Decentralizing the Bitcoin Network
Home mining is seen as a key strategy to decentralize the Bitcoin network. With recent developments, it's clear that this trend is gaining momentum. Solo Satoshi recently unveiled the Bitaxe Touch, a cutting-edge device designed for home bitcoin mining. Powered by the BM1370 ASIC chip from Bitmain S21 Pro, the Bitaxe Touch boasts an impressive hashrate of up to 1.6 TH/s. Additionally, it features a user-friendly touch screen that provides real-time Bitcoin network statistics, such as total network hashrate, network difficulty, and block height.
Introducing the Bitaxe Touch
Solo Satoshi's latest creation, the Bitaxe Touch, represents a significant milestone in the realm of home bitcoin mining. This innovative device, based on Bitaxe and AxeOS, is heralded as the world's first open-source touch screen Bitcoin miner. Scheduled for release on January 8, 2025, the Bitaxe Touch epitomizes the Open Source Bitcoin Mining Revolution, setting a new standard for accessibility and transparency in the mining community.
The Role of Open Source Miners United
Driving the advancement of home mining technology is Open Source Miners United, a vibrant Discord group founded by Skot from Bitaxe. With a community of over 5,500 members, this group serves as a platform for enthusiasts to collaborate, exchange ideas, and co-create innovative mining solutions. Through the collective efforts of contributors within this group, the Bitaxe project continues to evolve, with grants being offered to support impactful contributions.
Embracing Innovation
As the home mining landscape evolves, industry players like Block are set to introduce their own ASIC chips, providing developers with new tools to enhance mining device performance. For individuals less technically proficient but eager to participate in home mining, options like the Heatbit offer a user-friendly plug-and-play solution. Not only does the Heatbit function as a mining device, but it also doubles as a space heater and air purifier, making it a versatile addition to any home mining setup.
Looking Ahead
Despite the recent surge in new mining devices entering the market, experts believe that we are only scratching the surface of the home bitcoin mining movement. With an influx of developers and enthusiasts joining the space, the future of home mining appears promising and full of potential. As innovation continues to drive the industry forward, we can expect to see even more exciting advancements in the field of home bitcoin mining.
Frequently Asked Questions
What are the pros & con's of a golden IRA?
The gold IRA is a great way to diversify your portfolio, but you don't have access the traditional banking services. It allows you to invest in precious metals such as gold, silver, and platinum without paying taxes on any gains until they're withdrawn from the account.
However, if you withdraw money before the due date, you will be subject to ordinary income tax. However, these funds are kept outside the country and cannot be seized by creditors if you default.
So if you like owning gold without worrying about taxes, a gold IRA may be right for you.
What kind of IRA can you use to hold precious metals in?
Many financial institutions and employers offer an individual retirement account (IRA) as an investment option. You can contribute to an IRA account which grows tax-deferred and can be withdrawn at any time.
An IRA allows for you to save taxes while still paying taxes when you retire. This means more money deposited into your retirement plan today versus having to pay taxes on that money tomorrow.
An IRA has the advantage of allowing contributions and earnings to grow tax-free until you withdraw your funds. You can face penalties if you withdraw funds before the deadline.
After age 50, you can make additional contributions to an IRA without penalty. If you decide to withdraw your IRA from retirement, you will owe income taxes as well as a 10% federal penalty.
A 5% IRS penalty is applicable to withdrawals made before the age of 59 1/2. There is a 3.4% penalty for withdrawals between the ages 70 1/2 and 59 1/2.
An IRS penalty of 6.2% applies to withdrawals above $10,000 per year.
Can I physically possess gold in my IRA account?
Many ask themselves whether they can physically possess gold in an IRA account. This is a legitimate question since there is no legal way.
If you take a closer look at the law, there is nothing that can stop you from having gold in your IRA.
Most people don't realize the cost savings they could make by putting their gold into an IRA rather than keeping it in their homes.
It's easy to throw away gold coins but not so easy to put them in an IRA. If you decide to keep your precious metal in your own home you will have to pay two taxes. Once for the IRS and once for the state where you live.
It is possible to lose your gold and pay twice as much tax. Why would you want to keep your gold in your house?
It might seem that you want the security of knowing your gold is safe inside your home. However, to guard yourself against theft, it is worth considering storing your gold in a more secure location.
If you're planning on visiting frequently, it is best to keep your gold safe at home. If your gold is left unattended, thieves could easily steal it when you're away from home.
Better yet, store your gold inside an insured vault. Your gold will be safe from fire, flood and earthquake as well as robbery.
You won't be responsible for paying any property tax if you store your gold in a vault. Instead, you'll have to pay income tax on any gains you make from selling your gold.
If you prefer not to pay tax on your precious metals, an IRA may be a good option. An IRA will allow you to avoid income tax while earning interest on your gold.
Capital gains tax is not a requirement for gold investments. You can cash out your entire investment anytime you wish.
You won't have to move your gold because IRAs are federally regulated.
The bottom line is that you can own gold in your IRA. The only thing holding you back is your fear of having it stolen.
Statistics
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
External Links
regalassets.com
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
en.wikipedia.org
investopedia.com
How To
How to turn your IRA into a IRA with gold content
So you want to move your retirement savings from a traditional IRA into a gold IRA? This article will guide you through the process. This is how you can make the switch.
“Rolling over” refers to the act of transferring money into an alternative type of IRA (traditional), or vice versa (gold). This is done because tax advantages go along with rolling over an account. In addition, some people prefer investing in physical assets like precious metals.
There are two types IRAs: Traditional IRAs or Roth IRAs. The difference is simple. Traditional IRAs allow investors the ability to deduct taxes whenever they withdraw their earnings. Roth IRAs are not. That means that if you invest $5,000 in a Traditional IRA today, then after five years, you'll only be able to take out $4,850. The Roth IRA would allow you to keep every cent if you invested the same amount.
If you are looking to convert your traditional IRA into a gold IRA, here's what to know.
First, you must decide whether to move your balance into a new bank account or transfer funds from your existing account to the new one. If you transfer money, income tax will apply to any earnings exceeding $10,000. But if you choose to roll over your IRA, you won't be taxed on those earnings until you reach age 59 1/2.
After making your decision, you can open a new financial account. You may be asked for proof of identity (e.g., a Social Security or passport card, birth certificate, etc.). You will then need to fill out paperwork proving that you have an IRA. Once you have completed all the forms, you will submit them to bank. The bank will verify your identity and provide instructions for sending wire transfers and checks.
Now comes the fun part. Now, deposit money into your account and wait for approval from the IRS. Once you have received approval, you will receive a letter that allows you to withdraw funds.
That's it! Now all you have to do is sit back and watch the money grow. And remember, if you ever change your mind about converting your IRA, you can always close it out and roll over the remaining balance into a new IRA.
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By: Frank Corva
Title: The Future Of Home Bitcoin Mining Is Bright
Sourced From: bitcoinmagazine.com/takes/the-future-of-home-bitcoin-mining-is-bright
Published Date: Thu, 09 Jan 2025 15:48:40 GMT
