KanoPool since 2014 🐈 - PPLNS and Solo 0.5% fee - Worldwide - 2436 blocks

[kano]

Block by cryptostarusa!  This is our 1st of BLOCK SUNDAY!

It was less than 200% as well

The reward for this block wont appear until I've finished fixing the missing shift, just before the payout - I still need to fix the missing shift and I'm setting that up now on another server to generate the missing shift data (charlotte) and correct the belldandy shift.

Anyone who looked closely enough would have noticed that the beldandy shift says it's twice as long but not twice as many shares
(and charlotte is missing)

The reward of course depends on the shift data, so I have to get the shifts correct before generating the rewards, for doing the payout.
It should be done in time for the payout

[1714865725]

1714865725

[1714865725]

1714865725

[1714865725]

1714865725

[1714865725]

1714865725

[Nick_01]

Block by cryptostarusa!  This is our 1st of BLOCK SUNDAY!

It was less than 200% as well

The reward for this block wont appear until I've finished fixing the missing shift, just before the payout - I still need to fix the missing shift and I'm setting that up now on another server to generate the missing shift data (charlotte) and correct the beldandy shift.

Anyone who looked closely enough would have noticed that the beldandy shift says it's twice as long but not twice as many shares
(and charlotte is missing)

The reward of course depends on the shift data, so I have to get the shifts correct before generating the rewards, for doing the payout.
It should be done in time for the payout

do not distract you  And in the meantime, who has an extra coupon for bitmain (420$) and who does not feel sorry for him, you can donate to me for the purchase and further connection of the miner to our pool  

[DCGOO]

Current usd price at time of payment is something i would really like as well. To report, need 2 numbers. The first number is usd at time u recieved the coin. This instant you earned income, so tax man needs a usd number to tax it. Then need the usd price sold at. The diffence between these prices is taxed at either short term or long term capital gains, depending on how long u held.
Disclosure so u cant sue me... Im not accountant, this not financial advice. However, this is how my accountant told me to do it.

What I am doing is not counting it as income at all until it converts to USD. IOW, it doesn't matter to me what the price was when it was mined. Only when I convert it to $.  As long as it sits in BTC, it is not recognized as income to me.  Nobody else has any way of knowing about it until it converts.  Six months of records distilled down to a single entry in Quickbooks (at the current exchange rate, it might be a lot longer <sheesh>).  Kano and the other pools are not tracked or monitored by the authorities, only the exchanges.

[Waztim]

BTCBlockBTC, on to the next one. Kano Pool, the Best Bitcoin Mining Pool on Earth!! Mine On With Kano-San.

[heartlandmining]

What I am doing is not counting it as income at all until it converts to USD. IOW, it doesn't matter to me what the price was when it was mined. Only when I convert it to $.  As long as it sits in BTC, it is not recognized as income to me.

Kudos -

Getting specific recommendations on your specific tax liabilities based on your specific mining activities from your own accountant is highly recommended.

[DCGOO]

What I am doing is not counting it as income at all until it converts to USD. IOW, it doesn't matter to me what the price was when it was mined. Only when I convert it to $.  As long as it sits in BTC, it is not recognized as income to me.

Kudos -
Getting specific recommendations on your specific tax liabilities based on your specific mining activities from your own accountant is highly recommended.

Of course.  But that is my opinion, and I'm stickin' to it  lol

[Shazam!!!]

Current usd price at time of payment is something i would really like as well. To report, need 2 numbers. The first number is usd at time u recieved the coin. This instant you earned income, so tax man needs a usd number to tax it. Then need the usd price sold at. The diffence between these prices is taxed at either short term or long term capital gains, depending on how long u held.
Disclosure so u cant sue me... Im not accountant, this not financial advice. However, this is how my accountant told me to do it.

What I am doing is not counting it as income at all until it converts to USD. IOW, it doesn't matter to me what the price was when it was mined. Only when I convert it to $.  As long as it sits in BTC, it is not recognized as income to me.  Nobody else has any way of knowing about it until it converts.  Six months of records distilled down to a single entry in Quickbooks (at the current exchange rate, it might be a lot longer <sheesh>).  Kano and the other pools are not tracked or monitored by the authorities, only the exchanges.

