Bitcoin exploration - Howto discover very best paying out swimming pool?6297203

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However, i started mining with my very own components only 4 weeks earlier, so i missed the “great times” exactly where mining was simple and you could not lose money. Right now its a little more challenging - you have ASICs (Application form Certain Bundled Circuits) mining hardware, which is ideal for exploration SHA-256 coins (=Bitcoin) during the 3rd generation such as the antminer s4, the new year the 4th development are going to be produced with additional power and much less strength usage. But in order to offer you incredibly genuine numbers for december 2014 which i have proven and you can now benefit from this completely new figures. Bit Club NetWork

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 - this means, each 2nd it might determine 2 ‘ 10^12, ergo 2,000,000,000,000 Hashs for every secondly, its energy usage is all about 1400 watts one hour (so you estimate your power fees 24*1.4 = 33,6 kW every day).

Ok now we would like to know very well what we can assume with 2TH/s regular. which is actually a really good useful resource for your true numbers of bitcoin. And that we learn about that this since these days, dec 13th 2014, the overall group hashrate is 282,407,063.08 GH/s, this implies 282,407.06 TH/s.

The bitcoin community units the difficulty to find a block in many ways, that any new stop is found every 10-20 minutes community-vast. 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. Bit Club NetWork

If you would have a mining power of 1,961.16 TH/s running full 24 hours, you would mathematically expect to find one block a day. 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 explained we certainly have “only” an Antminer S4 with 2TH/s - whats in for us ?

So, 961.16 TH/s / 2 TH/s the result is 980.58 days if you divide the daily power of 1. This simply means, that you might want 980.58 times to get a prohibit - 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 pick? BitClub Network

The main reason even with an antminer S4 you cant wait pretty much three years to possess a big payout, it is best to enroll in a mining pool. That is just where we visit the headline - how to get the best stable, paying and reliable exploration area ?

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.

In fact, you get 25.00 Bitcoin and deal-costs (thats close to .01 - .15 additional Bitcoins) for finding a whole new stop. The coin value of a obstruct began at 50 Bitcoin, and decreases every 210,000 prevents by fifty percent. In fact block amount is 334,180 so if prevent range actually gets to 420,000, you only receive 12.5 BTC a stop etc, so mining will receive much 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.

Of course i actually have circular these quantities although computing, i hope you do not be worried about this, this is merely your expectancy worth on a daily basis to have a quantity you can evaluate pool benefits with, i think we spherical much more and still have .025546 BTC as a possible anticipated getting daily.

Which brings rear the issue on electricity cost you: .025546 BTC respected in US$ (real cost 350 US$/BTC) is 8.9411 US$. For making this “big income” you want 1,400 watts * 24 hours = 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$/kwatts. When you spend a lot more, forget mining, perhaps as soon as the bitcoin selling price climbs up to 1,000 US$ you could change on your miner once more. Bit Club NetWork