Argentina's Climate Goals
The innovative use of flared gas by bitcoin mining initiative Unblock Computing has received praise from the U.S. Ambassador to Argentina, Marc R. Stanley. This initiative, in collaboration with Crusoe Energy Systems, not only aids Argentina in achieving its climate goals but also promotes energy conservation.
Unique Way of Generating Electricity
Unblock Computing, a Bitcoin miner in Argentina, has secured a $15 million investment to power its operations at Vaca Muerta. Vaca Muerta, located in the Neuquén Basin in northern Patagonia, is home to one of the world's largest shale gas reserves. The partnership between Unblock Computing and Crusoe Energy Systems aims to generate electricity by combusting methane.
Ambassador Stanley expressed his excitement about this innovative approach, stating, "Love seeing U.S. [and] Argentine companies work together to solve problems and help the environment. The geniuses at Crusoe [and] Unblock Global figured out a way to combust methane and generate electricity. This not only helps Argentina meet its climate goals, but also saves energy and makes money. Brilliant."
Reduced Emissions and Increased Oil Production
Tomas Ocampo, the founder of Unblock Computing, shared on X that the $15 million investment will contribute to Crusoe Energy Systems and its partners producing $200 million worth of oil with fewer emissions. This investment will not only support sustainable energy practices but also have a positive impact on oil production.
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Frequently Asked Questions
How can you withdraw from an IRA of Precious Metals?
First, decide if it is possible to withdraw funds from an IRA. Make sure you have enough cash in your account to cover any fees, penalties, or charges that may be associated with withdrawing money from an IRA.
If you are willing to pay a penalty for early withdrawal, you should consider opening a taxable brokerage account instead of an IRA. You will also have to account for taxes due on any amount you withdraw if you choose this option.
Next, you'll need to figure out how much money you will take out of your IRA. This calculation is affected by many factors, such as the age at which you withdraw the money, the amount of time the account has been owned, and whether your plans to continue contributing to your retirement fund.
Once you know how much of your total savings to convert to cash, it's time to choose the type of IRA that you want. Traditional IRAs let you withdraw money tax-free after you turn 59 1/2, while Roth IRAs require you to pay income taxes upfront but allow you access the earnings later without paying any additional taxes.
Once you have completed these calculations, you need to open your brokerage account. Most brokers offer free signup bonuses and other promotions to entice people to open accounts. Avoid unnecessary fees by opening an account with your debit card, rather than your credit card.
When it comes time to withdraw your precious metal IRA funds, you will need a safe location where you can keep your coins. Some storage facilities can accept bullion bar, while others require you buy individual coins. Before choosing one, consider the pros and disadvantages of each.
For example, storing bullion bars requires less space because you aren't dealing with individual coins. But you will have to count each coin separately. However, you can easily track the value of individual coins by storing them in separate containers.
Some people prefer to keep their coins in a vault. Others prefer to store their coins in a vault. You can still enjoy the benefits of bullion for many years, regardless of which method you choose.
What precious metals can you invest in for retirement?
Gold and silver are the best precious metal investments. Both can be easily bought and sold, and have been around since forever. You should add them to your portfolio if you are looking to diversify.
Gold: This is the oldest form of currency that man has ever known. It's also very safe and stable. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: The popularity of silver has always been a concern for investors. This is a great choice for people who want to avoid volatility. Unlike gold, silver tends to go up instead of down.
Platinum: This precious metal is also becoming more popular. It's resistant to corrosion and durable, similar to gold and silver. It's however much more costly than any of its counterparts.
Rhodium: Rhodium is used in catalytic converters. It's also used in jewelry making. And, it's relatively cheap compared to other types of precious metals.
Palladium: Palladium, which is a form of platinum, is less common than platinum. It's also much more affordable. Investors looking to add precious and rare metals to their portfolios love it for these reasons.
What is the tax on gold in Roth IRAs?
The tax on an investment account is based on its current value, not what you originally paid. If you invest $1,000 into a mutual fund, stock, or other investment account, then any gains are subjected tax.
