Bitcoin’s Difficulty has recorded several strong and often consecutive monthly increases since it was first created. Click here to learn why you should buy a Bitmain Antiiner S9 for profitability and learn about the specifications.
Wondering how to increase your Bitcoin profitability? You might want to invest in a Bitmain Antminer S9 Bitcoin Miner.
Bitcoin mining has come a long way since the early days. Bitcoin mining can be a challenge, but with the right equipment, the rewards are well worth it. Today’s Bitcoins are valued at about $6,000, so there’s a pretty big incentive to mine for Bitcoin blocks.
You can purchase the latest Bitmain Antminer S9I Bitcoin Miner Here. That’s the latest at the time of this writing. This one comes with a power supply, but they have other options if you don’t need the power supply. They also Have the Bitmain Antminer S9J Bitcoin Miner, for a bit cheaper, but it’s not as efficient.
Is the Bitmain Antminer S9 Bitcoin Miner the right tool to keep in your mining arsenal? In this guide, we’ll break down all the specs. Keep reading to learn if an Bitmain S9 Antminer Bitcoin Miner is in your future.
The Bitmain Antminer S9 Bitcoin Miner: Gamechanger or Not?
Since Bitcoin Difficulty was created, it’s recorded a number of strong increases, sometimes across consecutive months. All the investment in Bitcoin mining operations and technology sparked this massive growth. The interest in Bitcoin doesn’t show signs of slowing down anytime soon.
This growth is incredible and has made Bitcoin the most powerful computing network in the world by a long shot. This growth also had a surprising side effect: greater centralization of mining farm operations.
The profits have grown most in areas where mining’s the most profitable, such as China. This has forced some competitors out of the industry altogether since they can’t keep up if they’re in the wrong area or do not constantly upgrade their Bitcoin miner’s. These competitive advantages have also removed large numbers of hobbyist miners from the Bitcoin market. For anyone who’s not invested, it’s almost not worth it anymore; unless you get free electricity or you buy the latest Bitcoin miner the day they come out.
The few people still mining from their homes are generally working to help decentralization or support the market. Unless your operation is super-efficient, it won’t be very profitable.
As these profits dwindle for small-time miners, people are looking for ways to turn things around. Can the Bitmain Antminer S9 Bitcoin Miner put hobbyist miners back in the game, or is profitability a lost cause for them?
Let’s take a look at the factors that will help us answer this question.
One important side note: before investing in the S9, you’ll need to be sure you have a Bitcoin mining pool and Bitcoin mining software.
The Bitmain Antminer S9 doesn’t run cheap – on Amazon, it’s listed at roughly $700.00,but price change happen almost daily. But as long as your electricity costs aren’t high or are free, the Bitmain Antminer S9 will probably pay for itself in a year or so.
Of course, the time at which you’ll recoup the cost depends a lot on the
Bitcoin and Difficulty price. As new manufacturers release their own competing hardware, the price of the S9 can should fall too, But as new hardware is released, This one becomes obsolete. So be on the lookout for new realease dates and try to sell your old hardware before that happens or you can be stuck with nothing more then a room heater. The older models can also be useful to learn on and play around with.
As semiconductors become smaller and smaller, computing power and electrical efficiency have grown. However, current technology won’t allow the process to go on for much longer.
In fact, some believe that Moore’s Law no longer applies. The rate of advancement in computing speeds has slowed because it’s now coming close to the physical limitations of the silicon semiconductor tech.
The S9 does offer a nanometer technological advantage. It uses a 16-nanometer fabrication process, which is a major step up from the 28-nanometer process seen in other mining devices. However, increases past 10 nanometers look unlikely for a while. Although you can do a bit better than the S9, the improvements are decidedly slowing down. But new releases are coming soon with 10 nanometer preorders from another manufactured just released.
Every existing power supply with enough wattage will be compatible with the S9, making this mining device more accessible. You can run them at 120 or 240 volts.
The S9 comes with more hashting power in its silicon than any device that came before it, with 14 Terahash per second.
It uses three circuit boards and a whopping 189 chips to achieve this power. Keeping in mind that Difficulty changes each fortnight and the Power Cost depends on your location, what’s the projected profitability?
You’ll also need to factor in Pool Fees, which depend on the mining pool. The S9 packs a lot of power, but with a single unit, you’re unlikely to find any blocks from solo-mining.
