Bitcoin Forum
September 25, 2016, 10:32:21 PM *
News: Due to DDoS attacks, there may be periodic downtime.
 
   Home   Help Search Donate Login Register  
Poll
Question: What type of pool payouts do you prefer?
Bitcoins - 3151 (80.4%)
Bank transfer / USD - 407 (10.4%)
Gold/silver coins and bars - 359 (9.2%)
Total Voters: 3915

Pages: « 1 ... 765 766 767 768 769 770 771 772 773 774 775 776 777 778 779 780 781 782 783 784 785 786 787 788 789 790 791 792 793 794 795 796 797 798 799 800 801 802 803 804 805 806 807 808 809 810 811 812 813 814 [815] 816 817 818 819 820 821 822 823 824 825 826 827 828 829 830 831 832 833 834 835 836 837 838 839 840 841 842 843 844 845 846 847 848 849 850 851 852 853 854 855 856 857 858 859 860 861 862 863 864 865 ... 1104 »
  Print  
Author Topic: [40+ PH] SlushPool (slushpool.com); World's First Mining Pool  (Read 3853258 times)
Searing
Legendary
*
Offline Offline

Activity: 1120


Escrow Service.


View Profile
April 13, 2014, 08:37:47 AM
 #16281

Been mining since Feb. 9th. Three of my 6 mining rigs have already paid for themselves, another will have paid for itself as soon as I sell the BTCs in my wallet (waiting for a slightly higher price) or can spend that disposable income that I did not have before on something else. Buying and selling BTC means staying glued to the computer all day and is too time consuming. If I wanted to day trade I would day trade stocks. As it is, I sit on my butt minting money or go do something else that is fun or interesting and mint money at the same time.

I get to write off the cost of the miners. They, like all capital equipment, are on a depreciation schedule so the price I paid for them does not stay fixed over the course of time. The calculators I have seen do not seem to account for this and that screws up the ROI formulas. I get to write off some portion of my home office, electricity costs, computer hardware that I use for monitoring or mining, and anything else a creative tax accountant can find. Do the mining calculators account for any of that? Not that I can tell. Sure, I have to pay income tax, so what, it is INCOME and so far it looks pretty good that I will have more income than outgo even if I account for the cost of the miners for ROI. My miners will keep making new money as long as running them does not exceed the cost of the electricity I use and the price of BTC does not fall too low. That too appears to be a long way from happening.   Kiss

Writing off the cost of equipment doesn't change the ROI.  If your equipment+expenses to mine $4,500 in BTC was $5,000, you still lost money.  Writing off expenses doesn't put money back in your pocket.


yeah it does get me back to "just the equipment" you will always likely 'eat that" may recoup the rest of this
silliness under current IRS rules..my CPA lady basically said "Congradulatoins you are now officially a 'Farmer"
anyway can get some back....if btc goes the route of beanie babies..with the whole home office/equip etc IRS stuff...
which in the USA with IRS screwed likely to be overruled rules is something (a vain hope of btc price rising someday)

as screwed as  thought I was hey its something...myself I showed 16k profit....my taxes on gross would have been 4K...and if I sold the coin before 1yr and 1day (ie property) I'm speculating its 43% capital gains if i wait more then 1yr 1 day it is 20% on gains...and of course mining now in the USA you have to have your 25% gross income added ..ie the above 4k...so we are so screwed..of course now with IRS rules here and China I now am more clear on why BTC is 450 bucks or so...ie everyone HAS TO HOLD or at least I do

If you are a large miner operation in the USA and sell BTC to USD daily you get around these capital gains problems....

anyway breaks because of new business etc..showed a profit even and equip taken off etc I owed 550 bucks

I'll take that and run.....with it (IRS scares the crap out of me) and I'm also depreciating the equip i think it is 5yrs in future

lastly ....I was stupid (I admit it) got a Titan (no refunds) (sigh boneheaded likely) well w/o the Titan equip this year I would have owed another 2.2k for taxes (total like 2.75k or so)....so in the feeble excuse of my mind..the Titan only cost me what 8k or so? (I know grasping at straws)

note: if you START a new business the first year you get lots and lots of leeway from IRS...I guess that make sense the IRS wants a business to succeed so they can get 25% off gross income from years of service in the future

but yeah original investment equip etc is prob as low as you can go assuming you could? write off as home business/eguip/etc and everything else...

er also capital losses are not limited to 3k a year personal...the CPA lady says if everything tanks I can write ALL OF IT OFF...

again in the hole but a lot shallower then I thought

imho this is what the CPA lady set up

but yeah still at a loss likely....