But if you put the money into a traditional IRA or 401(k), there's no tax when you withdraw the money. You pay taxes only on earnings from dividends and capital gains — which apply only to investments held longer than one year.
These accounts are subject to different rules depending on where you live. Maryland requires that you withdraw funds within 60 business days after reaching the age of 59 1/2. Massachusetts allows you up to April 1st. New York is open until 70 1/2. To avoid any penalties, plan your retirement savings and take your distributions as early as possible.
What are the benefits of having a gold IRA?
You can save money on retirement by putting your money into an Individual Retirement Account. It's tax-deferred until you withdraw it. You have complete control over how much you take out each year. There are many types of IRAs. Some are more suitable for students who wish to save money for college. Others are made for investors seeking higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. Once they start withdrawing money, however, the earnings aren’t subject to tax again. This type of account might be a good choice if your goal is to retire early.
A gold IRA is similar to other IRAs because it allows you to invest money in various asset classes. Unlike a regular IRA which requires taxes to be paid on gains as you wait to withdraw them, a IRA with gold allows you to invest in multiple asset classes. This makes gold IRA accounts excellent options for people who prefer to keep their money invested instead of spending it.
An additional benefit to owning gold through an IRA, is the ease of automatic withdrawals. You won't have the hassle of making deposits each month. To make sure you don't miss any payments, you can also set up direct deductions.
Finally, gold remains one of the best investment options today. Because it's not tied to any particular country, its value tends to remain steady. Even in times of economic turmoil, gold prices tend not to fluctuate. This makes it a great investment option to protect your savings from inflation.
Who holds the gold in a gold IRA?
The IRS considers an individual who owns gold as holding “a form of money” subject to taxation.
To be eligible for the tax-free status, you must possess at least $10,000 gold and have had it stored for at least five consecutive years.
While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.
You will need to declare the value of gold if you intend on selling it one day. This could impact how capital gains taxes you owe for cash investments.
It is a good idea to consult an accountant or financial planner to learn more about your options.
Can I purchase gold with my self directed IRA?
You can purchase gold with your self-directed IRA, but you must first open an account at a brokerage firm like TD Ameritrade. Transfer funds from an existing retirement account are also possible.
The IRS allows individuals to contribute up to $5,500 annually ($6,500 if married and filing jointly) to a traditional IRA. Individuals are allowed to contribute $1,000 each ($2,000 if married or filing jointly) to a Roth IRA.
If you do decide to invest in gold, you'll want to consider purchasing physical bullion rather than investing in futures contracts. Futures contracts are financial instruments that are based on gold's price. These financial instruments allow you to speculate about future prices without actually owning the metal. Physical bullion, however, is real gold and silver bars that you can hold in your hand.
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
3 Ways to Invest Gold for Retirement
It's crucial to understand where gold fits in your retirement strategy. There are several options to invest in precious metals if your employer has a 401k. You might also consider investing in gold outside your workplace. If you have an IRA (Individual Retirement Account), a custodial account could be opened at Fidelity Investments. If you don't have any precious metals yet, you might want to buy them from a reputable dealer.
These are three simple rules to help you make an investment in gold.
- Buy Gold with Your Money – You don't need credit cards, or to borrow money to finance your investments. Instead, invest in cash. This will protect your against inflation and increase your purchasing power.
- Physical Gold Coins You Should Buy – Physical gold coins should be purchased over a paper certificate. Physical gold coins can be sold much faster than paper certificates. There are no storage fees for physical gold coins.
- Diversify Your Portfolio – Never put all of your eggs in one basket. This means that you should diversify your wealth by investing in different assets. This helps reduce risk and gives you more flexibility during market volatility.
By: Terence Zimwara
Title: U.S. Ambassador Praises Unblock Computing's Bitcoin Mining Initiative for Innovative Use of Flared Gas
Sourced From: news.bitcoin.com/us-ambassador-to-argentina-hails-bitcoin-miners-genius-flared-gas-power-generation-plans/
Published Date: Mon, 18 Dec 2023 07:30:30 +0000