Useful life of bitcoin machines
Useful life of bitcoin machines
Hello,
Could you please advise what is the usefull life of bitcoin machines? Is it the similar as computers?
Thanks
Could you please advise what is the usefull life of bitcoin machines? Is it the similar as computers?
Thanks
Re: Useful life of bitcoin machines
What is a bitcoin machine?
Re: Useful life of bitcoin machines
ok. I think you'd need someone with knowledge of the industry to comment. maybe it gets obsolete for some technical reason, maybe they overheat after 6 months because they're on 24/7, maybe they can go for 25 years solidly.
Re: Useful life of bitcoin machines
yes, they operate 24/7. Google provides different terms of usuful life, 1-3 years approximately. I'm just wondering maybe someone else has similar experience and will advise how to amortize them correctly.
Re: Useful life of bitcoin machines
I just looked at a crypto mining company and they use 2 years due to the rate of change of technology in crypto mining .
https://s3.eu-west-2.amazonaws.com/docu ... dbe461b732
https://s3.eu-west-2.amazonaws.com/docu ... dbe461b732
Re: Useful life of bitcoin machines
Thanks, JRSB. The technology changes rapidly and value of these machines declines very quickly.
Re: Useful life of bitcoin machines
I'd focus at technical obsolescence as JRSB suggested. I'm not an expert in cryptocurrencies, but it's my understanding that crypto mining demands increasingly higher computing power as the ledgers expand. This implies that the same computing resources will yield lesser results, say, a year from now. Given your company's investment in these machines, it's likely your colleagues have deeper insights into this than we do
Re: Useful life of bitcoin machines
Thank, Marek. Unfortunatelly, my collegues are not experts at all and don't have any idea how to record these machines properly
And as it usually happens, the accountants and owners have different points of view regarding bookkeeping, depreciation and etc
And as it usually happens, the accountants and owners have different points of view regarding bookkeeping, depreciation and etc
Re: Useful life of bitcoin machines
Not experts at bitcoin mining that is?