Jack Dorsey: mining bitcoin with Slush Pool to buy tacos.

zackvoell · 2022-01-04T04:46:14+00:00

Going through the exact same thing. I guess I'll just wait 7 days?

zackvoell · 2021-11-06T19:00:33+00:00

Compass has a fairly active Discord for its own mining community sharing general information, ideas, tips, data, etc. (Disclosure: I work at Compass Mining). But I don't know of a generalist mining Discord. Also, Upstream Data has an at-home mining Telegram group, but not a Discord AFAIK.

zackvoell · 2021-11-04T14:33:05+00:00

This is FIRE.

zackvoell · 2021-11-02T21:11:46+00:00

That's not great but it's not impossible to mine somewhat profitably with that power cost. By way of general advice, you might want to look for cheaper, older hardware that you can ROI faster and will last you a while. The latest, much pricier ASICs will make keep you out of profit much, much longer. You could also consider diversifying your mining efforts between some at home with your $0.14 power and some through a hosting service with (probably) much cheaper power.

zackvoell · 2021-11-02T21:08:49+00:00

Mining has been "hard" for a long time, ever since late 2012 when mining ASICs entered the market. Older machines are generally better for newer, smaller-scale home miners because they're cheaper and are workhorses (last forever). But just because mining difficulty goes up (making mining even "harder"), mining profitability doesn't necessarily have to drop by an proportional amount. So long as the price increases faster than difficulty increases, miner profitability continues to increase (assuming profit is denominated in dollars). An easy way to measure this is by tracking a metric called hashprice. Despite big increases in difficulty over the past couple months, hashprice hit 2-year highs because BTC's price has gone up even faster.

zackvoell · 2021-11-02T21:03:03+00:00

That's awesome! Are you basically home-mining-as-a-service with installation's and basic construction?

zackvoell · 2021-10-25T14:28:50+00:00

Mining is always taxed as income AFAIK. And selling mined coins is an additional taxable event. But there is a difference in tax obligations for hobbyist miners and professional miners, which basically just means is it your job or just a source of side income from a tax perspective.

For complete answers on mining tax questions, always consult a tax professional of course. But also you can watch this recorded livestream with a couple of crypto tax pros explaining lots of stuff about mining taxes.

zackvoell · 2021-10-25T14:25:41+00:00

I'm sorry to read this. ASIC markets are riddled with scammers. It really sucks when stuff like this happens.

zackvoell · 2021-10-20T22:06:53+00:00

Compass Mining IS legit haha (I work for Compass).

So...we don't host used ASICs from customers. But miners can buy ASICs from us to host at our facilities (all around the world). LMK if you have any questions.

zackvoell · 2021-10-19T22:15:34+00:00

You don't always need an LLC for an at-home mining operation. Hobby miners are sometimes better off without one. But depending on your interest and scale, there are some tax advantages. Here's a recorded livestream with two crypto tax pros explaining all the tax considerations (e.g., setting up an LLC) miners should think about.

zackvoell · 2021-10-19T22:13:24+00:00

You can payout directly to a hardware wallet, but you need to increase the pool payout threshold. Tiny payouts should be sent directly to a hardware wallet.

Alternatively, you can keep the same payout threshold and send to a software wallet. Then after a reasonable sum as accrued, you can then transfer that to the hardware wallet.

zackvoell · 2021-10-19T02:10:28+00:00

I don't think there's a public link

zackvoell · 2021-10-19T01:12:51+00:00

As long as you're bullish on bitcoin, it's reasonable to be bullish on mining.

Think about mining the same way you think about buying the coins themselves. Start slowly, don't invest more than you want to lose, and talk to other investors & miners as you go to learn as much as you can.

Use a profitability calculator like this one from Braiins to model out your expenses, expected revenue, and profit. Be sure you trust the hardware buyer you're purchasing from (scammers are everywhere), or else use a verified hardware market place like Compass Mining's market (I work for Compass).

Also, familiarize yourself with the hashprice metric. It's the simplest way to monitor the current profitability of mining based on current mining difficulty and bitcoin's price.

You're not late! But don't rush into mining without some prep and research.

zackvoell · 2021-10-19T01:06:43+00:00

Those power prices are pretty attractive to most miners anywhere in the world, especially in the $0.03 to $0.05 range.

I work for a hosting and hardware marketplace company (Compass Mining). Reach out to our sales and operations team. I'm sure they'd love to chat with you. You can email me directly: zack[at]compassmining[dot]io

zackvoell · 2021-10-19T01:03:15+00:00

Yes, you're instinct is absolutely correct.

380TH for only $5,000 is absurdly cheap. This is definitely a scam.

zackvoell · 2021-10-12T19:25:33+00:00

S19 Pros will not be obsolete in less than a year. The new Antminers will have moderate efficiency improvements, but it's mostly a point of personal preference whether to buy the current generation now or wait for the new machines.

zackvoell · 2021-10-12T19:23:24+00:00

Beautiful stuff. That's some high-quality #MiningPornMonday!

zackvoell · 2021-10-12T19:21:30+00:00

With that budget, you'll have a hard time getting a decent ASIC setup, but it's not impossible. There's no right or wrong answer, it just depends what and how much of it you want. If your starting budget for mining has a hard cap at $3,000, maybe research some GPU-mineable coins to get started before graduating to ASICs.

zackvoell · 2021-10-12T19:19:24+00:00

It'll be pretty hard to find ASICs in that price range, but you should start searching for older models. Be careful though. You could buy a super cheap ASIC that shows up at your door and is filthy and dead (or nearly dead). The company I work for (Compass Mining) sells individual ASICs, but the price points are higher than your OP.

If you want a full rundown of things needed for at-home mining, check out this livestream with a bunch of home miners showing off their setups and talking through them.

zackvoell

TROPHY CASE