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 LATEST TOPICS |  FORUMS » GENERAL DISCUSSIONS » WHY IS BITCOIN SUCH A HOT TOPIC OF DISCU...
Subject: Why is bitcoin such a hot topic of discussion right now?
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coachmcguirk Jun 20, 2017 02:29 PM Reply | Bookmark
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When you factor in transaction fees for certain wallet carriers which is basically a scam imo, and your roi after electricity costs (particularly for those in bc). Is it still worth the headache?

I'm relatively new to the subject so forgive my ignorance on the matter. I just want to know if it's worth mining on nicehash with my 1080ti. It seems la lot of people are doing it right now. I'm I being irrational for not buying into the hype?

Topic URL: http://forums.ncix.com/forums/topic.php?id=2758064

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Coach_ Jun 20, 2017 02:53 PM Reply | Bookmark
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because I own two 1070s a 1080 and a 970 and I can earn ~$185 CAD/week at the current price of BTC.

edit: I would try it if I was you. Nicehash is SUPER easy to use and it takes no time to start. There are calculators you can use to plug in your electricity cost etc etc to determine profitability.


This message was modified by the poster at 06 20, 2017 02:56 PM

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coachmcguirk Jun 20, 2017 03:14 PM Reply | Bookmark
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Quote: (Coach_ @ Jun 20 2017, 02:53 PM)

There are calculators you can use to plug in your electricity cost etc etc to determine profitability.


Are electricity costs static across Vancouver? I ask because I live with my brother and I'm not 100% certain on electricity costs.

Regarding nicehash, I made a bitpay account. Will this be problematic? Can I use the bitpay address where it says 'bitcoin address' in nicehash? Or do I need to use a specific wallet?

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Cannon Fodder Jun 20, 2017 03:24 PM Reply | Bookmark
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Quote: (Coach_ @ Jun 20 2017, 02:53 PM)

I own two 1070s a 1080 and a 970 and I can earn ~$185 CAD/week at the current price of BTC.


Uhm, just out of curiosity, is that ~$185 CAD/week PROFIT, i.e. over & above your cost of electicity, or are you talkin' about BEFORE you pay for the electricity?

Guess I should've jumped on the bandwagon a few years ago, when my wife had a business in a space she was leasing, in which the electricity was included in the lease - could've parked some mining gear in an unused corner somewhere, and let someone else pay for the juice.

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Greg * NCIX.com Jun 20, 2017 03:25 PM Reply | Bookmark
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Quote: (coachmcguirk @ Jun 20 2017, 03:14 PM)

Are electricity costs static across Vancouver?

The more you use, the more you pay.

It's a tiered service. From the FortisBC website:

Customer Charge $32.09 based on 60 day billing period.
First 1,600 kWh are billed at 10.117¢ per kWh.
Additional kWh are billed at 15.617¢ per kWh.

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coachmcguirk Jun 20, 2017 04:11 PM Reply | Bookmark
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Thanks, Greg.

So factoring in electricity costs, my ROI comes to $301.24/per month on a single 1080Ti. Not a bad supplement indeed.

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Coach_ Jun 20, 2017 04:15 PM Reply | Bookmark
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Quote: (Cannon Fodder d Jun 20 2017, 03:24 PM)

Uhm, just out of curiosity, is that ~$185 CAD/week PROFIT, i.e. over & above your cost of electicity, or are you talkin' about BEFORE you pay for the electricity?
profit

This message was modified by the poster at 06 20, 2017 04:15 PM

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Coach_ Jun 20, 2017 04:17 PM Reply | Bookmark
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Quote: (coachmcguirk @ Jun 20 2017, 03:14 PM)

Are electricity costs static across Vancouver? I ask because I live with my brother and I'm not 100% certain on electricity costs.
In MB here I pay ~$.085/KW/h

Quote: (coachmcguirk @ Jun 20 2017, 03:14 PM)

Regarding nicehash, I made a bitpay account. Will this be problematic? Can I use the bitpay address where it says 'bitcoin address' in nicehash? Or do I need to use a specific wallet?
so long as bitpay gives you an address to your bitpay wallet you can use it. You are telling Nicehash where to send the BTC you earn :)

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Mr. Friendly™ Jun 20, 2017 05:20 PM Reply | Bookmark
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where did you read that, Greg?

