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<blockquote data-quote="teslacoils" data-source="post: 7543492" data-attributes="member: 127792"><p>Your essentially converting electricity into Eth, the value of which could be lots or little. That's the risk. </p><p></p><p>My cousin who hosts many companies websites and databases says bitcoin mining using surplus solar is not very profitable - the rate of mining has slowed so much, and that price of bitcoin is now driven by lots of folk wanting to own something going up in price. The underling tech under bitcoin doesn't seem very fast or efficient for transactions. </p><p></p><p>Eth will replace bitcoin. But even so, we calculated at current prices 30 to 50 percent of the income was electric costs. Add in that the cost of the kit is now not small. So think a year to pay off the kit, assuming the Eth is sold for "real money". </p><p></p><p>I'm looking at hosting my friends rig, simply as my electric cost is 2/3 of his. And how do you structure it? Currently in someone's house, you're not able to offset the rig and electric as a cost - so is all the Eth declarable as income on your tax form? </p><p></p><p>While folk are making money it's worth a look. But I'm more keen to shove some cash to a miner who knows what hes doing and seeing what that generates.</p></blockquote><p></p>
[QUOTE="teslacoils, post: 7543492, member: 127792"] Your essentially converting electricity into Eth, the value of which could be lots or little. That's the risk. My cousin who hosts many companies websites and databases says bitcoin mining using surplus solar is not very profitable - the rate of mining has slowed so much, and that price of bitcoin is now driven by lots of folk wanting to own something going up in price. The underling tech under bitcoin doesn't seem very fast or efficient for transactions. Eth will replace bitcoin. But even so, we calculated at current prices 30 to 50 percent of the income was electric costs. Add in that the cost of the kit is now not small. So think a year to pay off the kit, assuming the Eth is sold for "real money". I'm looking at hosting my friends rig, simply as my electric cost is 2/3 of his. And how do you structure it? Currently in someone's house, you're not able to offset the rig and electric as a cost - so is all the Eth declarable as income on your tax form? While folk are making money it's worth a look. But I'm more keen to shove some cash to a miner who knows what hes doing and seeing what that generates. [/QUOTE]
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