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GigaWave
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October 23, 2013, 03:13:25 PM |
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TX fees are going up, even if block rewards may go down.
Once large datacenter ASIC mining becomes unprofitable, they will be shut down. When this happens, your hashing share will go up again. Whether you want to wait for this to happen or not is up to you. You can look at my f/s thread for how you should setup the miners. It's all about proper power delivery, which most USB hubs don't have. NO NEED for expensive hubs. A regulated power supply and a cheap hub will work fine, AND give you scalability in the future.
Anyways, I digress...
What you COULD do is to use the miners as a hobby, taking the proceeds to use for various purposes like... oh... high risk gambling, and hope that you hit the 100x multiplier or something of that sort.
Do you have Unicorns where you live? If not, I bet you think you do, as you are clearly delusional. Just like the OP clueless. Hardware manufactures should have IQ test before you can purchase...wait that would go against their business model.....they thrive on the clueless. I really should get into the Bridge selling business. ..ahh but thats right, I wouldn't be able to handle all the, "...what you mean i have to maintain it?" questions. Bitcoin mining is really validating the saying "There's a sucker born every minute" |
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AndrewWilliams
Full Member
 Offline
Activity: 182
Merit: 100
Fourth richest fictional character
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October 23, 2013, 04:33:39 PM |
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TX fees are going up, even if block rewards may go down.
Once large datacenter ASIC mining becomes unprofitable, they will be shut down. When this happens, your hashing share will go up again. Whether you want to wait for this to happen or not is up to you. You can look at my f/s thread for how you should setup the miners. It's all about proper power delivery, which most USB hubs don't have. NO NEED for expensive hubs. A regulated power supply and a cheap hub will work fine, AND give you scalability in the future.
Anyways, I digress...
What you COULD do is to use the miners as a hobby, taking the proceeds to use for various purposes like... oh... high risk gambling, and hope that you hit the 100x multiplier or something of that sort.
Do you have Unicorns where you live? If not, I bet you think you do, as you are clearly delusional. Just like the OP clueless. Hardware manufactures should have IQ test before you can purchase...wait that would go against their business model.....they thrive on the clueless. I really should get into the Bridge selling business. ..ahh but thats right, I wouldn't be able to handle all the, "...what you mean i have to maintain it?" questions. Bitcoin mining is really validating the saying "There's a sucker born every minute" They're just selling the dream man, just like every other salesperson. They're not selling ASICs, they are selling the dream of the Rich Bitcoin Miner! |
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neutralist
Member
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Activity: 85
Merit: 10
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October 23, 2013, 05:13:29 PM |
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Make sure you have the receipts or records if you bought them with USD. If you resell them later at a loss, you can write off that amount on your income tax as "capital loss". (Much like a stock transaction) This includes the USB block eruptors and ALL related accessories (the Anker hubs and the fan, for example). These are all considered "Capital assets". http://www.irs.gov/uac/Ten-Important-Facts-About-Capital-Gains-and-Losses |
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bitcoiner49er
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October 23, 2013, 08:00:31 PM |
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These were profitable for those that got early .15 coupon pricing through previous group buys.
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Homo doctus is se semper divitias habet
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tinus42
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October 23, 2013, 08:10:20 PM |
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I mined a fifth of a Bitcoin now with these things which I bought for USD on eBay (the bulk with my original BE which I bought in June). Maybe this will be worth enough some day. But it will be a nice experience so I don't care.  |
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EccLipSe
Member
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Activity: 168
Merit: 10
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November 03, 2013, 12:34:53 PM |
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not bad price. you can get back your money i believe. start mining asap.
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BombaUcigasa
Legendary
Offline
Activity: 1442
Merit: 1000
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November 03, 2013, 12:46:39 PM |
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They are still 18 USD on ebay...
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neutralist
Member
Offline
Activity: 85
Merit: 10
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November 04, 2013, 02:50:31 AM |
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They are going as low as $9 on Amazon....
So, as I said, if you sell your miners this year, you can write off your loss as capital loss on your taxes.
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johncarpe64
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November 04, 2013, 05:01:18 AM |
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They are going as low as $9 on Amazon....
So, as I said, if you sell your miners this year, you can write off your loss as capital loss on your taxes.
Is bitcoin even taxable in the first place? |
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SquallLeonhart
Legendary
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Activity: 2324
Merit: 1101
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November 04, 2013, 02:15:33 PM |
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So i Just purchased 18 block erupters and After reading the threads here I am starting to feel a bit of Buyers remorse..
I bought them at $11.00 a piece so i don't think i did that bad....But at the current difficulty rate they are kinda worthless aren't they?
Quickly refund it and yes its worthless. But you can still sell it easily for 5-10 USD depending on your luck... |
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mootinator
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November 04, 2013, 05:38:36 PM |
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They are going as low as $9 on Amazon....
So, as I said, if you sell your miners this year, you can write off your loss as capital loss on your taxes.
Is bitcoin even taxable in the first place? It would be difficult to make an argument that bitcoin isn't capital. Capital gains are taxable. |
No
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Trongersoll
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November 04, 2013, 08:08:56 PM |
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They are going as low as $9 on Amazon....
So, as I said, if you sell your miners this year, you can write off your loss as capital loss on your taxes.
Is bitcoin even taxable in the first place? It would be difficult to make an argument that bitcoin isn't capital. Capital gains are taxable. It seems that most people consider it a capital gain when/if you change it into fiat. In the US the Tax is Capital Gains - Expenses - Capital Losses. Since no one will make back their expenses it can be considered a Hobby. |
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neutralist
Member
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Activity: 85
Merit: 10
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November 04, 2013, 08:23:28 PM |
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It would be difficult to make an argument that bitcoin isn't capital. Capital gains are taxable.
It seems that most people consider it a capital gain when/if you change it into fiat. In the US the Tax is Capital Gains - Expenses - Capital Losses. Since no one will make back their expenses it can be considered a Hobby. Notice that I am NOT talking about bitcoin being a form of capital. I am talking about the USB block eruptor themselves as a form of capital asset. A capital asset is any asset that is used to make money. It is like holding a dividend-generating stock. The block eruptors are the stock, the dividend are the mined coins (Which is not taxable until you convert to fiat) |
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leannemckim46
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November 05, 2013, 03:21:14 AM |
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So i Just purchased 18 block erupters and After reading the threads here I am starting to feel a bit of Buyers remorse..
I bought them at $11.00 a piece so i don't think i did that bad....But at the current difficulty rate they are kinda worthless aren't they?
Sell it, unless you have free electricity.... |
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MelodyRowell
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November 05, 2013, 08:46:49 AM |
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Just mine for fun, or better still try solo for like a week.....
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CrazyRabbi
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November 05, 2013, 08:52:02 AM |
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Or you could just whore yourself out of Bitcoins... Wait...  |
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sniffinpoprocks
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November 05, 2013, 09:52:42 AM |
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At least you'll actually receive something! That's more that bitcoin-24, Terrahash, or Cloudhashing ever gave me.
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“Since we decided a few weeks ago to adopt the leaf as legal tender, we have, of course, all become immensely rich.”
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devthedev
Legendary
Offline
Activity: 1050
Merit: 1004
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November 05, 2013, 04:47:36 PM |
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Yeah, it'd probably not be profitable to mine right now, but in the future you may. However, you are helping out with the processing of transactions |
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mo_mo
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November 05, 2013, 10:50:36 PM |
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can be a souvenir
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thew3apon
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November 06, 2013, 02:01:18 AM |
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Use it to mine while putting up online looking for buyer is what most people do...
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