I apologise for my total lack of understanding. Capital gains + tax in general + bitcoin is incredibly confusing.

If I'm mining bitcoin and earning say $100 per week, how is tax calculated from that? (For example, if I withdrew the equivalent of $100 straight from my bitcoin wallet into my bank). How would one declare that income for tax purposes?

If it cost me say $2000 for the miner and therefore takes 20 weeks to earn back the cost, would the tax be calculated for whatever profit made after that?

Anyone has further information on mining bitcoins & tax in Australia, all is appreciated!

'I want to link my Bitcointalk name with BTCJam's. Verification code: 95bbb3b0-64ff-405b-baf3-ed4c89b4e698'

Thankyou for your response. All fixed.

Refund requested 29/12, received via mail on 28/2.

Refunds arrive, they just take a long time.

Nothing yet. I've sent an email to support. It could be possibly because I've used a Coinwallet.co litecoin account, but I suspect nothing is going to actually happen till all remaining TH have been purchased.

The site is looking much better since I bought the contract. I think it might be just one guy, and he's still ironing things out.

I've sent in a request for a refund (29/12). I will let people know how the whole process goes.

Yeah, I've been using cex.io for a couple of months now, and had no problems. They've just implemented LTC/BTC trading very recently as well, which is a big plus for them. I expect they'll incorporate ltc mining once the dedicated scrypt miners are out.

I heard back from support at Hashcloudy pretty quickly, who said I should be receiving payments for my litecoin mining contract about Wednesday this week. If I don't receive anything I'll chase it up, and either way will report back here.

I received a reply 2 days ago, which unfortunately I'd only just noticed as it went to my spam filter. I can't actually find anything on the site, nor had noticed it when I ordered, about pre-orders taking 3+ months for delivery (if anyone can please direct me to it). This also contradicts their previous response telling me it would be shipped between Jan 20 - Feb 10.

This is the response:

Dear Customer,
Pre-Order Terms: This is a pre-order. 28nm ASIC products are shipped according to placement in the order queue, and delivery may take 3 months or more after order.This is nothing new has been on our site under all products under more info.
Your order is in the February 28th-March 20th date of shipping.If you want to cancel your order then yes we would refund your money.It does come in a check form in the mail.If you want to get a refund please send a full name and address.

Regards,
Customer service

I have contacted them, and am still waiting on a reply - but I figured someone else may have got there first and received a response to the same question.

Still trying to wrap my head around the legalities of declaring bitcoin income/profits under income tax/capital gains laws, but for now -

If you receive a payment in bitcoins/litecoins, for whatever business transaction, and did not convert it into $, but instead conducted all your business/purchases etc in bitcoin, what requirements are there likely to be for declaring for legal/tax purposes?

For example, if you had a business which exchanged goods for bitcoin, and somehow managed to fund all your expenses (ie supplies, postage etc) in bitcoin,  as well as receiving your income/profit in bitcoin, how would that be viewed?

Would it be viewed as a bartering exchange? If you never actually convert to $, does that rule out needing to declare profit/loss from value exhange?

As far as I gather, the ATO have a reputation for backdating things when they find tax hasn't been paid. Whats the likelihood they're going to hunt everyone down from undeclared bitcoin income when they do make their minds up as to how to classify it?

I made a bit of an impulsive purchase of one of the 6 month mining plans on Hashcloudy.com, and am now starting to think twice. The more I look into it the dodgier it seems.

Has anyone had any experience with them?

*edit* Should note they're pretty on top of the customer service. I get email responses remarkably quickly. Will report back when I've received feedback on my contract.

Why has the pre-order date for the fast hash one silver changed from Dec 31 to March 2014? Will this affect pre-existing orders?

Can we cancel pre-orders and receive a refund?

Anyone made a physical/paper wallet yet? Or can point me in the right direction for developing one?

Just an idea at the moment, but I think it would be neat if someone developed a program where you'd receive btc/ltc rewards for exercise.

Examples: http://www.s2h.com/ or www.nexercise.com or even gympact iphone app.

I think it would be a great way to get more people excited about cryptocurrencies too, apart from the obvious money for exercise benefit.

Other than BTC, Unobtanium is a favourite.

Thanks all for your replies!

Have to hunt around on ebay I think as they seem to be mostly seriously overpriced. Best deal I've found so far is probably btctock.com or bitcoinrigs.org, although am a little wary of scam sites.

A bit of googling and strolling through the forums came up with this one - http://ltcgear.com/shop/farmhares/

Grouphashing.com supposedly also has scrypt cloudmining but is down at the moment.

I know they're technically obsolete when it comes to mining bitcoin, but could theoretically still be used for mining altcoins.

Could anyone direct me to somewhere to purchase bulk packs of asic usb miners at a semi-decent price?

As I can't post on the official thread - see https://bitcointalk.org/index.php?topic=206488.240
thought I'd put a comment in here for all those anxiously awaiting returns on their considerable investment.

I made an order on the 3rd December. A couple days ago I emailed customer service to ask about very rough shipping dates and was thrilled to see the reply in my inbox only a few days later.

"Dear Customer,
Yes your items wont ship til between January 20th- February 10th.When we get it packaged and ready to be shipped we will give you a confirmation with tracking number.

Regards,
Customer service"

Given the pre-order only starts shipping on Dec 31st, and I was pretty late with the ordering, it's reassuring to see/hear that response.