Top products from r/cryptomining

Hi,
Crypto mining is taxes as self employment income if you are doing it individually and not through an entity (which isn't always recommended, only on case by case basis). Self employment income goes on a Schedule C. So you claim as revenue the amount the coins were worth at the time you mined them totaled up for the year. Then you can deduct as expenses anything directly related to that mining (the portion of electricity used, the space if it is exclusive, any educational or travel expenses pertaining to your mining operation and possibly some other items).

Note, then you have the coins that you mined and when you sell or trade them (or use them to buy goods or services) you will have a capital gain or loss based on the value of the coins at the time you mined them and the value at the time you did one of the above.

Let me know if you have any clarification questions.

Also, I've put my book,

Crypto Taxes Made Happy: The Definitive How-To Guide For Preparing Cryptocurrency Tax Returns In The United States

https://www.amazon.com/Crypto-Taxes-Made-Happy-How-ebook/dp/B07BPSK2VK/

on Amazon and gotten them to offer the digital version for free if anyone can use it for any assistance on items they are still unsure about.

My team is also available if anyone needs us as a service.

Under 20 days left in tax season! ;)

Hi everyone,

I'm a total beginner when it comes to mining and I want to build my own rig and start doing IT. After doing some research and reading, I decided that I want to start mining Monero as it's easier, quite profitable comparing to other coins and has a lot of room left to grow.

First of all, I want to build my own mining rig and these the gear that cought my eye at a first glance into the mining world:

This mining rig frame:

https://www.amazon.es/aluminio-GPU-marco-ventilaci%C3%B3n-Zcash/dp/B0747MPN5L/ref=sr_1_1?ie=UTF8&qid=1524489874&sr=8-1&keywords=mining+case

6x Radeon RX 580:

https://www.amazon.com/XFX-1386Mhz-Graphic-Cards-RX-580P8DFD6/dp/B06Y66K3XD/ref=sr_1_1_sspa?s=electronics&ie=UTF8&qid=1524478740&sr=1-1-spons&keywords=rx+580&psc=1

Motherboard ASRock H110:

https://www.amazon.com/ASRock-13GPU-Mining-Motherboard-CryptoCurrency/dp/B073BX57M1/ref=sr_1_2?s=electronics&ie=UTF8&qid=1524478305&sr=1-2&keywords=Asrock+H81+Pro+BTC

Power supply Corsair CP-9020140-NA HX1200 1200W:

https://www.amazon.com/Corsair-CP-9020140-NA-HX1200-Platinum-Performance/dp/B01MZ8A8NW/ref=as_li_ss_tl?ie=UTF8&linkCode=sl1&tag=gpuz-20&linkId=8257c7a2a842322dd8297808a773b859

Wiring MintCell 6-Pack:

https://www.amazon.com/6-Pack-PCI-E-Powered-Adapter-Extension/dp/B06ZY2R85P/ref=as_li_ss_tl?s=electronics&ie=UTF8&qid=1496350006&sr=1-1&keywords=pcie+risers&linkCode=sl1&tag=gpuz-20&linkId=8e6e8988b7610fb28cd9d15f36be7493

Intel Celeron G1840 Processor, 4Gb RAM and a 120GB SSD:

https://www.amazon.com/Intel-Celeron-G1840-Processor-BX80646G1840/dp/B00J2LIE9C/ref=as_li_ss_tl?ie=UTF8&linkCode=sl1&tag=gpuz-20&linkId=3e3682e4aab8e8da233cfc406be8799e

https://www.amazon.com/SanDisk-120GB-SDSSDA-120G-G26-Newest-Version/dp/B01F9G414U/ref=as_li_ss_tl?ie=UTF8&linkCode=sl1&tag=gpuz-20&linkId=25dff6babfe3080d1a49ee3ed801cb59

https://www.amazon.com/Kingston-HyperX-FURY-1600MHz-DDR3/dp/B00J8E92R6/ref=as_li_ss_tl?ie=UTF8&linkCode=sl1&tag=gpuz-20&linkId=e64416a13af6708bd5126fb5d3d7d5b9

With this set up I calculated a $257 profit at a total of 5500 H/s, 700w consumption and $0.11/kwh and a 1% pool fee.

