First Asic for SIA - Obelisk SC1

[dazbog835]

And expense/depreciation of equipment.

But with those numbers... surely you could stay ahead of the curve for a very long time, no?

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[newtybar]

And expense/depreciation of equipment.

But with those numbers... surely you could stay ahead of the curve for a very long time, no?

Was talking more about a tax deduction which will help with profitability.

[Searing]

And expense/depreciation of equipment.

But with those numbers... surely you could stay ahead of the curve for a very long time, no?

Was talking more about a tax deduction which will help with profitability.

In my case....I'm looking at 50% to IRS if I hold coin I mined (talking LTC)

28% FED
10% STATE TAX
12% SOC SEC/MEDICADE (setup as self-employed)

thus...I can give 50% to IRS/state/etc taxes and keep 1/2 my coin mined (or xfered from LTC to BTC etc in USA they call mining income..the IRS is not pleased mining coin out of thin air)

or

I can figure that 50% is lost...to the IRS as a done deal..and get another 25% off in equip deduction applied to taxes this year...I know I'm gonna pay some in anyway
so that is 25% off in real $$$ towards this year's bill.

and thus my real risk on a Siacoin miner is 25% more then Just paying the tax man for the BTC in question to purchase one...ASSUMING I pay this year and it arrives
next year

odds..its all about odds..why you see folk double down on equipment ..in USA if I make 60k in coin I pay 30k in taxes. (could be less of a % but had a huge year)....if I buy 60k in equip I owe nothing and have equip to putter along and mine into next year

this goes for all equip I get this year ASIC wise etc ..no matter the flavor or ASIC or Coin mined. You get 100% off All equipment applied to your gross income.

thus having an 'interesting'  year

be careful what you wish for mining ..you may surely get it

silly hobby

[ekrififi]

I know this may be a subject for a different thread, but I like to live on the edge... also, I think there might be some overlap in interest...

Does anybody here own a SiaFund? If so, what has been your experience (maintenance difficulty, payout history etc?). Would you ever look to sell?

I'm considering it as an easier to manage alternative ...

[kslau]

Obelisk was sent an email about "Confirmed! We have received your coins. You will receive a second email when we verify + process the payment, and convert it to USD. This should be within 1 day. Thanks so much for your support and patience!

- Zach Herbert, VP of Operations "

But no any reply after this email.

Does anyone receive reply after received that email??

[DebitMe]

And expense/depreciation of equipment.

But with those numbers... surely you could stay ahead of the curve for a very long time, no?

Was talking more about a tax deduction which will help with profitability.

In my case....I'm looking at 50% to IRS if I hold coin I mined (talking LTC)

28% FED
10% STATE TAX
12% SOC SEC/MEDICADE (setup as self-employed)

thus...I can give 50% to IRS/state/etc taxes and keep 1/2 my coin mined (or xfered from LTC to BTC etc in USA they call mining income..the IRS is not pleased mining coin out of thin air)

or

I can figure that 50% is lost...to the IRS as a done deal..and get another 25% off in equip deduction applied to taxes this year...I know I'm gonna pay some in anyway
so that is 25% off in real $$$ towards this year's bill.

and thus my real risk on a Siacoin miner is 25% more then Just paying the tax man for the BTC in question to purchase one...ASSUMING I pay this year and it arrives
next year

odds..its all about odds..why you see folk double down on equipment ..in USA if I make 60k in coin I pay 30k in taxes. (could be less of a % but had a huge year)....if I buy 60k in equip I owe nothing and have equip to putter along and mine into next year

this goes for all equip I get this year ASIC wise etc ..no matter the flavor or ASIC or Coin mined. You get 100% off All equipment applied to your gross income.

thus having an 'interesting'  year

be careful what you wish for mining ..you may surely get it

silly hobby

I am looking into various methods, currently running down the idea of contributing into a retirement account to reduce income.  If its on behalf of yourself, its not a deduction for the business, but is a pre-agi adjustment, so some tax benefit, but if its for an employee, say a spouse , then its a deduction.  I need to run some numbers.

[Searing]

And expense/depreciation of equipment.

But with those numbers... surely you could stay ahead of the curve for a very long time, no?

