Anybody mining in the USA all of 2018 is at a real total loss on accounting. Most miners do not sell right away to fiat so you owe the IRS lots of money if you mined and hodled. Since the. Value of the coins dropped 6x on mining that means your 6x short on giving the irs their cut. Irs wants the value of the coins you mined that day. Your options is to buy 6x more coins to pay off the IRS or sell all your mined coins at a loss and clear out your accounting before end of year.
Congrats 2018 mining losers. You screwed yourself over
Congrats 2018 mining losers. You screwed yourself over
Actually You count the day it was "mined" versus when you cashed it out. This would then count as A LOSS. Therefor taxes would be low-none. If you never cashed it out, then it's not a taxable event.(They also have no way of telling how much ETH/BTC/ETC your holding). Crypto is only a taxable event when you cash out for FIAT because money for that new lambo had to come from somewhere and I doubt any of us are drug dealers
I've personally downsized my farm of 170~ GPUs completely selling off all my AMD gpus and sticking to Nvidia. Contrary to what everyone believes I sold them all within a month. Gamers want cheap RX 580s I sold them for 120(4GB) to 165 (8GB) on Fleabay.
I checked my rates and Mining is still profitable for me @ .10Kw Even ETH(barely) but I'm mining RVN and going to try SUQA. It annoys me that SRQL is so far behind in Acorns because they're suppose to reduce power as well.