You owe taxes on this 100% efficiency zero-emission electric heater because it also pays bitcoin #owe #taxes #efficiency #zeroemission #electric #heater #pays #bitcoinKAX1107
You owe taxes on this 100% effectiveness zero-emission electric powered heater simply because it also pays bitcoin
Under any normal taxation situation (where your profits are taxed), your setup wouldn’t incur any tax, as you (purposefully) run at a loss, because your primary aim is to heat your home.
Bitcoin heaters just mean you run at *less* of a loss than normal electric heaters, where you make no revenue at all. In developed nations where electricity is expensive, it’s unlikely anyone would ever profit from their bitcoin heaters.
If you did, normal capital gains would apply.
Problem is the government is proposing taxing your *costs* – which is a very unusual situation.
I’d generally be opposed to tax on anything other than profits, as it has the potential to be regressive or even ruinous to people and businesses.
What is that rig? I can’t read the logo at the end of the video.
And they know this how?
I don’t think you understand what “100% efficient” and “zero-emission” means
You dont owe anything to criminals and extortionists
Where can I get one of these or learn more?
Aren’t all electric heaters zero emission?
technically i owe taxes if i buy a poster with bitcoin. but i dont do it because its stupid… i use bitcoin without reporting every last instance to the irs. i consider it civil disobedience.
if i sell for fiat on an exchange ill report that though
edit: this situation makes me think of the time i heard about how early automobiles were overregulated https://en.wikipedia.org/wiki/Red_flag_traffic_laws
stop telling the IRS that you owe taxes
Is it loud? Where do I get one?
Who is the manufacturer of this Bitcoin-heater?
What is this and where do I buy it instead of putting a new fireplace on my porch?
Just FYI, all space heaters are 100% efficient. Any electricity lost will dissipate as heat or some shit like that.
What’s the economic breakdown of this?
How the hell would the IRS even know you own that thing? Does it produce a 1099?
It’s my first comment ever on Reddit but I feel really inspired in this moment. Can I say fuck them, Biden, fed and their laws?
What is tax?
So how long does it take to mine a single bitcoin though
Space heaters (like Bitcoin miners) are not 100% efficient at generating heat. The belief that they’re 100% efficient comes from the mistaken belief that the formula for heating efficiency is this:
Efficiency = heat_energy_output / work_energy_input
But that is not the correct equation. One joule of work can create far more than one joule of heat energy output by using a heat pump.
100% efficiency for a heating system is when *entropy remains constant*. At any lower efficiency level, the entropy of the system increases.
The change in entropy for any given heat flow is equal to [the amount of heat divided by the temperature of the destination of the heat](https://en.wikipedia.org/wiki/Entropy#Reversible_process):
ΔS = ΔQ / T
(Q = heat flux, T = temperature, ΔS = entropy change)
If you use a Bitcoin heater or any other space heater, that entropy change will be positive and large.
A more efficient strategy is to use the electrical work energy to *move* heat from outside your house to the inside of your house. In this situation, you use work (electricity) to remove entropy and energy (ΔQ_C) from the cold side, and increase the entropy and energy of the hot side (ΔQ_H). The waste heat from the work performed (W) ends up on the hot side as well. If you do it with 100% efficiency, the total entropy change can be zero:
ΔS = ΔQ_H / T_H + ΔQ_C / T_C = 0
ΔQ_H = –ΔQ_C + W
If you do a bit of math, you end up with [this equation](https://wikimedia.org/api/rest_v1/media/math/render/svg/e49eede978cd28672daaab9f518180bfada99e2d) for the work needed by a maximally efficient heating device:
W = Q_H • (T_H – T_C) / T_H
We call that the [Carnot limit](https://en.wikipedia.org/wiki/Carnot%27s_theorem_(thermodynamics)).
If it’s 0°C (273K) outside and 20°C (293K) outside, that means that for every 1 kWh of heating that you want, the work that you’d need to perform is
W = 1 kWh • (293K – 273K) / 273K = 0.0733 kWh
The efficiency of a heater is the amount of work used divided by the amount of work needed, so for a Bitcoin miner that uses 1 kWh to produce 1 kWh of heating, its efficiency would be this:
Eff = work_needed / work_used = 0.0733 kWh / 1 kWh = 7.3%
tl;dr: **Your Bitcoin heater is about 7.3% efficient, not 100% efficient**.
How is it zero-emission though? Do you a have clean energy contract with your electricity provider?
The place I rent has free utilities, what’s the best miner heater to buy?
If you are in the US, you need to account for each “payout” to your wallet since its essentially income, you need to account for your cost basis and add them up throughout the year and document it on your taxes.
This is what you are supposed to do, just so you know.
BTC is not legal tender, I cannot pay tax on something what does not exist…
Does it at least pay off the electricity?
Would you still say that next year with the reward halving?
You pay taxes for mining??
Laughs in european.