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Author Topic: Swedish ASIC miner company kncminer.com  (Read 3041658 times)
padrino
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March 23, 2014, 04:16:43 PM
 #31161

Long sorry post follows:

My cable co stopped my modem from allowing me to connect for a day or two and before that I was busy reconciling my 2013 bitcoins for taxes so fell behind but quickly skimmed the pages I missed. 

Sad Looks like I might be best off selling my Mercury with upgrade card (pseudo-Saturn).  I receive Social Security disability benefits.  If I had just bought bitcoins instead of mining I'd have been okay.  As it is, the US IRS seems to be saying mining bitcoins creates the asset and taxes must be paid according to the value when sent to the miner, e.g. the blockchain dollar value of the payout.  Since I took money out of my IRA to buy mining gear and pay bills my income had reached taxable levels in 2013.  Now when I add in the value of the roughly 16 btc I mined in 2013 (I have some other small miners too), not only am I way over and need to pay taxes, but Social Security will turn around and want the disability payments paid back.  That's the crux.  So, a large part of what I mined will be hit by disability payback because I mined.  And, as my mining is only a hobby and not a business I am not permitted to deduct expenses or cost of equipment.  If I sell my pseudo-Saturn I can deduct its cost before 2014 taxes on the profit. 

I'd probably do best parting out the components.  Thing is I don't trust selling mining gear on Paypal given that it's so easy for a buyer to claim faulty gear and get a charge back.  We know that mining is not for the technically weak.  I'd probably most comfortably meet a buyer at a mall in Atlanta and take cash.

There's one more factor.  I've grown emotionally attached to my mining gear and really don't want to sell.

soy


Not sure where you are getting your information but since the IRS hasn't issued any formal guidence yet you need to do what makes the most sense given your tax situation. I am not an accountant or tax attorney but I would say treat it as a capital asset that isn't taxed until sold and then you have nothing to worry about this year (assuming you are holding your BTC).

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March 23, 2014, 05:14:00 PM
 #31162

Long sorry post follows:

My cable co stopped my modem from allowing me to connect for a day or two and before that I was busy reconciling my 2013 bitcoins for taxes so fell behind but quickly skimmed the pages I missed.  

Sad Looks like I might be best off selling my Mercury with upgrade card (pseudo-Saturn).  I receive Social Security disability benefits.  If I had just bought bitcoins instead of mining I'd have been okay.  As it is, the US IRS seems to be saying mining bitcoins creates the asset and taxes must be paid according to the value when sent to the miner, e.g. the blockchain dollar value of the payout.  Since I took money out of my IRA to buy mining gear and pay bills my income had reached taxable levels in 2013.  Now when I add in the value of the roughly 16 btc I mined in 2013 (I have some other small miners too), not only am I way over and need to pay taxes, but Social Security will turn around and want the disability payments paid back.  That's the crux.  So, a large part of what I mined will be hit by disability payback because I mined.  And, as my mining is only a hobby and not a business I am not permitted to deduct expenses or cost of equipment.  If I sell my pseudo-Saturn I can deduct its cost before 2014 taxes on the profit.  

I'd probably do best parting out the components.  Thing is I don't trust selling mining gear on Paypal given that it's so easy for a buyer to claim faulty gear and get a charge back.  We know that mining is not for the technically weak.  I'd probably most comfortably meet a buyer at a mall in Atlanta and take cash.

There's one more factor.  I've grown emotionally attached to my mining gear and really don't want to sell.

soy


Not sure where you are getting your information but since the IRS hasn't issued any formal guidence yet you need to do what makes the most sense given your tax situation. I am not an accountant or tax attorney but I would say treat it as a capital asset that isn't taxed until sold and then you have nothing to worry about this year (assuming you are holding your BTC).

I took the position padrino specified above and will continue to do so until the IRS issues formal guidance. Basically, mined Bitcoins are not taxable until you either sell or spend them, and the cost of mining hardware can be deducted against mining income.
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March 23, 2014, 05:35:33 PM
 #31163

I think that I have to visit the KnC datacentre in Boden (It's about 40 miles from me.) and see whats up there.
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March 23, 2014, 06:02:19 PM
Last edit: March 23, 2014, 06:43:40 PM by Phoenix1969
 #31164

I think that I have to visit the KnC datacentre in Boden (It's about 40 miles from me.) and see whats up there.
Dude. that would be great!  Try and snap some pics!!!
I'd love to get a real gander at the Swedish chef's sufle'!
Bring the workers a pizza to the door, you may possibly get in.... hwehe


Last statement from FINCEN about BTC taxes was that trading would be taxed, and mining was not threatened yet.
It was on coindesk.  But Time will tell.... btw...  Taxes are NOT retro-active in USA brah, they never are. You cannot be taxed on your 2013 btc earnings unless you willingly give it away to them. There is no guideline in place yet, and when it is, it will be from then on, not reaching into the past, they cannot do that unless there was a guideline in place..
as they cannot just decide to tax you after the fact. Guideline comes first, then tax from then on.

