Nice, that's a very decent annual return for the risk.
How are you dealing with tax? revenue or capital gains and can you depreciate/write off the rig?
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We started mining cryptocurrency again
- Thread starter Jamie McKane
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How are you dealing with tax? revenue or capital gains and can you depreciate/write off the rig?
Mined gains are taxable as income tax not cgt and rigs are able to be written off under section 11e wear and tear likely 3 to 4 years
Sensorei
Executive Member
Yes as posted above, the cost of the rig is tax deductible. F**k the Rand. Whatever I don't plan to hodl in BTC or ETH I will will stake in a stablecoin.
Disclaimer: If I do need to cash out to useless Rands in worst case scenario I will pay SARS what they are owed.
ok thanks. so mined profits probably income tax. And then I assume staking then doesn't result in a conversion from BTC to stablecoin, you only pay tax on the staking profits/interest? Concerned on the ramifications of switching between cryptos, but I assume staking is not seen as a conversion, merely need to deal with any interest earned?
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correct interest earned in this instance will be "income" and taxed as such not cgtok thanks. so mined profits probably income tax. And then I assume staking then doesn't result in a conversion from BTC to stablecoin, you only pay tax on the staking profits/interest? Concerned on the ramifications of switching between cryptos, but I assume staking is not seen as a conversion, merely need to deal with any interest earned?
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Fulcrum29
Honorary Master
I see Radiant and Nexa are bringing the casual miners back to the yard. Those who spec mined some crypto I am not going to name are sure smiling.
leon.davibe
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Why mine at a loss when you can just buy more tokens for the money spent mining
you acquire tokens at the cheapest method not doing so is just silly
L-Dog
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Mining all depends on electricity, If you have solar or free elecricity it makes scene to mine. (You should never mine at a loss it all depends on your payback period. I mined eth 2020-2021 with a gaming PC, paid off the PC and also sold the PC at a profit. IN the bull makret people are euphoric and irrational so mining equipment goes for a premium. Tokens might be a safer play as mining only becomes profitable at scale
leon.davibe
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Yea not mining in the boom
To have your upgrade subsidized was just silly
If you had a decent gpu and you didn't mine it is just silly
To have your upgrade subsidized was just silly
If you had a decent gpu and you didn't mine it is just silly