Mining crash coming soon?

[Moondoggie]

Below 10k now :O

[gotminer]

Below 10k now :O

Oh yeah!!!  I have a buy order in at 8K.  Getting closer.

[Moondoggie]

Below 10k now :O

Oh yeah!!!  I have a buy order in at 8K.  Getting closer.

Hard to pick the best time to jump in aha

[Riptide_NVN]

I'd talk to a CPA if I were you.   

Not sure what you've heard?

https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q

US miners are getting raped on taxes.

[gotminer]

I'd talk to a CPA if I were you.   

Not sure what you've heard?

https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q

US miners are getting raped on taxes.

Lol @ Turbo Tax.  You can't sum up tax law in a few short paragraphs.  Talk to a CPA.  And talk to one who knows something about crypto tax law. 

[Riptide_NVN]

Do you have any recommendations?

[mattyforcrypto]

I'd talk to a CPA if I were you.   

Not sure what you've heard?

https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q

US miners are getting raped on taxes.

Lol @ Turbo Tax.  You can't sum up tax law in a few short paragraphs.  Talk to a CPA.  And talk to one who knows something about crypto tax law. 

I dunno about that, that's what I read everywhere when comparing different countries for taxes on mining, can't be that wrong.

Do you have any recommendations?

Can't hurt to talk to a specialist, but won't change the law, don't forget the government will always want your money, I know it firsthand with some new laws here.

[gotminer]

Do you have any recommendations?

I would ask friends and family for recommendations on CPA's that they've used in the past.  Just as I would if I were looking for an attorney or any other professional service.  I haven't called around the local ones in my area just to ask if they have experience in crypto taxes, but I have consulted with one that I use for another business that I run.  Most of them probably don't know too much about it just yet, but I want one that I personally know doing the research.

Don't listen to some guy on the internet, because I'm not a CPA or a tax attorney, or anything of the likeness, but I think there is way more to it than what Turbo Tax has posted on their website, which is very vague and confusing to me.

  

[gotminer]

I'd talk to a CPA if I were you.   

Not sure what you've heard?

https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q

US miners are getting raped on taxes.

Lol @ Turbo Tax.  You can't sum up tax law in a few short paragraphs.  Talk to a CPA.  And talk to one who knows something about crypto tax law. 

I dunno about that, that's what I read everywhere when comparing different countries for taxes on mining, can't be that wrong.

Do you have any recommendations?

Can't hurt to talk to a specialist, but won't change the law, don't forget the government will always want your money, I know it firsthand with some new laws here.

It isn't going to change the law, but I'm going to take the advice of a good CPA who has done the research over a boxed piece of software that is geared towards personal and small business.

Paying a CPA to do my taxes for a small business outside of the crypto world saved me money compared to what I would have done on my own with Turbo Tax or doing them by hand myself.

[hanskan]

GPU Mining will die in 2018
GPU Mining will die in 2019
GPU Mining will die in 2020
GPU Mining will die in 2021
GPU Mining will die in 2022

Bitcoin dies at least 20 times/year

Not to mention the 62534 times GPU mining died in 2017 according to this forum LOL

[Vann]

Their is some legislation in the works to exempt transactions under $600 from incurring any taxes.

https://www.zerohedge.com/news/2017-12-11/bipartisan-cryptocurrency-fairness-act-moves-through-congress

So if you are in the US and feel like doing something other than bitching about taxes on the internet, contact your legislators.

[adaseb]

I've been around since 2013.

Back in 2013, a R9 280X had an MSRP of like $300

Here is how the daily profitability was more or less for the 280X.

Nov 2013: $15/day
Dec 2013: $10/day
Jan 2014: $7.50/day
Feb 2014: $5.00/day
March 2014: $2.50/day
April 2014: $1.25/day
May 2014: $0.75/day
June 2014: $0.50/day
...
...
...
Dec 2014: $0.25/day

This is NOT including electricity. Most stopped mining because electricity > profits.

Sometime in Feb 2014, there was a CRAZY mania and 280X was sold out everywhere. People were flipping them for like $400-$500.

[gotminer]

Would someone tell the Winklevoss twins to offload some of their btc, so I can get some fiat in at 8K tonight? Lol.

[Riptide_NVN]

Hey I'm willing to spend a little for a consultation with a CPA but I don't want to waste my money on someone that doesn't know what they're talking about RE: cryptocurrency mining

I live in Montana so there isn't likely to be any local CPA who is going to have that knowledge.  If someone here knows a good prospective contact - please by all means.  Post it here or email it over.

The fairness bill is great but it does nothing to help miners.

[liuqi]

I noticed earlier in the month on whattomine.com a 1080 TI would generate about $10 per day. The last week was about $5 per day and I see it says $4 per day as of today. Do you think a mining crash is coming soon and when?

Mining should not crash anyway it depends on the cryptocurrency crash. Because all the payments are cryptocurrency only so your coin value should be raise automatically your payment also increased. All the miners are know about the mining platform. I think your new to this platform first you study about the blockchain technology then you have some clear idea about the cryptocurrency and mining platform.

[dejan_p]

keep in mind that the numbers in OP are unreal on a long(er) run
if you have a card that makes 10$ per day, that means we are in the peak of mining profitability

people need to understand that (depending on where you live and the cost of your electricity), 1-1.5$ per card (570) is profitable..but you all want 4$ per card

even with the recent prices drop, we are still in a very profitable period

[stzcze]

You're absolutely right, but people are foolish

[tangonaboat]

I don't know about real earnings of other coins but I'm mining ZEN, at 14200 hashrate I was earning in Oct. 2017, 3 to 3.25 ZEN/day but earnings been going down to around 2.3 ZEN/day since 1/26/18.

Difficulty has been going up for sure so now I have to decide if I should keep mining ZEN and hope for the price to offset the rise in difficulty or just mine another coin... shoulda mine ZCL =.( but oh well, I can't predict these things.

[drawingthemoon]

This is all just FUD in the news, there is no crash. Every year the same with the price and it is just normal because of many reasons, people need FIAT. And the calculation on What-to-mine based on the difficilty and the price. If the price goes up in the next months(what I think) mining will be profitable again soon. So stay cool, mine your coin, hodl and be happy this summer <3

[ferall]

Just go with it, or sell up.