Was talking more about a tax deduction which will help with profitability.

In my case....I'm looking at 50% to IRS if I hold coin I mined (talking LTC)

28% FED
10% STATE TAX
12% SOC SEC/MEDICADE (setup as self-employed)

thus...I can give 50% to IRS/state/etc taxes and keep 1/2 my coin mined (or xfered from LTC to BTC etc in USA they call mining income..the IRS is not pleased mining coin out of thin air)

or

I can figure that 50% is lost...to the IRS as a done deal..and get another 25% off in equip deduction applied to taxes this year...I know I'm gonna pay some in anyway
so that is 25% off in real $$$ towards this year's bill.

and thus my real risk on a Siacoin miner is 25% more then Just paying the tax man for the BTC in question to purchase one...ASSUMING I pay this year and it arrives
next year

odds..its all about odds..why you see folk double down on equipment ..in USA if I make 60k in coin I pay 30k in taxes. (could be less of a % but had a huge year)....if I buy 60k in equip I owe nothing and have equip to putter along and mine into next year

this goes for all equip I get this year ASIC wise etc ..no matter the flavor or ASIC or Coin mined. You get 100% off All equipment applied to your gross income.

thus having an 'interesting'  year

be careful what you wish for mining ..you may surely get it

silly hobby

I am looking into various methods, currently running down the idea of contributing into a retirement account to reduce income.  If its on behalf of yourself, its not a deduction for the business, but is a pre-agi adjustment, so some tax benefit, but if its for an employee, say a spouse , then its a deduction.  I need to run some numbers.

yeah.....I need to look into this probably.... but again my situation is unique this year with 4.15 to 50 buck LTC...thus will make in income 100k or more
(40k spent to get me into this thing as it chugs along) and maybe 40-60k (all profit) due to all expenses for the year (elec/hosting/etc) already paid.

If I can get over the hump into 2018...then back to normal ..you can't have above LTC price increase AND ROI on all your stuff (with prev ROI'd stuff) in 2 months
without getting caught like this at the end of the year

(knocks wood: hope same thing happens with obelisk sc-1 miners next year..that would teach me)

the die is cast......at least for the next 5 months.....buy everything sheesh

silly hobby

[DebitMe]

And expense/depreciation of equipment.

But with those numbers... surely you could stay ahead of the curve for a very long time, no?

Was talking more about a tax deduction which will help with profitability.

In my case....I'm looking at 50% to IRS if I hold coin I mined (talking LTC)

28% FED
10% STATE TAX
12% SOC SEC/MEDICADE (setup as self-employed)

thus...I can give 50% to IRS/state/etc taxes and keep 1/2 my coin mined (or xfered from LTC to BTC etc in USA they call mining income..the IRS is not pleased mining coin out of thin air)

or

I can figure that 50% is lost...to the IRS as a done deal..and get another 25% off in equip deduction applied to taxes this year...I know I'm gonna pay some in anyway
so that is 25% off in real $$$ towards this year's bill.

and thus my real risk on a Siacoin miner is 25% more then Just paying the tax man for the BTC in question to purchase one...ASSUMING I pay this year and it arrives
next year

odds..its all about odds..why you see folk double down on equipment ..in USA if I make 60k in coin I pay 30k in taxes. (could be less of a % but had a huge year)....if I buy 60k in equip I owe nothing and have equip to putter along and mine into next year

this goes for all equip I get this year ASIC wise etc ..no matter the flavor or ASIC or Coin mined. You get 100% off All equipment applied to your gross income.

thus having an 'interesting'  year

be careful what you wish for mining ..you may surely get it

silly hobby

I am looking into various methods, currently running down the idea of contributing into a retirement account to reduce income.  If its on behalf of yourself, its not a deduction for the business, but is a pre-agi adjustment, so some tax benefit, but if its for an employee, say a spouse , then its a deduction.  I need to run some numbers.

yeah.....I need to look into this probably.... but again my situation is unique this year with 4.15 to 50 buck LTC...thus will make in income 100k or more
(40k spent to get me into this thing as it chugs along) and maybe 40-60k (all profit) due to all expenses for the year (elec/hosting/etc) already paid.

