Bitcoin mining - Howto locate ideal spending swimming pool?496640

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Sad to say, i started exploration with my own personal components only 4 weeks earlier, and so i overlooked the “great times” in which mining was easy and you could not lose money. Today its much more complicated - you might have ASICs (Program Distinct Built-in Circuits) exploration components, which is designed for exploration SHA-256 coins (=Bitcoin) within the 3rd technology such as the antminer s4, the new year the fourth technology are going to be released with additional electrical power and fewer electricity consumption. But so i could provide you with extremely true amounts for dec 2014 which i have proven and you will benefit from this completely new figures. BitClub 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 give you about 2 TH/s - this implies, every second it may evaluate 2 ‘ 10^12, ergo 2,000,000,000,000 Hashs for each second, its strength usage is focused on 1400 watts one hour (and that means you estimate your energy costs 24*1.4 = 33,6 kW each day).

Alright now we would like to understand what you can expect to have with 2TH/s daily. that is a great reference for that actual numbers of bitcoin. Therefore we understand that the at the time of nowadays, december 13th 2014, the general circle hashrate is 282,407,063.08 GH/s, this implies 282,407.06 TH/s.

The bitcoin circle models the difficulty to discover a block in a way, a new block is located every 10 minutes network-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. Bit Club 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 stated we certainly 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. This means, that you might want 980.58 time to get a stop - 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 decide on? BitClubNetWork

The primary reason despite having an antminer S4 you cant hold out almost 3 years to experience a significant pay out, you ought to join a mining area. That is just where we go to the heading - how to find the best paying, reliable and stable exploration 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.

Really, you obtain 25.00 Bitcoin and transaction-charges (thats close to .01 - .15 added Bitcoins) for finding a different prohibit. The coin price of a block started off at 50 Bitcoin, and minimizes each 210,000 blocks by one half. In fact obstruct quantity is 334,180 then when stop number reaches 420,000, you only receive 12.5 BTC a stop and many others, 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.

Obviously i have round these quantities even though calculating, i really hope you do not stress about this, this is simply your hope importance each day to enjoy a number you can evaluate pool results with, i do believe we around a little more and get .025546 BTC as being an predicted earning daily.

Which brings again the problem on electrical power charge: .025546 BTC highly valued in US$ (specific selling price 350 US$/BTC) is 8.9411 US$. For making this “big income” you want 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$/kwatts. In the event you fork out additional, forget about exploration, perhaps once the bitcoin value rises to one thousand US$ you may swap in your miner again. The Best BitCoin Mining Pools