I can understand where your coming from, but personally I want to leave no stone unturned, when it comes to maximizing my profits.

The United States taxes BTC as a capital gain, I believe. The price of BTC when you receive it is important. If you ignore that number, they will tax you at it's price when you convert,  instead of when you received. As of right now the price is around  $7000usd. Long term miners, like myself, do not convert at this price. Unless Forced too. Cashing out rewards at this price is going to be a waste of profit.

So, keeping the 1st number, and correlating that against monthly cost of equipment and electricity, when converting can give me
a more accurate "starting point" for the amount of capital gains they will tax.

I do fully understand pools are not looked at, and exchanges are, but there is a percentage of the Rewards that get charged to receive
the Rewards. Pool fees. That is also an important number you have to consider. It is a COST you have to pay to receive your rewards.
There is also an exchange percentage you need to capture. These are ALL important numbers. Get the most out of your earnings.

Also, thank you cryptostarusa!!!

[dutchlincoln]

Anyone who has 2 $420 coupons for me? I can trhow in some $100 coupons for exchange...

Will point hashpower to kano.

[rifleman74]

Was going to ask about the reward not showing up but kano answered that question above.   So now we're just back to MINING ON WITH KANO-SAN!

[userghost]

If anybody has any 400+$ coupons I'm looking to buy another 20-25 miners within a week if I can get enough coupons. Currently have 6

[firetreeactual]

Current usd price at time of payment is something i would really like as well. To report, need 2 numbers. The first number is usd at time u recieved the coin. This instant you earned income, so tax man needs a usd number to tax it. Then need the usd price sold at. The diffence between these prices is taxed at either short term or long term capital gains, depending on how long u held.
Disclosure so u cant sue me... Im not accountant, this not financial advice. However, this is how my accountant told me to do it.

What I am doing is not counting it as income at all until it converts to USD. IOW, it doesn't matter to me what the price was when it was mined. Only when I convert it to $.  As long as it sits in BTC, it is not recognized as income to me.  Nobody else has any way of knowing about it until it converts.  Six months of records distilled down to a single entry in Quickbooks (at the current exchange rate, it might be a lot longer <sheesh>).  Kano and the other pools are not tracked or monitored by the authorities, only the exchanges.

Well...according to a close relative who is actually an IRS person...it's income when you cash it for USD...NOT when you mine it. Same as gold bullion.

[rifleman74]

Current usd price at time of payment is something i would really like as well. To report, need 2 numbers. The first number is usd at time u recieved the coin. This instant you earned income, so tax man needs a usd number to tax it. Then need the usd price sold at. The diffence between these prices is taxed at either short term or long term capital gains, depending on how long u held.
Disclosure so u cant sue me... Im not accountant, this not financial advice. However, this is how my accountant told me to do it.

What I am doing is not counting it as income at all until it converts to USD. IOW, it doesn't matter to me what the price was when it was mined. Only when I convert it to $.  As long as it sits in BTC, it is not recognized as income to me.  Nobody else has any way of knowing about it until it converts.  Six months of records distilled down to a single entry in Quickbooks (at the current exchange rate, it might be a lot longer <sheesh>).  Kano and the other pools are not tracked or monitored by the authorities, only the exchanges.

Well...according to a close relative who is actually an IRS person...it's income when you cash it for USD...NOT when you mine it. Same as gold bullion.

Correct, but you have to establish a cost basis for that eventual dollar/euro/Zimbabwe dollar transaction.  It's not 100% income.

[swanny88]

Anyone know what happened to the payouts tab?

[kano]

Anyone know what happened to the payouts tab?

Top of the previous page:
https://bitcointalk.org/index.php?topic=789369.msg34214415#msg34214415

[clgrissom3]

Anyone know what happened to the payouts tab?

