[Music] [Applause] [Music] [Applause] [Music] [Music] [Music] he [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] good evening everybody welcome welcome to the live stream what's up Bros it's night time where I'm at but I am tending I am catering to my European SL Asian followers this live stream time zone is for you guys what is up Max Mr Max voltage Todd Peterson American mechanic I'm seeing new names here I have not seen before or I have not seen for a while so it is great to see the other side of my community here it is nice to see I'm going to go live chat there we go smash the like Bros Smash the like smash that like okay all right so if anyone has noticed Casper Network hash rate dropped over 100 petahash in a span of a day maybe more than that actually maybe at the peak it was like 933 petahash and dropped down to 756 so why why is that what I in my my opinion I think it's a combination I think it's a combination of things um but I think the biggest correlation I I can tell you guys is ice server hosting so just yesterday and I can show this there's an email here I can let me let me take a clip of this okay hold let me get my sniping tool let me get this this let me SL this okay so this was an email from yesterday okay it says it says there we go anyway dear customer to alleviate the strain on power grid during Peak usage times due to high temperatures local authorities have notified us the plan power outage that may uh OCC occur during the following period uh I believe that was yesterday okay so correlating with the network hash rate dropping yesterday okay so between that time it seems like it was during yeah it was during this time of when it dropped so what is 924 petahash then drop down to 8814 and also correlating that with with hum poool dropping off almost 100 or 80 petahash uh Caspa Dash poool also dropping a little bit here as well yesterday okay this was yesterday so it looks like they did come back online by the looks of it okay um so yeah that's the ice that's that's the first email I got yesterday okay this is the email I got yesterday I I just got another email from Ice River hosting for today okay so this is 8:27 So Yesterday now I have another one here 52 minutes ago this is an email I got 52 minutes ago okay dear customer to it's the exact same email it's the it's just the the timing is different okay exact same email as the other one they changed this from today 28th uh 300 p.m.
Eastern time to 700 p.m. eastern time so looking at this it looks like yep it correlates to this and looks like they turned on at uh at that time so it looks like it was like another like 100 or 200 petahash has come offline of these ice River KS I have a ks5 l hosted with ice River and it went offline as you guys can see here it also went offline yesterday as well I wish I could show the chart here but it was offline so this is also curing my four other big boy Casa miners which are not hosted with ice River okay uh they're at my house here so I don't know why it's pulling the same it's pulling the hash rate from uh it's basically pulling the hash rate from Caspa Dash pool and then putting it into here but it's not just figuring out the one minor I only have one ks5 L hosted with ice River but anyways just we're just I'm just going through here why the hash rate dropped so much and that this is the reason okay this this is the reason why ice servers hosting about I'm going to guess I'm going to say they have like 200 150 petahash worth of um ks5 LS cuz they did have this hosting up for the past couple months so if we did 12 terahash right 12 terahash um we go to calculator here 12 terahash so if that was 150 I'm just guesstimating but or maybe let's just say two they have 200 penah has posted that's 200 penah hash divided by single ks5 l maybe they have Okay so this could be 16,000 ks5 L's or if we did 15 petahash divided by a k5l maybe they could have 12,500 k5l hosted right now um you know maybe maybe it's 100 petahash of of uh hosted as6 right so divided by maybe 8,000 8,000 9,000 PS5 L's hosted and these mine is hosted in the United States okay ice River uh their hosting contract is somewhere in the states okay and so I mean just reading this it says alleviating strain on the power grid during Peak usage times so they're having some you know curtailment here so this is in Texas somewhere probably I don't know where I somewhere in the states okay they didn't tell me where all right they didn't they didn't tell me where um you know they would be having their curtailment so crypto more says which geoh hosting location was it China Texas it it this is this is it's got to be in the in the US it's it's definitely in the US somewhere so Mr greater good mining welcome good sir hello Mr greater good how are you good sir anyways so yeah just letting you guys know this my ks5 L was down two times yesterday and today okay and so this correlates with the big dips here so if we're talking about 100 petahash worth of ks5 L's