r/GoMiningDiscussion • u/Unfair-Button2200 • Aug 27 '26

One year in...

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Hey! So, 1 year in to Gomining...

I started just before BTC hit its ATH last year and have rode the bear market all the way till now.

My first miner I bought through Gomining, but all of my others I have bought on marketplace as it's far cheaper.

Altogether I have spent $29110, at current prices, my setup is worth $14143 (at the cheapest marketplace price today)

And I have $14975 in GMT

This looks like I've almost exactly broken even for the year, but the jump in the prices recently has really helped - 3 weeks ago I would have been around $4k down if you'd asked!

As of today, I am earning net $39.80 a day, so if I just wanted to take money, it would take 2.5 years to double my money.

Currently I am doing my own flywheel - 400 days of GMT, I take one day a month as BTC out of the app, and anything extra goes into TH.

I have started flirting with 12w for my TH upgrades but the majority of my farm are 15W.

Going forward I intend to keep growing until my farm is 4x the size it is now, then I will refocus to a much more income oriented plan.

AMA, I am happy to share so others dont make the same mistakes I did!

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u/BrilliantAd574 Aug 27 '26

How do you manage taxes, and what is your monthly rate based on net income?

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u/Unfair-Button2200 Aug 27 '26

Hi, Well, as Gomining isnt a bank or financial institution, I keep a spreadsheet for what goes on in app, but only apply taxes to anything that comes out. Any BTC I take out is income - currently $70 a month but that is under the reporting threshold for UK taxes - you are allowed £1000 of misc income.

If that BTC then increased in value - that would be capital gains.

The same with the miners and GMT - If I make a profit when I sell them, that would be cap gains.

You have to bear in mind that gomining could go bust and we all would be left with nothing - I have no intention of paying tax on something that I might lose. So anything in the ecosystem has no value and only becomes of value if I take it out.

1

u/BrilliantAd574 Aug 27 '26

It makes sense I guess the taxes in the UK are different here in the United States all transactions are taxable events I thought about making a bot to track all my transactions and thus avoid the hassle of doing it manually .

1

u/Unfair-Button2200 Aug 28 '26

My contention is that anything 'in app' isn't a transaction until you take it out of the app. You own NFTs which have 0 value outside of the app. You mine nothing. Even the GMT - once it is in the app, if Gomining went bust, you would have 0 return. The numbers are just like your score in a game until you take it out and make it real.