Remember that the Bitcoin to dollar price constantly changes, too. This makes it hard to project profitability. If you’re considering the
Bitmain Antminer S9 Bitcoin Miner, your best bet is to use a Bitcoin mining calculator to plug in the most current numbers and find out your projected ROI
as changes move aroudn quite a bit, even daily.
Some people mine and then immediately convert their coins to regular
currency. Others believe in Bircoin’s future and hold HODL coins thinking the
price will go up. If you remember in January / December of 2017/2018 The price was $20,000 per coin.
The S9 is more electrically efficient than other mining devices before it, thanks to its high-tech manufacturing process. It only uses 0.1 Joules for each Gigahash, so it’s more than twice as efficient as the Antminer S7.
The S9’s total power consumption comes to about 1,340 watts, with a bit of variance. Although it uses about 300 watts more than the S7, that’s a small price to pay for such great efficiency & mining power.
Except for the power supply, the S9 is self-contained. You don’t need to connect it to any other computer to get it to interface with Bitcoin nodes.
Use the easy onboard web management portal to make setup and maintenance a breeze.
The Antminer S9 features a sturdy, air-cooled design, so it’s easy to service and maintain. As long as you use it in a well-ventilated space, the S9 will perform well, from keeping a couple of units in a basement to a mining center with hundreds of thousands of S9s.
Should You Try Hobby Mining With the Antminer S9?
The Antminer S9 is no longer a brand-new device, so the hobby mining potential isn’t as great as it once was. The more that major miners put the S9 into use, the lower the profitability potential gets. However, constant changes in the Bitcoin world mean things could turn around at any moment.
That said, the S9 is an excellent piece of hardware. Using the current numbers with a calculator will help you decide if it’s right for you at this time.
Want to learn more about setting up a lucrative mining operation? Don’t miss this post.
13.5TH/s & 14TH/s depending on batch. Variation of ±5% is expected
1290W (13TH/s batch), 1310W (13.5TH/s batch), 1320W (14TH/s batch); at
the wall, with Bitmain’s APW3 PSU,93% efficiency, 25°C ambient temp;
expected discrepancy of +10%
99J/TH (13TH/s batch), 97 J/TH (13.5TH/s batch), 94 J/TH (14TH/s batch);
at the wall, with Bitmain’s APW3 PSU, 93% efficiency, 25°C ambient temp;
expected discrepancy of +10%
Rated Voltage11.60 ~13.00V
Chips per miner189 ASIC chips
Network connection mode Ethernet
Cooling2x 12038 fans; Front fan: 6000rpm, Rear fan: 4300rpm
Always follow NEC National Electric Code & use a licensed electrician. I highly recommend a WIFI smoke alarm and having a Class C rated(electrical) fire extinguisher nearby.
How much power can you run on one circuit breaker / fuse on the main electrical panel that comes into the house?
If your room/shed is already wired it’s most likely one of the combinations below:
If it’s a 120 volt circuit it’s most likely 15 or 20 amps. If it’s a 208 / 240 volt circuit it’s most likely 15, 20 or 30 amps. But it can be just about anything. It just depends on what you are looking for and what outlets / receptacles you plan on using. The main thing to make sure is whatever you are using is rated for that much power. Whatever is the weak link in the chain of devices WILL catch fire if it’s not rated for that much current.
For the circuit breakers I recommend using ones that are GFCI circuit breakers and arc fault circuit breakers. It this particular type isn’t installed now, and most likely they won’t be, they only take 5 – 10 minutes to install. You’ll be thankful if your rig ever melts down, short circuits or the dog ever sticks his nose on your open air rig! If not sure how to do this use an electrician.
When buying breakers generally don’t go to home Depot or Lowe’s. Go to a good electrical supply house. Look for breakers that are made with Silver tungsten carbide contacts and not just plain copper. The copper ones fail and eventually arc over.
PS Audio Power Port, Furutec & Hubbell Make Good outlets but are probably overkill for this application.
14-gauge wire is the smallest allowed for a 15 amp circuit. I recommend using 12-gauge; especially if you have a long run.
For 20 amps 12 gauge is the minimum size allowed. I recommend 10 gauge; especially if you have a long run. The smaller the number on wire size the bigger the wire and more current it can handle.
If your running a new breaker and wiring, I recommend going up to the next larger wire size then recommended. Everything will be much more efficient, the wires will run cooler, there will be much less voltage drop and it won’t cost that much extra to install. It’s ok to go to a larger wire size (smaller number) but not a smaller then recommended wire size.
