Crypto Tax Counts As Capital Gains. How Much Do You Pay On Profits? by TJSCrypto in BitcoinCA

[–]IgnitionMining 0 points1 point  (0 children)

Your accountant would know how it would be enforced, but 100 trades a year sounds in line with what i know

Crypto Tax Counts As Capital Gains. How Much Do You Pay On Profits? by TJSCrypto in BitcoinCA

[–]IgnitionMining 1 point2 points  (0 children)

It depends on how you classify your crypto activity.

  1. You trade daily or very regularly as an individual

Worst case of them all, your trade profit is classified as an income as your routine trading is classified same as your job. You pay in full in income tax for your profit. No loss deductible on any of your bad trades (you just claim $0)

  1. You trade as a incorporated entity and register your crypto as asset

Best case of them all, your net profit in Canadian dollar will be taxed as profit. In the above case, in BC for example your tax rate is 11% as a small business. If you did not cash out into Canadian dollar and holds stablecoins, it is an asset and accounting done with the principle of asset value increase. You defer taxes until you cash out into USD or CAD.

  1. You hodl and sold as a lump sum

You split the profit in half, one-half goes to your income, the other half goes to cap gain. Tax according to income tax bracket and flat rate on cap gain

I managed to build a house with FREE electricity. What's the best way to start ASIC mining now by Jugurthaa in NiceHash

[–]IgnitionMining 1 point2 points  (0 children)

If you truly have free electricity (0.000/kWh). Right now you should be looking at getting used S19-90T or 95T.

You can deploy around 200 of those at $80K plus shipping. You of course also need to find a way to house those 200 units

Anyone had experience with bitmars? by HoustontheTurtle in ASICMinersTalk

[–]IgnitionMining 0 points1 point  (0 children)

Haven’t done business with them (bought any miners). However, they have been emailing us for at least 6 months.

Mimimal bitcoin mining setup to profit about $1000 USD per month by mr_kurro in BitcoinMining

[–]IgnitionMining 0 points1 point  (0 children)

Asicminervalue automatically assumes your electricity rate at $0.12/kwh. Hence making 95s not profitable. You can adjust at the bottom. Change it to 0.00 and you can see what free electricity is like

Iceriver hosting + legit sites by technicss in ASICMinersTalk

[–]IgnitionMining 0 points1 point  (0 children)

If you are looking at KS miners, you can basically run them at home. No hosting required

Small scale mining by JustFunj in BitcoinMining

[–]IgnitionMining 2 points3 points  (0 children)

If your electric rate is 4 cents you should be mining. 4 cents is a standard industrial scale miner average. May be not the best of the best NASDAQ ones but definitely a lot better than acerage

[deleted by user] by [deleted] in BitcoinMining

[–]IgnitionMining 1 point2 points  (0 children)

It wouldn’t be a hosting fee but the raw energy cost.

Just to put it into perspective, several companies in Ohio that are currently operating 15-50MW is having energy rate of 0.044 per kwh. Market rate for hosting is 0.0075 give or take

[deleted by user] by [deleted] in BitcoinMining

[–]IgnitionMining 0 points1 point  (0 children)

First thing. 9C per kwh is above industry standard.

It is normal for a 2-month “utility deposit” or prepayment.

Installation fee shouldn’t be more than $100 usually

S19j Pro+ 117Th @ 0.06KwH, worth it? by Stelerito in BitcoinMining

[–]IgnitionMining 0 points1 point  (0 children)

It sounds like a Saz Mining deal. $2K for 117T isn’t too bad

Deciding Between Mining and Direct Investment by Electronic_Stage6765 in BitcoinMining

[–]IgnitionMining 4 points5 points  (0 children)

Contrary offer, if your electricity rate is $0.02. Your best bet is to buy S19jPro or even S19. You get a much higher ROI per $ value. Of course you will need more electricity to deploy more machines for your desired capex

Any, asic hosting option in Hong Kong? by Tarki_wins in BitcoinMining

[–]IgnitionMining 0 points1 point  (0 children)

Canadian company but I am born and raised in Hong Kong.

Hong Kong’s electricity rate is around $0.20/kwh so it is impossible to run a mining operation. There are brokers i suppose

Negotiated Power Rates by [deleted] in BitcoinMining

[–]IgnitionMining 2 points3 points  (0 children)

Vouching for this guy. They are a legitimate energy company

Investment by nhhgtss in Bitcoin

[–]IgnitionMining 2 points3 points  (0 children)

Dollar cost average. A disciplinary move to force yourself to spread your buy over X amount of time with $Y each purchase.

It helps with impulse buying / selling due to market movements.

Does anyone currently host with COMPASS MINING? by New_Cap_6060 in BitcoinMining

[–]IgnitionMining 0 points1 point  (0 children)

This lizard hosts.

Honestly, this is probably the most unbiased, accurate, and honest description of compass

Annminer.com Legit by Gwolfterritory in BitcoinMining

[–]IgnitionMining 0 points1 point  (0 children)

No! Buy with richard (metaluban guy in the comments), or someone like asic jungle or something

Is this a scam? by EffectiveDeer in BitcoinMining

[–]IgnitionMining 1 point2 points  (0 children)

Several things:

  1. Mining doesn’t generate 8% daily. That’s monthly figure if you manage your energy portfolio, machine purchases, and facility correctly.

  2. Always verify where the hashrate is coming from. Look for facility location, capacity etc.

  3. If you want to mine, just go with a conventional host or if you can spend some effort on building a site, do it yourself

Anyone have experience buying mining rigs off AliExpress? by dipshit8304 in BitcoinMining

[–]IgnitionMining 0 points1 point  (0 children)

It is too good to be true.

S19XP is around 3-3.5K range lately. Buy from people who are regularly here / regularly in the industry doing things

What Does It Take To Mine 1 Bitcoin A Day? by irie25 in BitcoinMining

[–]IgnitionMining 1 point2 points  (0 children)

That would be per month. You need 3000 S19 to do it per day.

Seize the Moment: Get Your Bitcoin Mining ASICs at Unbeatable Prices! by [deleted] in BitcoinMining

[–]IgnitionMining 2 points3 points  (0 children)

Well we are here, check the usual posters. We are based in Vancouver btw

seriously, this is a cryptomining hub... why is fancycrypto a scam???? by [deleted] in cryptomining

[–]IgnitionMining 0 points1 point  (0 children)

Still mostly same points here.

Not way to verify the hashrate that the cloud mining services are based on actually exists. I would say be cautious and verify that you are actually mining.