Bitcoin is still early

[nycEMMD]

no one is profitably mining bitcoin with GPUs

Sure thing, you just mine whatever is the most profitable for the day and get paid in BTC. Input power, output BTC, don't care how I got there

Are you running an ASIC farm in your house? I wouldn't want to be your neighbor

[nycEMMD]

Top signal

Still undervalued, just HODL

[jacoavlu]

Sure thing, you just mine whatever is the most profitable for the day and get paid in BTC. Input power, output BTC, don't care how I got there

Are you running an ASIC farm in your house? I wouldn't want to be your neighbor

be careful that you run a business and not a hobby

[nycEMMD]

be careful that you run a business and not a hobby

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

[CordMcNally]

no one is profitably mining bitcoin with GPUs

I think it's been hit or miss for some companies using flared natural gas at well sites.

[jacoavlu]

I think it's been hit or miss for some companies using flared natural gas at well sites.

those aren’t GPUs. those are ASICS

nycEMMD is mining shitcoins

[jacoavlu]

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

none of that matters

IRS has specific guidance on what is a business vs what is a hobby

[chucki]

1000 hours = 25 40 hour work weeks. So you have spent more than 25 full time weeks researching Bitcoin?

Yes....or very close to it

[CordMcNally]

Yes....or very close to it

Only 9,000 more hours to be an expert.

[nycEMMD]

none of that matters

IRS has specific guidance on what is a business vs what is a hobby

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.

[nycEMMD]

those aren’t GPUs. those are ASICS

nycEMMD is mining shitcoins

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

[xraygoggles]

They do but one of the biggest tests if whether or not you're profitable. If you can show profitability, then the burden of proof falls on the IRS to prove that you are NOT a business.

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.

[nycEMMD]

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've been hearing "ETH will be switching to PoS next year" for the last 3 year, I'm not holding my breath

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 2024

[jacoavlu]

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.

IRS has clear guidance. i try to follow that

https://www.irs.gov/newsroom/earning-side-income-is-it-a-hobby-or-a-business

[jacoavlu]

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

not salty. typing shitcoins is just easier than “alternative crypto assets” or whatever.

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?