Bitcoin exploration - Howto find best paying pool area?2625270

De BISAWiki

Sad to say, i started mining with my own computer hardware only four weeks ago, so i ignored the “great times” in which mining was simple and easy you could potentially not lose cash. Nowadays its much more tricky - you have ASICs (App Particular Bundled Circuits) mining hardware, which is for mining SHA-256 coins (=Bitcoin) from the 3rd generation just like the antminer s4, the new year the fourth technology are going to be produced with increased electrical power and less power intake. But in order to present you with really actual quantities for dec 2014 i always have demonstrated and you may benefit from this new quantities. The Best BitCoin Mining Pool

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

When you have an Antminer S4, this bitcoin asicminer will give you about 2 TH/s - this means, for every secondly it could possibly determine 2 ‘ 10^12, ergo 2,000,000,000,000 Hashs each next, its power intake is around 1400 watts 1 hour (therefore you calculate your energy charges 24*1.4 = 33,6 kW each day).

Ok now we would like to determine what we could anticipate with 2TH/s every day. which is actually a great resource for your specific variety of bitcoin. And we learn about that the at the time of nowadays, december 13th 2014, the actual group hashrate is 282,407,063.08 GH/s, this simply means 282,407.06 TH/s.

The bitcoin group sets the issue to get a block in such a way, that any new block is available every 15 minutes network-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. BitClubNetWork

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.

Ok but we stated we now have “only” an Antminer S4 with 2TH/s - what is in 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 simply means, that you might want 980.58 days and nights to locate 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 select? Best BitCoin Mining Pool

The primary reason despite the presence of an antminer S4 you cant wait around pretty much three years to get a significant payout, you need to join a mining area. That is where by we go to the headline - how to find the best paying, stable and reliable mining pool ?

First we calculate what is the expected daily income with our Antminer S4 with 2TH/s. If it would take 980.58 days to find a block and earn the coin value of a block, 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.

Essentially, you will enjoy 25.00 Bitcoin and purchase-charges (thats approximately .01 - .15 extra Bitcoins) to find a brand new obstruct. The coin price of a prevent started out at 50 Bitcoin, and decreases each 210,000 blocks by 50 %. Basically stop number is 334,180 so if prevent number gets to 420,000, you should only earn 12.5 BTC a stop and so forth, so mining can get far 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.

Obviously i actually have rounded these figures although determining, i hope you never stress about this, this is merely your expectation price daily to get a amount you are able to examine pool outcomes with, i do believe we round a little more and also have .025546 BTC as being an estimated earning each day.

That brings lower back the question on electrical power cost you: .025546 BTC respected in US$ (real price 350 US$/BTC) is 8.9411 US$. For generating this “big income” you require 1,400 watts * twenty four 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$/kwatts. In the event you shell out additional, forget mining, perhaps when the bitcoin price goes up to one thousand US$ you may transition on your own miner again. Bit Club NetWork