Bitcoin mining - Howto uncover best spending area?6513177

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Sadly, i began mining with my own personal hardware only 4 weeks in the past, then i neglected the “great times” just where exploration was easy and you could potentially not lose money. Now its much more complex - you may have ASICs (Application Precise Included Circuits) exploration computer hardware, which is ideal for mining SHA-256 coins (=Bitcoin) in the third age group such as the antminer s4, the coming year the fourth age group will likely be launched with additional energy and much less energy use. But so i can provide you with quite true figures for december 2014 that we have demonstrated and you could make the most of this brand-new phone numbers. BitCoin Mining Pool

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 close to 2 TH/s - what this means is, each next it can evaluate 2 ‘ 10^12, ergo 2,000,000,000,000 Hashs every secondly, its energy usage is about 1400 watts an hour or so (which means you evaluate your power expenses 24*1.4 = 33,6 kW daily).

Fine now we want to really know what we can expect with 2TH/s every day. which is actually a great source of information for any specific amounts of bitcoin. Therefore we learn which the as of today, dec 13th 2014, the actual community hashrate is 282,407,063.08 GH/s, this implies 282,407.06 TH/s.

The bitcoin circle sets the problem to get a obstruct in a way, that the new obstruct is found each 10 minutes community-large. 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. The 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.

Okay but we explained we have “only” an Antminer S4 with 2TH/s - what is set 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 means, that you desire 980.58 days to find 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 consider? The Best BitCoin Mining Pools

The key reason why despite an antminer S4 you cant wait pretty much 3 years to enjoy a large payout, you need to join a mining swimming pool area. Thats where we come to the headline - how to find the best reliable, stable and paying mining swimming 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 financial transaction-expenses (that is approximately .01 - .15 additional Bitcoins) to find a fresh obstruct. The coin value of a prevent started off at 50 Bitcoin, and minimizes each 210,000 hinders by 50 percent. In fact stop quantity is 334,180 and once obstruct quantity reaches 420,000, you only gain 12.5 BTC a block and so on, so mining will receive 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 rounded these quantities while determining, i hope you do not worry about this, this is only your expectations value every day to possess a amount it is possible to examine swimming pool benefits with, i feel we spherical a little more and possess .025546 BTC as an predicted getting every day.

That literally brings again the question on electrical energy price: .025546 BTC valued in US$ (specific value 350 US$/BTC) is 8.9411 US$. For producing 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$/kwatts. When you pay out a lot more, neglect mining, probably if the bitcoin value soars to 1,000 US$ you may move on your miner once more. BitCoin Mining