Bitcoin mining - Howto locate finest paying pool?8241494

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Unfortunately, i started exploration with my own devices only four weeks before, so i missed the “great times” where mining was easy and you might not lose cash. Now its a little more challenging - you might have ASICs (Software Specific Incorporated Circuits) mining components, which is made for exploration SHA-256 coins (=Bitcoin) inside the 3rd era just like the antminer s4, next season the fourth technology is going to be introduced with increased electrical power and less power use. But so i can offer you quite real amounts for dec 2014 that i have turned out and you can make the most of this totally new quantities. 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 around 2 TH/s - this implies, for each next it may evaluate 2 ‘ 10^12, ergo 2,000,000,000,000 Hashs for every next, its strength usage is focused on 1400 watts 1 hour (and that means you evaluate your power costs 24*1.4 = 33,6 kW per day).

Fine now we would like to really know what we can easily count on with 2TH/s every day. and that is a great reference for any genuine quantities of bitcoin. Therefore we find out how the as of these days, december 13th 2014, the entire circle hashrate is 282,407,063.08 GH/s, therefore 282,407.06 TH/s.

The bitcoin community units the issue to find a stop in a way, that any new prevent can be found every 15 minutes circle-vast. 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 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.

Alright but we mentioned 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. Therefore, that you desire 980.58 days or weeks to discover a prevent - 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? BitClub Network

The main reason even with an antminer S4 you cant wait virtually 3 years to enjoy a large pay out, you should join a exploration pool area. That is just where we go to the headline - how to get the best stable, paying and reliable 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 get 25.00 Bitcoin and financial transaction-charges (thats around .01 - .15 more Bitcoins) for finding a brand new prevent. The coin price of a prohibit started out at 50 Bitcoin, and lowers each and every 210,000 hinders by 50 percent. In fact stop range is 334,180 so when block amount actually gets to 420,000, you only gain 12.5 BTC a block and so on, so exploration will get a lot 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 we have round these numbers even though determining, i am hoping you don’t worry about this, this is your expectation value per day to have a amount you can review pool area outcomes with, i do believe we round a little bit more and still have .025546 BTC as a possible envisioned earning daily.

Which brings back the issue on electricity cost: .025546 BTC treasured in US$ (actual price tag 350 US$/BTC) is 8.9411 US$. For producing this “big income” you want 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$/kwatts. When you shell out additional, ignore mining, maybe once the bitcoin value climbs up to 1,000 US$ you could change on your own miner yet again. The Best BitCoin Mining Pools