I also recommend wire rated for 90 degrees Celsius minimum.
120 VS. 208 / 240 Efficiency
Higher voltages are more efficient then lower voltages and you can put much more power down the same size wire at higher voltages, saving a bit of money there in wire costs. If you run something at 120 volts pulling 15 amps at 240 volts it only pulls 7.5 amps. Look how many more rigs you can put on the same circuit now!
Going to 240 just to be more efficient and save on power probably doesn’t make sense for most of us. You power saving will be a measly 1 – 2 percent.
So say your rig is using 1,000 watts every hour (1 Kilo watt hour) for 24 hours at $.10 a kilo watt hour. That’s 24 kilo watts of power used a day. Coming out to about $2.40 a day or $72 a month. One percent of power savings is a saving of only $0.72 cents for the entire month. Now if you have a server farm, it starts to add up and you want to really spec your components with ones that are efficient. But for just a couple rigs, it really doesn’t matter.
How many watts can a circuit handle?
A 120 volt 15 amp circuit can handle 1,800 watts. A 120 volt 20 amp circuit can handle 2,400 watts. The NEC National Electric Code states that for a continues load (Our miners are a continuous load) we can only pull a max of 80% of the circuits rating. So for a 15 amp circuit that would be 1,440 watts max and for a 20 amp circuit that would be 1,920 watts. You get these by multiplying voltage (120) times amps (15) = watts (1,800) then multiplying that by 0.80% = 1,440 safe continues watts.
120 Volt Calculations
15 amps = 1,800 Max Current = 1,440 Max safe continuous current
20 amps = 2,400 Max Current = 1,920 Max safe continuous current
240 Volt Calculations
15 amps = 3,600 Max Current = 2,880 Max safe continuous current
20 amps = 4,800 Max Current = 3,840 Max safe continuous current
30 amps = 7,200 Max Current = 5,760 Max safe continuous current
How much power does my circuit already have running on it…
Most of us our going to throw a miner in a spare bedroom, shed or garage. So we need to find out what lights or outlets are currently powered by that circuit.
Turn on all the lights in the house. Plug a lamp into the outlet you want to put your miner on & make sure the lamp is on and working. Now turn all the breakers off in the main panel. Make sure all your sensitive appliances & computers are turned off before this. This next part helps if you have a second person. One by one turn on each circuit breaker, ask your partner if the light has turned back on. If not turn that breaker back off and do the next one. Once you’ve found the one that turns on the light, leave that breaker on. Now you need to go thru every single outlet in the house and see what ones have power. Label them or make a mental note. Find out how many watts each device is using that are plugged into those outlets. You can either read the label on the appliance or use a device called a Kill A Watt to find out. You just plug the lamp or whatever into the kill a watt and then plug the kill a watt into the outlet. It tells you watts, amps, volts, power factor, hertz, etc. After you’ve added up everything ( total watts normally running by lamps, tv’s, etc. ) connected to that one circuit; take those watts & subtract them from the max continues power that circuit can handle from whatever circuit breaker capacity you are using. For example the 120 volt 20 amp circuit breaker. Hope that wasn’t too confusing?
I also like to test the outlet to make sure it’s properly wired by using a outlet tester:
Don’t forget about things you can’t see like attic fans, ceiling fans, whole house fans, outdoor motion lighting etc. If one of the plugs has a motor on it or HID lighting, you may want to find a different circuit to put your mining rig on. Any times those type of devices turn on they use a HUGE amount of initial current and will probably reset, pop or blow the circuit breaker and turn off your mining rig.
Our mining rigs draw so much current it’s probably not feasible or worth it to pay for backup power. But I will mention it because a few of us are using our gaming PC or home computer to mine and we want to protect it from power surges, brownouts and blackouts.
What to look for in a backup power supply? The main thing is how long it takes to switch to backup & the kind of “wave” it generates. Most are all pretty good now-days. But one issue I have been seeing come up more and more. The APC consumer grade cheap ones use a stepped sine wave. On a lot of the newer digital computer power supplies the APC UPS power backups won’t power up your computer. You have to get a true since wave backup power supply. Just something to keep in mind.
This cyber-power one doesn’t have that issue, but when the batteries die on these, they completely stop working. So be sure to keep an eye on them when the battery starts to fail or lose capacity.
I would probably use a backup power supply on your modem, router & switches; since these are a bit more sensitive & they don’t use too much power.
