Anyone just given up on looking for a new GPU?

[ljt]

So its not what people can or can't afford its simply down to ideology

Yes for me anyway, that's exactly how it is. I alone decide if something is worth the price they are asking. That goes for pretty much anything I look for, electricals, food, services etc.

i.e. in the case of GPU's. I thought £650 was a fair asking price for the performance the 3080 offered, I'd have probably said £700 for AIB models due to larger coolers etc. But anything above that price they aren't good enough. That's got nothing to do with affordability or available money from myself. I could technically afford to buy AIB models at £1000+ but because I don't deem them worthy of £1000+ I won't buy, even though I wanted one. (In the end I did manage to get an 3080FE for £650, but had I not, then I'd have happily gone without)

And I wouldn't call it ideology personally, but if you want to go with that then fine.

 

[Marak]

Crypto is taxed under capital gains, isn't it? So the £1,000 limit doesn't apply. You get an annual allowance (Currently £12,300) for capital gains instead.

When you receive crypto that you have mined, for example from a pool payout, that is income tax payable at the exchange rate for crypto to pounds at the time of the transfer. E.g. you receive 0.1 ETH payout when ETH is at £4,000 per coin means you have £400 income from the point of view of HMRC.

If it was all capital gains it would be great but sadly not.

Edit: But when you sell the ETH any profit you make over and above that £400 is capital gains.

 

[Bill Turnip]

When you receive crypto that you have mined, for example from a pool payout, that is income tax payable at the exchange rate for crypto to pounds at the time of the transfer. E.g. you receive 0.1 ETH payout when ETH is at £4,000 per coin means you have £400 income from the point of view of HMRC.

If it was all capital gains it would be great but sadly not.

Edit: But when you sell the ETH any profit you make over and above that £400 is capital gains.

Misread the first post, apologies. Teach me to skim read and pipe up!

 

[GhostDog1981]

When you receive crypto that you have mined, for example from a pool payout, that is income tax payable at the exchange rate for crypto to pounds at the time of the transfer. E.g. you receive 0.1 ETH payout when ETH is at £4,000 per coin means you have £400 income from the point of view of HMRC.

If it was all capital gains it would be great but sadly not.

Edit: But when you sell the ETH any profit you make over and above that £400 is capital gains.

But there's no way of proving that exact value pinned to ETH value, HMRC would not have the resources to check every payout. I think they'll be happy if you you just declare it all at the end of the year in the next tax assessment.

 

[gpuerrilla]

But there's no way of proving that exact value pinned to ETH value, HMRC would not have the resources to check every payout. I think they'll be happy if you you just declare it all at the end of the year in the next tax assessment.

@Mercenary Keyboard Warrior

 

[GhostDog1981]

@Mercenary Keyboard Warrior

Sorry can you clarify?

 

[gpuerrilla]

Sorry can you clarify?

He's my a resident inside accountant opinion.

 

[dcsarge]

It is near impossible even to buy a 'reasonably' overpriced 3060 Ti following links from Telegram. I thought sod it I will stick a triple fan Gigabyte at £150 over FE price on the credit card, and let my daughter just have the difference as a present, but that didn't even get to check out .

 

[Bill Turnip]

But there's no way of proving that exact value pinned to ETH value, HMRC would not have the resources to check every payout. I think they'll be happy if you you just declare it all at the end of the year in the next tax assessment.

They don't have the resources, that's why self-assessment exists. However if they enquired, you may need to be able to show your records supporting your figures, which you're required to keep for 6 years. You would need to show amount and dates sold I would imagine, which they could check against the value of that coin at the time.

If you declare all money made, happy days. But you'll need the record of the transactions if they ask is all.

 

[andybird123]

Also crypto is not free money- you have to spend on electricity and declare it every year to HMRC and pay CGT on profits more than £12500/year

All these people mining away and not declaring their assets are committing tax fraud.

Actually, mining is income so you pay income tax. If you hold crypto or buy crypto and then sell for a profit then it's CGT.

I'd love to be able to make 12,500 a year off a single 3080, but that ain't happenin

 

[andybird123]

But there's no way of proving that exact value pinned to ETH value, HMRC would not have the resources to check every payout. I think they'll be happy if you you just declare it all at the end of the year in the next tax assessment.

Not 100% accurately no, but HMRC will use the same approach they use with historic currency conversions - if you can't show them a value and a basis for that calculation then they'll enforce one upon you from their preferred data source.

 

[Tasty Linguine]

Yes for me anyway, that's exactly how it is. I alone decide if something is worth the price they are asking. That goes for pretty much anything I look for, electricals, food, services etc.

i.e. in the case of GPU's. I thought £650 was a fair asking price for the performance the 3080 offered, I'd have probably said £700 for AIB models due to larger coolers etc. But anything above that price they aren't good enough. That's got nothing to do with affordability or available money from myself. I could technically afford to buy AIB models at £1000+ but because I don't deem them worthy of £1000+ I won't buy, even though I wanted one. (In the end I did manage to get an 3080FE for £650, but had I not, then I'd have happily gone without)

And I wouldn't call it ideology personally, but if you want to go with that then fine.

I whole heartedly agree. I'm been in the postition of wanting to buy a 3090 fe, even AIB model even but the price hike in to edge of 2000 and now 3000 I deem completly unreasonable even though I can afford it.

 

[ljt]

I whole heartedly agree. I'm been in the postition of wanting to buy a 3090 fe, even AIB model even but the price hike in to edge of 2000 and now 3000 I deem completly unreasonable even though I can afford it.

Indeed, it seems an alien concept to some that you can both afford an item, yet also feel its not worth the asking price and refuse to actually buy it!