posted or more and if this is also correlating with bit main ks5 Pros being turned off and being shipped out I don't know but uh uh safe to say you know 900 between 930 petahash to 756 maybe guesstimating about 150 petahash worth of ks5 Ls you know that could be uh 12,500 units I mean there's also ks5 M's as well so I mean we could we could change the math there a little bit like uh 150 half you know divided by divide uh uh 150 divided by uh 150 divided by 12 let's go like a you know a ks5 m you know I mean it would be oh maybe 10,000 KS KS 5m you know anyway um yeah uh Greer good money hello a lot of people in my Discord have repeated downtime with ice River hosting cment Etc yes great good mining yes yeah same yep the yeah the I just got an email I just got this email 52 minutes ago from Ice River saying dear customer I already read it but yeah they had one yesterday and then they had another one today so correlating with that massive drop that we just saw today that means ice River has at least I'm going to say one tenth to to maybe two10 of the network hash rate of hosted ice River ks5 L and M's you know that's that's a lot ice River got a butt ton and man if they sold aund okay so let's just say 200 p a hash of hosted you know ks5 L's roughly just let's just say 15,000 ks5 Els they so times how many how many how how much were these worth like at the time 4,500 bucks dude if ice server made $67 million [Music] wow like guesstimating I've just guess like how much money do you think ice River made 15,000 ks5 that doesn't even include I I'm just talking about hosted I'm just talking about hosted miners but what about people that bought them you know oh that's a lot that is that is a lot of we're on the wrong side of this business ARS crypto mining you're telling me you're you're telling me we are definitely on the wrong side of this business wow 67 that's and you know what's even you know just thinking about it just thinking about it you know my my affiliate sale is maybe upwards of like 2 million or 2.5 million um in sales so to to realize that I'm I'm in I'm such a small drop in the bucket compared to the rest of the world that have that may have bought these from iserver or retailers or detailers it just goes to show how how big you know people have been how Big C mining is around the world wow man that's crazy wow wow that's a lot that's a I'm going to guess upwards of $100 million maybe1 15 I bet you ice River made like $150 million selling if they sold a bunch of other models as well over the past while here um dude that's a a lot man wow that's crazy that is crazy to think about that's actually really crazy to think about oh man we're in the wrong business we're definitely in the wrong business well we don't have the power we don't have the infrastructure we don't have manufacturing we don't have any of that kind of stuff here so this is all this is all we can do H great just just great just greater good mining let's band together and create our own miners I I don't even I don't even want to go there um P mining says there's a lot of money invested in Caspa you're telling me it if Caspa is right now what market cap is what $4 billion so if ice River made 150 million oh let's be realistic here like this is all the actual value C by you know all these exchanges everything you know 100 million 50 million doesn't take much to pump doesn't take much to pump the coin even a million dollars you know like Market making from a lot of these exchanges you know it's it's a dropping a wow cast ice Pap made a lot bit man is also made a lot of I bet you bit M made even more money I bet you bit bit M probably made even more selling the miners that's even even crazier geek of all trades crackhead hour stream two nights in a row red penite nice geka trades the crackhead hours is to T cater to my Euro and Asia friends I'm seeing names here I haven't seen in a long time ah this is good it's good to see xia I it's good to see you guys Jean franois what's up man what's up bitm owns ice River Panda owns both Dom g i I don't think so I don't think so um but kaspa's too I saw some someone commented kaspa's you know too big to Caspa Can't Fail thearch Caspa can't fail I mean we're yeah I I can agree I can agree with that I mean is Caspa now too big to fail is Caspa too big to fail now at this point what's the what's the Saving Grace for Caspa now what what I feel like it it can't be stopped what's the next step what's the next step for Caspa what is it what's the next step not even equating not even talking about profitability of these miners which is still going down every single day okay like the ks3 M's are already out all right so the lower inefficient miners that were released like literally 6 to eight eight months ago or the k3m that I had eight months ago is now no longer a is if you had 10 cents it's making 89 cents after 10 cent Kow hour the k3m is now a almost hidden pretty much anyone above res 15 cents residential electric