Cryptocurrency Mining

W

Willie Trombone

Honorary Master
Joined
Jul 18, 2008
Messages
60,038
Anyone else watching the BTC and ETH dump?
This is why it's not ready for primetime.
$700 dumped in 3 days lol.
 
Last edited:
W

Willie Trombone

Honorary Master
Joined
Jul 18, 2008
Messages
60,038
Please tell me you guys are running your mining operations as a regular business and those who are doing it small scale are at least paying their taxes.

On the topic of mining, what would you estimate the average home supply can handle Watt wise?
 
Last edited:
G

GforceD

Executive Member
Joined
Apr 13, 2010
Messages
7,365
Give back our 1070's you dirty miners.

There are no 1070 Nvidia in stock in SA at the moment, let them do what they were made to do and make beautiful gamey art and not crunch numbers in the dark corners.
 
koeksGHT

koeksGHT

Dealer
Joined
Aug 5, 2011
Messages
11,857
Heavyonthemagick said:
Please tell me you guys are running your mining operations as a regular business and those who are doing it small scale are at least paying their taxes.

On the topic of mining, what would you estimate the average home supply can handle Watt wise?
Click to expand...

3 phase normally 120 amp per phase. You can only use 20amp breakers so you will need to wire in a couple breakers and extra cables.

20 amp x 240v = 4.8 Kw/hr draw
 
Archer

Archer

Honorary Master
Joined
Jan 7, 2010
Messages
22,423
Heavyonthemagick said:
Please tell me you guys are running your mining operations as a regular business and those who are doing it small scale are at least paying their taxes.

On the topic of mining, what would you estimate the average home supply can handle Watt wise?
Click to expand...

About 6 rigs per breaker if you've got nothing else plugged in on that circuit.

As for tax, there are plenty of legal ways to minimise it, but yes, I don't plan to mess around with SARS. Will be treating this as normal income (same as if I was trading shares). I'll switch to a company once I've got 3 or more rigs. Doesn't make sense in my situation to switch before then
 
W

Willie Trombone

Honorary Master
Joined
Jul 18, 2008
Messages
60,038
Archer said:
About 6 rigs per breaker if you've got nothing else plugged in on that circuit.

As for tax, there are plenty of legal ways to minimise it, but yes, I don't plan to mess around with SARS. Will be treating this as normal income (same as if I was trading shares). I'll switch to a company once I've got 3 or more rigs. Doesn't make sense in my situation to switch before then
Click to expand...

Thanks Archer! My thinking with SARS is more sustainability. They will go the route of the Chinese gvt if people replace incomes with BTC and don't pay tax... that or switch the main tax revenue source to VAT which kills it for the poor.
https://news.bitcoin.com/bitcoin-mines-in-chinese-province-sichuan-allegedly-forced-to-shut-down/
 
You must log in or register to reply here.
Top