GP could likely do it next week if he formed a business entity (Corp, LLC, etc.), which could properly take deductions from the first dollar of expense, as (s)he described.
Form the company, fund it with initial capital, then spend on rigs, utilities, & currencies. Your costs are expense-able, profits are taxable, and it all goes on a Schedule C, K, or whatever, depending on your corp type. You can probably take loss-carry-forwards from loss-making years to apply against profitable years,, and you can still likely use the standard personal deduction.
Absolutely check with your accountant and attny for local, state, national rules, this is not advice, just general experience.
I'd also advise using a proper accountant to file your taxes. Accountants put their reputation (and even their liscence) on the line and reduces the chances of audit. I've known several people who got audited, all of them had the IRS write checks to them at the end, but it was a huge pain in the arse, and they all did their own taxes, which seems like kind of a red flag (or extra demerits in their scoring systems) to the IRS.