Searing

1474842741
Hero Member
*
Offline Offline

Posts: 1474842741

View Profile Personal Message (Offline)

Ignore
1474842741
Reply with quote  #2

1474842741
Report to moderator
1474842741
Hero Member
*
Offline Offline

Posts: 1474842741

View Profile Personal Message (Offline)

Ignore
1474842741
Reply with quote  #2

1474842741
Report to moderator
1474842741
Hero Member
*
Offline Offline

Posts: 1474842741

View Profile Personal Message (Offline)

Ignore
1474842741
Reply with quote  #2

1474842741
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1474842741
Hero Member
*
Offline Offline

Posts: 1474842741

View Profile Personal Message (Offline)

Ignore
1474842741
Reply with quote  #2

1474842741
Report to moderator
1474842741
Hero Member
*
Offline Offline

Posts: 1474842741

View Profile Personal Message (Offline)

Ignore
1474842741
Reply with quote  #2

1474842741
Report to moderator
1474842741
Hero Member
*
Offline Offline

Posts: 1474842741

View Profile Personal Message (Offline)

Ignore
1474842741
Reply with quote  #2

1474842741
Report to moderator
desired_username
Hero Member
*****
Offline Offline

Activity: 867


View Profile
April 13, 2014, 09:19:52 AM
 #16282

Quote
6. To make real money, go big or don't go at all. Unless you are hobby mining start with at least 1-2 TH/s or have as your goal to build toward this as fast as you can. Go up from there.


This is just incorrect. You are restricted by the technology available to you. No matter how many miners you buy, it'll need the same time to break even.
Trongersoll
Sr. Member
****
Offline Offline

Activity: 448


Retired Software Engineer


View Profile
April 13, 2014, 08:58:11 PM
 #16283

Quote
6. To make real money, go big or don't go at all. Unless you are hobby mining start with at least 1-2 TH/s or have as your goal to build toward this as fast as you can. Go up from there.


This is just incorrect. You are restricted by the technology available to you. No matter how many miners you buy, it'll need the same time to break even.

yeah, I don't know where these people think economies of scale are coming from.

*insert appropriate begging line here* 
BTC: 1CS6AV7VnjcPLxaTFoUhTjXK4mQCTzfSxE
Doge: DB22tiynvXKg7SyPpnH9jyfitKLTZb6ejc
STT
Legendary
*
Offline Offline

Activity: 1120



View Profile WWW
April 14, 2014, 03:15:43 AM
 #16284

Its there to a small extent in that some hardware and fixed costs can be shared between your various miners.

The big miners will be limited companies, they can afford to take the risks.   They can write off losses against profits across tax years.

Hermonminer
Newbie
*
Offline Offline

Activity: 19


View Profile
April 14, 2014, 04:49:01 AM
 #16285

I found this on the Internet so we know it is true.

My comment: If ROI has as one of its features the accounting of all expenses against the cost of equipment (just one kind of ROI, there are others) and that accounting results in the decrease of taxable income the only place to acknowledge t hat decrease of taxable income is as a savings of real money, then "writing off" (depreciation) expenses certainly does change the ROI.. The reduction in income tax goes directly to the bottom line. I keep more of my earned income since i am not paying a portion of that in taxes that i otherwise would pay without the depreciation of expenses. How can that not affect ROI?

What are the effects of depreciation?
The depreciation of assets such as equipment, buildings, furnishing, trucks, etc. causes a corporation's asset amounts, net income, and stockholders' equity to decrease. This occurs through an accounting adjusting entry in which the account Depreciation Expense is debited and the contra asset account Accumulated Depreciation is credited.

