for ETH - chatter from Ethereum board... Windows 10 will max out at 7 GPU (with 3-1 splitter) but 8 GPU possible in Enterprise version with "registry hack". Of course Linux can go more like that dude who did the 30 x GPU monster with PCI extension board. I know Claymore had to do a special update to ETH Dual Miner to see that many cards.
I did more research. Enterprise windows 10 is needed. Either windows 10 enterprise. The deluxe version Windows 10 enterprise LTSB THE Stripped version. And it looks like pandaminer used Microsofts instructions on how to,alter windows 10 into Windows 10 enterprise LTSB which leaves the version not activated. To compound it you can't buy a code from Microsoft to activate it. I posted a better explanation. Of it on the other thread. Basically the issue is Microsoft wants to sell a 10 to 500 pc code. To a company. If pandaminer was to buy a 500 pc code they could be ripped off by anyone that finds the code with a key finder. Then sells it. Then all the panda miners that are not sold when sold and fired up will not keep activated since 200 or 300 other pcs are using the code ahead of them. Once again windows could solve this by selling a one pc key to me or,anyone else I wouldn't worry about activation at all.. Microsoft doesn't care anymore.. we are free to use win10 without activation, forever, legally as far as I can tell from my research. |
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AriesIV10
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Mine for a Bit
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January 03, 2017, 03:09:51 PM |
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Hi Phil - I just ordered 1 x Pandaminer - DHL shipping about 3 days, delivery schedule Thurs AM ... nice, maybe I am closer to Hong Kong their port of shipment.
For the Windows 10 matter in your current post in the Panda review thread.... I think you will need the license specifically for the W10 Enterprise version because earlier this year when I was trying to get a 7xGPU build for ETH - chatter from Ethereum board... Windows 10 will max out at 7 GPU (with 3-1 splitter) but 8 GPU possible in Enterprise version with "registry hack". Of course Linux can go more like that dude who did the 30 x GPU monster with PCI extension board. I know Claymore had to do a special update to ETH Dual Miner to see that many cards.
I did more research. Enterprise windows 10 is needed. Either windows 10 enterprise. The deluxe version Windows 10 enterprise LTSB THE Stripped version. And it looks like pandaminer used Microsofts instructions on how to,alter windows 10 into Windows 10 enterprise LTSB which leaves the version not activated. To compound it you can't buy a code from Microsoft to activate it. I posted a better explanation. Of it on the other thread. Basically the issue is Microsoft wants to sell a 10 to 500 pc code. To a company. If pandaminer was to buy a 500 pc code they could be ripped off by anyone that finds the code with a key finder. Then sells it. Then all the panda miners that are not sold when sold and fired up will not keep activated since 200 or 300 other pcs are using the code ahead of them. Once again windows could solve this by selling a one pc key to me or,anyone else I wouldn't worry about activation at all.. Microsoft doesn't care anymore.. we are free to use win10 without activation, forever, legally as far as I can tell from my research. I buy Windows 10 Pro for OEM and have to register each new Rig I build. |
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