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Showing 7 of 7 results by DCGOO
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Re: [145+PH] KanoPool kano.is 7 BTC giveaway 🐈 US,NL,JP,NYA,DE,SG
by
DCGOO
on 17/04/2018, 03:29:16 UTC
ja. 2 weeks ago our companie's new Xfinity biz internet service went down from sun 11:45p until my partner showed up at 6:am Monday and had to cycle the power to the cable modems to bring it back up. That of course took my main farm @239TH offline...

Today thanks to the lovely ice storm we had Sunday morning there are still tree limbs coming down... You guessed it. Lost internet at my house for 6 hours dropping 78THs. At my GF's house where 2x 741's reside the 'net has been out for the past 20hrs....

Damn that really spoils the look of my shift graph...http://www.sherv.net/cm/emoticons/blue-face/yikes-smiley-emoticon.png

...and that is why I have a backup connection from AT&T wireless.  Comcast Business works most of the time, but it is cable service. So it fails from time to time. When it works, it is great. But it takes a while for them to roll a truck. Cell service is much more reliable, but not particularly high performance.
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Re: [145+PH] KanoPool kano.is 7 BTC giveaway 🐈 US,NL,JP,NYA,DE,SG
by
DCGOO
on 08/04/2018, 19:23:45 UTC

I can understand where your coming from, but personally I want to leave no stone unturned, when it comes to maximizing my profits.

The United States taxes BTC as a capital gain, I believe. The price of BTC when you receive it is important. If you ignore that number, they will tax you at it's price when you convert,  instead of when you received. As of right now the price is around  $7000usd. Long term miners, like myself, do not convert at this price. Unless Forced too. Cashing out rewards at this price is going to be a waste of profit.

.US only worries about Bitcoin as a capital gain if you are TRADING in BTC. IOW, if you buy 1 bitcoin for $US6000, and sell it for $US7000, that is a gain of $US1000 when you sell it, not before.  But if you MINE 1 bitcoin for that is 1 BTC of pure income. Not the same.  If you sit on that mined bitcoin until it is worth $US10000, and sell it, that is pure income of $US10000, but not until you exchange it for USD.  IOW, the price in US$ of BTC when you actually acquire it has no effect on your cost to acquire.

The actual direct cost to mine BTC is zero, it is found money. I bought my miners with USD, and I pay my electricity bill with USD. I can deduct those expenses against my mining revenue, but only after the revenue is converted from BTC into USD,  regardless of what the price was at the time I "found" the bitcoin.  Hopefully I can continue pay the bills from other sources until the BTC price increases to something worthwhile.

The BTC cost for MINING is likely zero.  The cost for TRADING is whatever you paid and sold it for in US$. If you are doing both mining and trading, my suggestion would be to keep separate wallets for each activity.  
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Re: [145+PH] KanoPool kano.is 7 BTC giveaway 🐈 US,NL,JP,NYA,DE,SG
by
DCGOO
on 08/04/2018, 15:36:24 UTC
What I am doing is not counting it as income at all until it converts to USD. IOW, it doesn't matter to me what the price was when it was mined. Only when I convert it to $.  As long as it sits in BTC, it is not recognized as income to me.

Kudos -
Getting specific recommendations on your specific tax liabilities based on your specific mining activities from your own accountant is highly recommended.

Of course.  But that is my opinion, and I'm stickin' to it  lol
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Re: [145+PH] KanoPool kano.is 7 BTC giveaway 🐈 US,NL,JP,NYA,DE,SG
by
DCGOO
on 08/04/2018, 15:12:58 UTC
Current usd price at time of payment is something i would really like as well. To report, need 2 numbers. The first number is usd at time u recieved the coin. This instant you earned income, so tax man needs a usd number to tax it. Then need the usd price sold at. The diffence between these prices is taxed at either short term or long term capital gains, depending on how long u held.
Disclosure so u cant sue me... Im not accountant, this not financial advice. However, this is how my accountant told me to do it.

What I am doing is not counting it as income at all until it converts to USD. IOW, it doesn't matter to me what the price was when it was mined. Only when I convert it to $.  As long as it sits in BTC, it is not recognized as income to me.  Nobody else has any way of knowing about it until it converts.  Six months of records distilled down to a single entry in Quickbooks (at the current exchange rate, it might be a lot longer ).  Kano and the other pools are not tracked or monitored by the authorities, only the exchanges.
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Re: [145+PH] KanoPool kano.is 7 BTC giveaway 🐈 US,NL,JP,NYA,DE,SG
by
DCGOO
on 08/04/2018, 14:30:38 UTC
Thanx Kano!!! I was receiving alerts, saw the website was down, and instantly knew you'd be a busy fella.

Just a thought here about the new accounting page:

Is there any chance you could write a code/script that could, show the price of Bitcoin at the time of a reward payout? This feature
would certainly be helpful, for those of us who need to have a date with Uncle Sam! Ha!

But isn't that a meaningless number?  You need to know what the price is when you convert to USD.  You have to do that on one of the exchanges, because Kano doesn't speak USD (nor do we want him to).
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Re: [130+PH] KanoPool kano.is 7 BTC giveaway 🐈 US,NL,JP,NYA,DE,SG
by
DCGOO
on 07/04/2018, 13:20:59 UTC

I see... sorry for my newbie questions but i just started with btc mining...scrypt and x11 were quite easier... so we receive payouts everytime we find a block and we are getting paid according to the hash rate we got on the pool... but the average amount is the one we can find on profitability calculatos right?

https://kano.is/index.php?k=payout
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Re: [120+PH] KanoPool kano.is 7 BTC giveaway 🐈 US,NL,JP,NYA,DE,SG
by
DCGOO
on 04/04/2018, 15:18:48 UTC
Yeah you can't ping them - there's nothing I can do about it either.
AWS LightSail doesn't have the option to enable ICMP

Actually you can. In the AWS LightSail firewall setup, if you allow ALL TCP+UDP, you CAN ping the instance.  But they do not have any other explicit ICMP options.