This seems a little less than I thought and read regarding the profit, am I missing something?

Is the potential hash rate bigger than 5500 h/s or the consumption lower? (I put this value based on what I read on other forums from people with the same video card)

Any advice is welcomed, please let me know your thoughts.

Thank you!

I would almost guarantee it's power related. Especially if you are mining Ethash etc. You will be amazed how different algos draw power. Ethash burns almost 30% more power on the same GPU as Crytponight. Get two of these outlet watt meters $14 each https://www.amazon.com/dp/B00E945SJG/ref=sspa_dk_detail_4?psc=1&pd_rd_i=B00E945SJG&pd_rd_wg=QooCB&pd_rd_r=MM75D80Z5KP5PVS680GJ&pd_rd_w=pV3wH the best money you will spend. Put on each powersupply, remember that you really don't want to run more than 75% of the stated power. If you have 1000W don't pull more than 750-800 max and that is if you are using a top quality power supply. Make sure the power is spread equally, you may need to mix the power to the cards to balance out the power.

I feel like you can find a cheaper one at the store, but I was away from home when I ordered all this, so it was nice to just have it show up with the rest of the kit. Based in my tune and rack space I would say this shelf can handle 8 cards comfortably.

https://www.amazon.com/gp/product/B005FW1WLO/ref=oh_aui_detailpage_o01_s00?ie=UTF8&psc=1

Thanks for your help!
I have 1 other question, will I be able to fit 4 or 5 GPUs on this motherboard: https://www.amazon.com/EVGA-Z270-Intel-Motherboard-132-KS-E277-KR/dp/B01N6NCQWV?

I have these, they work well

Etekcity 2 Pack Voltson Wi-Fi Smart Plug Mini Outlet with Energy Monitoring, Works with Amazon Alexa Echo and Google Assistant, No Hub Required, ETL Listed, White https://www.amazon.com/dp/B06XSTJST6/ref=cm_sw_r_cp_api_mWYSAbEN0NJXH

So I could upgrade to 30a breaker. Install 1x nema L6-30p or 30r receptacle? Discription for the pdu says it has a L6-30p twist lock. Then connect this pdu https://www.amazon.com/dp/B003VQMTKO/ref=asc_df_B003VQMTKO5414953/?tag=hyprod-20&creative=394997&creativeASIN=B003VQMTKO&linkCode=df0&hvadid=194017009123&hvpos=1o1&hvnetw=g&hvrand=6516944376130781886&hvpone=&hvptwo=&hvqmt=&hvdev=m&hvdvcmdl=&hvlocint=&hvlocphy=9028903&hvtargid=pla-309635873696 to the receptacle then I'm good to go for up to 24a worth of miners which on 220v should be 3x? The pic for the power cable on the pdu looks to be a normal 3 prong a.c. plug.

For power, you'll want to go with 220v (it's more efficient). You'll need to know the draw for your power supply and the load (amps) it puts on the circuit. For example 1400w @ 220v = ~6.36amp. Because it's constant draw, you don't want to exceed 80% of the circuit's max capacity.

For my units, I installed 2 x 30amp 220v breakers in my panel and used a few PDU's (https://www.amazon.com/Tripp-Lite-Outlets-Rack-Mount-PDU1230/dp/B0007YG85A/) with a NEMA L6-30P connecters and C14 to C13 power cables that connect it to the power supplies.

https://www.amazon.com/Pack-Female-extension-cable-CNE464003/dp/B016RVC5SA/ref=sr_1_29?s=electronics&ie=UTF8&qid=1518328007&sr=1-29&keywords=usb%2Bcable%2Bpack&th=1

P3 P4400 Kill A Watt Electricity Usage Monitor https://www.amazon.com/dp/B00009MDBU/ref=cm_sw_r_cp_api_YGAIAbX3GN319