Author: Cryptomon

What the new TAX BILL means this for CRYPTOS – Accounting Breakdown

The thing that has changed under the new tax bill is “Like Kind Exchanges” are now specific to ONLY REAL PROPERTY. This deals with section 1031 of the IRS code. … Sec. 13303 amends IRC Section 1031 (a)(1) to delete “property” and replace it with “real property”  – see 1 The change goes into effect Jan 1 2018. If you want to dig deeper into section 1031, -see 2 This means the following: If you use a service like ShapeShift, then you must report on the realized gain/loss for the original asset AT THAT EXACT MOMENT. I.E. You bought 100 worth of BTC on JAN 1 2018. Lets say that is .02 BTC for simplicity. You then on MARCH 15 use shapeshift to exchange that entire .02 BTC for LTC. Lets assume in the meantime that has appreciated to 200 USD during those 3 months. You now have a 100 gain that needs to be recorded AT THAT MOMENT. It will be taxed as a short term capital gain if you are acting as an individual. That is the same rate you are paying at whatever bracket you are already in. If you are doing this as a passthru business entity, then it would be 20% capped. This is clearly a good way to start structuring yourself. This does come with a lot of additional things, and doing a schedule...

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Mining Rig Electricity Guide

Lots of asks for a mining rig electricity guide on what is the skinny on electrical and safety of operation info so I felt I would do a write-up here on it but first… IF YOU DIE, BURN DOWN YOUR HOUSE, KILL SOMEONE, OR BLOW UP….ITS ON YOU. I ASSUME NO RESPONSIBILITY AND YOU SHOULD ALWAYS CONTACT AN ELECTRICIAN! The basics and our rigs We need the juice, and lots of it! It seems that we can never get enough good wattage to the machines to run that extra last card. So here is how you start knowing what is...

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Mining Rig Cooling Guide

So the summer is upon us, and for many a miner cooling issues are important. Especially if you have a larger rig or several rigs. This guide is going to breakdown the calculations, configuration, setup and install, and impact measurements to get a micro cooling center running cost effectively for your coin mining rigs. Let’s get started here! Mining Rig Cooling Location and Materials So there are a few places that you might have your mining rigs setup. A spare room in your house or a garage being some of the ones that pop out at me right off...

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