I read that it's just shy of $0.09/kWh up to about 1300kWh and then goes up to $0.13/kWh afterwards.

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Calypso Jun 20, 2017 05:38 PM Reply | Bookmark
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Gee, $3,600.00/Cdn dollars/BTC. MIGHT have something to do with that.

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coachmcguirk Jun 20, 2017 06:11 PM Reply | Bookmark
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Quote: (Calypso d Jun 20 2017, 05:38 PM)

Gee, $3,600.00/Cdn dollars/BTC. MIGHT have something to do with that


Yeah, it's almost too good to be true. I should jump on the opportunity and purchase a few more cards tbh. I figure; I probably won't miss the money later on down the road if BTC tanks, but I'll definitely be kicking myself if I don't take the chance.

This message was modified by the poster at 06 20, 2017 06:12 PM

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Coach_ Jun 20, 2017 06:15 PM Reply | Bookmark
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Quote: (coachmcguirk @ Jun 20 2017, 06:11 PM)


Yeah, it's almost too good to be true. I should jump on the opportunity and purchase a few more cards tbh. I figure; I probably won't miss the money later on down the road if BTC tanks, but I'll definitely be kicking myself if I don't take the chance.
And that is why cards are sold out and prices for them are up

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Mr. Friendly™ Jun 20, 2017 06:35 PM Reply | Bookmark
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tomorrow I'm launching two systems, each with 4x GTX 1070's. that should net me, at current production, approximately $40 USD, after power costs are subtracted.

plan to fill in with another four GPU as they come available again.  

there's an optimization out there to run them at 110w with 31 MH/s production. :cool:

edit - that said, 1080 Ti's appear to be readily available and are producing upwards of $10 USD/day. ROI is a bit more...90 days vs 75 days for the 1070, but once that's passed, you're almost printing money.

This message was modified by the poster at 06 20, 2017 06:37 PM

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Coach_ Jun 20, 2017 07:56 PM Reply | Bookmark
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Quote: (Mr. Friendly™ @ Jun 20 2017, 06:35 PM)

there's an optimization out there to run them at 110w with 31 MH/s production
please share

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[] [POSSE] [] Cptn. Vortex Jun 20, 2017 09:58 PM Reply | Bookmark
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http://www.legitreviews.com/geforce-gtx-1070-ethereum-mining-small-tweaks-great-hashrate-low-power_195451

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computer_guru Jun 20, 2017 10:31 PM Reply | Bookmark
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Quote: (Coach_ v Jun 20 2017, 02:53 PM)

because I own two 1070s a 1080 and a 970 and I can earn ~$185 CAD/week at the current price of BTC.

edit: I would try it if I was you. Nicehash is SUPER easy to use and it takes no time to start. There are calculators you can use to plug in your electricity cost etc etc to determine profitability.


Okay, so I downloaded Nicehash and I chose a wallet (exodus, basically randomly) and I put the receive address into Nicehash and pressed start ... so I'm mining now !? Apparenly at about 17 cents a day on an i3 ! Sold my 780 so I'll probably pick-up a GTX 1060 or RX 480/580 (if they ever come in stock!) ... than when I make let's say, $500 in bitcoin ... I just cash it in for cold hard cash and / or trade bit-coin on the open market ?

... Going to bed, long day !

This message was modified by the poster at 06 20, 2017 10:31 PM

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TheMachine247 Jun 20, 2017 10:55 PM Reply | Bookmark
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Check BTC value daily, when it's at it's highest if you wish to convert  it to CAD dollars you may do so.

Currently I am holding onto all of the BTC I can get right now I bought in a fair bit during the low days of 600-1000 dollars per coin.