hell even 11 cents this thing is is breaking even as5 k3m k3m 40 cents so any if you have 12 cents and above you are unprofitable with a KS 3M you are -42 2 cents a day on a k3m at 12 cents per kilow hour the k3m is now man good thing good thing or maybe a bad thing I should have kept that kit No I gave it away I gave it I gave it away smash the like Bros we got 164 people here 43 likes Smash It smash It smash It smash the like Bros Chum change what are you chum change what are you doing up so late why are you up so late all terrible terrible CH change CH change Kaiser hello uh stop talking about KDA I I didn't even talk about KDA let's I don't even want to talk about kadana did you hear one of the biggest nft projects on kadana has now what like rug pulled did you guys see that did you did you guys see that did anyone hear about that the Dana mining Club did you did you guys hear about it Carl M what's up man Carl um uh who just posted this who is this guy Krypt beanie what is this as6 have damaged proof of work mining by centralizing control creating E-Waste and misleading about network security home miners face scams poor support and increasing regulatory risk the dream of decentralized mining is slipping away exploited by those chasing profits in my opinion the YouTubers below will show you an Roi never machine and hide behind the not Financial advice obvious what am I what am I reading for legit content you can trust I'd go with Vos coin son of attack red pandm rabid be careful out there who made who made the this is the new mining R will make you rich just chill it to your Audi oh my God that is hilarious oh my God that is okay I'm not I'm not going to go there all right let's let's let's uh where is the kadana mining Club um uh where is it where is it where is it where is it I just retweeted it I retweeted it uh kadana is dead Okay I I tweeted that after I oh looks like that post was oh looks like it was removed ooh kadana mining club uh latest where is it I'm trying to find it h here it is uh here it is here it is here it is here it is okay Kad mining Club nfts will not mine again KMC released Canad mining Club releases lengthy statement regarding the state of the project what do we know former former CEO Matthew DNA abandoned the project after failing to appro rately manage the project finances and assets the rest of the KMC uh Caden mining club team were unaware of the mismanagement until approximately 3 months ago and have since contributed their own money and time to work towards making things right as possible right as possible for the community KMC nfts will never mine again do you guys remember this kadana mining Club nft thing um anyway uh pre-ordered mining machines that have haven't been fulfilled will never be fulfilled as the funds for those pre-orders were used for other company expenses see this is my this right here is my local Tech fear this the whole pre-ordering of of of miners this is my locco tech fear this one right here does anyone like that that's you know anyway all KMC assets will be liquidated a dow model is being created to give Community the power to decide the reimbursement model after liquidation hosted machines that have been fulfilled will be shipped to their owners as soon as possible or you may transfer your contract to Coastal crypto for ongoing hosting so right now all of those kadana mining Club Basics the k3s are hosted at Coastal crypto the team has created a new project called chips oh my God sad news for the Cadena ecosystem and KMC Community today let me know your thoughts good bad in the comments so I thought I retweeted that so I didn't retweet that anyways so that's it that's that's that okay all right that's that's that one okay um what do you guys think what do you guys think about that Caden good old CAD man five is the good luck with that yeah yeah yes 100% 100% um that's jail time yeah that's 100% Frogman what are you doing up here Frogman go back to bed go back to bed scam o five is that wow you are awake yes I'm awake um Kaden uh interesting very interesting very interesting all right um what's next Bros what's else what else is on the on the topics today um welcome all of my regular viewers it is good to see all of you um [Music] any other news that you guys talked about any other news that you guys have seen today other than that uh the biggest ones for me was just Casper Network hash rate dropping quite a bit and we already talked about the reason why basically ice paper hosting uh went down um because of tment um what else what else what else what else what else yeah there's nothing nothing else really um Market's going down I mean it's it's nothing new my watch list is not loading that's great um Bitcoin is at 59,000 right now 59,00 oh yes over the past 7 days we've we're up a little bit 64,000 now we're at 59 H um xp1 Mr xp1 what's up man uh travels travels no no giveaway today my friend I'm sorry I don't I don't have it in me to I I got to go choose the video