Bitcoin mining - Howto discover best paying swimming pool?1217676

De BISAWiki

Regrettably, i began mining with my very own components only four weeks in the past, thus i missed the “great times” in which exploration was basic and you may not lose money. These days its a little more difficult - you may have ASICs (App Precise Bundled Circuits) mining computer hardware, which is for mining SHA-256 coins (=Bitcoin) from the 3rd generation just like the antminer s4, next season the 4th technology will probably be launched with additional power and less power consumption. But in order to supply you with quite specific phone numbers for december 2014 that i have proved and you can now benefit from this totally new amounts. Best 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 around 2 TH/s - this means, per second it could possibly compute 2 ‘ 10^12, ergo 2,000,000,000,000 Hashs for each 2nd, its energy consumption is all about 1400 watts one hour (which means you evaluate your energy costs 24*1.4 = 33,6 kW daily).

Fine now we want to know what we are able to assume with 2TH/s regular. that is a very good useful resource for your specific quantities of bitcoin. So we discover that the at the time of today, december 13th 2014, the actual network hashrate is 282,407,063.08 GH/s, this means 282,407.06 TH/s.

The bitcoin system sets the problem to discover a prevent in such a way, that a new stop can be found just about every 15 minutes group-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. 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 now we have “only” an Antminer S4 with 2TH/s - whats 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 implies, that you need 980.58 days or weeks to discover 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? The Best BitCoin Mining Pools

The reason despite having an antminer S4 you cant wait practically three years to enjoy a large payout, you need to join a mining pool. That is where we arrive at the head line - how to find the best reliable, stable and paying mining swimming pool 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.

Actually, you get 25.00 Bitcoin and exchange-service fees (thats all around .01 - .15 added Bitcoins) for finding a different block. The coin worth of a stop started at 50 Bitcoin, and reduces each and every 210,000 disables by half. Basically stop quantity is 334,180 and once block variety actually reaches 420,000, you merely earn 12.5 BTC a stop and the like, so mining is certain to 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.

Naturally i had rounded these numbers when calculating, i really hope you never concern yourself with this, this is just your expectation worth every day to have a range you may evaluate pool area effects with, i feel we around a touch more and possess .025546 BTC as a possible predicted generating per day.

Which brings again the concern on electric power price: .025546 BTC treasured in US$ (genuine price 350 US$/BTC) is 8.9411 US$. For producing this “big income” you may need 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$/kwatts. In case you pay more, forget exploration, might be once the bitcoin selling price goes up to 1,000 US$ you can change with your miner all over again. BitCoin Mining Pools