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The continued existence of blockchain networks depends on miners’ involvement, who get compensation in the form of cryptocurrency for their efforts. Although mining cryptocurrencies might be profitable, how is the ASIC crypto mining taxed?
You can evaluate your tax requirements for mining cryptocurrencies with this tutorial. It’s critical to understand how cryptocurrency mining is taxed if you currently mine cryptocurrency.
An overview of ASIC mining Tax ImplicationsThose unfamiliar with mining may find the involved tax implications of cryptocurrency mining complicated. Let’s begin with the fundamentals. The IRS requires you to declare any Bitcoin you earn and any cryptocurrency you own. Profits from mining or purchasing cryptocurrencies are taxable, even though the exact tax laws apply differently based on how the miner obtains coins. Bitcoin you buy as an investment is taxed and reported differently than Bitcoin you earn through mining.
What are crypto mining taxes?How you receive the cryptocurrency and, in certain situations, the length of time you have kept it determine how much Tax you pay. The rules are different depending on whether you mined the cryptocurrency in question or purchased it.
Holdings in cryptocurrencies are considered more as property rather than income. Generally speaking, when you sell your holdings, the money you make from their increased worth is a taxed capital gain. Your loss of funds is recorded as a capital loss. If you have had a holding for less than a year, it is taxed as a short-term capital gain; if you have been holding it for more than a year, it is taxed as a long-term capital gain.
Mining cryptocurrencies is not subject to the same regulation. Both commercial and hobby miners must declare their mining profits as income. Your earnings in Bitcoin or other cryptocurrencies from work mining may be submitted to the IRS by the payer or mining pool. The cryptocurrency miner then records this sum as business income, even if they receive paid in kind instead of cash.
The bitcoin market is about to see the introduction of the wash sale rule. Regulations about crypto-taxation are necessary as more traders invest in cryptocurrencies and digital assets.
Read the full blog here - https://asicmarketplace.com/blog/tax-implications-of-asic-mining/
If you are looking for the best substitute for Bitcoin, then there is nothing better than Litecoin. Litecoin maintains the security and integrity of the blockchain. In addition to this, it also comes to the list of profitable cryptocurrencies to mine in 2024. With all the information on how to mine it and the prerequisites to mine, it’s time for you to step into the final stage, which is learning about the top Litecoin mining hardware of 2024.
In this blog, we will take you through the top Litecoin models that are outperforming in 2024, along with their detailed descriptions and specifications so that you can make an informed choice on which LItecoin miner would be the best buy for you.
Which are the Top 5 Litecoin mining hardware models of 2024?
Below is the list and detailed specifications of the top 5 Litecoin mining hardware models of 2024. The list includes the ElphaPex DG1, Bitmain Antminer L7(9.5Gh/s), Goldshell Mini DOGE III, Goldshell LT Lite, and Goldshell Mini DOGE II. Let’s take a look at its performance and features to gain a detailed understanding of the top LTC miners.
1. ElphaPex DG1ElphaPex DG1 is a robust air-cooling Litecoin miner. It comes with a hash rate of 11000 Mh/s and consumes 3420 W of power. The miner performs well when kept within the prescribed temperature. The competitive power consumption and hash rate offered by the ElphaPex DG1 marks the greater efficiency rate of the miner, which provides optimal results to the Litecoin miners.
Read the full blog here - https://asicmarketplace.com/blog/top-litecoin-miners/
Alephium is an innovative blockchain project offering a highly desirable solution by merging these developments into a scalable blockchain that enhances traditional ideas and offers trusted, powerful, safe options for decentralized financial services and dApps.
In this blog, you will learn about Alephium and its features and get to know the recently launched Alephium miner by Goldshell, Goldshell AL Box miner.
Understanding Alephium Coin
Alephium is the mixed paradigm that incorporates Proof-of-Work (PoW) for protection with Directed Acyclic Graphs (DAGs) for scalability, compared to regular blockchains that depend entirely on a single consensus process.
This robust combination hopes to build a more flexible and adaptable environment for decentralized apps by addressing the shortcomings of current blockchains.
Alephium can handle more transactions concurrently by splitting the blockchain into fragments, which is crucial when the requirement for blockchain apps or transactions rises. Due to this, Alephium is a platform that attracts developers who wish to create decentralized apps (DApps) without worrying about expensive transaction fees or network interference.
How is Alephium impacting the ASIC Mining industry?
Alephium is committed to providing a safe, flexible, and environmentally friendly blockchain solution for the ever-changing ASIC mining ecosystem. This is evident from the advancements in the Alephium mining landscape and tokenomics.
Alephium is a blockchain project that addresses the drawbacks of conventional mining techniques by utilizing innovative technology like sharding and proof of less Work. Alephium has the potential to influence the future of cryptocurrency mining with its environmentally friendly approach and scalable architecture.
The market for mining Alephium with ASICs could expand dramatically in the upcoming years, especially if there is a continued need for scalable blockchain solutions and environmentally friendly mining practices. For miners and developers seeking more environmentally friendly options and the advantages of a scalable blockchain platform, Alephium presents the perfect platform.
