Bitcoin exploration - Howto discover best spending area?8104206

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Sadly, i began exploration with my computer hardware only 4 weeks ago, then i missed the “great times” exactly where mining was simple and you may not lose cash. Right now its a little bit more difficult - you possess ASICs (Program Specific Bundled Circuits) exploration equipment, which is for exploration SHA-256 coins (=Bitcoin) inside the 3rd generation just like the antminer s4, next season the 4th technology are going to be released with increased strength and much less electricity usage. But so i could supply you with extremely actual figures for december 2014 i always have proven and you will make money from this brand new figures. BitCoin Mining Pools

First, ask yourself from basic maths what can i earn as maximum by mining bitcoins?

For those who have an Antminer S4, this bitcoin asicminer will bring you close to 2 TH/s - what this means is, each 2nd it can determine 2 ‘ 10^12, ergo 2,000,000,000,000 Hashs each next, its potential usage is around 1400 watts one hour (therefore you calculate your energy prices 24*1.4 = 33,6 kW on a daily basis).

Fine now we wish to know what we are able to count on with 2TH/s regular. and that is a really good resource for that genuine amounts of bitcoin. So we understand that this by today, december 13th 2014, the entire group hashrate is 282,407,063.08 GH/s, this implies 282,407.06 TH/s.

The bitcoin network units the issue to find a prevent in a way, which a new prohibit can be found each 10 mins system-broad. So, this means on average 144 blocks are found every day. So if you divide 282,407.06 TH/s / 144 blocks you get 1,961.16 TH/s. BitClub Network

961.16 TH/s running full 24 hours, you would mathematically expect to find one block a day, if you would have a mining power of 1. If you do this long enough, this would be the average outcome, although of course thats the expectation value, thats not guaranteed.

Alright but we stated we have now “only” an Antminer S4 with 2TH/s - what is set for us ?

So if you divide the daily power of 1,961.16 TH/s / 2 TH/s the result is 980.58 days. This means, you need 980.58 days and nights to discover a prevent - hmmm.

So, since the ASIC hashpower will evolve within the next 6 months and no one can predict, how much TH/s you will need in 6 or 12 month to keep your percentage of network hashpower, it’s not making sense to do solo mining and wait 980.58 days for your block and buy every 6 month new hardware to keep up with evolving network hashrate.

So, we have to join a mining pool to get daily payouts - great! But which to decide on? Bit Club NetWork

The reason why despite an antminer S4 you cant wait almost 3 years to have a significant payout, you should join a exploration pool. Thats where we go to the headline - how to get the best paying, reliable and stable mining pool ?

First we calculate what is the expected daily income with our Antminer S4 with 2TH/s. If we join a mining pool and add our power then we would have an expected earn of 1 / 980.58 = .00101980460 share on a block each day if it would take 980.58 days to find a block and earn the coin value of a block.

Actually, you obtain 25.00 Bitcoin and purchase-expenses (thats all around .01 - .15 extra Bitcoins) for finding a new stop. The coin importance of a block commenced at 50 Bitcoin, and minimizes each and every 210,000 blocks by fifty percent. In fact prevent number is 334,180 when prevent number gets to 420,000, you only make 12.5 BTC a prohibit and so on, so exploration will get a lot more unprofitable.

So, your expected daily income with 2TH/s is 25.05 (i use this average block value for miners) bitcoin * .00101980460 = .02554610523 Bitcoin.

Naturally i actually have curved these phone numbers although computing, i hope you don’t be concerned about this, this is your expectations price daily to have a amount you can review pool area results with, i do think we spherical a little more and possess .025546 BTC for an anticipated making on a daily basis.

That literally brings lower back the question on electricity cost you: .025546 BTC highly valued in US$ (actual cost 350 US$/BTC) is 8.9411 US$. For creating this “big income” you require 1,400 watts * round the clock = 33,600 watts. So, if you would mine just for fun you could afford mining when you pay around 8.9411 US$ / 33.6 kwatts = .266 US$/kwatts. In case you spend much more, overlook exploration, maybe once the bitcoin price tag climbs up to 1,000 US$ it is possible to change on your own miner again. BitCoin Mining Pools