Made the mistake of cashing out original investment days before it went to 3900 CAD LOL

Hey it could be a nice early retirement investment for me :)

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Mr. Friendly™ Jun 21, 2017 06:46 AM Reply | Bookmark
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talking with a friend about mebe doing two 6x GTX 1080 Ti rigs...

just finding somewhere we can tap into two 20A circuits that's cool is the problem.

well, that and the $15,000 needed to built both rigs, LOL!

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Coach_ Jun 21, 2017 07:47 AM Reply | Bookmark
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where do you guys trade? BTCe? Kraken?

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Entz Jun 21, 2017 09:33 AM Reply | Bookmark
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Quote: (Coach_ @ Jun 20 2017, 04:15 PM)


profit

Don't forget income tax Especially with everything having to be reported to FINTRAC

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[] [POSSE] [] Cptn. Vortex Jun 21, 2017 09:34 AM Reply | Bookmark
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Check out Quadriga for CAD trading.

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Mr. Friendly™ Jun 21, 2017 10:44 AM Reply | Bookmark
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I am curious about how you need to make claims to the CRA.

being it's not regulated, they don't have a clue until you try to pull it out.

but...because I'm not buying them, I'm mining them, so how would it be a capital gain? and what about volatility? I don't get to reverse capital gains if they lose value.

wonder what the options are to cash out in an offshore account.

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Mr. Friendly™ Jun 21, 2017 11:02 AM Reply | Bookmark
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interesting...glad I'm under BCHydro, not FortisBC.

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Entz Jun 21, 2017 11:22 AM Reply | Bookmark
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It only matters when you pull it out. i.e. when it is converted to cash and shows up in a transaction. That is really all they care about. You can hold bitcoins forever, but once its income in your bank account (or recorded as such via FINTRAC) then it is subject to audit.

Of course anyone is welcome to do what they please, just like selling things privately. Just don't be surprised when the government comes calling or rejects your next years tax return and calls asking why you got $20,000 deposited into your bank account and it is record as being a transaction from the proceeds of bitcoin but you never claimed it ;)

I was always instructed (based on talking to CRA and multiple CAs at the time) to claim them as capital gains on the actual conversion price vs cost to mine (i.e. electricity and cooling = acquisition cost). Technically speaking if you kept good enough records and you purchased them with real money, you could claim a loss i am sure.

Claim or not it is up to you, for most the capital gains will be small vs your normal income and not really change anything, but when you are in the tens of thousands of dollars range it gets messy and is traceable now (required by law on cash out).

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Greg * NCIX.com Jun 21, 2017 11:45 AM Reply | Bookmark
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Quote: (Mr. Friendly™ @ Jun 21 2017, 11:02 AM)

interesting...glad I'm under BCHydro, not FortisBC

BCHydro does it too. Their rate is lower than FortisBC though.

https://www.bchydro.com/accounts-billing/rates-energy-use/electricity-rates/residential-rates.html

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Mr. Friendly™ Jun 21, 2017 12:45 PM Reply | Bookmark
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I will obey the law...the offshore comment was off-the-cuff.

so if I have spent $15,000 in costs to setup for mining...and only have one, $3000 CDN...I could claim a loss?

sounds like I should create  a proprietorship or Inc myself.

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Entz Jun 21, 2017 01:04 PM Reply | Bookmark
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From my recollection no, equipment costs do not count but you would be be able to claim them under the standard proprietorship input tax credits and apply a portion of them to offsetting the net income. Actually not a bad idea to do anyways. Even if its 20% the first year you would basically get your first 3k tax free :P

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Cannon Fodder Jun 21, 2017 01:10 PM Reply | Bookmark
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Quote: (Mr. Friendly™ @ Jun 21 2017, 12:45 PM)

sounds like I should create  a proprietorship or Inc myself.


No, don't do it yourself - I've got a niece that does some really nice tattoos!

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vcmh Jun 21, 2017 02:26 PM Reply | Bookmark
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I'm new to this bitcoin thing.

How would I get started? is there a guide to follow? Is the mining purely based on GPU?

Are those pre built miners any good?

Any assistance would be greatly appreciated. Thanks

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Mr. Friendly™ Jun 21, 2017 02:32 PM Reply | Bookmark
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BB has just put up some Zotac 1070 Mini's for $550...

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