Bitcoin mining - Howto find very best paying out swimming pool area?344240

De BISAWiki

Regrettably, i began exploration with my own personal computer hardware only four weeks earlier, thus i overlooked the “great times” where mining was simple and easy you may not generate losses. Right now its a little bit more complicated - you possess ASICs (Application Precise Built-in Circuits) exploration components, which is made for mining SHA-256 coins (=Bitcoin) inside the 3rd generation such as antminer s4, the coming year the 4th technology are going to be unveiled with more potential and less strength consumption. But so i can present you with extremely actual numbers for dec 2014 i have proven and you could make the most of this completely new numbers. BitCoin Mining

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 all around 2 TH/s - therefore, for every 2nd it could possibly compute 2 ‘ 10^12, ergo 2,000,000,000,000 Hashs for every subsequent, its power consumption is around 1400 watts 1 hour (so you estimate your power charges 24*1.4 = 33,6 kW per day).

Fine now we desire to know what we can assume with 2TH/s day-to-day. and that is a good resource for any real amounts of bitcoin. So we understand the as of these days, december 13th 2014, the actual community hashrate is 282,407,063.08 GH/s, this implies 282,407.06 TH/s.

The bitcoin network collections the difficulty to locate a block in a manner, that a new stop is found just about every 15 minutes circle-extensive. 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. Best BitCoin Mining Pools

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 claimed we have now “only” an Antminer S4 with 2TH/s - what is set 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 desire 980.58 days and nights to locate 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? The Best BitCoin Mining Pools

The key reason why despite having an antminer S4 you cant wait around almost three years to possess a major pay out, you should join a exploration pool area. That is in which we go to the headline - how to get the best paying, reliable and stable mining 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.

In fact, you get 25.00 Bitcoin and exchange-expenses (thats close to .01 - .15 further Bitcoins) for finding a whole new prevent. The coin valuation on a stop began at 50 Bitcoin, and minimizes just about every 210,000 disables by one half. Basically prevent number is 334,180 then when prohibit variety grows to 420,000, you should only make 12.5 BTC a prohibit and so forth, so mining 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.

Obviously i actually have round these figures while computing, i hope you don’t worry about this, this is your expectations benefit each day to experience a range you are able to compare pool area benefits with, i do believe we around a little bit more and get .025546 BTC for an anticipated earning per day.

That brings again the question on energy price: .025546 BTC valued in US$ (real selling price 350 US$/BTC) is 8.9411 US$. For making this “big income” you will need 1,400 watts * one day = 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$/kwatts. In case you shell out much more, forget exploration, maybe once the bitcoin cost increases to 1,000 US$ it is possible to change in your miner once again. The Best BitCoin Mining Pool