The Current State of ASIC Scrypt Mining...

CSZiggy wrote:Guess it all depends what country and tax codes you are required to follow.
Consult an expert in your local area for better advice and make sure to file and pay as required.

^^^^^^^
Best advice I can give.

Yep, this wasn't written by my accountant, but is exactly in line with the way I'm running my mining business:
https://www.agbizaccountants.nz/blog/post/24911/Tax-on-Mining-Cryptocurrency/

I suspect most Tax jurisdictions are similar in that you can deduct legitimate operational costs and capital depreciation from your gross earnings to arrive at the taxable nett earnings.

You typically don't pay capital gains until you either trade the coins you've mined or sell for fiat, i.e., you have to realize those gains in some way.

But DYOR and structure your business accordingly.

Foxx wrote:difficulty just dropped even further. back to lower than the 6th previous adjustment, just above the 7th's level.

i'm guessing there will be those who unplugged of late, plugging back in.

and... we are all over the map.

Scrypt difficulty just rose to 10956272.86239600. both Sha-256 and Scrypt algo's have had a significant rise in the last 24 hrs.

well, in the uk, one of our customers at work is an accountancy firm and he told me to carry on regardless and don't declare as the uk hmrc dosn't know what to do yet lol and its not classed as currency here

Here is a good link describing roughly a 33KW Solar array powering a clean looking mining Farm:
https://www.youtube.com/watch?v=V2fhHdeN_5E

I am going to review this thread when time permits.
The next subject is FPGA's.

until later
all the best

Star

Foxx explain where you are watching this 6th and 7th level affair, and your difficulty numbers.
Where you find them and how you interpret them.....
I do realize that value could go up, but from a practicality standpoint, running a very high power comsuming set of machines that do not even in theory return what the power costs, even worse, cost more to power up than what they return is not very practical when living on a budget.
In such a setting, powering up is based on gut feelings, emotions, and pure speculation. If one is holding, the returns are only speculative.
Also seeing those L3+ miners go from $2800.00 to $600.00 in a matter of a few weeks is a major problem with a very dark side to it, which is not being addressed or faced squarely by many. It points to deeper issues that will have to be settled.

1600 Watts = $4.60 /day around here assuming 24 operation of 2 machines

Newsflash
Latest Analysis
$0.18 /hr = 4.32/day
Power Cost $4.60 / day
Net Loss to run 2 L3+ = $.28 /day
Power Cost for 31 Days $142.60

pretty significate drop in the Scrypt difficulty, back down to 7 figures. 9773635.06755800

Means that litecoinpool will be paying out # of coins like they paid out 3 months back.

GO GO PROFITS!