Crypto mining as a business.

[TransAmDan]

As there is a fair bit of income from crypto mining, there is also a fair bit of expense like buying hardware and also the cost of electric.
Up until now I have be recording power usage but knowing how much the units are using. However to claim as an expence they HMRC may want to see something more concrete than the calculated numbers you give them.
So under the worktop I installed an approved meter. All 3 crypto miners and the extractor fan goes through this meter.

After 1 hour.

3.7kwh used. So approx £1 ish at 28p per unit.

Great to have this installed.
While I was at it I put in a 6inch extractor to draw in cool air from outside into the miners.

Reminds me of that robot from lost in space.

 

[saleen 192]

Bit coin now dead and buried ref what happen ref news Big boss loosing it all?????

 

[renchero]

need to divert that heat into your house this time of year .

 

[TransAmDan]

Yes would be a good idea. One of them is like a sliding drawer tha can be removed from the garage and popped into the room that needs heat. Earn money while making heat, cheaper than a fan heater as you are getting mining rewards for it.
Mining alone isn't profitable as its costing more in electric, but if you are having to pay for electric to make heat than a mining machine would be more efficient as you are being rewarded a little for it.

 

[TransAmDan]

Bit coin now dead and buried ref what happen ref news Big boss loosing it all?????

Still got a little bitcoin and some Euthereum. The media like to report is gone down but it went up many times last year. Beginning of last year ETH was £600, it went uo vto £3600 by the end of the year, its now worth £1000. A good chance over the coming years to go above its highest yet.

 

[sysakyk]

At this point, you need to ask yourself if the gain is greater than the cost. My uncle got into Bitcoin money for a while, but he gave up after realizing it’s not profitable. When he calculated the costs of the electricity and equipment, he noticed the profit wasn’t what he expected. However, he would only spend a few hours a day for mining on moonbitcoins.com, because he has a full-time job. I heard mining can be profitable for professionals, but it takes time to reach that level. Also, I head about mining pools, where miners can share resources, but that means also sharing payments, so I don’t know how profitable it is. So, if you want to continue, evaluate the costs and the amount of money you make and decide if mining Bitcoin is worth it.

 

[TransAmDan]

Too late to do it with Bitcoin.
Euthereum was brilliant last year, earning more than it cost. However certainly been worse this year, costing more in electric than it rewards.
It seems to come in 4 year phases. All mining my stuff turned off, if it becomes profitable in a couple of years I'll switch it all back on again.