Bitcoin mining - Howto get best paying pool area?3874951

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However, i started mining with my own, personal computer hardware only 4 weeks earlier, so i neglected the “great times” where by mining was simple and you can not lose money. Nowadays its a little bit more tricky - you might have ASICs (App Precise Bundled Circuits) mining hardware, which is made for exploration SHA-256 coins (=Bitcoin) within the third era just like the antminer s4, next season the fourth development will likely be unveiled with increased power and fewer power use. But so i can give you incredibly genuine phone numbers for dec 2014 which i have demonstrated and you will profit from this completely new phone numbers. Bit Club NetWork

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

If you have an Antminer S4, this bitcoin asicminer will give you all around 2 TH/s - what this means is, every secondly it may estimate 2 ‘ 10^12, ergo 2,000,000,000,000 Hashs for each secondly, its power use is all about 1400 watts sixty minutes (therefore you estimate your energy fees 24*1.4 = 33,6 kW each day).

Fine now we wish to determine what we can assume with 2TH/s everyday. and that is a great useful resource for any real numbers of bitcoin. And we find out that this as of now, dec 13th 2014, the complete circle hashrate is 282,407,063.08 GH/s, this simply means 282,407.06 TH/s.

The bitcoin community packages the issue to find a prevent in many ways, that the new prevent can be found every 15 minutes community-wide. 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. BitCoin Mining Pool

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.

Acceptable but we said we now have “only” an Antminer S4 with 2TH/s - whats 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 might want 980.58 days and nights to identify 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 Pool

The primary reason despite the presence of an antminer S4 you cant wait pretty much three years to enjoy a significant payout, it is best to join a exploration pool area. That is where we go to the heading - how to get the best reliable, paying and stable 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.

Actually, you will enjoy 25.00 Bitcoin and financial transaction-service fees (that is around .01 - .15 more Bitcoins) to find a different obstruct. The coin price of a prohibit began at 50 Bitcoin, and lowers each 210,000 disables by one half. Actually stop range is 334,180 then when prevent variety actually gets to 420,000, you merely receive 12.5 BTC a stop and so on, so exploration 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.

Of course i actually have round these figures while determining, i really hope you never be concerned about this, this is just your expectation importance per day to have a variety you could review area results with, i feel we around a touch more and have .025546 BTC for an expected earning on a daily basis.

That can bring back again the query on energy charge: .025546 BTC highly valued in US$ (specific value 350 US$/BTC) is 8.9411 US$. For making this “big income” you may 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$/kwatts. If you shell out more, overlook mining, possibly when the bitcoin selling price soars to 1,000 US$ you could switch with your miner again. BitCoin Mining