SSI and SSD are a different story though.  You will get hammered for whatever passed through your account that they monitor which is over 3000 usd... anything over that you will have to repay. 3000 is what extra they allow you to earn (yearly)if you can without getting the shaft, anything over that will need repaid if it ran through the account you provided them with.  You should have opened a separate account, at a separate bank, if you didn't want them to know.
If it never hit that bank, you are safe. Even better for you might be the BTCe debit card withdrawal using a generic loadable card if you don't mind tossing 5%. I know all this because I take care of a Vietnam Vet, and we run into trouble with his account every year. Wow. I'm betting this will be an issue for many soon. SSI & D recipients who mined and withdrew anything over 3k will be crying the blues.


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1Neptune
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March 23, 2014, 06:52:53 PM
 #31165

I also find laughable that Phoenix seems to think that BitMain's production capacity is "finite"!

They continually meet demand down to the most recent order with almost no build-time.  The only people bitching about wait times for Ants are those with odd billing issues or those who have been scammed by 3rd parties.

I suppose technically there is some limit to their manufacturing capacity but for god's same, they're in CHINA!  And they will keep chucking those miners out until something better comes along or they've completely saturated the market.  No mercy and no bullshit Network Protection Statement!
on the flip side of that...I think its odd for someone to think their production capacity is "infinite". no matter what their location is.


Are you daft!  Or do you just choose not to read and comprehend entire posts.

My point, and it was clearly made, is that BitMain has not yet reached it's manufacturing capacity and isn't likely to as long as they are making money.  They will simply continue to add capacity until it is no longer profitable for them to do so.  Clearly they won't ever need to produce Apple-quantity devices but that type of capacity is right around the corner if they ever need it.


Btw, I do still have my CA Neptune preorder and will probably keep it even if it turns out to be a hosted-only option.  I'm just stubborn that way.


that would be BOTH, and he's been that way for well over a year!  Presumably his entire life thus far

some would say its simplicity, i say its cunning disguised as ignorance.

which is why he and his 'mates' are the only ones who agree with each other. and behave similarly.

pretending to be dumb to take advantage of the noobs & uninitiated ppl...

I wouldnt trust him either...  Escrow or otherwise, he's known for being a crook/confidence abuser.

he promises to 'be out' 'be done' 'be finished' fucking with us but ALWAYS comes back for more, either as his 'im a spastic, you can trust me' self or as various alt-egos that are designed for the same purpose.

misleading ppl into losing their coins, faith in people & time.

NOT. TO. BE. TRUSTED!

'KnC are so awesome you guys, they never lied to us, misled us or used us & our collective funds against us at all.... i love them and want to have their baby - hence my continued efforts at releasing one 'new hardware' scam after another'!!

Phonie - 'i cant turn left or right & i pretend to ignore ppl but stalk them with my fake accounts' X

Are Phoenix1969 and https://www.facebook.com/orchideric one and the same? Check the friends list on FB.
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March 23, 2014, 07:04:12 PM
 #31166

Are Phoenix1969 and https://www.facebook.com/orchideric one and the same? Check the friends list on FB.

Why are you doing this? I dont think its necessary to post facebook accounts here!
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March 23, 2014, 07:44:57 PM
 #31167

Are Phoenix1969 and https://www.facebook.com/orchideric one and the same? Check the friends list on FB.

Why are you doing this? I dont think its necessary to post facebook accounts here!
Yeah, and surely pushing off-topic   unless....He's probably talking about befriending Sam & Andreas on Facebook... why not?
Did that straight away first thing when they opened shop... after being the first PayPal customer test thing...but I rarely actually use FB anymore...  I almost forgot it existed, lol. but my dog looks great up there.. heheh


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1Neptune
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March 23, 2014, 08:24:46 PM
 #31168

Are Phoenix1969 and https://www.facebook.com/orchideric one and the same? Check the friends list on FB.

Why are you doing this? I dont think its necessary to post facebook accounts here!
Yeah, and surely pushing off-topic   unless....He's probably talking about befriending Sam & Andreas on Facebook... why not?
Did that straight away first thing when they opened shop... after being the first PayPal customer test thing...but I rarely actually use FB anymore...  I almost forgot it existed, lol. but my dog looks great up there.. heheh

Yes, a very good looking dog.

