Number 9! Ninth altcoin thread. Back to the moon Baby!

[btcshiner]

Might be getting close to a short term top.  MSI may be making some mining cards soon.

https://www.tomshardware.com/news/msi-registers-rtx-3060-ti-miner-cards

With the way that MSI has priced their cards this year can't see them being that cheap compared to non mining 3060 ti's so they would need to be fast or less power hungry.

[1714021567]

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[philipma1957]

Might be getting close to a short term top.  MSI may be making some mining cards soon.

https://www.tomshardware.com/news/msi-registers-rtx-3060-ti-miner-cards

With the way that MSI has priced their cards this year can't see them being that cheap compared to non mining 3060 ti's so they would need to be fast or less power hungry.

they just need to be available.

[btcshiner]

Might be getting close to a short term top.  MSI may be making some mining cards soon.

https://www.tomshardware.com/news/msi-registers-rtx-3060-ti-miner-cards

With the way that MSI has priced their cards this year can't see them being that cheap compared to non mining 3060 ti's so they would need to be fast or less power hungry.

they just need to be available.

Available now for delivery next week!

[btcshiner]

I was able to snag 2 of these today.  Supposed to be ready for pickup Thursday. 

https://www.bestbuy.com/site/gigabyte-nvidia-geforce-rtx-3060-ti-eagle-oc-8g-gddr6-pci-express-4-0-graphics-card-black/6442485.p?skuId=6442485

I'm at the point where I either build another rig or swap out cards.  Since I am in a warm state I think I am going to sell my amd cards as I am able to get 3060's and or 3080's in. 

I have a gigabyte vision 3080 and a MSI Ventus 3060 and I like both cards.  These are the only two cards not paid off.  The 3080 runs cool at 50 pretty steady. 

I get an average of 90mh on eth with the 3080 at 225w.  I can get 81mh's on octopus if I up the watts to 240.  Haven't tried Octopus on the 3060.

I think this strategy will get me these benefits:

1. All 3000 series rigs with minimal to no new investments for slightly more hashing power on eth.
2. More potential algorithms to mine if ETH gets less profitable or goes full pos sooner than later.
3. Less heat in the summer.
4. Higher resale down the road.

[philipma1957]

I have some good news. The slow boat 🚣‍♂️  from china 🇨🇳 arrived in Los Angles.
My nine Onda D1800 mobos have been handed off to UPS they are due on Jan 28.

I have nine ram sticks.

I have six seasonic focus psu’s and a corsair rm850x psu.

I would run 3 cards per board. lots of air and no overheating.

I have 3+2+2=7 cards.

with nine boards I will be needing more cards.

[DigitalFarns]

Woot woot!  Very exciting!! Can't wait to hear more about them!

[philipma1957]

Woot woot!  Very exciting!! Can't wait to hear more about them!

Hoping they are as good as my older d1800 boards.

I think I will order nine more if they are.

An order of nine beats the Trump tax.

if all works It took from Dec 22 to Jan 28 to get them.

[crazydane]

PayPal just sent me a 1099K since all the used graphics cards I sold on eBay during 2020 added up to more than $20k.

The thing is, I sold them all at a loss (paid ~$750 for my 1080Ti's back in 2017 that I sold for ~$500, for example).

I file using TurboTax and the only option I see for entering what I paid for these GPUs, is to enter an overall beginning of 2020 inventory value and a end of 2020 inventory value, which isn't really going to work I don't think.

Anyone else get a 1099K from PayPal that use TurboTax for filing, and if so, how did you enter this "hobby business" expense?

Guess this might be the year that I consult a tax advisor instead of just using TurboTax self-employed version...

[philipma1957]

PayPal just sent me a 1099K since all the used graphics cards I sold on eBay during 2020 added up to more than $20k.

The thing is, I sold them all at a loss (paid ~$750 for my 1080Ti's back in 2017 that I sold for ~$500, for example).