and all that kind of stuff and then you guys got to comment I I'm not I'm not going to make you guys work no I'm not I'm not going to make you guys work today but smash the like Bros 206 people here holy smok 66 likes smash it so Kaiser I want to Kaiser don't don't don't even go there nope nope what's new costs go up profits go down ah the profits truly truly go down pre-mine is real where who's pre-mining who's pre-mining spill it who's pre-mining right now but yeah those big dips were on hum poool and Casa pool for people that are uh posted right you can see two dips one one yesterday and one today Nelson can't do can't can't do giveaway tripped over gpus on floor hurt my reported Nelson's crypto reported uh Tyrone Coleman oh you just joined well here you can just read this this is the reason I got two emails from my server uh from hosting one was yesterday and one was today so almost 100 to 200 petahash has come offline um if you guys have any questions this at red panda mining me in the live chat @ red panda mining me in the live chat I can read your question somebody just texted me that was Extremely Loud um uh Mr GP risers good Mr Vang good sir I miss you man how are you Mr Vang what do you what do you miss most about mining in the condo with the grow tent I don't miss that at all I I'm so glad I'm not there anymore I'm so glad I'm it was so small I couldn't believe I mined in a freaking condo that was man that was horrible but I I do miss I do miss living up there because of the views though I I I do miss the views and yes it was fun it was definitely fun that was a lot smaller you know everything was small back I didn't have much stuff back then how many watts were you pulling on that condo I only had a single 30 amp 240 volt circuit a single one so under you know 58 57 20 watts is all I was I was putting I was putting it through um they take cast miners offline to ship AKA test them before they ship Alex stipic no uh uh I mean they definitely I don't know yeah they definitely test them but I don't know how many but this recent drop that we had in hash rate was because of uh their curtailment schedule and or no well here this is here just read this just just read this I got this email yesterday and today to alleviate strain on the power grid during Peak usage times due to high temperatures local authorities have notified us of planned power outage that may occur during the following period it say May and it did happen back when RPM created tutorials oh God retro mic we are above we no more no more tutorials please AK red B of money are your ETMC nodes still running hell no they I haven't looked at those for months I after I made that video I I never looked at them ever again the server went offline I like had a power outage and I never turned them on ever since just looking around I oh Iota how interesting that the same thing happened with The Entity on rxd today oh let's see radiant let's see radiant uh happened on your pool at what time Tuesday 27th and that's kind of not the same time I'm going to say that's no that's that's different now that was a lot earlier that was a lot earlier in the day definitely a lot earlier yeah no no that that's no looking at that that that looks different that looks that definitely looks different you can see it that happened more towards midnight it looks like but that was on your pool uh Iota are they not back on they're not back on so where did they move to uh just looking still down for maintenance gpus and fjs still can't easily hit a block on rxd holy c yeah just dude yeah the yeah the hash rate just dropped down from 100 to from 100 ter has to one ter has oh that yeah they had like 100 terahash on your pool Mr Mr Viper Donnet wow dude that's crazy is that pin are they on P in still or no let's see uh uh kind of looks they were on K1 pool dropped a lot but when it came back on I don't know no I don't know oh no pan had oh this is because of the appear in um their their 10 BPS their hard Fork I guess geek of all trades GP risers does Tera do curtailment or do the miner stay up with 99% SLA red p i I can tell you right now uh gig of all trades and I can show you my can I show it here foran for can I show it hold on okay I have an s19 K Pro here at 37 days up time I my m6s was at like 90 days up uh 90 or 60 days up time at one point but I think I had to reboot um so yeah no yeah I haven't had any I haven't had any downtime at all no downtime uh just Iota the other half of their rxd Farm is on hum poool is it still on hum poool let's see you mean for radiant radiant ah yes so they have two different locations then oo The Entity sucks yeah yeah whoat had a big spike few oh whoat yeah I remember we looked at that a while ago like a week ago whoat K Rosa nice hack added here in hash the other day oh okay that'll definitely that'll definitely red panda's miners are okay status retro mic nominal yes I wanted nominal uh Jean Jor 7 I'll be turning one miners back up just doing some