Here’s an APC one that is Pure Sine Wave, but it’s pricey..
Outlets and Receptacles
If your running multiple rigs on one circuit make sure you use a high quality extension cord or power strip. Those $5.00 ones at home depot will not cut it. Your going to start a fire or burn up your rig.
It’s also worth checking the specs of all equipment you are running of what environmental factors it can handle. Max & minimum temperatures & max and minimum humidity. We’ll talk about cooling, ventilation, air conditioning, swamp coolers, etc. in another article.
Wow, all this and we still haven’t’ actually got to choosing a power supply!
We have roughly two main choices for a for supply. Either a server type PSU or more of a home or gaming computer type power supply unit (PSU). If you’ve ever open up your home computer that’s the type you’d see.
The server type power supply units are typically much louder, But A LOT cheaper. If your mining bitcoin or using one of their ASIC miners, It’s going to be loud anyways, so just get a server type power supply.
Here’s one on Amazon from Bitmain; it will put out 1,200 watts at 120 volts or 1,600 at 220 volts. It has ten – 6 pin PCIe Connectors. Power cord not included, requires standard PC power cable (C13). If you have an old computer laying around the cord form that would usually work. Just make sure to check the amp rating on it & the length to make sure it has enough capacity for the device you are running. Some cords are super cheap and will cause a fire if used at the full 1,200 or 1,600 watts.
Switching Power Supply for Bitmain AntMiner L3+ S9 T9 (Model Number: APW3++-12-1600-A3), Wide Voltage Design, 1200W / 1600W, 10 of 6-pin PCIe Connectors
Here’s a compatible 120 volt power cord for your power supply:
Tripp Lite Heavy Duty Computer Power Cord, 15A, 14AWG (NEMA 5-15P to IEC-320-C13), 6-ft. (P007-006)
If your going 220 volts their will be a lot more options for power cords, ask away in the comments for your specific application.
If your mining one of the other alt coins, you can still use the bitmain power supply but it will be much noisier and you might not get wifey approval. So yea in the house, get a computer power supply.
Their are so many options for computer power supplies. Ultimately it depends what you are looking for and how many GPU’s are connected & how many watts your pulling. I’ll give a rundown on a few features you should look for…
Don’t go super cheap. You want something high quality that does a good job of regulating power & isn’t going to fry one of your $1,000 GPU’s. Even some of the major name brands of made a few “duds” so read the reviews.
Check how much noise it puts out and make sure your ok with that. SO even come with no fans.
How many watts do you need to run everything. motherboard, CPU,CPU fans, GPU’s, case fans, Hard drives, fancy LED’s. etc.
How many graphics cards do you plan on running on one system. So motherboards can handle 20 graphics cards now.
GPU-Z can tell you power usage. It’s an estimate, not an exact measurement, but it should be in the right neighborhood. You can also go on the manufacturer website. Plan on at least 100 watts per GPU, but some go much higher. 300+ watts.
You can lower power consumption of the GPU’s with overclocking utilities.
You can daisy chain multiple power supplies together so you don’t have to buy a high wattage power supply. It can cut your costs by 50%.
Use the Kill-A-watt meter mentioned above for exact wattage numbers.
How many power connectors will you need? Some graphic cards take 4 power connectors, plus if your running USB risers, they will need a connector as well.
Will your insurance cover your house if it burns down if they find out you were mining cryptocurrency. I’m hearing of policies setting up exclusions now against mining
If a power supply is 1,200 watts. but your mining system only need 200 watts, that’s all it uses. So it’s OK to oversize the power supply, so you can add on to the system later.
What connectors does the USB riser use & graphics card. 6-pin PCIe, 6+2 pin PCIe or simply 8 pin. The 6 pin have a max power of 75 watts & the 8 pin 150 watts per connector.
Here’s a link to typical wattage’s & total connections needed on a GPU.
Power supplies run coolest & most efficient at between 65% and 85% of the load. If you are near max load it’s going to use more power and also run the fan all the time. So with an 850 watt power supply, at 65% load that would be 453 watts & at 85% load that would be 723 watts.
Reed the power supply efficiency rating. If it’s 80% efficient, 20% of the power gets lost as heat. So for an 850 watt power supply that’s 80% efficient, and you are using 850 watts, 170 of those watts would be lost as wasted energy. 170 watts an hour multiplied by 24 hours is 4.08 kilowatt hours a day, 122.4 kilowatt hours a month & 1,489.2 kilowatt hours a year. AT $0.12 cents a kilowatt hour you would waste $0.49 cents a day, $14.69 a month or $178.70 a year. The number add up and so do our lost profits.
