Quote from: JohnDoe3490 on March 06, 2018, 12:22:04 AM

Taxes can be reduced though. You can amortize your equipment for the profits.

am doing that

50% set aside....and 25% equip end of the year OFF what I WILL pay the tax man in real $$$.....if I don't make enough for this to matter no equip deduction..

thus I could make a LOT of $$$ at front end of the year and little $$$ at end o year if miners go doorstop...so best to be a bit over the top for at least 2/3 of the year

cause if mining dries up

so playing it this way....due to the fact my miners may be toasters come the middle of summer..and currently, that is my income to live on for giggles (retired...have other

income...but why bother yet)...I can again, be more brave and maybe take out less as a set aside as the year goes on....but unsure on difficulty/mining as of yet..

we could have a scrypt-pow ...lets go sideways in price and up in difficulty year here yet in 2018.

brad

edit: re-read above ...you mean sell miners at the right time...er don't do that however read my reply below

Quote from: lunobird on March 05, 2018, 11:39:46 PM

Quote from: ilostmyface on March 05, 2018, 10:18:03 PM

Searing has been in the game awhile and his thoughts only mirror mine ATM. Once you involve the TAX man it's a difficult game. I am at the point of wondering what to do with my small mine and the impending wave of miners.

Yep I came to the same conclusion. Mining is for losers. Most miners could have made more if they just bought and held coins initially like Eth, Starting out mining was fun initially, but afterwards I discovered irs wants to eat your left over crumbs leaving you with little reason to continue to want to mine, especially after these low price value

Mining WAS worth it..but from 2013 to 2016 spring I only bought used equipment...I did guess right and get equipment at $4.15 LTC and a claimed a $6 buck floor for LTC just before
it took off ..so that worked...also in 2015 I got knc liguidation miners new (6) and (1) new off ebay for 1/3 the price they should have gone for

but those unicorn riding days may be over with bitmain controlling 90% of all ASIC miner of any flavor (scrypt-pow,sha-256,blake2b,x11) etc

but 2018..you could be right...swapping crypto for miners since say around last Sept....don't work well ...with a 18x increase (with down to 11x) in the last year

sell stuff in the attic to miners or crypto SURE

income from a job as a flyer SURE

living on mining as income (retired for giggles until they run out) er....not so much anymore.....

looks like I may be going back to 1-2 years of just grabbing used stuff for its 'space heater' properties in winter ...etc

Again, in 2018 you well may be correct...*currently sitting on hands* on any equip..even just a couple for fun... Sad