 

[GhostDog1981]

Not 100% accurately no, but HMRC will use the same approach they use with historic currency conversions - if you can't show them a value and a basis for that calculation then they'll enforce one upon you from their preferred data source.

If you HODL and not cash out then I guess when you do cash out you would pay CGT.

You would have at least 20-30 payments into your wallet in a year hypothetically speaking of course, how can they expect someone to declare each of these individually? Surely declaration of total amount at the end of year is reasonable?

Anyway this will infuriate most on this forum but that's not the intention, it is to understand how people think they'll get away without taxation.

 

[Angilion]

Too much salt in this thread.

Stop blaming capitalism because you can't afford a GPU upgrade. Especially when you clearly have no idea what free market capitalism is. Hint: without it there wouldn't be any GPU's to buy as they wouldn't exist.

I currently have £4K lying around to spend on whatever I feel like. It's completely spare money. I will not be spending it on farcically overpriced products in order to increase the record profits of a few companies because a flawed and completely unsustainable economic system heavily promotes predatory behaviour and has resulted in a hyper-fragile manufacturing and supply system that's too fragile to handle unexpected changes.

Hint: Not being a mug isn't the same as not being able to afford to be a mug.

 

[Phixsator]

I currently have £4K lying around to spend on whatever I feel like. It's completely spare money. I will not be spending it on farcically overpriced products in order to increase the record profits of a few companies because a flawed and completely unsustainable economic system heavily promotes predatory behaviour and has resulted in a hyper-fragile manufacturing and supply system that's too fragile to handle unexpected changes.

Hint: Not being a mug isn't the same as not being able to afford to be a mug.

+1

I'd rather just wait personally.

 

[andybird123]

If you HODL and not cash out then I guess when you do cash out you would pay CGT.

You would have at least 20-30 payments into your wallet in a year hypothetically speaking of course, how can they expect someone to declare each of these individually? Surely declaration of total amount at the end of year is reasonable?

Anyway this will infuriate most on this forum but that's not the intention, it is to understand how people think they'll get away without taxation.

Yes, you are only required to fill in your tax return once a year, but you have to keep records of every transaction individually.
My mining is paid in to my account daily, but no I don't have to phone up HMRC every day to tell them, I just collate the data and file it with my tax return every year.

Its about how you record the data - its much easier to make a record yourself at the time, than it is to wait till the end of the year and then have to go through all 20-30 of those payments trying to work out what the historic £ equivalent was at the time.

For the vast majority on here that are likely to only be mining on say 1 GPU just to recoup some of the cost, their mining will be below the £1k threshold and even if they hold it for a long time and cash out its probably going to be below the £12.5k CGT allowance too, particularly if they don't cash it all out at once.

Even for me, I've been mining over 5 years, my mining profits per year have mostly been below the £1k but I'm now sitting on £30k's worth (actually that was a few weeks ago, its probably worth a bit more than that with the sudden increase in BTC), but my plan is to wait way in the future and cash it out at like £10k per year as nice little bonus in years where I don't make any other disposals that would attract CGT.

But, if HMRC get a data dump from an exchange and your name is on there, but you aren't filing a tax return, then the chances increase massively that you are going to get a knock at the door, so its best to keep records and sign up for tax returns than to just sit on it hoping they never find out.

 

[Gigapig]

I currently have £4K lying around to spend on whatever I feel like. It's completely spare money. I will not be spending it on farcically overpriced products in order to increase the record profits of a few companies because a flawed and completely unsustainable economic system heavily promotes predatory behaviour and has resulted in a hyper-fragile manufacturing and supply system that's too fragile to handle unexpected changes.

Hint: Not being a mug isn't the same as not being able to afford to be a mug.

+1 Exactly.
I had the money saved up ready for the new GPU's but thankfully because of the prices I put it toward a car which I love.

I wonder how many people have put themselves in further debt to upgrade something they didn't actually need to upgrade.

 

[andybird123]

+1 Exactly.
I had the money saved up ready for the new GPU's but thankfully because of the prices I put it toward a car which I love.

I wonder how many people have put themselves in further debt to upgrade something they didn't actually need to upgrade.

if people are getting themselves in to debt to buy shiny things then they have more serious problems than just a GPU, like they would probably always find something to waste their money on

 

[subbytna]

Yes surprised that this doesn't have a thread yet.

What is better than selling something? Renting it out!

Hm, €200pa for a card which will be outdated in ~2yrs (node advances have slowed), isn't actually that bad. Latency would be big problem I suppose.

What are Nvidia going to do with all those cards themselves once they are too slow? Guess they can move them to duties in lower tiers for a but for how long?

No, it's horrible. Edited just before your post but realised that you actually need Shield TV Pro for 4K HDR, so that's even more. The issue is that you don't get to keep the hardware (that has value) and you can't rent it out yourself in order to recoup the money. F.ex right now my 6800 does around $2.5 a day in Eth, over a year that's $900, and I paid $770 for it (and in fact I has already mined well in excess of $1000 since I got it last year and that was a half-hearted attempt by me). Even if we say I can only sell it for half when RDNA 3 lands (which is very pessimistic considering its price today is >$1000) then it will still have paid for itself twice over. Imagine paying Nvidia 200€ a year for the privilege instead! In effect I'd have lost 1900€ over buying the GPU myself!

And that's to not even go into latency, GFN's numerous service issues, more limited game selection, modability and on and on it goes.

Is that £2.5 AFTER electricity prices are taken into account for electricity use?

With electricity prices going up by 20 or 30% in the last couple of months, surely mining isn't profitable now?