The power consumption of PCIE slots:
A standard height x16 add-in card intended for server I/O applications must limit its power dissipation to 25 W. A standard height x16 add-in card intended for graphics applications must, at initial power-up, not exceed 25 W of power dissipation, until configured as a high power device, at which time it must not exceed 75 W of power dissipation.
A full-sized ×16 graphics card may draw up to 5.5 A at +12V (66 W) and 75 W combined after initialization and software configuration as a “high power device”.Optional connectors add 75 W (6-pin) or 150 W (8-pin) of +12 V power for up to 300 W total (2×75 W + 1×150 W).
There are cards that use two 8-pin connectors, but this has not been standardized yet as of 2018, therefore such cards must not carry the official PCI Express logo. This configuration allows 375 W total (1×75 W + 2×150 W) and will likely be standardized by PCI-SIG with the PCI Express 4.0 standard. The 8-pin PCI Express connector could be confused with the EPS12V connector, which is mainly used for powering SMP and multi-core systems.
80 Plus certification – I recommend you get a power supply with this certification. Their are several tiers. Each higher tier is a bit better; including 80 Plus Bronze, Silver, Gold, Platinum, and Titanium certifications. I’d get at least bronze. Do the math. he wasted electricity starts adding up if you have a large mining farm.
So what do the different 80 Plus ratings mean?
The basic 80 Plus rating means that the PSU is rated for at least 80% efficiency at 20% load, 50% load, and 100% load.
The 80 Plus Bronze rating means that the PSU is rated for at least 82% efficiency at 20% load, 85% at 50% load, and 82% at 100% load.
The 80 Plus Silver rating means that the PSU is rated for at least 85% efficiency at 20% load, 88% at 50% load, and 85% at 100% load.
The 80 Plus Gold rating meas that the PSU is rated for at least 87% efficiency at 20% load, 90% at 50% load, and 87% at 100% load.
The 80 Plus Platinum(bet you didn’t know there was a Platinum) rating means that the PSU is rated for at least 90% efficiency at 20% load, 92% at 50% load, and 89% at 100% load.
What type of power supply do you need that interfaces to motherboard? For example AT or ATX connection. Most board now days use ATX. The connector itself is a Molex 39-01-2240 connector, often called a Molex Mini-fit Jr.
Power supply’s are categorized in tiers. Tier 1, 2, etc. Stay in Tier 1 or Tier 2.
Tier 1 is considered the best of the best
Tier 2 is considered Excellent
Tier 3 or less is something you should avoid if possible.
Another aspect of PSUs that often gets overlooked is modularity.
Direct Cable: All PSU cables come from the PSU housing directly. This setting is cheaper in production or design, making PSUs cheaper to consumers. However, this is not good for the enthusiast who may need to change his build from time to time. Cable management is also much harder with a mess of spaghetti cables to deal with.
Semi-Modular: All necessary cables come from the PSU case directly such as ATX Power (20+4) connector, CPU (4+4) connector, and PCI-e (6+2) connector. Other non-essential plugs such as Molex (4-pin) and SATA (15-pin) connectors, are modular allowing you to remove them at will. Semi-modular offers middle ground pricing and is a decent cable management solution.
Full-Modular: All cables are removable, making installation extremely easy and sleek. Cable management is extraordinarily easier with a full-modular PSU and it makes it easy if you change builds frequently or even if this is your first build.
ALWAYS read the power outputs on the power supply label. Her’s a good example where a high wattage power supply can’t actually supply enough power to run a graphics card.
So here’s it’s showing we have 433 watt power supply with 33 amps of DC output on the 12 volt rail. 396 watts for 12 volts. The GeForce 8800 ULTRA SLI (768 MB) runs at 354 watts at 29 amps. It’s using almost all the available power supply power with nothing left over for other components. It’s also dangerously close to the max amount of power the 12 volt rail can support. A fire waiting to happen.
Single vs multi rail power supply’s – Their is a lot of debate about what’s better. One all the power goes on one “rail” on the power supply. If one thing gets fried, everything goes and shuts down. With a multi rail, say one GPU fries, the power supply can shut that one rail down and possibly prevent a fire or further system damage. But your current limited for that one rail and all the others. So it’s good and bad. You really have to think when your designing your mining rig. Making sure your not usign to much power on a rail. With a single rail, you jsut plug it all in and your good. With multi rail a lot of the newer power supply’s allow you to view power use on each wire real time. Sorta coo.
