I'm glad I didn't buy any more video cards, a 1080ti barley makes $1 a day

[lolchina]

Hopefully OP didn't overpay for the ti and is doing due diligence when selecting coin to mine as barely making a dollar a day seems to be on the very rather low end.

Even pointing it to nicehash would bring him more then 1$ per day so its not that hard for now,long are gone days with 20$ per card without having to look thru coins what to mine.There are still coins that brings solid profits mining them but now you need to invest time to find them

[1714246436]

1714246436

[lunobird]

I quoted the IRS website. It's very clear. You guys are such nub tards and still in disbelief. It's been well known for awhile and the veteran miners know this as well.

Coins mined is instant income tax. If you made a loss from holding it like most people that mined last quarter you can sell it and report a loss in value for the next tax year.

You still have to report the all time high value you mined at as income

You scared of your own shadow?  As long as "you" dont cash out over the reporting threshold then the IRS will never know.  You think the IRS has the man power to come after or even look into someone that mine 10k or even 25k ?  They are looking for the whales.  The IRS has been gutted of agents over the last 10 years.  They simply dont have the manpower to go after the small times.

It all truly boils down to the worst case scenarios and that means NEVER talk to the IRS without a lawyer!

Well if you want your equipment deductions which is a huge benefit your going to have to report the income it has made also.

[Sledge0001]

Simply create a LLC. Expense all of your electricity and hardware.

Continue to mine, save up as many coins as you can knowing that you will have to pay your taxes on what you mine and when you sell.

However it is still easy to mine and make money.

[blockchange88]

Hopefully OP didn't overpay for the ti and is doing due diligence when selecting coin to mine as barely making a dollar a day seems to be on the very rather low end.

Even pointing it to nicehash would bring him more then 1$ per day so its not that hard for now,long are gone days with 20$ per card without having to look thru coins what to mine.There are still coins that brings solid profits mining them but now you need to invest time to find them

You mean mining and dumping shitcoins.

[Blazin]

Even my 1060 makes $1.15 per day with the Nice Hash DaggerHashimoto pool. My 1080 Ti makes almost $2.80 mining Ravencoin on another pool. Ravencoin isn't even at the top of WhatToMine's list right now, so you could easily make closer to $3 with the coins listed there.

If you do some digging elsewhere, you can probably make $4 or more per day.

[gotminer]

Simply create a LLC. Expense all of your electricity and hardware.

Continue to mine, save up as many coins as you can knowing that you will have to pay your taxes on what you mine and when you sell.

However it is still easy to mine and make money.

It isn't necessary to create a LLC to deduct your electrical, internet connection, dedicated mining room square footage, hardware costs, and any other costs associated with mining.  In the United States, it's done on a 1040 Schedule C.

[gotminer]

Hopefully OP didn't overpay for the ti and is doing due diligence when selecting coin to mine as barely making a dollar a day seems to be on the very rather low end.

Even pointing it to nicehash would bring him more then 1$ per day so its not that hard for now,long are gone days with 20$ per card without having to look thru coins what to mine.There are still coins that brings solid profits mining them but now you need to invest time to find them

You mean mining and dumping shitcoins.

If you consider all coins other than btc, eth, and ltc a shitcoin, then yes, exactly!

[gotminer]

Mining is still doing pretty well by me.

Counting absolute total cost of investment -- Computers, video cards, risers, electrical wiring, shelving, rooms fans, etc (literally everything I have bought for mining)... still getting 1/300th of total investment per day at todays prices. So in general forum terms less than 1-year ROI.

I got back in to mining about 15 months ago and have slowly built it all up so most of the stuff I have is actually already paid off... just looking at total cost / income as of today for the previous sentence.

If we see a bit of a bull market and things I am holding go back up a bit then it'll look even better.

I think if you are doing well, that is because you have cheap electricity price.

What do you consider cheap electricity?  Mine is 0.10 kwh and I was doing well even at lowest daily profitability this year.  Reason being, I don't sell coins daily or weekly or monthly.  The amount of coin my hardware mines only changes when new hash power is introduced to the network and difficulty increases.

[sundownz]

Mining is still doing pretty well by me.

Counting absolute total cost of investment -- Computers, video cards, risers, electrical wiring, shelving, rooms fans, etc (literally everything I have bought for mining)... still getting 1/300th of total investment per day at todays prices. So in general forum terms less than 1-year ROI.