I file using TurboTax and the only option I see for entering what I paid for these GPUs, is to enter an overall beginning of 2020 inventory value and a end of 2020 inventory value, which isn't really going to work I don't think.

Anyone else get a 1099K from PayPal that use TurboTax for filing, and if so, how did you enter this "hobby business" expense?

Guess this might be the year that I consult a tax advisor instead of just using TurboTax self-employed version...

you need to file a schedule c

and show some profit.

Ie you purchased at 25k and sold at 20k = no good.

you can use 18k as cost of of goods sold and sold at 20k a 2k profit.

you will owe some tax and some tax for self employment.

I have been doing schedule c for years.

started with ebay sales back in 2003.

You may need to talk to a tax guy.

[DigitalFarns]

I've been talking to my CPA about moving into this realm, and she advised me that the IRS is turning Crypto into one of the most confusing bits of tax law she's ever seen.  She's still trying to a good handle on it all, and it's changing very rapidly.  I'm not entirely sure how the tax implications of this business will play out, but I intentionally didn't start anything until 2021, so that there's no trace of this in my 2020's...  It's all a fresh slate for me starting with this year.  She told me to document every expense, every detail of earnings and trades, and we'll figure it out together.  I'm planning to just sock away a percentage of everything to be prepared for the tax bill. 

On a side note, I also decided that since I see a lot of you buying hardware, using it, and then reselling it later to upgrade, that I'm going to do something I don't typically do, I'm going to save every box, every bit of packing material, etc., for doing exactly that down the road.  So when I upgrade to some future 7060 ti (fictional) card, I can sell off the used gear easily and properly packaged. 

[philipma1957]

I've been talking to my CPA about moving into this realm, and she advised me that the IRS is turning Crypto into one of the most confusing bits of tax law she's ever seen.  She's still trying to a good handle on it all, and it's changing very rapidly.  I'm not entirely sure how the tax implications of this business will play out, but I intentionally didn't start anything until 2021, so that there's no trace of this in my 2020's...  It's all a fresh slate for me starting with this year.  She told me to document every expense, every detail of earnings and trades, and we'll figure it out together.  I'm planning to just sock away a percentage of everything to be prepared for the tax bill.  

On a side note, I also decided that since I see a lot of you buying hardware, using it, and then reselling it later to upgrade, that I'm going to do something I don't typically do, I'm going to save every box, every bit of packing material, etc., for doing exactly that down the road.  So when I upgrade to some future 7060 ti (fictional) card, I can sell off the used gear easily and properly packaged.  

As long as you don't trade much and leave the  coin alone it is not that bad.  Coin trading and selling and moving makes it way harder.

My mom 28 years retired was an irs auditor
My wife 33 years  retired was an its agent.
ME 3 YEARS IRS collections 1981-1984. I have an accounting degree.


If you mine ETH at nicehash have them auto-vert to BTC and send the coins to coinbase biweekly. Then never touch them it won't be complicated.

You will have gear expense.
You will have power expense.
You will have gross income valued at deposit time at coinbase.


Never touch the coins just hodl.

I know how big your rig is and what it cost you as I sold it to you. I have a good idea of the power cost. It would not be a hard addition for the accountant.

Now transfer the coins around trade them a lot on exchanges and = a f..king mess.



edit hodl the coins over 1 year since it gets rid of short term cap gains tax

I know your age  so you should effort to hodl coins more then 10 years.

I am 64 in 3 days I don't have a 10 year hodl plan.  I will cash near the age of 70.


All advice to hodl depends on coin price. 

Ie if you hodl 2 years and coins go to 10,000,000 sell some of them. As they are nt that good as to be at 10 mill in 2 years.  100k in two years could be true.

[nsummy]

PayPal just sent me a 1099K since all the used graphics cards I sold on eBay during 2020 added up to more than $20k.

The thing is, I sold them all at a loss (paid ~$750 for my 1080Ti's back in 2017 that I sold for ~$500, for example).

