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be careful that you run a business and not a hobbyComment
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I'm pretty sure I got that covered. It's been profitable from day 1 considering I'm getting BTC that I'm declaring as income and only substracting electricity and office space which always comes out to less than what I'm making per month. The equipment gets depreciated over several years so you end up with some profit every year unless BTC price drops considerablyComment
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I'm pretty sure I got that covered. It's been profitable from day 1 considering I'm getting BTC that I'm declaring as income and only substracting electricity and office space which always comes out to less than what I'm making per month. The equipment gets depreciated over several years so you end up with some profit every year unless BTC price drops considerably
IRS has specific guidance on what is a business vs what is a hobbyComment
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They do but one of the biggest tests if whether or not you're profitable. If you're structured properly and you can show profitability year after year, then the burden of proof falls on the IRS to prove that you are NOT a business.Comment
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Lol, no need to be salty, it doesn't matter what algorithm my rig is currently running, the output is still BTC and it's still profitable. Also, on most days it's Ethash so I'm not sure I would call ethereum a shitcoin but to each their own
You also conveniently avoided my question, are you running an ASIC farm at home? Did all the other former occupants of your home leave then? Can't imagine anyone would want to live thereComment
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If you are mining other shitcoins, prepare to get rekt after this bull cycle terminates in a few months. They will crater, and so will any profits.Comment
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If you are mining ETH then it's probably okay, but keep in mind they will be switching to PoS next year (maybe). R/r may not be worth it long term.
If you are mining other shitcoins, prepare to get rekt after this bull cycle terminates in a few months. They will crater, and so will any profits.
I'm also mining XMR with my CPU, adds some extra profitability. Even when the next bear market comes, other PoW coins might be able to inch a small profit, possibly RVN. Either way, 2 years into profits, from what I've read the IRS is ok with you classifying your business as a business if it's profitable 3 out of the last 5 years so only one year away before I can buy some time and wait for the next bull cycle that starts in late 2024Comment
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Lol, no need to be salty, it doesn't matter what algorithm my rig is currently running, the output is still BTC and it's still profitable. Also, on most days it's Ethash so I'm not sure I would call ethereum a shitcoin but to each their own
You also conveniently avoided my question, are you running an ASIC farm at home? Did all the other former occupants of your home leave then? Can't imagine anyone would want to live there
i wouldn’t call what i’m doing a “farm”
but i’m working on it. my power costs aren’t low enough to ramp up a bunch of scale on my personal property but there is some semi local hosting infrastructure that i can access if needed
have you actually been around some asics?👍 1Comment
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