Helping with Secure Node Taxes

Hello,

I run a couple of secure nodes and recently I learned that the USA treats any earned cryptocurrency as extra income and is taxed at the dollar value. This also means staking and mining will be taxed as well. I am not familiar with other country’s tax codes but I would imagine they will have something similar.

I built a tool to help myself with these calculations. It worked pretty well for me so I figured I would make it available to others at a low cost. You can find it at https://paidincrypto.io. All it does it generate a csv of the dollar value of all transactions sent to a given address for a given year. It currently only supports ZEN, BTC, ETH, and LTC.

I guess I’m wondering if this is helpful to anyone. Do you guys have other tools you use to help with these calculations?

I’m happy to chat about anything related to this. You can respond here or send me an email at [email protected].

Regards,
Stephen

Hi Stephen,

Usefull tip. I am planning to run either a secure node or super node.
Can you maybe give me an esimate on how much Zen a secure node earns and if you know also how much a super node earns?
Thx in advance.

Hi norin,

Yeah sure, a great place to see how much people earn with secure nodes is https://securenodes2.na.zensystem.io/ . At the top of the page on the left it says

|Estimated Earnings (Zen/Node/Day) |0.0264|
|Last Actual 100% (Zen/Node/Day) |0.0276|

This is just for the day. You can also click on any of the nodes down below and then click payments to see a history of payments to that node. Here is an example https://securenodes2.na.zensystem.io/nodes/9235/pmts .

As more nodes come into the existence the amount paid to each node goes down. When I started like in Early 2018, nodes were getting paid around 0.047 zen per day. I can’t really speak to how much Super Nodes make, but I know it is significantly more.

I would say if you like this project, running a node is a great way to support it. At the moment, it isn’t necessarily profitable with the price ZEN is at. Of course if you can cut costs with hosting the node, such as running it at your house instead of paying for a VPS it could be profitable. Nodes haven’t been profitable for a while for me, but I see it as supporting the project and I don’t mind passively getting more ZEN as I believe it will be worth more in the future.

If you just want to make money or have the most ZEN possible, you would be better off buying ZEN and sitting on it for a bit.

Hi Stephan,

Thank you for the information. Based on the link you send I could also find the link showing how much Super nodes earn:
https://supernodes2.na.zensystem.io/
So a secure node earns around 0.0276 (Zen/Node/Day) a day while a super node earns around 0.225 (Zen/Node/Day), roughly 8 times as much.
I recently made a significant investment in Zen, unfortunately still below the treshold of 500 Zen required for setting up a Super node. Setting up a super node would require further investment. For the time being I will setup my mining PC as secure node. I am doing it of course because I like to have more Zen but also to support the project. Maybe in the future I will switch to running a super node since my mining rig uses GPU’s for mining but has plenty of CPU and RAM free for running a super node.

Thanks for your quick reply,

norin