The amount of the annual depreciation that is reported on the financial statements is an estimate based on the asset's 1) cost, 2) estimated salvage value, and 3) useful life. Depreciation should be thought of as an allocation of the asset's cost to expense (and not as a valuation technique). In other words, the accountant is matching the cost of the asset to the periods in which revenues are generated from the asset.

The amount of the annual depreciation reported on the U.S. income tax return is based on the tax regulations. Since depreciation is a deductible expense for income tax purposes, the corporation's taxable income (and associated tax payments) will be reduced by its tax depreciation expense. (In any one year, the depreciation expense for taxes will likely be different from the amount reported on the financial statements.)

It should be noted that depreciation is viewed as a noncash expense. That is, the corporation's cash balance is not changed by the annual depreciation entry. (Often the corporation's cash is reduced for the asset's entire cost at the time the asset is acquired.)
Hermonminer
Newbie
*
Offline Offline

Activity: 19


View Profile
April 14, 2014, 05:00:23 AM
 #16286

Further explanation of ROI and why it is not a factor in BTC mining since I am not selling my equipment and can realize no gain or loss until i do sell the mining equipment -- again, this is just one way of understanding ROI.

Return on investment (ROI) is a financial ratio intended to measure the benefit obtained from an investment. Time is usually of the essence in this measurement because it takes time for an investment to realize a benefit. An ROI calculation can be illustrated by the purchase and subsequent sale of a house. Let us assume a cash purchase of a residence for $100,000. The house is held for 10 years and is then sold for $150,000; during its 10 years of ownership, maintenance costs have been $1,000 per year, so that the net sales value is $140,000. This sum, less the purchase price, nets out to $40,000. That $40,000 divided by the purchase price produces 0.4 or 40 percent. The ROI of this transaction has therefore been 40 percent. This elaborate example is presented with a purpose. ROIs are typically calculated in different ways. In this example, for instance, the owner may have rented the house for $200 per month and realized a 10-year income stream of $24,000 as well. If that income is factored in, the net benefit will be $64,000 rather than $40,000, and the ROI will be 64 percent.

The general rule to keep in mind is that ROI is the ratio produced when all gains from a transaction, less the costs associated with that transaction, are divided by the initial investment. The most common use of ROI is to assess the profitability of a company (or an operation within a company) based on investment. There are other measures of profitability—as a percent of sales, for instance, or as a percent of total assets used. ROI is of special interest to those who put their money into stocks or invest their savings into their own business: they have different choices available, and ROI can help to guide them to where to put their money.

ALTERNATIVE WAYS OF CALCULATING ROI

The general formula for computing the ROI of a business is to divide the company's net income for a period by its invested capital. But the term "invested capital" does not have a universally or uniformly accepted definition. It is sometimes defined as net work or owners' equity. Other definitions include the company's long-term debt on the principle that, for operational purposes, money derived from debt is equivalent to paid-in capital. Barron's Dictionary of Finance and Investment Terms (1985), for instance, includes long-term debt in its definition of "return on invested capital," which it uses synonymously with ROI. When the company has no long-term debt, the measure becomes Return on Equity. MSN Money uses the same definition as Barron's and showed, in mid-2006, that the average return on capital (ROI including long-term debt) of the S&P 500 companies was 7.9 percent. Return on equity was 12.4 percent.

The small business can, thus, calculate its ROI simply by dividing its after-tax income by its net worth (the residue after total liabilities are deducted from total assets on the balance sheet) or can use net worth plus long-term debt. Consistency in the use of the formula is, of course, advisable. When asked by a lender or investor for the company's ROI, the owner might be well advised to find out the party's own definition. ROI will be lower if long-term debt is present.

ROI calculations are also typically employed to monitor the performance of divisions or of product lines within a company. The approaches used tend to be varied, but a common form of measurement is to use operating income for the division (income before taxes) as the "gain" and a composite measure to represent investment—funds expended on behalf of the division's operations including the depreciated value of capital equipment, the value of inventories carried, and the net value of receivables less payables. When all divisions are measured the same way, comparisons are possible across the board.