I got back in to mining about 15 months ago and have slowly built it all up so most of the stuff I have is actually already paid off... just looking at total cost / income as of today for the previous sentence.

If we see a bit of a bull market and things I am holding go back up a bit then it'll look even better.

I think if you are doing well, that is because you have cheap electricity price.

What do you consider cheap electricity?  Mine is 0.10 kwh and I was doing well even at lowest daily profitability this year.  Reason being, I don't sell coins daily or weekly or monthly.  The amount of coin my hardware mines only changes when new hash power is introduced to the network and difficulty increases.

I have $0.07 electricity -- doing quite well still, IMHO.

[remauto1187ma]

The new rates for me.... $.044/kwh ! Cha-Ching more profit for me!

[gotminer]

The new rates for me.... $.044/kwh ! Cha-Ching more profit for me!

0.044 in MA? 

[squallw]

It depends how much you paid in your hardware/rig, how you mine and how much you pay for electricity.
I made a rig with $2000 and can earn around $450 minus electricity per month.

My problem is that my electricity is too high but i can move to near country that has very low electricity cost, maybe i will do it within some months.

[remauto1187ma]

The new rates for me.... $.044/kwh ! Cha-Ching more profit for me!

0.044 in MA? 

Indiana

[remauto1187ma]

Many people bought rigs ,were expecting to break even just on a few months while prices were surging but alt prices quickly started dropping. The profitability of cards hindered. Perhaps some could make profit by selling back cards but the market would be saturated in that case too. Profit altcoin mining is once again going down so all in all I don't think this trend is a reliable way to make money.

Ill bet thats what people were saying in 2016...and then the topout over 19k happened in Dec 2017.  YOU ONLY LOSE MONEY IF YOU SELL FOR LESS THAN WHAT IT COSTS YOU.  Just like playing in the stock market.  Your blah blah coin may not be worth alot right now but next month, 6 months, year, 2 years...

[gotminer]

The new rates for me.... $.044/kwh ! Cha-Ching more profit for me!

0.044 in MA? 

Indiana

In Indiana?  Is that residential?  I'm in central Indiana and I'm paying around 0.10.

[RyoCurrency]

Vega56-64 still very usable in cryptonote/cryptonote-heavy algos )

[jmigdlc99]

Don't know about you guys in other countries but my 1080ti's do around $4+ dollars each day mining my secret coin. I understand some may be easily disheartened and quit when the slightest of profitability rates drop. However, what you must remember is that we are mining to speculate on future value and not the present value. Looking ahead, crypto is still young and once more  algos change or develop, GPUs will always have a place in the mining scene.

[toptek12]

I'm glad I didn't buy any more video cards, a 1080ti barley makes $1 a day

mining what ? . after costs like power because my 1070 TI makes before cost 1.68 to 2.00 mining raven coin,eth 1.42 a day 1070 ti.

I also power my house with solar so i guess that also matters.

You must mean after costs to run it ? .

[toptek12]

2016. was the year to get into mining. After that GPU prices went up and mining difficulty followed. Now GPU prices are still high along with the difficulty plus crypto prices are going down. There are no reasons anymore to become a small miner because you can earn more by buying cryptos now while they are at a "discount" and hodling. I see very many people selling their relatively new mining rigs.

I don't know were you live but GPU prices are not high any more check out new egg or Amazon or even Ebay you can get some nice deals in the US again on new GPU cards with or without rebates.


I don't expect AMD GPU's to sell at what 470 sold for when 470 came out ( to me that was a mistake AMD made)  but the 570 are pretty close 580's are at about what 480 sold for you have to look for the deals and there is lots of them .

[DevelopmentBank]

2016. was the year to get into mining. After that GPU prices went up and mining difficulty followed. Now GPU prices are still high along with the difficulty plus crypto prices are going down. There are no reasons anymore to become a small miner because you can earn more by buying cryptos now while they are at a "discount" and hodling. I see very many people selling their relatively new mining rigs.

I don't know were you live but GPU prices are not high any more check out new egg or Amazon or even Ebay you can get some nice deals in the US again on new GPU cards with or without rebates.

Well it's probably much cheaper for people who live in the U.S. because if you are importing those GPUs into Asia you get taxed, have to pay for shipping, and even don't get qualified for all those promos and rebates. Not to mention the risk of your ordered GPU breaking during shipment because warranty isn't valid (well at least non-technically because it's such a huge pain and cost to coordinate warranty for international orders).