If I understand correctly people are claiming that SP10 will not roi with an assumption that difficulty will increase with 30%. Next difficulty will be in 2 days and it will be probably at 10%.
With the 30% logic how come sp10 will not roi while the S2 will? Not even the SP30 that will come in August will not roi. Which miner is the one that will then?
Neither S2 or SP10 of them will ROI even at 14%. At 10% SP10 will ROI in ~144 days.
Also 3200$=7.1 BTC=12-13 Antminer S1 depending on what PSUs you get. Thats 2.4-2.6 TH. Not sure how people got 8.
I'm in a situation..where I am mining legal in the USA (ie might have been tempted to go dark but with the bank screwing up no less then 6x the money
orders i was sending to KNC plus the 3 refunds I got back (kept Titan) yeah you guessed it....being paranoid I choked it down and paid my taxes 2013
and lucky i did I had to prove to the bank after the fact I was a legit biz...so figured
I was screwed on the above..and was a legit biz..showed bank my Tax forms for 2013 proving such (have since gone to another bank) viola....no longer
treated like a drug lord (was kinda cool while it lasted)..but now my nice new 'republican' persona with my new biz and CPA and everything (sigh)
Alternative of IRS after me would have been much much much worse...so in hindsight will choke it down and be 'republican' make my CPA happy.
so anyway went into CPA office for taxes expecting to eat 4k (gross mining in USA now is 25% of gross income from mining the day it hits
your blockchain address) on my 16k legit mining profits...and
viola instead of 4k i spent 550 usd to the tax man for 2013...seems 2k of that was the Titan ordered and the rest was jupiter/etc stuff bfl loss from 2013
whoopee 3.45k saved....er there is a catch...damn but on the equipment and up side
so can depreciate equip 25% 1st year and up to nothing on taxes 20% a year for 5 years...as a result (hey tax lady said i was a farmer it the equip was needed to
mine the coin the IRS was gonna tax at 25% gross income mining then i could deduct it over 5 years even if the minerchokes out at 1 year...ie I'm a Farmer she said....heh...)
So being in this somewhat 'unique' (ie screwed) situation and liking the fact I saved 3.5k on taxes last year ....I"m in the interesting boat of any
money I use for equip now....is 25% off (at least in my mind) I'll NOT have to pay the IRS at the end of the year...seeings how the other part of this equation is you have
to hold mined coin 1 year and a day (property/land in usa to IRS) so people won't speculate IRS says bitcoin is property/land sales...and IF say I make 50 coin this year and IF
say coin goes back to 1k or so..I could be in a really interesting situation of being paper rich (bitcoin) and money poor (can't sell it until a year and a day
or 46% capital gains on top of 25% gross income from mining I already will likely pay)...eeek......12.5k on say 50k coin mining income ...eeek...
thus screwed (at least until 2015 when it seems likely to change back imho by congress (who from the noise seems somewhat p/o'd
at the IRS from what they said at their hearings this summer) to you eat equip no tax break....not a property and just the
if you spend it 20% capital gains before the IRS made this stupid guideline rule and p/o'd the congress off) good old days rewind
is likely in 2015...but alas I'm still screwed this year....eeek..
So if not for my 'paper trail" problem I would have just made coin and waited till 2015 when they likely (congress) will fix this as it is I"m now a legal biz
for at least 5 yrs to play this out (even if equip deductions end this year still have to play it out show some profit or pay the tax man)
so go big or go home it seems...
My point (sorry type too fast)
Is that when looking at this order of an SP10 at 3200 usd and shipping included EVEN WITH me saying to self....I have to pay the IRS 25% of gross income
not to mention the 8.5k I got a miracle refund back (from my tax loss of 2013) (er another 2k to the tax man or into a miner)...anyway....if i can get a
25% deduction for equip rather then that percentage going to the IRS....well..play the hand I'm dealt...ie get equip (legit equip not bfl vaporware equip)
25% off due to my situation from 3200 is 2400 real cost (if you figure that 25% was gonna go to the tax man anyway) at 15 cents a kwh and say 47% difficulty rise
a month (imho low) i make 242 bucks after elec from the lifetime of the unit with elec costs figured...ie a lot of work to break even
BUT being legal 'fellow' now in my new shiny home biz..... i can deduct (assuming i can keep the biz going 5 years and show some small profit) up to 20%
off said equipment for the next 4 years. in depreciation.....ie the money all goes someplace...but maybe most of it not to the IRS or at least the most of it
I can 'slip' to equipment and get a lot of the cost back down the line on my newly minted must go 5yrs bitcoin home offfice what ever else the CPA tossed
in the pan biz...(yeah farmer)
I was told this was why people doing such investments can't really invest in say just 1 windmill project and creep to a windmill farm...if they are making $$$
they can expand or pay the tax man.....(nice to be rich)..so you expand.....and hope it all works out in the end with enough captial to pay capital gains
if you sell or whatever the time limit is (windmills it is 8 years i hear)
anyway above for others in my boat (know of some who do bitcoin and have legit biz in gold/silver they play by the rules also)
Anyway just saying it is *tough* with a 25% tax deduction (in my mind anyway) to get this sp 10 to just break even..and I really do believe
spondoolies is doing the best they can considering their production costs probably calculated in jan at 900 buck coin and such.....they
seem to really really be trying to get market share as best as they can..kinda hard with the above figured at 440 usd coin and the potential
PH farms and other stuff dumping in the bitcoin and scrypt world this summer...imho
anyway just a note for those in my boat what my CPA has me doing in USA....and/or BEFORE I KNEW THIS STUFF (or I woulda/coulda
jumped on the 6.th deal prev group order)....crap....the 6.5th deal this I REALLY REALLY should have
jumped on the 6.5th deal for 4495 with my bfl previous asic 10% off deal....but alas only shook out the above with my CPA after the fact.