If I can get over the hump into 2018...then back to normal ..you can't have above LTC price increase AND ROI on all your stuff (with prev ROI'd stuff) in 2 months
without getting caught like this at the end of the year

(knocks wood: hope same thing happens with obelisk sc-1 miners next year..that would teach me)

the die is cast......at least for the next 5 months.....buy everything sheesh

silly hobby

HEHE I know the pain.  If I come up with any other ideas I will make sure to pass it along to you.  Being a tax accountant, this is always on my mind.

[lebitusa]

I am new to this
I would like to ask a question
How much is mining return if I invested in $1000 of devices ( I have solar electricity so it can be considered free)
Thank you

[darval]

Obelisk was sent an email about "Confirmed! We have received your coins. You will receive a second email when we verify + process the payment, and convert it to USD. This should be within 1 day. Thanks so much for your support and patience!

- Zach Herbert, VP of Operations "

But no any reply after this email.

Does anyone receive reply after received that email??

Yes, you should get a second email.  They have been swamped trying to get the v1.3.0 of Sia out the door and have been slow processing the orders.  You can always reach out to them and ask for your status in particular.  If it is has only been a couple days, I wouldn't worry.  If it is over a week, I would reach out to Zach and get an up to date status on your order.

[kamilek209]

It is safe to order this miner? How can I be sure that they won't run with my money.

[ekrififi]

This article about the future of Siacoin is pretty bullish.

http://news.sys-con.com/node/4127259

Sia ---------> moon...

[Rippa84]

It is safe to order this miner? How can I be sure that they won't run with my money.

No it's a high risk. You have got to trust the Team and have faith in what they are doing.
If you do there is a Chance you can make a good profit. But nothing is for sure.

[Eyedol-X]

It is safe to order this miner? How can I be sure that they won't run with my money.

The parent company making this miner is in the USA and so is the company designing the miner.

Can they run with your money? Absolutely. but it's a lot harder to do in the USA.

If you read through all the info out there you will find that they have private backing for this miner and they opted to make a public sale to get it in the hands of the public and not just large investors/big mines.

Disclaimer: This is my speculation.
I believe it's happening regardless of what the public does, whatever is left of unfulfilled orders I expect they will just fill by selling to these private investors.

[dazbog835]

I have been checking the obelisk website frequently in the past couple of days and the order number doesn't seem like it's moving from 1350.

I'm seriously considering buying one, but I'm waiting for this slump in prices to pass...

Do you people think they will last?

[Searing]

I have been checking the obelisk website frequently in the past couple of days and the order number doesn't seem like it's moving from 1350.

I'm seriously considering buying one, but I'm waiting for this slump in prices to pass...

Do you people think they will last?

Not sure. I have 2 on order, but the lack of updating unit counts and info about them at least trying to get mh from 100mh to 250mh and other info on their main website, well it holds me back from getting more. A sign perhaps that intent is good, but they are in over their heads, imho, at the moment.

The price of siacoin tanking is not helping. 💩

[ekrififi]

I have been checking the obelisk website frequently in the past couple of days and the order number doesn't seem like it's moving from 1350.

I'm seriously considering buying one, but I'm waiting for this slump in prices to pass...

Do you people think they will last?

Not sure. I have 2 on order, but the lack of updating unit counts and info about them at least trying to get mh from 100mh to 250mh and other info on their main website, well it holds me back from getting more. A sign perhaps that intent is good, but they are in over their heads, imho, at the moment.

The price of siacoin tanking is not helping. 💩

I hear ya... I mean, I think they just launched an update recently,which may explainntheir delay in unit sales updating... and I thought they already confirmed the 250 GH/S spec...

Personally, I want the Sia price to be down... and their asic sales lackluster... it'll give me a chance to pick up a few more, as well as discourage other ASIC manufacturers from entering the BLAKE (2b) algo marketplace.

But it's possible I'm being delusional, and overly optimistic... I wouldn't put it past me...

[COINKING84]

were is this miner available to order?

[VoskCoin]

What are you all estimating as profitability for this miner?

[superskillz]

were is this miner available to order?

https://obelisk.tech

There is also a calculator that estimates ~150,000 SC a month. At current price of ~.005 that is $750 a month.