RESOURCES
CRYPTO VIDEOS
Videos that will help you understand the concept of Bitcoin and why it might make sense to add crypto to your investment mix.
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​Where are the un-mined Bitcoins?: https://www.buybitcoinworldwide.com/how-many-bitcoins-are-there/
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What is Bitcoin halving? https://www.investopedia.com/bitcoin-halving-4843769
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Decrypt (crypto news): https://decrypt.co
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CoinDesk (crypto news): http://www.coindesk.com
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Modern Finance (crypto podcast): https://modern.finance
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The Block (crypto website): https://www.theblockcrypto.com/
CRYPTOCURRENCY & TAXES
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Do I pay taxes on crypto earnings? You pay taxes on crypto earnings, just like you pay taxes on any other income. The IRS treats crypto as property, not currency, therefore there are tax consequences when you sell it. If you held your crypto for less than 1 year (short term gain) you pay tax at your ordinary income rate. If you held it for more than 1 year (long term gain) you pay a rate of 0%, 15% or 20% based on your overall income.
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What happens if I don't pay taxes? If you don't pay taxes on your earnings chances are the IRS will catch you. All Bitcoin transactions are permanently stored in the Bitcoin network and the network is public. The IRS will charge you interest on the balance you owe and you will be penalized 5% a month. The IRS can put a lien on your house or levy your bank accounts.
HOW TO MINE BITCOIN
Covers the basics of how to get into mining for cryptocurrency, whether you want to do it for fun or for profit. CPU, GPU and ASIC devices are referenced, plus some software tools that are available.
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What should I mine? https://www.whattomine.com/
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What equipment do I need to mine? It depends on whether you want to do it for fun or for profit. I used a Bitmain Antminer S17 Pro, but here is an article discussing various options: https://cointopper.com/guides/difference-between-asic-gpu-and-cpu-mining
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What software to use for mining? There are a lot of options available. I used Antpool, but NiceHash is another option.
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How much can I make if I start mining? As of January 2021, using a Bitmain Antminer S17 Pro you could net about $6 per day, which comes out to $180 per month or $2,160 in a year. There are newer, more powerful computers that can net over $50 per day, but they cost a minimum of $12,000, so it takes some time to recoup your initial investment. When I had my Antminer S17 Pro I ran it in low power mode or normal mode to minimize noise and electric consumption.