Crypto Trading

How to Start a Cryptocurrency Mining Business – Introduction

How to Start a Cryptocurrency Mining Business – Introduction

How to Start a Cryptocurrency Mining Business – Introduction

Today we are starting our “How to Start a Cryptocurrency Mining Business” series. We are excited to talk about our experiences starting our own mining farm and provide some of our opinions on various business topics. In this Introduction, we go over our background and the Hobby Loss rule to help clarify if your mining farm is considered a business. In the next videos in the series, we will talk about income, deductions, and answer all of your questions! Thanks for watching!

IRS Hobby Loss Rule – https://www.irs.gov/pub/irs-news/fs-08-23.pdf

0:00 Introduction
0:50 Our Background and Disclaimer
1:17 Do I need a LLC or to Incorporate
1:30 Hobby Loss Rule
2:46 Corporate Veil
3:18 Future Videos in the Series
4:19 Everyone’s Situation is Different

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Mining Essentials:
💾 MinerStat Management Software: https://my.minerstat.com/register?ref=24088 (Refferal Link)
📙 Looking for GPUs? https://geni.us/cW1aG
📙 EVGA 1600 Watt Power Supply: https://geni.us/poMJl
📙 1600 Watt 20 Amp Power Cord: https://geni.us/eBHNzy
📙 13 GPU Mining Motherboard: https://geni.us/Su8w
📙 HDMI Dummy Plugs: https://geni.us/uJJ6EY
📙 PCIE 1 to 4 USB Adapter for Mining: https://geni.us/c62t

Want to Build our Test Bench?
📙 Case: https://geni.us/XeyRi
📙 Motherboard: https://geni.us/kcgiL
📙 CPU: https://geni.us/HNLh
📙 16 GB RAM: https://geni.us/94QxUB
📙 Power Supply: https://geni.us/QHIM
📙 7” Portable Screen: https://geni.us/ByKuV
📙 Wireless Keyboard/Mouse Combo: https://geni.us/SvnnBs

🎥 The Best Crypto Mining YouTube Channels! 🎥

🎥 Red Panda Mining: https://www.youtube.com/c/RedPandaMining
🎥 ChumpChangeXD: https://www.youtube.com/channel/UCF55FYkyzzahf0_r4yj3K3Q
🎥 TekShinji: https://www.youtube.com/c/TekShinji
🎥 The Hobbyist Miner: https://www.youtube.com/c/TheHobbyistMiner
🎥 Red Fox Crypto: https://www.youtube.com/c/RedFoxCrypto
🎥 HashRaptor: https://www.youtube.com/c/HashRaptor
🎥 Rabid Mining: https://www.youtube.com/c/RabidMining

📩 E-Mail for Business Inquiries – Admin@GPURisers.com 📩
***WE WILL NEVER CONTACT YOU FIRST***

How to Start a Cryptocurrency Mining Business – Introduction

***DISCLAIMER***

Anything that is expressed in these videos is not to be taken as financial or legal advice. We provide content for entertainment purposes only. Please do your own research before investing!

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11 Comments

  1. I have friends and family that want to invest, but I dont know what to do!!! Can you make a video for this?

  2. My mind is blown I thought I needed a formal llc to be able to deduct expenses. I kept receipts for all my 30 gpus this year I’m definitely gonna look into deducting expenses been mining exclusively 24/7 365 this year

  3. Thank you so much for making this series. I am an accountant and found your information very useful and explained simply.

  4. Really looking forward to the subsequent videos that you have planned out.
    My question: You had said that an aspect of incorporation involves generating revenue. If I do not take out my mining profits into fiat, does that still count as revenue? Or do I have to cash out in order to show that my business is profitable?

    Thanks!

  5. Hello. 2021 is over. I had purchased many thousands in cards (GPURisers too!) and generated quite a bit of income, although not recouped so still at a significant loss. I thought of it as a business but didn't formalize anything in 2021. Can I still be saved?

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