Jump to content
RESET Forums (homeservershow.com)
jcollison

If you are going to mine crypto, make sure you think about Taxes

Recommended Posts

nrf

spoilsport! what a nightmare!

  • Like 1

Share this post


Link to post
Share on other sites

  • Similar Content

    • Dave
      By Dave
      Digging in a little more about what to report and what to tax.  This podcast below is a wealth of information for anyone that is holding a coin.
       

       
      http://pca.st/bd2Y
       
      Some items i have heard:
       
      Coinbase provided the IRS the information of anyone in their system with $20k or over in assets.
      Deposits to Coinbase via FIAT currency are not taxable events.
      Trade of BTC to Altcoin IS A TAXABLE event.
       
      Reply with concerns or take-aways from this podcast.
       
       
      *This is not tax advice. Consult a tax professional.
    • ETBrown
      By ETBrown
      I am finally replaced my custom built desktop PC after about 5 years. 
       
      Now that I have a retired computer with a decent pair of video cards I want to dip my toe into cryptocurrency mining.  Although I realize the old equipment won't produce as much per watt as newer graphics cards, I already have 2 HD 7870's that will just collect dust if I don't do something with the system.  There are also a few older components lying around so I've been contemplating repurposing my old computer and components to create computers for the following roles:
      A dedicated storage server that would also host my Plex media server and backup content locally.  (Yes a NAS box could do this, but I already have PC parts and don't want to spend $1k+ on a NAS box that can accomodate all of my 4TB and 6TB drives). A cryptocurrency mining rig A router/firewall replacement  
      I'm new to mining and know that the mining rig needs graphics cards, but how significant of a difference does the CPU make in a mining rig?  I can either use an Intel Core i7-3770K or an Intel Core i3-3250.  The dilemma is that the i7 should be able to transcode roughly twice the number of simultaneous streams (4) that the i3 can transcode (2+) based on the PassMark scores.  I don't want to mine on the same machine as my Plex server since my previous mining attempt created OS stability problems.
       
      Does memory make a large difference in cryptocurrency mining?  I can either use 32 GB of ram or 16GB of ram.
       
      Lastly, would it be better to combine the storage/Plex server and router/firewall roles into a single computer and run each as a VM?  What do others recommend for this? I've heard about Pfsense and watched a few setup videos, but that appears to be designed to run on a dedicated system.
       
      Thank you in advance to those that have constructive feedback for me.
    • jcollison
      By jcollison
      Mike Wieger also got me hooked on CPU mining with BOINC.  You can earn GRC coin by helping out.  GRC is a nickle a coin right now, so no one is quitting jobs.  However, its kind of fun to get involved.
       
      Here is a video to get you started: 
       


×
×
  • Create New...