How Do You Keep Track Of Electricity Cost?

[irishbeast]

5 minutes ago, Error 504 said:

the coins i mine will be taxable income when and if i cash it out.

but i can use electricity bills as expenses to be deducted from my income.

 

it probably won't be much of a difference for me because i only have two asic machines.

but i'm sure it will make a big difference for those big people with a warehouse full of machines.

 

Ah I see. Thanks for thsat.

 

Slightly off topic but do you think its worth investing in an asics machine now as they have dropped in price massively here in the uk. They claim some pretty impressive hash rates mining LTC. Daw one earlier for about £1000 that has a 504 hash rat 1hich seems pretty good value

[Error 504]

55 minutes ago, irishbeast said:

Ah I see. Thanks for thsat.

 

Slightly off topic but do you think its worth investing in an asics machine now as they have dropped in price massively here in the uk. They claim some pretty impressive hash rates mining LTC. Daw one earlier for about £1000 that has a 504 hash rat 1hich seems pretty good value

my friend currently has 11 asic's, and she's buying 20 more.

 

#1.

i only have two, because that's all i could afford, with my own money, not borrowed money. also i would not go broke and become homeless if those two machines broke down.

 

#2.

machines do break down. 1 of her 11 machines has a broken chip, so that one machine is working with only 2/3 of the hash rate. the nearest repair center is 2000 miles away in the states.

 

#3. 

my break-even period for the costs of the machines is 12 months at the current btc price. so if btc doesn't plunge to a lower price for a prolonged period, i'll start making money after 12 months. and also if the machines don't break down. it's been 5 months, so i got 7 more months to go before i get my initial investment back.

 

#4.

my monthly electricity bill is about $250, so as long as btc doesn't drop below that, there is still profit for my machines.

 

don't listen to people giving you advices. everybody has their own theories that support their own guesses. the bottom line, if you can accept these 4 conditions, then you can get an asic. btc is totally NOT decentralized, and it does not store value, and it fluctuates too much to be a mainstream currency.

 

if everybody believes in it, then it's not a scam. but people will eventually wake up.

[irishbeast]

On 5/2/2022 at 4:56 AM, Error 504 said:

my friend currently has 11 asic's, and she's buying 20 more.

 

#1.

i only have two, because that's all i could afford, with my own money, not borrowed money. also i would not go broke and become homeless if those two machines broke down.

 

#2.

machines do break down. 1 of her 11 machines has a broken chip, so that one machine is working with only 2/3 of the hash rate. the nearest repair center is 2000 miles away in the states.

 

#3. 

my break-even period for the costs of the machines is 12 months at the current btc price. so if btc doesn't plunge to a lower price for a prolonged period, i'll start making money after 12 months. and also if the machines don't break down. it's been 5 months, so i got 7 more months to go before i get my initial investment back.

 

#4.

my monthly electricity bill is about $250, so as long as btc doesn't drop below that, there is still profit for my machines.

 

don't listen to people giving you advices. everybody has their own theories that support their own guesses. the bottom line, if you can accept these 4 conditions, then you can get an asic. btc is totally NOT decentralized, and it does not store value, and it fluctuates too much to be a mainstream currency.

 

if everybody believes in it, then it's not a scam. but people will eventually wake up.

 

Thanks.

 

Definitely has me interested now although I can't find the bloosy link now that was selling it at £800.They seem to be double that now and the rest,. 

Appreciate the info. I'm only a novice miner but I'm enjoying the experience of learning!

 

 

 

[Error 504]

9 hours ago, irishbeast said:

 

Thanks.

 

Definitely has me interested now although I can't find the bloosy link now that was selling it at £800.They seem to be double that now and the rest,. 

Appreciate the info. I'm only a novice miner but I'm enjoying the experience of learning!

 

the most important thing is that, you have to be able to afford to lose that money you are buying the asic with.

 

i invested in two asic's, but i still think it's a scam. i'm just betting on the fact that i won't be the last person in the world holding the bag. but if i do end up being the last person in the world holding the bag, i'll be ok with it. i won't become homeless or commit suicide.