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Originally Posted by ainarssems
Another question is where does it stand with taxman? I suppose you can offset all your purchase and electricity costs against income and it would only count as income only when you convert your earned bitcoins to fiat currency.
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I was looking in to this the other day. In the UK its considered currency trading and subject to capital gains tax. Apparently there is a personal allowance of £11,100 on this, although I'm not sure if that's your income tax allowance or a separate one for cg. The amount of cg is dependent on how much income tax you pay - starts at 18% for basic rate income tax, then 28% for upper rate. There is a 3rd band too iirc.
Assuming its separate to your income tax allowance then 2 people can theoretically mine £22,200 a year without paying tax on it. Which is nice.
I got a payout of a whole £2.12 this afternoon! I only used £2.40 of electricity to get it too
I'm going to buy a GTX 980ti on Monday and see what that does. The 960 is quite vexing as it starts off mining at 84p a day when the Nicehash site says 86p, which is fine. If I leave it overnight its down to 12p a day which renders the whole business completely futile. It averages out to about 70% of what Nicehash says it should be doing. I'm hoping a 980ti will be more consistent, although I have no justification for that whatsoever...
Oh also, my 6-slot base model Proliant G7 uses the same power at idle (75W) and mining (195W) as my 2-slot mini-ATX desktop board. I can get a low-power Xeon for the G7 which might save a few watts, and also 750W power supplies for £20 each so I think thats going to be the hardware of choice, especially if I can optimise it a little more.