maintenance H should be up until no time I wish okay well all right let's see if people are spec mining here oh Walton chain up 3300 per in price Walton chain wasn't there an Asic for there's six people mining this coin Kieran pool wasn't there a ob Bisk Asic for this Walton chain retro mic retro mic probably knows secure hash up 2800% is anyone mining this uh looks like there's a hash rate Spike just two days ago okay okay Sparks pay 529 what are these coins neoc script dude Sparks pay who's mining this there's one person mining this right now why did the coin go up 500% who's mining this coin uh sugar chain yes power sugar 142% up in price who's mining it let's see oh yeah hash rate's been climbing oh this is a CPU coin 290 miners I bet you rabid rabid mining has moved over to this coin yeah yes power sugar yeah that that is yes sugar chain oh my God what the hell wow that is Quest chain 140% up in price who's mining this there's nine pools 30 432 miners mining Quest chain right now hash rate has spiked over the past day has spiked up because the price has also spiked up so that means profitability on Quest chain must be good uh cyber Yen script 119% let's see who's mining this 25 people hash rate Spike just a little bit okay all right well that's it that's that was cool H okay red P stop pretending you're not the entity Alex Pro if I was the entity and I was mining 15 to you know 40 $50,000 a day do you think I'd be here right now you think I could you think I could manage all that by myself gaming for fun did your ETMC noes still running no gaming for fun nope they're they're off Mr gig ofall trades have a good have a good night good sir have a good night man thanks for coming thanks for coming by um max voltage Now red Pand mining is Satoshi Nakamoto and on that note good night Max voltage good night sir good night good night Panda would be opening his own McDonald's I definitely would not be opening my own McDonald's nope mm- mm how do you like zealous Dash um I like it but it's I've been thinking of switching to a different coin I don't know what yet I'm still I I need the I need the mental capacity to uh switch to another decently lower power coin H frog man okay Bros it's getting late um is there any final questions or opinions from you guys Cedric Mr Cedric from Asia himself they are probably disconnecting the new Asic they were testing and prepping them for shipment said Panda mining Cedric that would be can I have one way too fast for panda do you ever think about how you were selling all that Caspa last year where you could be at today or what could you have done differently way too fast for you um yeah um you know I was mining you know $1,200 to $1,500 a day of Caspa you know it was like 32 to 40,000 Caspa a day um and you probably know this already but you know I I have to pay quarterly taxes right I have to pay quarterly taxes on my income and so for mining for me I'm doing it as a running it as a business so think about it my my first month or two those first months of mining with the ks2 my income was over on paper like 5050 60,000 on paper so I didn't want to take the risk of holding that coin because I definitely did not have the tax money to pay that out of pocket okay you understand so understand that when your income is 60,000 and you have to pay quarterly taxes within that couple months of of earning that much in Fiat value all right the cost basis of all that coin I was mining was in the five digits okay what would I what would I have done differently is if I knew Caspa was going to go up even higher like where it is today um I would have I obviously would have taken out a loan or something I used my helck use something to pay the taxes out of pocket okay but that's obviously something I would never ever do I never recommend anyone ever taking out a loan definitely for to take to pay taxes okay that's like that's like the most stupidest thing ever but if I if we all knew that Caso was going to go up way higher than where it is now then yeah hindsight 2020 right like uh jeez Dash that's unrealized gains brosi you didn't exchange it for USD nope Dash you dash Gordon Murray Canada pays taxes unrealized G Gordon Murray and dash you guys have no idea I I will literally go to the CRA website right now CRA crypto mining I will literally show you government of I even talked to the CRA for four goddamn times to confirm this crypto mining as a business is considered income if you cannot get that in your head dash dash you're wrong Dash I'm sorry you're no you're in Canada it's if you're mining as a business it's considered income all right right here I I am not bsing you right now this has been set in stone uh for a while now in Canada this dude this is when you're crypto mining your the cost basis of those coins going into your wallet is considered income okay doesn't matter if you s sold it or not if you're holding that crypto and you mined it and it's going to your own personal wallet the initial value of