27 Comments

  1. I saw that your energy company is amongst those that have gone under in recent weeks. Presumably you have been switched to an alternative provider… again, presumably you have been put on to either a variable tariff or have agreed something at a much different price. Is mining still worthwhile for you? My current rate is similar to what yours was at the time of this video, but rates have about doubled, which is what I'd be expecting to pay come Q1 of next year… a big yikes. Not sure whether to even bother!

  2. Great video. How do the taxes work? The issue with US is you get taxed twice — tax on actual.mined crypto and any capital gains. Perhaps the UK taxes are more friendly bit taxes can cut down your profits.

  3. How are you reclaiming vat? I’ve researched this and crypto mining isn’t recognised by HMRC to be able reclaim vat. So I’m going to guess you have put this through your existing limited company as a pc, but when hmrc review your accounts they will not refund vat on mining or at least that’s what their rules state. Also how are you navigating tax, this is not clear at all when you read through it, hmrc rules and examples are for trading or buying and selling crypto, which you aren’t doing. So do you pay capital gains on the crypto price difference from that when it is mined and your selling price or is it the whole price of crypto is classed as the gain and taxed? With one rig your not going to be struggling with capital gains but when you expand this out it basically isn’t clear. Again though interested to know why you doing this through a vat registered company as you pay corporations tax on the crypto when it is sold, then you pay personal tax when you extract it from the company so have you looked at the most efficient business / personal setup.

    Thanks for the video, great in-site which I’m looking to get into, once I have understood the most efficient method to do it. 👍

  4. 👆👆👆 Hi, If you need any antminers or GPU (NON LHR). We offer best miners for cryptocurrencies. We have more thank 1000+ happy customer and work with 100+ resellers. MINE FOR THE FUTURE.⛏⛏⛏

  5. Thanks for the video. Really helpful having someone from the UK walking me through this. You are also very straight talking and don’t provide unrealistic expectations of mining. Super helpful. Keep up the crypto and mining videos 👍

  6. How does this whole crypto thing work, I'm interested in it and I'm willing and ready to invest heavily in it but I'm gonna need an assistant from any trusted and productive professional

  7. Hey Darren, great tutorial videos. I have just built my first Rig and currently mining away 🙂
    Be very grateful if you could share your overclock settings with me. I have my rig at 192.99MH but I'm currently pulling to much power @ 576W.

    Regards

    Jamie

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