Haha!  This is an active thread...everyone has to keep up

[swanny88]

Anyone know what happened to the payouts tab?

Top of the previous page:
https://bitcointalk.org/index.php?topic=789369.msg34214415#msg34214415

Sorry, I read most of these and looked but I guess I didn't look hard enough...lol, Thanks!

[swanny88]

For those of you who have Solo as your third pool, which Solo service are you using?

https://bitcointalk.org/index.php?topic=763510.0

The expensive one that charges more than here and expects a large tip to make it even higher

Where do you suggest that we point our 3rd failover?  I understand the solo pool is expensive but if I did hit a block on a failover the last thing in the world I would be thinking about is the fee.  haha

[dutchlincoln]

Current usd price at time of payment is something i would really like as well. To report, need 2 numbers. The first number is usd at time u recieved the coin. This instant you earned income, so tax man needs a usd number to tax it. Then need the usd price sold at. The diffence between these prices is taxed at either short term or long term capital gains, depending on how long u held.
Disclosure so u cant sue me... Im not accountant, this not financial advice. However, this is how my accountant told me to do it.

What I am doing is not counting it as income at all until it converts to USD. IOW, it doesn't matter to me what the price was when it was mined. Only when I convert it to $.  As long as it sits in BTC, it is not recognized as income to me.  Nobody else has any way of knowing about it until it converts.  Six months of records distilled down to a single entry in Quickbooks (at the current exchange rate, it might be a lot longer <sheesh>).  Kano and the other pools are not tracked or monitored by the authorities, only the exchanges.

I can understand where your coming from, but personally I want to leave no stone unturned, when it comes to maximizing my profits.

The United States taxes BTC as a capital gain, I believe. The price of BTC when you receive it is important. If you ignore that number, they will tax you at it's price when you convert,  instead of when you received. As of right now the price is around  $7000usd. Long term miners, like myself, do not convert at this price. Unless Forced too. Cashing out rewards at this price is going to be a waste of profit.

So, keeping the 1st number, and correlating that against monthly cost of equipment and electricity, when converting can give me
a more accurate "starting point" for the amount of capital gains they will tax.

I do fully understand pools are not looked at, and exchanges are, but there is a percentage of the Rewards that get charged to receive
the Rewards. Pool fees. That is also an important number you have to consider. It is a COST you have to pay to receive your rewards.
There is also an exchange percentage you need to capture. These are ALL important numbers. Get the most out of your earnings.

Also, thank you cryptostarusa!!!

All quite offtopic if you ask me...

[maddadata]

Current usd price at time of payment is something i would really like as well. To report, need 2 numbers. The first number is usd at time u recieved the coin. This instant you earned income, so tax man needs a usd number to tax it. Then need the usd price sold at. The diffence between these prices is taxed at either short term or long term capital gains, depending on how long u held.
Disclosure so u cant sue me... Im not accountant, this not financial advice. However, this is how my accountant told me to do it.

What I am doing is not counting it as income at all until it converts to USD. IOW, it doesn't matter to me what the price was when it was mined. Only when I convert it to $.  As long as it sits in BTC, it is not recognized as income to me.  Nobody else has any way of knowing about it until it converts.  Six months of records distilled down to a single entry in Quickbooks (at the current exchange rate, it might be a lot longer <sheesh>).  Kano and the other pools are not tracked or monitored by the authorities, only the exchanges.

Well...according to a close relative who is actually an IRS person...it's income when you cash it for USD...NOT when you mine it. Same as gold bullion.

IRS has reversed themselves on that several times.  if you are a miner you forgot it's not income until you ROI and then only that amount that exceeds electrical cost and depreceation.  Good idea to create an LLC to report these and then pass through any income.  If you do than any accountant you talk to is gonna come up with the same number,  but mining as an individual is not something easy to report.  

THANX CRYPTOSTARUSA!

[dutchlincoln]

If anybody has any 400+$ coupons I'm looking to buy another 20-25 miners within a week if I can get enough coupons. Currently have 6

Aaaaaahhh... So you could spare me 2...