ROI can also be used to evaluate a proposed investment in new equipment by dividing the increase in profit attributable to the new equipment by the increase in invested capital needed to acquire it. For example, a small business may be able to save $5,000 in operating expenses (and thus raise profit by the same amount) by spending $25,000 on a piece of new equipment. This yields an ROI of $5,000 divided by $25,000 or 20 percent. If this figure is higher than the company's cost of capital (the interest paid on debt and the dividends paid to investors) prior to the investment, and no better investment opportunities exist for those funds, it may make sense to purchase the equipment.

In addition to the various uses ROI holds for small business managers, it is routinely used by investors in the stock market to compare the performance of different companies and by people buying and selling companies in merger and acquisition activity.
BoogieMan82
Jr. Member
*
Offline Offline

Activity: 42

Computer Nerd


View Profile WWW
April 14, 2014, 05:17:06 AM
 #16287

I am hating and loving this daily rollercoaster of luck.  160% one day to a 20+ hour block. 

getfreebitcoins.us || boogiewu on #bitcoin-otc
TheDundalkMiner
Jr. Member
*
Offline Offline

Activity: 30

Beef Jerky Fanatic


View Profile
April 14, 2014, 01:30:32 PM
 #16288

I am hating and loving this daily rollercoaster of luck.  160% one day to a 20+ hour block. 

No kidding! 23+ hours, 3.5 hours, <2 hours!

That's where the averages come in I guess.

Onward!
bebooba11
Jr. Member
*
Offline Offline

Activity: 39


View Profile
April 14, 2014, 09:05:56 PM
 #16289

I'm sad that I favorited Preevs BTC to USD converter when it was $854 per BTC. My bookmark constantly reminds me of that... Roll Eyes
macsheadroom
Member
**
Offline Offline

Activity: 91


Computer Service Tech


View Profile
April 15, 2014, 03:37:39 AM
 #16290

I'm sad that I favorited Preevs BTC to USD converter when it was $854 per BTC. My bookmark constantly reminds me of that... Roll Eyes

Yes my http://bitcoindifficulty.com/ bookmark shows me 112,628,549, and when I click it and see 6,119,726,089 my heart sinks ever deeper.

1FQkmrwQ7yf9MKGLsAUhY2jgMT8WjepwL7
nukka33
Newbie
*
Offline Offline

Activity: 23


View Profile
April 15, 2014, 10:58:48 AM
 #16291


btc climbing up, we found 2 blocks in 48mins, slush's 1 day luck 200%... Shocked  Shocked  Shocked

 Grin
organofcorti
Donator
Legendary
*
Offline Offline

Activity: 1876


Poor impulse control.


View Profile WWW
April 15, 2014, 11:07:55 AM
 #16292

Further explanation of ROI and why it is not a factor in BTC mining since I am not selling my equipment and can realize no gain or loss until i do sell the mining equipment -- again, this is just one way of understanding ROI.

<slab of text>


We assume that mining equipment resale value is negligible after a short period of time.





Bitcoin network and pool analysis 12QxPHEuxDrs7mCyGSx1iVSozTwtquDB3r
follow @oocBlog for new post notifications
Pennycillin
Newbie
*
Offline Offline

Activity: 2


View Profile
April 15, 2014, 01:21:18 PM
 #16293

I'm a small, "worker" and have been running my computer all night.  My GUIMiner says I have accepted 71 shares.  When I log in to your console it shows several rounds with no shares (I assume this means nothing was found).  With a total of 28 shares for an unconfirmed total of 0.00000065 BTC.    I'm averaging between 12.915 to 10.500 Mhash/s.

Does this seem correct?  Less than 1 penny for all the resources I've loaned?
organofcorti
Donator
Legendary
*
Offline Offline

Activity: 1876


Poor impulse control.


View Profile WWW
April 15, 2014, 01:32:06 PM
 #16294

I'm a small, "worker" and have been running my computer all night.  My GUIMiner says I have accepted 71 shares.  When I log in to your console it shows several rounds with no shares (I assume this means nothing was found).  With a total of 28 shares for an unconfirmed total of 0.00000065 BTC.    I'm averaging between 12.915 to 10.500 Mhash/s.

Does this seem correct?  Less than 1 penny for all the resources I've loaned?

Sounds right. If you have less than a few hundred Ghps you're better off not mining BTC.

