Mining on your primary use machine? Who does it?

vegeta535

Supreme [H]ardness
Joined
Jul 19, 2013
Messages
6,035
I don’t know if Nicehash reports anything to the IRS. They aren’t US based, but that doesn’t mean they or others don’t. That’s one reason why I think it’s not worth it to try to hide it. Bitcoin is not anonymous. It’s difficult to trace but it’s not impossible. The open ledger records EVERY transaction and balance. IP history is a thing, and after a few transactions it’s generally regarded that your account info could be start being linked to an owner. Most of the exchanges that have KYC (know your customer) have to report to the IRS.

alternatives to reporting your cryoto earnings would be spending it on gift cards, look at gyft. Selling it on the forum, or exchanging for goods. Many places take crypto and BTC as payment. Newegg. Microsoft, etc. if you want to convert it to USD on an exchange without tax implications you’ll have to pick a non US based exchange that doesn’t have KYC and then use VPN, and anonymous e-mails and such. That’s a lot of hassle, and then the exchanges are less safe IMO.

I file my taxes with crypto as “hobby mining”. I have to list mining dispersements as additional income, and pay taxes on it as regular income. When I sell it, if it’s been longer than 1 year, then I will have to pay long term capital gains on it, which is 10% currently. (Just like stocks).

I think the US taxes are rubbish and unfair — especially in the crypto space. Not like the US government does ANYTHING to benefit you with cryoto. If I had a Bitcoin stolen and told the police or government they’d tell me to go pound sand — so not sure why they get to tax it — But you’ll have to find your own way here and weigh the risks of reporting or not. Dont try to claim expenses as a mining business as a all time operation because your taxes get way more complicated, you’ll have to pay self-employment tax and social security tax and all that nonsense. If you want to claim expenses, in my opinion, you’d best be mining as an occupation. I’m no tax lawyer though and the usual disclaimers apply.
So since coinbase reports they will send you something like everyone else does?
 

Archaea

[H]F Junkie
Joined
Oct 19, 2004
Messages
11,071
So since coinbase reports they will send you something like everyone else does?
Coinbase has a way to self report. In previous years they’ve only actively reported people with over a set amount of transaction value ($10k or $20K whatever).

but bear in mind it’s all open ledger and the history NEVER goes away. In 15 years when the IRS is better at auditing the space who knows what’ll happen.

there used to be things like shapeshifter that charged a small fee to help you anonymize your BTC. I’m not in that particular arena of need so that’s about all I know.

https://www.coinbase.com/learn/tips-and-tutorials/crypto-and-bitcoin-taxes-US
 

oldmanbal

2[H]4U
Joined
Aug 27, 2010
Messages
2,529
I have a question for everyone. i mine here and there on my 3090, and i usually get 110-113 mh/s with the power limits in place for the past month, but today, I booted up dagger and I'm hitting 140+mh/s avg with all the same settings, and it hasn't budged an inch in an hour. Did something change that I'm not aware of? It's like another 30mh/s completely out of the blue.
Efficiency getting close to 500 kH/J - which is absurd for what i'm used to seeing.

Memory hot spot is still peaking in the mid 90c range, and as far as I can tell, it's just another 30mh/s out of nowhere.
 

vegeta535

Supreme [H]ardness
Joined
Jul 19, 2013
Messages
6,035
I have a question for everyone. i mine here and there on my 3090, and i usually get 110-113 mh/s with the power limits in place for the past month, but today, I booted up dagger and I'm hitting 140+mh/s avg with all the same settings, and it hasn't budged an inch in an hour. Did something change that I'm not aware of? It's like another 30mh/s completely out of the blue.
Efficiency getting close to 500 kH/J - which is absurd for what i'm used to seeing.

Memory hot spot is still peaking in the mid 90c range, and as far as I can tell, it's just another 30mh/s out of nowhere.
Running NH? The site is having maintenance atm so it might have something to do with it. I been at the same MH/s this morning. I can't check atm since I am at work.

Edit:
Just came back up. While my MS/s is showing the same my profitability is double. So something goofy is going on.
 
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oldmanbal

2[H]4U
Joined
Aug 27, 2010
Messages
2,529
Running NH? The site is having maintenance atm so it might have something to do with it. I been at the same MH/s this morning. I can't check atm since I am at work.
Yeah, I'm just reporting what I see in excavator running dagger which is accurate as far as I'm aware ?_?

Here's an example -

140MHS.png


usually the speed would be 110-113, same power, and way less efficiency
 

Bigbacon

Fully [H]
Joined
Jul 12, 2007
Messages
18,437
Got my laptop with a 1060 mining now. I underclocked the video a bit to keep hest lower and have a little fan blowing on it. Even underclocked its doing ok.

Up to like 6 to 7 bucks a day between both machines.

If i can just get a 3070 or 3080 or something now.
 
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