Warranty: Most of the better PSU’s come with a 5 – 10 year warranty.
Other things to look for Over Voltage Protection
Under Voltage Protection
Short Circuit Protection
Over Power Protection
Over Temperature Protection
Connector part numbers
Maximum current per circuit
Unofficial cable/connector maximum wattage delivery
Number of lines
Sata Power Cable
Connector part numbers
Maximum current per circuit
Official cable/connector maximum wattage delivery
Number of lines
You will need a power switch button to turn on and off your rig or reboot:
Electop 2 Pack 2 Pin SW PC Power Cable on/off Push Button ATX Computer Switch Wire 45cm
Here’s a cable to combine two power supplies:
Power Supply Splitter, Exwin 2-Pack Dual PSU Cable Adapter 24 Pin 20+4 Pin ATX Motherboard Adapter Extension Cable Dual 24-Pin Mining Power Adapter 12 Inch (30CM)
I’d suggest getting a power supply tester as well to help diagnose when things go wrong. Many option out there. These are pretty cheap:
Insten 20 / 24-pin Power Supply Tester for ATX / SATA / HDD, Black
Optimal Shop 20/24 4/6/8 PIN 1.8″ LCD Computer PC Power Supply Tester for SATA,IDE,HDD,ATX,ITX,BYI Connectors
If your running at 200 volt plus your most likely going to need some kind of power distribution system or power distribution unit PDU, that way your electrician can just run one high amp outlet.
Here’s a reference for different plug types:
Tripp Lite makes some great products. Here’s a 20 amp and 30 amp option.
The first one is a horizontal PDU that uses a NEMA L6-20P plug and needs a 20 amp circuit with an L6-20P receptacle. The second one is a vertical PDU that uses a NEMA L6-30P plug (similar but not identical) and needs a 30 amp circuit with a L6-30P receptacle.
Tripp Lite Basic PDU, 20A, 14 Outlets (2 C19 & 12 C13), 208/240V, L6-20P, 208/240V Input, 15 ft. Cord, 1U Rack-Mount Power (PDUH20HVL6)
Tripp Lite Metered PDU, 30A, 30 Outlets (6-C19 & 24-C13), 208/240V, L6-30P, 10 ft. Cord, 0U Vertical Rack-Mount Power (PDUMV30HV)
This post needs some cleanup, adding a bit more to it and some reorganization… Especially the last bit on power supply’s.. Any takers to fix it up a bit? I’ll get to it eventually. 🙂
Happy mining! Ask questions. I’d rather reply to your comments and questions then write endlessly here! 🙂
With over 2,000 different crypto coins available now; the options are endless. But the fact remains these coins are highly speculative and the value could go to zero overnight. So my advice. Invest what you’d be comfortable with if you lost it all or lit a match to it. Bit coin recently went from around $20,000 to $9,000. That’s a big hit if you had multiple coins. Hopefully you didn’t sell and are holding HODLing or you put on stop losse orders, it automatically sold and the order got filled at the right price.
Like to buy a lottery ticket every week or hit up the casino; change it to buy a lil crypto instead… I here people more and more people are maxing out their credit cards & taking on home mortgages to invest in crypto. Not a great idea…Although a great many people have made a fortune over night. Some people are doubling their money daily..
Whatever you end up doing just make sure it’s play money, not rent money! And for goodness sake; MAKE SURE THE WIFE KNOWS! 🙂
One more thing… Don’ t forget to pay your taxes and make sure to take a lil of your profit now and then. You’ve earned it!
Back in 2014 50 Cent took a chance. He accepted payment in bitcoin for his Animal Ambition album. Sources say he pulled in roughly 700 bitcoin in sales back then; a little over $400k – Those bitcoin are probably worth around 8 million now.
He actually said on instgram, he forgot he even had it… “Ima keep it real i forgot i did that sh*t lol,” Instagram profile.
The Taxpayer Advocate Service (TAS) is your voice at the IRS. Our job is to ensure that you’re treated fairly and that you know and understand your rights. We can offer you free help with IRS problems that you can’t resolve on your own.