it cost basis okay term here I'm using cost basis is considered income so you have to pay taxes it's like getting a paycheck okay it's like getting your your salaried paycheck but I'm you know or depending on which payouts you're doing every day or every month I'm getting the payouts every other couple days like I'm trying to you know alleviate the transactions right but you know it's I I'm doing it as a business okay if you don't if you I know a lot of people are are are are not understanding taxes and stuff and haven't been paying taxes that's on you I I'm I'm doing I I've already called can I've called CRA which is the IRS of Canada I've called CRA about this if you're not paying taxes on the income the initial cost basis of when you mine that coin you're you're in trouble and you if if you ever get audited and you you're ever going to take out that crypto and put it into Fiat Into Cash later in the future and they audit you and they ask you where did that money come from where did you get this crypto from oh how come you didn't pay the initial tax on that 5 years ago then you're in trouble then you got to pay interest on that then you you're going to get you're going to get [ __ ] so I I'm I'm telling you dash going Jordon Murray that this Max wage just said also same guidance from the RS taxed on the value when you mind it see and you guys know Max voltage he's all about it too he understands that 100% okay if you don't understand that I I running it as a business uh I'm you know do go talk to your C your CPA this is not tax advice but I'm telling you guys I've heard I've heard it straight from the horse's mouth I've talked with CRA about this and this is what it is when I sell okay so now you're asking what about when you sell the crypto okay so depending on when the price of the crypto the price of the coin is later on if I'm selling it like a month or two or half a year later if the price is higher then I have to pay Capital Gains okay when I sell it in the cash I have to pay capital gains from the initial cost basis of when I mined it 6 months prior and then up until when I sold it okay whenever the price is later on if it's higher I got to pay Capital Gains between cost basis and the higher price okay capital gains if I sold it lower all right if I sold the crypto lower the lower than the value of the initial cost basis I'm going to have a loss okay I will have a loss [Music] so it's it's all it's all on if you're in canadi if you're in Canada it's all on literally on the government's website I will literally I'll will copy it to you on the live chat right now canada.ca it's right there you you you I I [ __ ] you not I I [ __ ] you not crypto mining if you're doing as a business you're expensing you're depreciating your miners expensing Electric electricity your phone bill internet bill you're running as a business I this is this is it this is how you're you're literally doing it like this it's I I'm not bullshitting any of you this is the real deal and you know what I I heard a uh there's a mining Farm I talked to in the same province that I I was in they have a massive Bitcoin mining Farm um they weren't paying their initial they weren't paying the income tax they weren't paying their taxes on the initial coin on the initial Bitcoin that they were mining they got they got screwed 3 years back back uh interest they had to pay a butt ton of taxes and they had to pay over six figures in of Interest okay think about it youur you Cur you're auring interest on income tax that you didn't pay and it's uring over the past couple years if you if you ever get audited like I said if you're ever going to be going back if you're going to be selling Into Cash one day and it goes into your bank account and you ever get audited and they ask where did that come from they're you're going to have to you're going to have to like provide the information of you know when you mind it and then they're going to go back and see like did you pay you know your taxes on that and if you didn't that's when you you're going to get you're going to get hosed I'm I'm this is reality I'm telling you bros I'm not not saying you know this is this is life man this is the sad reality of you know doing crypto Mining and when you're eventually going to sell Into Cash you're you need to make sure you have your eyes dotted and your te's crossed because the tax man will come for you okay it if if you don't file if you don't do this correctly or you at least do it somewhat correctly and uh you know I use coin Le okay okay coin Le is where I um uh coin Le is where I uh put all my my wallets my crypto you know and I actually I upkeep this my my account every couple days um I update it make sure my transfers are transfers I make sure my withdrawals are withdrawals my cells are sells you know I I keep up with it because I don't want to at the when it come tax time every 3 months for me I don't have to scramble and be like oh what did I where did this transaction