Bitcoin mining - Howto discover best paying swimming pool?1069137

De BISAWiki

Unfortunately, i started exploration with my own hardware only four weeks ago, thus i overlooked the “great times” exactly where mining was simple and easy you could not lose money. Nowadays its much more difficult - you possess ASICs (Software Certain Incorporated Circuits) mining hardware, which is ideal for exploration SHA-256 coins (=Bitcoin) within the 3rd development just like the antminer s4, the new year the fourth development will be introduced with a lot more energy and much less power usage. But in order to supply you with extremely actual numbers for december 2014 i always have proven and you could cash in on this brand-new amounts. 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 bring you approximately 2 TH/s - what this means is, each second it could possibly determine 2 ‘ 10^12, ergo 2,000,000,000,000 Hashs per 2nd, its potential use is all about 1400 watts 1 hour (which means you compute your power expenses 24*1.4 = 33,6 kW daily).

Alright now we want to determine what you can expect to have with 2TH/s daily. which is actually a very good reference for that real quantities of bitcoin. So we learn about the at the time of these days, dec 13th 2014, the overall community hashrate is 282,407,063.08 GH/s, what this means is 282,407.06 TH/s.

The bitcoin community sets the problem to discover a prevent in a way, that any new obstruct can be found every 15 minutes community-broad. 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. 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. Of course thats the expectation value, thats not guaranteed, but if you do this long enough, this would be the average outcome.

Alright but we mentioned now we have “only” an Antminer S4 with 2TH/s - what is 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 implies, you need 980.58 days to find a obstruct - 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? Best BitCoin Mining Pool

The reason despite the presence of an antminer S4 you cant delay almost 3 years to possess a significant payment, it is best to join a mining swimming pool. Thats where we visit the head line - how to find 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 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.

In fact, you receive 25.00 Bitcoin and financial transaction-expenses (thats around .01 - .15 added Bitcoins) to find a whole new prevent. The coin valuation on a stop started at 50 Bitcoin, and minimizes each 210,000 hinders by 50 %. In fact obstruct number is 334,180 so when prohibit amount actually reaches 420,000, you simply make 12.5 BTC a prevent etc, so exploration could possibly get 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 have got curved these amounts whilst establishing, i hope you never concern yourself with this, this is your hope price daily to get a range you could review swimming pool effects with, i think we rounded a bit more and also have .025546 BTC as a possible expected earning each day.

That literally brings rear the issue on electricity charge: .025546 BTC appreciated in US$ (specific cost 350 US$/BTC) is 8.9411 US$. For creating this “big income” you require 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$/kwatts. If you pay out much more, neglect mining, might be once the bitcoin price rises to 1,000 US$ it is possible to move on the miner once again. The Best BitCoin Mining Pool