Bitcoin network and pool analysis 12QxPHEuxDrs7mCyGSx1iVSozTwtquDB3r
follow @oocBlog for new post notifications
markneill
Newbie
*
Offline Offline

Activity: 28


View Profile
April 15, 2014, 02:42:52 PM
 #16295

...With a total of 28 shares for an unconfirmed total of 0.00000065 BTC.    I'm averaging between 12.915 to 10.500 Mhash/s.

Does this seem correct?  Less than 1 penny for all the resources I've loaned?

Don't take this as a criticism, but "all the resources [you've] loaned", even at the high estimate of 12.9Mh/s, comes out to less than 1/10,000 of a percent of the total shares input to the current pool hashrate, which is currently clocking over 1.3 Terrahashes/sec.

And the last 24 hours has been a GOOD pool day, that's about twice the payout (since we've found twice as many blocks) that you would normally expect to see in a statistically average day.  As OrganOfCorti said, if you're mining on GPU or CPU, the current difficulty and mining rate of the global BTC pool is so much larger than your capacity to mine on that hardware that it's not efficient.
Pennycillin
Newbie
*
Offline Offline

Activity: 2


View Profile
April 15, 2014, 02:53:38 PM
 #16296

...With a total of 28 shares for an unconfirmed total of 0.00000065 BTC.    I'm averaging between 12.915 to 10.500 Mhash/s.

Does this seem correct?  Less than 1 penny for all the resources I've loaned?

Don't take this as a criticism, but "all the resources [you've] loaned", even at the high estimate of 12.9Mh/s, comes out to less than 1/10,000 of a percent of the total shares input to the current pool hashrate, which is currently clocking over 1.3 Terrahashes/sec.

And the last 24 hours has been a GOOD pool day, that's about twice the payout (since we've found twice as many blocks) that you would normally expect to see in a statistically average day.  As OrganOfCorti said, if you're mining on GPU or CPU, the current difficulty and mining rate of the global BTC pool is so much larger than your capacity to mine on that hardware that it's not efficient.

Then you wont take this as a criticism when I say, nowhere on your website does it say, "reg CPU users will need to run their computer for a total of FIVE YEARS to generate 1 bitcoin".   I'm confident you DEPEND on the thousands and thousands of us "workers" who are under educated and dumb enough to run our computers for 24 hours to yield the lack of result while you keep everything we generate and have no choice to abandon because you won't payout less than 1 bitcoin.   Now I understand why information is pretty scarce.  It's clearly a deliberate intent to defraud.



nukka33
Newbie
*
Offline Offline

Activity: 23


View Profile
April 15, 2014, 03:12:20 PM
 #16297


btc climbing up, we found 2 blocks in 48mins, slush's 1 day luck 200%... Shocked  Shocked  Shocked

 Grin


i think i've jinxed it...

 Roll Eyes
Namnuta
Newbie
*
Offline Offline

Activity: 26


View Profile
April 15, 2014, 03:21:49 PM
 #16298

No one will take that as criticism because you clearly have no clue. This is a mining pool, not a how to on bitcoin mining. Its a service, no one asked you to join our pool. Its on you to do your do diligence, because if you did just a simple Google search you would realize that the days of mining with GPU, or CPU is long long gone (Like your over a year to 2 years behind).  So as a miner that's been in the game since late 2010, don't take offense, but leaving bitcoin mining to the big boys ok. If your not in the Gigahash range, mine litecoin.  Oh and i really feel you cant defraud the stupid. And FYI min payout is .1 .

oh and to humble you even more. Previous poster mis quoted. Our pool in 1.3 PetaHash/sec

...With a total of 28 shares for an unconfirmed total of 0.00000065 BTC.    I'm averaging between 12.915 to 10.500 Mhash/s.

Does this seem correct?  Less than 1 penny for all the resources I've loaned?

Don't take this as a criticism, but "all the resources [you've] loaned", even at the high estimate of 12.9Mh/s, comes out to less than 1/10,000 of a percent of the total shares input to the current pool hashrate, which is currently clocking over 1.3 Terrahashes/sec.