Read the full Blog here - https://asicmarketplace.com/blog/overview-goldshell-al-box/
Bitcoin mining is a more prominent name because of how it has performed over the years. Previously, it was said that Bitcoin mining would be one of the most lucrative and efficient. Today, those statements are factual because they bring such great results to the miners that almost everyone has Bitcoin in their crypto portfolios.
Bitcoin Mining Council is another name in the ever-changing landscape of Bitcoin mining, which has performed an essential role in uplifting the industry and creating awareness amongst the miners by sharing reliable reports every year. In this blog, we will get into the depth of the Bitcoin Mining Council and its role in the mining industry.
An Overview of the Bitcoin Mining Council
The Bitcoin Mining Council is a widely accessible and free-of-cost platform that pertains to educating and helping crypto enthusiasts across the globe. This platform was introduced by the former CEO of MicroStrategy in 2021, who is currently the chairman of the Bitcoin Mining Council. The purpose behind creating the Bitcoin Mining Council is to spread the best crypto mining practices, encourage transparency, and educate the people on what Bitcoin mining is and what advantages it can provide in the long run.
The Bitcoin Mining Council holds quarterly meetings where it consults its members across the globe and then prepares the reports so that the mining firms and crypto miners can refer to the statistics to understand the ongoing trends and developments in Bitcoin mining.
It has almost 44 mining companies from five continents, which reflects how it has spread its roots across 50% of the global network. The list of reputed members of the Bitcoin Mining Council includes Agro Blockchain, Atlas Mining, Bitfarms, Bitfury, Celsius network, Core Scientific, Galaxy Digital, Hive Blockchain, New Data Ventures LLC, and more.
Due to its increasing value, Siacoin has become one of the most invested coins of the year. As the demand for Siacoin increases, so does its requirement, which is encouraging more miners to mine Siacoin now. A robust miner is required to mine Siacoins so that the results can be fetched as per expectations. Plenty of Siacoin mining machines are available; however, the top-performing Siacoin miner models are just a few.
This blog aims to help you choose the top Siacoin miners for mining the Siacoin token. It will provide you with detailed information on these miners so you can compare and contrast them and purchase the one that best fits your requirements.
What is Siacoin Mining?Users of the decentralized blockchain-based storage network Sia can rent out their extra storage capacity in return for Siacoins (SC), the native cryptocurrency. Mining is an essential function of the Sia network’s security and integrity. Running specialized mining software to mine Siacoins entails using your computer’s processing power to carry out calculations needed to keep the Sia network operational.
These computations guarantee the safety and reliability of the network as a whole by being required to build and validate new blocks on the blockchain. Due to the proof-of-work (PoW) consensus algorithm used by the Sia network, miners must compete with one another to solve mathematical puzzles.
One of the ways to encourage participation in the mining process is to reward the first miner to solve the problem with a certain quantity of Siacoins. Being a decentralized network, Sia seeks to disperse mining power among many users as opposed to consolidating it in the hands of a select few. In doing so, the network is protected from censorship and attacks by preventing any one party from exerting control over it.
Mining Siacoins enhances the safety and security of the Sia network as a whole in addition to its financial benefits.
Read the full blog here - https://asicmarketplace.com/blog/top-siacoin-miners/
Kaspa mining is evolving with increasing days as new miners are introduced to the industry. More and more miners are interested in Kaspa mining due to its increasing success, leading the brands to manufacture even more innovative mining machines to meet the growing demand requirements. One such name in the field of Kaspa miners is Ice River. They are well known for their advanced mining hardware, and they have recently introduced a new groundbreaking Kaspa miner in the market, IceRiver KS5L.
Read this blog to unleash the specifications of the newly launched IceRiver KS5L miner and dive into the details that have thrived the entire Kaspa mining industry.
Specifications of the Ice River KS5L
1. IceRiver KS5L is a robust ASIC miner specifically designed to mine Kaspa cryptocurrency. It is employed with the kHeavyhash algorithm, which gives you the security and faster transaction that a miner desires to stand out greatly in the Kaspa mining landscape.
2. It comes with a hash rate of 12 tera hashes per second(Th/s), which is an outstanding hash rate value that a miner can provide to its users. Along with it, the IceRiver KS5L consumes 3400 Watts(W) of power.
3. IceRiver KS5L, with such hash rate and power consumption, gives out an efficiency rate of 283.3 j/Th, a competitive efficiency rate higher than any Ice River miner.
4. It has a dimension of 370 x 195 x 290 mm, weighs 15000 g and has a noise level of 75 dB. It requires the voltage input as an alternative current between the 170 – 300 V range.
5. The ideal temperature for the miner ranges between 0 to 35 degrees Celsius and has a humidity level between 10 – 90%.
Read the full blog here - https://asicmarketplace.com/blog/iceriver-ks5l-12th-overview/
The Kadena algorithm is proof that an algorithm can be scalable, decentralized, and multi-networking at the same time. Do you want to learn more about Kadena so that you can optimize your Kadena mining process with a proper understanding of it?