In June 2014, the IRS adopted a Taxpayer Bill of Rights that describes ten fundamental rights that you and every taxpayer have when dealing with the IRS. In December 2015, Congress added the Taxpayer Bill of Rights to the Internal Revenue Code. See IRC § 7803(a)(3). Our online Tax Toolkit at TaxpayerAdvocate.irs.gov can help you understand what these rights are, what the Taxpayer Bill of Rights means for you, and how these rights apply in specific situations with the IRS.
All Taxpayer Assistance Centers (TACs) now operate by appointment. When calling to schedule an appointment, customer service representatives are available Monday through Friday, 7 a.m. to 7 p.m.
Caution: Many of our offices are located in Federal Office Buildings. These buildings may not allow visitors to bring in cell phones with camera capabilities.
Before visiting your local office click on “Services Provided” in the chart below to see what services are available. Services are limited and not all services are available at every TAC office and may vary from site to site.
How hard is to to get a live person at the IRS? Seems agents are constantly busy and customer service isn’t something they care about. Sometimes I call and I can’t even get on the phone system it’s so busy. Other times wait times are 5 hours.
Here’s a cheat sheet or hack on how to get a live agent with the IRS. Hopefully it works for you and I’d love to hear new ways to get thru.
With some prompts you might have to listen to some of the voice mail system before it will let you hit the next number.
Dial 1 for English
Here you have 2 options
Either enter your social security number and then don’t answer any more prompts or
Press the key for what you need example 1 for personal income tax’s. Then don’t answer any more prompts.
Tax Season is upon us, and if you’re like most Americans, you’re dreading the possibility of owing the Government money. But did you know there’s something else to think about?
Are you sure you’re claiming all the tax deductions you deserve?
Below is an abridged version of TurboTax’s list of their 10 most overlooked tax deductions. For full details on each deduction, read: The 10 Most Overlooked Tax Deductions
State Sales Taxes
This write-off makes sense primarily for those who live in states that do not impose an income tax. You must choose between deducting state and local income taxes, or state and local sales taxes…The IRS even has a calculator on its Web site to help you figure out the deduction, which varies by your state and income level.
This isn’t really a deduction, but it is a subtraction that can save you a lot of money…Forgetting to include the reinvested dividends in your cost basis—which you subtract from the proceeds of sale to determine your gain—means overpaying your taxes.
Out-of-Pocket Charitable Contributions
…you can write off out-of-pocket costs you incur while doing good deeds. Ingredients for casseroles you regularly prepare for a nonprofit organization’s soup kitchen, for example, or the cost of stamps you buy for your school’s fundraiser count as a charitable contribution.
Student Loan Interest Paid by Mom and Dad
In the past, if parents paid back a student loan incurred by their children, no one got a tax break. To get a deduction, the law said that you had to be both liable for the debt and actually pay it yourself. But now there’s an exception. If Mom and Dad pay back the loan, the IRS treats it as though they gave the money to their child, who then paid the debt.
Moving Expense To Take First Job
…Job-hunting expenses incurred while looking for your first job are not deductible, but moving expenses to get to that first job are. And you get this write-off even if you don’t itemize.
Child Care Credit
A credit is so much better than a deduction—it reduces your tax bill dollar for dollar…it’s easy to overlook the child care credit if you pay your child care bills through a reimbursement account at work…up to $6,000 can qualify for the credit, but the old $5,000 limit still applies to reimbursement accounts.
Earned Income Tax Credit (EITC)
Millions of lower-income people miss out on this every year…The EITC is a refundable tax credit – not a deduction – ranging from $457 to $5,666. The credit is designed to supplement wages for low-to-moderate income workers…The exact refund you receive depends on your income, marital status and family size.
State Tax You Paid Last Spring
Did you owe taxes when you filed your 2009 state tax return in the spring of 2010? Then remember to include that amount with your state tax itemized deduction on your 2010 return, along with state income taxes withheld from your paychecks or paid via quarterly estimated payments.
When you buy a house, you get to deduct points paid to obtain your mortgage all at one time. When you refinance a mortgage, however, you have to deduct the points over the life of the loan. That means you can deduct 1/30th of the points a year if it’s a 30-year mortgage…in the year you pay off the loan—because you sell the house or refinance again—you get to deduct all the points not yet deducted, unless you refinance with the same lender.
Jury Pay Paid To Employer
Some employers continue to pay employees’ full salary while they are doing their civic duty, but ask that they turn over their jury fees to the company coffers…If you give the money to your employer you have a right to deduct the amount so you aren’t taxed on money that simply passes through your hands.