go you know you can describe you can describe every single Transaction what you did with it you know as income or as a send and it'll calculate capital gains or losses all for you right coin Le is is the best I'm telling you cornley is the best anyway anyway sorry for going on this tangent but I I truly believe that um I I truly believe that if you don't if you're not doing this correctly and you're you're doing it at a larger scale and you're not paying taxes you're going to you're you're going to you're going to shoot yourself in the foot so it's you know doing understanding this earlier the better okay if you're getting into mining man that should be actually one of the first things we should probably talk about when you're getting into crypto mining is uh taxes it's like okay it's like the first thing is electricity price second thing taxes first thing electricity price second thing taxes that's literally that's L that's what we should be like now because like taxes is important it's like uh it's a whole other monster like it's really a whole it's a really a whole other monster um Dash thank you red no dash um thank you for for for bringing up this topic because it does make me mad sometimes you know it it makes me mad because like I don't want I don't want people to get burned you know and like I know crypto is all about I I know I know it's supposed to be like you know against the man you know we got to be we're against the system I I understand that but at the same time at the end of the day if you're if you're trying to do this for a financial reason and you're you're taking that money out into your bank account like you're selling the crypto into cash and it's going to go it's traceable to your bank account and you ever get audited one day they're just going to ask where did where did you get this $50,000 from so you know uh just go to your go to your yeah go talk to your accountant uh CPA all that stuff because um it's very important how do you track electricity usage for your Biz if you mine in home versus separate meter well you you got to get the you got to get the bill you got to get the bill at home that's that's the simple that's the simple fact um well running as a bu depending I don't know every state has different laws I don't don't quote me on this but if you don't have a separate place um for crypto mining um then that you might be hard pressed to uh expense the electricity so if if you're not leasing or renting a place for mining uh I've heard some people like they just rented their they rented their parents house for like 50 bucks a month or something like so they put $50 a month for rent and then I don't I don't know I don't don't quote me on that I I John English Tech forward all statements to please no gave gave it to us to reduce this terrible Intrepid fishermen you have to monitor the actual usage and document it Intrepid yes Ministry mining nonprofit trust taxfree maxus ninja that sounds amazing John English you can M you can be like me and only mine at a loss uh yes yeah Max yeah exactly Emporia yes the Emporia system I have that too uh my cinema x r p mining what if I'm a small Miner not a business here here right here um um here okay re okay um business activities normally involve some regulatory regularity or repetitive process over time in some cases one transaction can be considered a business activity if you are still setting up or preparing to go into business such as cryptocurrency mining you might not be considered to have started a business you usually have to undertake significant activity that is part of your income earning process so I am not I'm not a CPA I'm not a tax attorney I'm not any of that if you have a regular full-time job which I'm assuming you do if you're mining at home with a single rig a single mining rig or a couple a couple rigs okay then you can you can be considered a it as a hobby okay then you don't have to run it as a business but then you can't expense electric or anything you're you're you're not paying income tax on when you're not paying tax on the initial coins that you're mining but once you sell the coins that's when you're you're going to have the that Capital uh Capital it's it's it's it's hard it it's it's very hard to distinguish that okay I I I'm not I'm not go go talk to your tax person because it's yeah what Max just said here the tax law is very vague on what constitutes as a hobby versus a business from what I can tell it is up to you to decide yeah there you go uh if you're mining as a hobby you can't expense anything you can't you can't do any of that you can't depreciate the miners uh you you can't you can't do that so can't deduct you cannot deduct anything as a hobby yeah if you're just a couple rigs you're you're not doing anything insane you're not making more than your full-time job you're you're you're a hot you're a hobby okay um here oh I I should have just read this mining may have tax implications income tax treatment for