Quote from: Xialla on April 30, 2015, 09:16:15 AM

Quote from: hedgy73 on April 30, 2015, 07:31:03 AM

So unless you've got efficient hardware and dirt cheap electricity don't bother mining unless it's a hobby, you're better off just buying bitcoin.

+100 - THIS^^ should be written in every thread on this forum..I can't express is better by myself.

yeah due to bank error i had to go legal miner route (2013 virtual currency biz IRS rules) in that SEC was involved and it was fixed in 1/2 hour had no choice with
the legit biz stuff done before hand saved my bacon from further issues..so going with the hand i was dealt below it has worked out well due to my equip overload
that just happens to be right on the money so i've paid no taxes on mining as the IRS wants as a result...(dumb lucky also works i drank the knc kool aid)

It has worked out well because 2014 sucked so bad and the price i made on mining did not rate any taxes yet i got the equip depreciation benefits

(i don't recommend this to others just saying if i had to do this starting to mine at end of 2013 and 2014 with major equip at the end of those years did work in my favor
got the equip depreciation in full but did not have the problem with mining a lot before the year is done) and of course this year...not mining as much...etc so golden
likely for 2015 too.

so IN MY CASE I may get a BABY miner used or otherwise just to show revenue for next year or two to show my bona fides to the IRS as a biz (5 yrs at least my cpa says
I'm a farmer and laughs)..again 5 yrs 3 out of 5 years showing SOME modest profit over equip etc..so as not for the IRS to say it was a HOBBY....shudder

so a 400 buck unit to me if i was to run it out as a biz for 5 years is 300 bucks after equip depr as applied to real money towards taxes.....also showing revenue

ie ...hey IRS i made 40 bucks mining this month here is your 25% of what I made 10 bucks....ie I'm showing revenue for my biz (hey the crops suck don't look at me IRS)

but so far looks like I never will pay any real taxes on mining due to 2013 (too much equip) and 2014 and now 2015...it will wash out with a brief profit maybe I will
pay for as extra income but as to that 25% on mining er not really......only if we get to 1000 usd BTC here in 2015 in which i will be very very glad to pay the IRS its share

so anyway ...miners may work for some folk in MY situation or BIG miners etc or say you are next to a hydro dam in WA states at 4c kwh or something

whole industry has moved on to large DATA halls ..

anyway but baby miners is probably as good as it is gonna get for home miner profits for fun only.......unless price was to break up to 1000 usd

which means at 12c kwh I could get my 2013 Jupiter 567gh fired back up and make 2x what I spent in electric again .....YEA!.......that would be cool!

anyway just saying odd ball situation that I am in ...and I'm pretty sure virtual cloud mining as far as the IRS is concerned just does not cut it.....

SO GO BIG GO HOME ..BE IN MY SITUATION (banker in 2013 said bitcoin was evil was fixed bank error but still) or get free elec in the dorms....thats about it

hell of a thing as to everyone else I would think in USA say maybe this summer? The congress will get involved to fix/clarify some of this stuff
that the IRS got wrong...at that point you all go hey..gee......2015 was a very good year.....(esp if they don't have the tax on mining) and declare
your income then (no taxes if you don't spend it likely 20% on capital gains again if you did) that is what i WOULDA waited for w/o the bank issue
but be aware..hopefully something more sensible will come out of all this and such hoops I have had to jump thru being legal you can simply find amusing
in 20/20 hindsight (my wish sheesh)

so yeah even some sorta kinda baby miners kinda sorta profit would be worthwhile in my case say this fall ...for anyone else..er not so much