Was just curious. Has to do with pattern matching, as in matching patterns in photographs in this instance.
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March 23, 2014, 09:33:47 PM
 #31169

Long sorry post follows:

My cable co stopped my modem from allowing me to connect for a day or two and before that I was busy reconciling my 2013 bitcoins for taxes so fell behind but quickly skimmed the pages I missed.  

Sad Looks like I might be best off selling my Mercury with upgrade card (pseudo-Saturn).  I receive Social Security disability benefits.  If I had just bought bitcoins instead of mining I'd have been okay.  As it is, the US IRS seems to be saying mining bitcoins creates the asset and taxes must be paid according to the value when sent to the miner, e.g. the blockchain dollar value of the payout.  Since I took money out of my IRA to buy mining gear and pay bills my income had reached taxable levels in 2013.  Now when I add in the value of the roughly 16 btc I mined in 2013 (I have some other small miners too), not only am I way over and need to pay taxes, but Social Security will turn around and want the disability payments paid back.  That's the crux.  So, a large part of what I mined will be hit by disability payback because I mined.  And, as my mining is only a hobby and not a business I am not permitted to deduct expenses or cost of equipment.  If I sell my pseudo-Saturn I can deduct its cost before 2014 taxes on the profit.  

I'd probably do best parting out the components.  Thing is I don't trust selling mining gear on Paypal given that it's so easy for a buyer to claim faulty gear and get a charge back.  We know that mining is not for the technically weak.  I'd probably most comfortably meet a buyer at a mall in Atlanta and take cash.

There's one more factor.  I've grown emotionally attached to my mining gear and really don't want to sell.

soy

PS: Since I can't deduct cost of gear, I'm doubly happy I went with a single el cheapo 12v switching supply (designed for powering LED signs) for each module rather than a pricey computer switching supply supply.


Won't have to sell the pseudo-Saturn as the taxes are lower than expected.  Caveat - if social security uses line 22 rather than line 37 of the 1040 to assess if benefits need be returned, it could cost me more.
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March 23, 2014, 09:45:52 PM
 #31170

If you want an update on the datorhall, here are some interesting pics. They seem to be from an article posted about 2 days ago but can't access it as it's behind a paywall http://kuriren.nu/nknyheter/sa-har-ser-datorhallen-i-boden-ut-7530864.aspx

They won't embed as images using IMG tags for some reason (?), so just links.

http://img2.kuriren.nu/public/img/7531297/0321172520.jpg
http://img1.kuriren.nu/public/img/7531299/0321173211.jpg
http://img3.kuriren.nu/public/img/7531298/0321172520.jpg

Every rack appears to be full and hashing, as far as the eye can see.

"I am not The Avenger"
1AthxGvreWbkmtTXed6EQfjXMXXdSG7dD6
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March 23, 2014, 09:56:08 PM
 #31171

If you want an update on the datorhall, here are some interesting pics. They seem to be from an article posted about 2 days ago but can't access it as it's behind a paywall http://kuriren.nu/nknyheter/sa-har-ser-datorhallen-i-boden-ut-7530864.aspx

They won't embed as images using IMG tags for some reason (?), so just links.

http://img2.kuriren.nu/public/img/7531297/0321172520.jpg
http://img1.kuriren.nu/public/img/7531299/0321173211.jpg
http://img3.kuriren.nu/public/img/7531298/0321172520.jpg

Every rack appears to be full and hashing, as far as the eye can see.

Here is the bottleneck on the controller boards...  Wink

Thanks god i refunded everything until the last penny a day after this data centre news...

" I'm waiting for my punishment, I know it's on my way
  So cut, cut, cut me up and fuck, fuck, fuck me up"
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March 23, 2014, 10:31:17 PM
Last edit: March 23, 2014, 11:22:34 PM by helmax
 #31172

If you want an update on the datorhall, here are some interesting pics. They seem to be from an article posted about 2 days ago but can't access it as it's behind a paywall http://kuriren.nu/nknyheter/sa-har-ser-datorhallen-i-boden-ut-7530864.aspx

They won't embed as images using IMG tags for some reason (?), so just links.

http://img2.kuriren.nu/public/img/7531297/0321172520.jpg
http://img1.kuriren.nu/public/img/7531299/0321173211.jpg
http://img3.kuriren.nu/public/img/7531298/0321172520.jpg

Every rack appears to be full and hashing, as far as the eye can see.

