Bitcoin exploration - Howto locate finest paying area?6097198

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Sad to say, i started mining with my very own hardware only 4 weeks before, thus i missed the “great times” in which mining was simple and easy , you could potentially not generate losses. Now its a touch more complex - you possess ASICs (App Specific Built-in Circuits) mining equipment, which is for mining SHA-256 coins (=Bitcoin) inside the third technology such as antminer s4, next year the 4th era will likely be introduced with more strength and much less electricity usage. But in order to offer you extremely genuine numbers for dec 2014 that we have proven and you can now make the most of this completely new figures. Best BitCoin Mining Pool

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

Should you have an Antminer S4, this bitcoin asicminer will bring you approximately 2 TH/s - this simply means, for each subsequent it could calculate 2 ‘ 10^12, ergo 2,000,000,000,000 Hashs for every secondly, its power use is around 1400 watts an hour (so that you evaluate your energy expenses 24*1.4 = 33,6 kW each day).

Alright now we want to determine what we can assume with 2TH/s daily. which is actually good source for the genuine quantities of bitcoin. And we also understand that this at the time of today, december 13th 2014, the complete system hashrate is 282,407,063.08 GH/s, therefore 282,407.06 TH/s.

The bitcoin circle packages the issue to identify a obstruct in a way, that a new prevent is found every ten minutes circle-vast. So this means on average 144 blocks are found every day. So, 407.06 TH/s / 144 blocks you get 1,961.16 TH/s, if you divide 282. BitClub 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. Of course thats the expectation value, thats not guaranteed, but if you do this long enough, this would be the average outcome.

Ok but we stated we have “only” an Antminer S4 with 2TH/s - whats set 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 means, that you need 980.58 days 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 consider? BitClub Network

The key reason why despite an antminer S4 you cant hold out pretty much 3 years to have a big pay out, you need to join a exploration pool. That is in which we arrived at the head line - how to find the best reliable, stable and paying 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.

Basically, you obtain 25.00 Bitcoin and exchange-service fees (thats approximately .01 - .15 added Bitcoins) to find a new prohibit. The coin price of a prohibit started at 50 Bitcoin, and lessens each and every 210,000 obstructs by 50 %. Actually prevent quantity is 334,180 and once obstruct number actually gets to 420,000, you only receive 12.5 BTC a stop and the like, so mining will get 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 have got round these quantities even though establishing, i am hoping you don’t stress about this, this is simply your anticipations worth every day to have a number you are able to evaluate pool outcomes with, i think we rounded a little bit more and have .025546 BTC as being an predicted making each day.

Which brings back the concern on electric power cost: .025546 BTC highly valued in US$ (true selling price 350 US$/BTC) is 8.9411 US$. For creating this “big income” you need 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$/kwatts. If you pay a lot more, forget about mining, perhaps as soon as the bitcoin price rises to one thousand US$ it is possible to change on your miner all over again. BitClub Network