I file using TurboTax and the only option I see for entering what I paid for these GPUs, is to enter an overall beginning of 2020 inventory value and a end of 2020 inventory value, which isn't really going to work I don't think.

Anyone else get a 1099K from PayPal that use TurboTax for filing, and if so, how did you enter this "hobby business" expense?

Guess this might be the year that I consult a tax advisor instead of just using TurboTax self-employed version...

you need to file a schedule c

and show some profit.

Ie you purchased at 25k and sold at 20k = no good.

you can use 18k as cost of of goods sold and sold at 20k a 2k profit.

you will owe some tax and some tax for self employment.

I have been doing schedule c for years.

started with ebay sales back in 2003.

You may need to talk to a tax guy.

Why would he need to show some profit?  If you lose money selling something it seems pointless to pay taxes on a non-existent profit.

[philipma1957]

The us government did not give guidance for years in this area.

I sell old gear and have been selling old gear onebay and btc since 2003.

Since I had no guidance on how to report gpu sales  I treated my gpus mining profits as long term exotic rebates.

so if my gpus cost 30 k and my mining profits were 12 k the cost value of them was 18k

thus when I sold them for 20k

my true profit was

30-12 = 18

20-18 = 2k

now I have no idea how crazydane reports his gpu mining profits.

but the method above is my way of reporting them.

The mining profits lowered the cost of the gpus.

[JayDDee]

Why would he need to show some profit?  If you lose money selling something it seems pointless to pay taxes on a non-existent profit.

Reporting a loss is done to offset reported income and reduce taxes. If you end up with a net loss it
raises the risk of an audit.

[arielbit]

taxes? what taxes? LOL 

[btcshiner]

ETH just jumped up nicely.  $1,426.76 @ 0.04372 BTC  https://etherscan.io/

Be nice if we could hold this for a few months.

[philipma1957]

ETH just jumped up nicely.  $1,426.76 @ 0.04372 BTC  https://etherscan.io/

Be nice if we could hold this for a few months.

The key 🔑 is lack of gear. If we shoot to a diff of 500thfrom current 344 th (an all time high)

Price will have trouble holding. A lot depends on how much asic gear gets built.

I see 2000 price
I see 400 th
I see fee drop.

I see good mining ⛏ for us.

Hoping gear stays scarce until summer.

[btcshiner]

ETH just jumped up nicely.  $1,426.76 @ 0.04372 BTC  https://etherscan.io/

Be nice if we could hold this for a few months.

The key 🔑 is lack of gear. If we shoot to a diff of 500thfrom current 344 th (an all time high)

Price will have trouble holding. A lot depends on how much asic gear gets built.

I see 2000 price
I see 400 th
I see fee drop.

I see good mining ⛏ for us.

Hoping gear stays scarce until summer.

I am hoping the fee drop is later rather than sooner especially if we are only 6 months give or take to a "difficulty bomb'.  Why you would do something like this to force a POS path on devs escapes me but I haven't launched any coins.

ETh $2000 I think may be doable and you might be proven right   I saw on CNBC there are some ETH etf's getting launched next month.  I think Greyscale is launching one of them.  Should help price.

400 th is probably a given.

Gear that chips haven't been delivered for is probably going to remain scarce.  The auto industry is lobbying the new administration to force foundries to prioritize their chips over others. 

Container shipping prices have gone way up and capacity is full for 3-4 months out with some containers getting bumped further out even when they pay a premium due to some products taking priority in a pandemic.

On the flip side more gamers are mining as a way to justify paying the premiums gpu's are selling at.   

[philipma1957]

I project 3-6 months of good profits with my gear in hand.
I am hoping for 6 to 9 months at 5 cents or more per mh.

[btcshiner]

I project 3-6 months of good profits with my gear in hand.
I am hoping for 6 to 9 months at 5 cents or more per mh.

I hope your right!