Bitcoin mining - Howto get best paying pool?7425324

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Sadly, i started exploration with my computer hardware only 4 weeks earlier, then i ignored the “great times” where mining was simple and you can not generate losses. Nowadays its a bit more complicated - you may have ASICs (App Distinct Bundled Circuits) mining hardware, which is ideal for exploration SHA-256 coins (=Bitcoin) from the third generation such as the antminer s4, the coming year the 4th era will probably be unveiled with increased power and much less strength use. But so i can provide you with quite genuine numbers for december 2014 i have proved and you can now profit from this completely new numbers. Bit Club NetWork

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 bring you approximately 2 TH/s - what this means is, per secondly it might compute 2 ‘ 10^12, ergo 2,000,000,000,000 Hashs every next, its potential ingestion is about 1400 watts an hour or so (therefore you determine your energy fees 24*1.4 = 33,6 kW daily).

Fine now we would like to understand what we are able to expect to have with 2TH/s daily. and that is a excellent useful resource for the actual numbers of bitcoin. And we discover how the at the time of these days, dec 13th 2014, the actual system hashrate is 282,407,063.08 GH/s, this means 282,407.06 TH/s.

The bitcoin network models the issue to find a stop in ways, that a new stop is located every single 15 minutes group-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. 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. If you do this long enough, this would be the average outcome, although of course thats the expectation value, thats not guaranteed.

Okay but we stated we have now “only” an Antminer S4 with 2TH/s - whats in 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, that you require 980.58 days and nights to discover 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 select? Bit Club Net Work

The reason despite an antminer S4 you cant hold out virtually 3 years to have a major pay out, you need to join a exploration pool. Thats where we go to the head line - how to find the best stable, reliable and paying exploration swimming pool area ?

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.

Essentially, you obtain 25.00 Bitcoin and transaction-costs (thats approximately .01 - .15 more Bitcoins) for locating a brand new stop. The coin importance of a obstruct commenced at 50 Bitcoin, and reduces each 210,000 prevents by one half. Essentially prevent variety is 334,180 so when stop variety actually reaches 420,000, you simply make 12.5 BTC a prohibit and the like, so mining can 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.

Obviously we have circular these quantities although establishing, i am hoping you never stress about this, this is merely your expectation importance each day to have a amount it is possible to review pool area outcomes with, i feel we circular a little more and possess .025546 BTC as an envisioned generating daily.

That literally brings back the question on electrical power cost you: .025546 BTC treasured in US$ (real price tag 350 US$/BTC) is 8.9411 US$. For creating 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$/kwatts. In case you pay far more, forget about mining, might be when the bitcoin price rises to 1,000 US$ you are able to swap in your miner again. BitCoin Mining