I admire everyone's passion and willingness to share information on the tax and legal implications of cryptocurrency mining, but let's face it: None of us, to my knowledge, are tax lawyers or accountants.
If you're a miner, talk to a tax or accounting professional to understand your situation. I've paid accountants and tax lawyers enough money over the years to keep me out of trouble with the IRS and structure my finances to be reasonably tax-efficient.
Everyone's situation is different. Talk to a professional. Not doing so could cost you a lot of money in the long run.
Giga has full control of your miners. They set the algorithm they set the pool, the owner of the miner has nothing to do and no power to decide what should happen with his equipment!!!
Also everyone who is looking to place miners there and is not US citizen or green card holder, be aware that you need to register a company in the US because it is already considered a permanent place of production and GIGA is cooperating with the IRS and will tell who the owner is when they ask.
Can Giga Watt please confirm if it's true? They should accepted only US citizens for ICO then!
No need to ask for confirmation from GigaWatt.
That guy is spewing nonsense.
I am not spewing nonsense. But if you think so, please enlighten me
https://www2.pic-upload.de/thumb/33697840/Bildschirmfoto2017-08-08um14.26.20.pngThey are managing your shit and not you. You can't switch pools like you want its their business model. I can send you a couple more emails if you wish...
And regarding the legal problems, they were pointed out from me and multiple other people weeks ago already. Feel free to go back, my questions and concerns were by far the modest....
And tax problems are there and will become a serious problem for GIGA if they allow all customers to place miners there. The tax law is clear and so is the definition of a business and a permanent place of production. In the USA in the UK or whatever country you wanna choose...
A business has to know its customers. Placing miners from people in the pods because they bought anonymously some ICO is the complete opposite of knowing what miner belongs to whom...
European Banks cancel accounts and business relations with american citizen and green card holder just to prevent being sued for the support of tax evasion...
But of course america and the IRS will stand back and watch when people make money within the USA, not declaring that income and profit and transferring that wherever they want.
Its not like you already need to declare if you bring money in and out the country or where you got your 10k cash deposit from....
I would not say anything if they would restrict it to American citizen but they don't. And if they get sued because 1 or 2 crooks use their system to make money and they were not stepping in to prevent that, they have to pay big money and guess who will pay for that in the end....