And the last 24 hours has been a GOOD pool day, that's about twice the payout (since we've found twice as many blocks) that you would normally expect to see in a statistically average day.  As OrganOfCorti said, if you're mining on GPU or CPU, the current difficulty and mining rate of the global BTC pool is so much larger than your capacity to mine on that hardware that it's not efficient.

Then you wont take this as a criticism when I say, nowhere on your website does it say, "reg CPU users will need to run their computer for a total of FIVE YEARS to generate 1 bitcoin".   I'm confident you DEPEND on the thousands and thousands of us "workers" who are under educated and dumb enough to run our computers for 24 hours to yield the lack of result while you keep everything we generate and have no choice to abandon because you won't payout less than 1 bitcoin.   Now I understand why information is pretty scarce.  It's clearly a deliberate intent to defraud.




markneill
Newbie
*
Offline Offline

Activity: 28


View Profile
April 15, 2014, 04:02:56 PM
 #16299

oh and to humble you even more. Previous poster mis quoted. Our pool in 1.3 PetaHash/sec

Oops - missed a 1E-3 shift in the conversion.  So that's 1 ten-millionth of a percent.
Trongersoll
Sr. Member
****
Offline Offline

Activity: 448


Retired Software Engineer


View Profile
April 15, 2014, 04:03:11 PM
 #16300

...With a total of 28 shares for an unconfirmed total of 0.00000065 BTC.    I'm averaging between 12.915 to 10.500 Mhash/s.

Does this seem correct?  Less than 1 penny for all the resources I've loaned?

Don't take this as a criticism, but "all the resources [you've] loaned", even at the high estimate of 12.9Mh/s, comes out to less than 1/10,000 of a percent of the total shares input to the current pool hashrate, which is currently clocking over 1.3 Terrahashes/sec.

And the last 24 hours has been a GOOD pool day, that's about twice the payout (since we've found twice as many blocks) that you would normally expect to see in a statistically average day.  As OrganOfCorti said, if you're mining on GPU or CPU, the current difficulty and mining rate of the global BTC pool is so much larger than your capacity to mine on that hardware that it's not efficient.

Then you wont take this as a criticism when I say, nowhere on your website does it say, "reg CPU users will need to run their computer for a total of FIVE YEARS to generate 1 bitcoin".   I'm confident you DEPEND on the thousands and thousands of us "workers" who are under educated and dumb enough to run our computers for 24 hours to yield the lack of result while you keep everything we generate and have no choice to abandon because you won't payout less than 1 bitcoin.   Now I understand why information is pretty scarce.  It's clearly a deliberate intent to defraud.


It has pretty much been known in these forums for a long time that CPU /GPU mining was a losing proposition. You just can't make a significant impact. The Pool operater provides a service. The onus is not on them to educate potential users. Sadly, what is a lot to some people isn't much to others. Lots of people get, what they consider to be, big mega computers and think that is all they need to mine bitcoin because there is still some old software around that will let them. They are qute disappointed when the learn that it really requires specialized hardware to mine and not big computers. Then they look at the hardware available and ask if the cheapest hardware is worth it. They don't like hearing  "no, not anymore". Basically, today there are two types of miners. Those with the financial resources to constantly persue the bigest and best new hardware. And the rest, who are pretty much hobbyist, mining because it is fun for them and a learning experience.

I feel bad for you because you didn't know what you were getting into. Also, the pool operator does not read this forum. We all here are just fellow miners.

*insert appropriate begging line here* 
BTC: 1CS6AV7VnjcPLxaTFoUhTjXK4mQCTzfSxE
Doge: DB22tiynvXKg7SyPpnH9jyfitKLTZb6ejc
Pages: « 1 ... 765 766 767 768 769 770 771 772 773 774 775 776 777 778 779 780 781 782 783 784 785 786 787 788 789 790 791 792 793 794 795 796 797 798 799 800 801 802 803 804 805 806 807 808 809 810 811 812 813 814 [815] 816 817 818 819 820 821 822 823 824 825 826 827 828 829 830 831 832 833 834 835 836 837 838 839 840 841 842 843 844 845 846 847 848 849 850 851 852 853 854 855 856 857 858 859 860 861 862 863 864 865 ... 1104 »
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!