So go big or go home I guess is my new motto...or I'm gonna really have to ball up come Dec 2014 take out 12.5k for a home equity
loan to pay for my "impressive" i admit paper profits in bitcoin if it comes back to 1k and the equip i currently have on order (and
registered last year for my tax break)....paper rich cash poor
SO I REALLY REALLY WANT THE 6.5TH deal in some form to come back (hopefully with the 10% previous asic off deal) even if it is in Sept
at a modified (hopefully lower) price as a result.....hate missing the last boat because did not fully understand what CPA was trying to
pound into my head..until recently......
go big go home.....crap....this was supposed to be a nice little hobby (160 usd when I got the Jupiter oct 18th 2013.. pay it off 7 months modest
difficulty rise....pay utils for say 5-6 months if lucky after ROI...a modest quiet little hobby...they said ..be part of the community they said)
well that sure did not work out modestly at all
anyway the math is harsh as stated before..but being a miner in the USA makes NO SENSE unless alas you were backed into a
situation like myself (till hopefully this is fixed next few years)..or have it tied into your legit biz like gold/silver/finance etc...
but then again I did have a miracle and get an 8.5k bfl refund and was paranoid enough to cover my a*s in case the bank
went after me for the crapload of paper trail wire xfers *you will not cheat on your taxes forms* I signed each time
Man the bank was just gonna report ...till I proved it was THEIR mess ups most of them
and i had a newly legit bitcoin biz..can't believe they could not look at the 1 month
bank statement showing those wire xfers as 'cancelled at the time and redone"
frigging bank and/or threatened to inform on me to IRS w/o proof...if I'd not gone legal with my mining I"d be in a WORLD
OF HURT with the IRS right now ...hell ....that is probably why most miners in the USA are holding imho till the stupid
IRS rules likely get fixed in 2015..so being lucky with BFL and plain as 'chicken' of IRS I skirted 'roadkill' on the IRS highway..
anyway....motivated by 25% off this year up to 20% depreciation for next 4 yrs on my *hopefully* profitable biz
I needs a reason to get equip from reputable mnfg and it don't seem to be guite there yet with this sp10 deal even
with my situation (sigh)
you go with the cards you are dealt I guess..just HOPE there is still a "commercial product" with the GH or MH if scrypt
to make sense for me to 'punt' to more equipment (which will likely mine me more coin and more tax liability to the IRS
this year. ...hey ain't I having fun!)
FML (denmark no tax on bitcoin ...drop me a line denmark......immigration is looking real good w/combo of danish girls)
anyway for those in USA also blindsided by the IRS guidelines 20 days before filing of taxes was due april 15th 2013
this is the fine line I'm treading to maybe just maybe get some kinda asic scrypt or bitcoin miner yet this year
that makes some kinda sense..that maybe will at least be close to ROI and maybe i can 'eventually' depreciate
in this new shiny home biz way in 5 years (crap should probably try this same equipment angle wth solar panels
lord knows I'm gonna use enough electricity to justify commercial rates here .
(by the by I asked..you can get commercial rates in your home..they just have to have someone come buy and meter
such I think it was 40% to the biz if i remember ...in case anyone wants to check that out with their local usa
electric util)
frak can't believe 25% off the sp10 group deal of 3300 and I'm still wanting a better deal....
anyway for those in my boat for whatever reason hope it helps...for those in Denmark quit laughing ..for those
that don't care..you've already skipped past this msg with me on /ignore anyway...
anyway want another GOOD SP30 DEAL PLEASE.......desperate times call for desperate pleas (hate missing the
last boat ..may i have another trip?)
fun times indeed
Searing
