Bitcoin mining - Howto find ideal paying out swimming pool area?3180413

De BISAWiki

Regrettably, i started mining with my own, personal hardware only four weeks back, therefore i overlooked the “great times” where mining was simple and easy you may not lose cash. These days its much more complicated - you may have ASICs (App Particular Incorporated Circuits) exploration components, which is designed for exploration SHA-256 coins (=Bitcoin) from the 3rd development just like the antminer s4, next season the 4th generation will probably be unveiled with additional power and much less strength ingestion. But in order to supply you with extremely specific figures for december 2014 i have turned out and you can make money from this new figures. BitCoin Mining Pools

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

In case you have an Antminer S4, this bitcoin asicminer will give you approximately 2 TH/s - this simply means, per secondly it may determine 2 ‘ 10^12, ergo 2,000,000,000,000 Hashs for each secondly, its potential ingestion is about 1400 watts sixty minutes (so you determine your energy expenses 24*1.4 = 33,6 kW per day).

Ok now we would like to understand what you can count on with 2TH/s everyday. which is a very good resource for that genuine numbers of bitcoin. And that we understand which the as of nowadays, dec 13th 2014, the entire system hashrate is 282,407,063.08 GH/s, this means 282,407.06 TH/s.

The bitcoin community units the problem to identify a block in such a way, that a new prohibit can be found each 15 minutes network-wide. 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. BitClub Network

961.16 TH/s running full 24 hours, you would mathematically expect to find one block a day, if you would have a mining power of 1. 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 said we have now “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 implies, you need 980.58 days 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 choose? BitClubNetWork

The reason despite having an antminer S4 you cant delay virtually 3 years to possess a big payout, you ought to join a exploration pool area. Thats exactly where we arrive at the heading - how to find the best paying, reliable and stable 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.

Actually, you obtain 25.00 Bitcoin and exchange-charges (that is about .01 - .15 more Bitcoins) for finding a fresh block. The coin valuation on a stop started at 50 Bitcoin, and minimizes every 210,000 prevents by 50 %. Basically obstruct range is 334,180 so when stop number reaches 420,000, you just receive 12.5 BTC a obstruct and so forth, so exploration can 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.

Not surprisingly i actually have rounded these amounts even though establishing, i really hope you do not be worried about this, this is only your hope importance every day to have a amount you are able to review swimming pool area effects with, i feel we around a little more and possess .025546 BTC being an predicted getting every day.

That brings back the concern on electrical energy price: .025546 BTC respected in US$ (specific price 350 US$/BTC) is 8.9411 US$. For creating this “big income” you will 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$/kwatts. In case you fork out far more, forget about exploration, maybe once the bitcoin value increases to 1,000 US$ you could move with your miner yet again. BitCoin Mining Pools