This blog will help you discover the essential aspects related to the Kadena mining algorithm and the top coins that are employed with the Kadena algorithm.
An overview and working of the Kadena algorithm
Kadena crypto provides scalability and security through a braided multi-chain system. Kadena can verify multiple transactions using this mechanism without sacrificing the speed of delivery or time. Its dashboard has an easy-to-use interface, which is advantageous for developing apps. It also makes use of PACT, a smart contract language that is meant to be easier for non-programmers to understand than other coding languages.
Kadena is utilizing the Proof-of-Work consensus protocol because this proof-of-work is one of the safest ways to secure its blockchain in a world where all cryptocurrencies are switching to Proof-Of-Stake to process transactions on their blockchain. However, this has scalability problems, as demonstrated by the most expensive and slow transactions of Bitcoin and Ethereum in comparison to more recent blockchains.
Kadena utilizes a “chainweb” to solve this, essentially “sharding” transactions. Ethereum is attempting to put into effect sharding, which is the division of transactions into smaller blocks for processing at a faster and less expensive rate, with its upgrade to Ethereum 2.0. Unlike Bitcoin and Ethereum, Chainweb also enables Kadena’s Proof-of-Work system to maintain energy efficiency during scaling, making its adoption less difficult.
The users can transfer their tokens between chains and create an account on a less crowded chain with cheaper transaction fees and smart contracts.
Using the scalability of its Layer 1 private blockchain, Kadena’s Layer 2 private blockchain “Kuros” expands on this by enabling enterprise users to process and manage workflow through smart contracts. Insurance providers’ data transactions are one straightforward use case for Kuros.
Read the full blog here - https://asicmarketplace.com/blog/kadena-algorithm-guide/
Within the cryptocurrency community, there has been much discussion on the heated topic of selfish mining. Basically, selfish mining is a tactic used by a miner or group of miners to boost earnings by taking advantage of flaws in the mining procedure. Some believe it is used for the best interests of the miners; however, some claim that it is a destructive force that negatively affects the crypto-mining industry.
This blog aims to provide you with a detailed view of selfish mining, its working, potential threats against the blockchain and effects on the mining ecosystem.
Withholding or postponing the release of new blocks on purpose in order to obtain a competitive edge over other miners is known as selfish mining. The usual procedure for a miner to add a new block to their copy of the blockchain is to broadcast it to the network.
It can be defined simply as the state in which a single miner or group of miners controls more than half of the overall hash rate, enabling them to influence the blockchain to their benefit. With selfish mining, the miner can decide to keep the block a secret and carry on mining on top of it to extend the chain. As a result, other miners’ work on shorter chains can be declared invalid, and this longer chain can be broadcast to the network.
Miners execute selfish mining to maximize their income, which involves keeping newly found blocks hidden from the rest of the network and only revealing them once another miner has figured out the puzzle for the next block. It increases the selfish miners’ likelihood of mining the next block by giving them a head start on solving the next block.
Goldshell has recently announced on Twitter the release of a new Kaspa miner, which is an ideal choice for home mining. Due to a significant surge in mining Kaspa, it has become one of the most favourable coins, and it is now mined in mass.
Let’s dive into the all-new Kaspa miner as we analyze its specifications to predict how it would perform in the landscape of Kaspa mining.
Specifications of the Goldshell KA Box Miner
Goldshell KA Box Miner is designed ideally for mining Kaspa(KAS) at home. It is small in size and lightweight, too, which makes the KA Box Miner the most comfortable to operate from home.
With its high hash rate of 1.18 Th/s and minimal power consumption at a rate of 400 W, the KA Box miner is the perfect home miner.
It weighs 2000 g and has a dimension of 178 x 150 x 84 mm, which reflects on its minimal yet exquisite design.
The input voltage shall ideally be between 100-240 V, and the temperature conditions shall be between 0 – 35 degrees Celsius. When the prerequisites are maintained, the miner is sure to bring more significant results and longevity.
With the noise level reaching up to 35 dB, the KA box miner is undoubtedly the right choice for miners mining Kaspa from home.
Equihash was developed and introduced back in 2016. The intention behind the creation of this mining algorithm was to rectify some of the drawbacks of previous proof-of-work algorithms. As a result, it has emerged as the preferred mining algorithm for a number of renowned cryptocurrencies.
We will understand the Equihash mining algorithm in-depth and go over its advantages, working and minable coins for ZCash investors and miners in this blog. Let’s get started!
The generalized birthday problem is the foundation of the asymmetric memory-oriented proof-of-work mining algorithm known as Equihash, which is used in computer science and cryptography. It makes it possible for miners to mine cryptocurrency using a regular PC.
Scientists created it to shorten the amount of time needed to complete the mining process. Because it enables regular users to divide the workload by primarily figuring out how much proof-of-work mining to do on smaller operational systems. It connects the conventional SHA256 mining with numerous advantages, using Zcash as the perfect example of how to apply Equihash.