holy shit  Shocked

looking job
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March 23, 2014, 11:02:45 PM
 #31173

If you want an update on the datorhall, here are some interesting pics. They seem to be from an article posted about 2 days ago but can't access it as it's behind a paywall http://kuriren.nu/nknyheter/sa-har-ser-datorhallen-i-boden-ut-7530864.aspx

They won't embed as images using IMG tags for some reason (?), so just links.

http://img2.kuriren.nu/public/img/7531297/0321172520.jpg
http://img1.kuriren.nu/public/img/7531299/0321173211.jpg
http://img3.kuriren.nu/public/img/7531298/0321172520.jpg

Every rack appears to be full and hashing, as far as the eye can see.

only shit  Shocked
What he said.    Wow.





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davebodger
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March 23, 2014, 11:07:23 PM
 #31174

If you want an update on the datorhall, here are some interesting pics. They seem to be from an article posted about 2 days ago but can't access it as it's behind a paywall http://kuriren.nu/nknyheter/sa-har-ser-datorhallen-i-boden-ut-7530864.aspx
They won't embed as images using IMG tags for some reason (?), so just links.
http://img2.kuriren.nu/public/img/7531297/0321172520.jpg
http://img1.kuriren.nu/public/img/7531299/0321173211.jpg
http://img3.kuriren.nu/public/img/7531298/0321172520.jpg
Every rack appears to be full and hashing, as far as the eye can see.

To my eye that looks like at least 20 rows of racks.
Each row contains at least 40 columns, 6 shelves high.
Each shelf is 6 Jupiter boards, lets say they are all November versions with the latest software, and they have roughly tuned them to be about as efficient as my one.
I make that 190GH/s per board drawing 215W at the wall each (using 80+ Gold PSUs).

20 * 40 * 6 * 6 * 190 = 5472000 GH/s or ~5.4 PH/s.
20 * 40 * 6 * 6 * 215 = 6192000 Watts or ~6 MW.
~7200 November Jupiter equivilants.

Lovely!  It looks like they are getting there. It may be full soon, time to expand (if they haven't done so already).

I wonder why they are so scared of selling a few upgrade boards to existing customers ?
I only want 2.
It's not like we would be big competition to them.  Roll Eyes

If you think I deserve it - BTC always welcome - 14GkxT2xcpgvGVBgMjtGeFiXrxnttBSRRF
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March 23, 2014, 11:12:40 PM
 #31175

Nice pics!

Quote from: server's thoughts
Gdamnn! Goddamn! Goddamnit Sam!! Fuck-Fuck-Fuckin' scummy knackebrod!!! This is our mining power !!!!!

Don't miss out on eFIN ! | If you don't know what the fork is happening, make a safe bet and choose Litecoin.   --> Magical Crypto Friends - Episode 17 <-- & Free Ross Ulbright
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March 23, 2014, 11:15:50 PM
 #31176

Upgrade boards?  If, Maybe, and Probably all in the same paragraph went out the window the moment this was started...
Sure, you may still get them, in the form of a cloud-hashing contract it looks like.   Maybe not. There's nothing keeping them from just keeping it all either.


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kano
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March 23, 2014, 11:26:34 PM
 #31177

... so basically, KFC got the bitcoin community to fund their mining farm?

Pool: https://kano.is Here on Bitcointalk: Forum BTC: 1KanoPb8cKYqNrswjaA8cRDk4FAS9eDMLU
FreeNode IRC: irc.freenode.net channel #kano.is Majority developer of the ckpool code
Help keep Bitcoin secure by mining on pools with full block verification on all blocks - and NO empty blocks!
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March 23, 2014, 11:41:46 PM
 #31178

... so basically, KFC got the bitcoin community to fund their mining farm?
Is that a trick question?   hehe
Guess it depends how you look at it.
big Yes and absolutely not at the same time.  Cry
My question would be "Now that "plan B" is nil, will they sell cloud?


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March 23, 2014, 11:44:12 PM
 #31179

For sure the sell cloud

PsychoticBoy
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March 23, 2014, 11:44:30 PM
 #31180

... so basically, KFC got the bitcoin community to fund their mining farm?
Is that a trick question?   hehe
Guess it depends how you look at it.
big Yes and absolutely not at the same time.  Cry
My question would be "Now that "plan B" is nil, will they sell cloud?

They sell crap, I have refunded my early costumer batch order and I am glad I did Smiley

Really they ARE mining with your mining power, you and all other "costumers" funded their farm.

Now go get yourselfs some KFC and enjoy this major Clusterfuck.

Cheers
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