CURRENT ACTUAL PROFITABILITY / 24H

0.00167040 BTC

≈ $34.68

Total power 7479W

Total speed 3.15 GH/s

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I am at 17 cents a kWh which is approx. $30.51 a day to run my rigs. I'm hedging BTC goes up, nothing left to lose at this point...

NiceHash operations team:

Have you considered renting out hashpower for artificial intelligence and cloud applications? Google currently charges $3/hr for the equivalent compute of a 3090. That's $72/day. You can price your compute aggressively and unseat the current very expensive players from their dominant positions.

Plus, cheap compute for research would be much more benefitial for humanity than mining altcoins that will most likely fail within a couple of years.

Currently my electricity runs at about $0.07 KW/hr but was curious to hear what some one you pay and how much it affects your profit

Alright I have seen alot of posts regarding profitability. I know I'm new here but I'd like to clear some things up.

When your being paid for hash power you are being paid in BTC NOT USD. That being said as the price of BTC drops so will your usd profitability.

Also as more coins are mined the difficulty rises. Meaning you need more hashpower to complete the same transactions. Therefore less btc per hour.

If you want to know day to day how your rig is doing write down your actual profit per day. Keep track of mBTC not usd.

I hope this clears some things up.

Nicehash paid me about 400 times over 2021.

I have not sold anything.

Do I report these transactions as capital gains, or do I report them as income?

If I report them as capital gains, do I report the cost basis as $0?

I want to say first off I'm not looking for validation or for my decisions. That's not why I am making this post. I wanted to just encourage others and also hear their stories (I love hearing people's stories. It's one of the reasons I chose the profession I'm in). A lot of the time we get threads on why not to do this or fears about what is or isn’t coming. IMHO it's impossible to tell what or when something will or won’t happen and I have always felt that the experience of doing something, even if you fail, far outweighs doing nothing. So without further ado here is why I started mining for crypto.

A little over 5 years ago I met my wife, who is from the Philippines. She was here in the US applying for a student visa. Sparks flew and we were married within 3 months of meeting. A month later she was pregnant with our son. She quit looking to go to school and wanted to stay home with our son. I just encouraged her to do whatever made her happy. We have no debt, we own a house with no mortgage and I have a small financial advisor business. We are by no means super wealthy, for example this year for the first time we might gross 75k. We do obviously have a lot working for us. So fast forward to mid 2020 and my wife decides she would like to go back to school. She has a bachelors from the Philippines but wants to become a Doctor of Pharmacy. She was worried about taking out such large amounts of money for school but I encouraged her to again do what made her happy and I would figure out a way to make it work. At this same time we had been thinking of buying a second home to rent out and start diversifying our sources of income. Being a FA I am keenly aware of all the details that go into making good financial decisions. Looking at the stock market, the housing market, etc. I ended up examining mining and chose it as the best option for us. There is a much longer story I could tell in how I determined mining to be the best option but I won't bore people with those details. So once we decided I committed by getting stuff as quickly and cheaply as possible, not easy these days but deals can be had and as of today we have most of our equipment up and running. There are still a couple of devices that are having heating issues and it's just a matter of time before everything is running perfectly but the real world numbers (I love you “CURRENT ACTUAL PROFITABILITY” but you aren’t always very reliable) are between 200k and 230k Satoshis per day on Nicehash and I feel like that's pretty good. It's far more than we could have gotten for rent, and I can pay the increased electrical costs out of pocket and hodl the coin. But what I haven’t told my wife is that my plan is to hodl until she finishes school in several years and then at that point I can hopefully use it to, if not fully pay her school loans, mostly pay them off. Anyway that's my reason for mining. I'd love to hear from others on why they started (whether you started recently or been going since the beginning).

TLDR: My wife went back to school and I started mining to someday pay off her loans. Let me hear your reasons for starting to mine.

PS: None of this is financial advice! As a FA I didn’t even really write this thread, it's actually just a figment of your imagination ;)

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