cryptocurrency miners is different depending on whether your mining activities are personal activity hobby or a business activity this is decided on a caseby casee basis obviously for me I am not a hobby Miner you guys have seen how much Hardware I have locations I have my electricity bill you know I am full full born massive business I am a massive business activity okay extreme extreme Mass business activity uh mining King what hopium are we selling today mining King we are selling none absolutely nothing absolutely nothing Dash I pre a lot most don't think about it and it's a big topic most forget or look over uh 100% i m two zealous a day La spent a lot on four Rigs and break even with electric Dash 100% man no h you know taxes is a very hard thing to talk about I I Max where is your coly link put it in the chat Max I don't I don't have it I don't have my link so if you have anyone anyone signing up for coin Le this is where we uh Max and I this is what we use to import and they have Caspa too coin Le you can import T you can import Caspa it'll import all the transactions automatically which is really nice so um you're still a hobby minor you're just really into your hobby travel is TR mining King he's selling tax Serv I am not your YouTube channel alone is a bit Drifter yeah I mean obviously yes yes 100% mining King definitely not we're not doing any of that here Max probably has to be work on like four hours max thank you for the there's Max link right there go if you want to sign up for coin Ley uh Max has his link right there he gets a little uh little Kickback there so go support Mr Mr Max voltage uh great or good coin Le for the win yeah coin Le is great I I love it it makes my taxes so much easier super super simple all right enough about tax talk uh what time is it ah another couple more minutes guys and then we're going to we're going to go to bed it's getting late my bedtime is in is in 10 minutes max nah I had to wake up in 6 hours late start tomorrow oh nice okay nice nice nice nice um if you're in the US you have an accountant set up a partnership everything is deductible jrose partnership who are you partnering with your mom your dad I guess you could do that your friend mining King Panda that's like King nobody knows that okay now great everyone knows I'm in Pacific Time now uh voltage LLC is what he means ah okay travels travels when more rigp pick streams I used to love those yeah I used to love them too I don't think anyone's been posting my I don't think anyone's been posting on rig picks let me see uh oh no we we got some people here we got some people here let's see one new one 4 days ago okay all right well we got we got what is this yeah we got we got some we got some good I'm just waiting for like the big mining Farm nah we haven't had we haven't had many rig picks we haven't had many rig picks not many wck picks either oh we had a doge coin minor burn up yeah of course yeah look at that bubble on the PCI yeah you know we'll we'll bring it we'll bring it back we'll bring it back one day we'll bring it back one day day another KS Z Pro fail oh no this thing melted oh yeah where is it I don't see any melted going on here oh right there ooh dang uh travels travels I'll think about it I'll think about it it's a lot of work but I'll think about it Jeff you're in midnight now yeah I have two Ultras coming my bad Northern minor Frogman red pen is lonus neighbor Frogman pretty much uh man zeis died down yeah zeis has died yeah name of the game now is to accumulate and mine other coins that you can obviously your electrical c yeah like mining GPU mining spec mining coins right now is is is is really hard oh conceal is up 20% look at that conceal oh zealous is up 8% but not nothing nothing really everything generally is down ASA classic is down of course Carlson's down classic radiant is down that's radiant has been just just radiant is just going straight down how much radiant can I buy for $1,000 right now I can buy 1.6 million radiant for 1,000 bucks what what look at this gradient is bottom I feel like gradient is hitting the bottom here gradient was like four triple 04 we're at triple 06 right now we're almost hitting the previous low here o man I I might cuz Radiance on tangum now I actually have some radiant on my tangum so maybe it just buy another buy another $500 in radiant and plop it on my tangum just to just for the just for the heck of it not Financial advice okay all right Bros my kid is already singing and screaming now so I got to go I will see you all tomorrow I'll see you all tomorrow peace out peace out Bros peace out peace out thanks everybody thanks for the stream smash the like on the way out Cedric rxc chart looks like RTM chart a spiral of of death Ah that's great all right good night Bros good night everybody or later afternoon maybe morning for most of you European uh Asia uh viewers thank you everyone peace peace good night [Music] a [Music] [Music] [Music] [Music] your 199 super
