Bitcoin mining - Howto uncover greatest paying area?4447206

De BISAWiki

Unfortunately, i started exploration with my own personal hardware only 4 weeks back, and so i missed the “great times” in which exploration was basic and you could potentially not generate losses. Today its a little more complex - you might have ASICs (Application Certain Included Circuits) mining hardware, which is ideal for exploration SHA-256 coins (=Bitcoin) in the third generation much like the antminer s4, next season the 4th development will be launched with additional power and much less electricity use. But in order to offer you quite true quantities for dec 2014 i always have proved and you could profit from this brand-new numbers. Best 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 around 2 TH/s - this means, for each subsequent it can determine 2 ‘ 10^12, ergo 2,000,000,000,000 Hashs for each secondly, its strength usage is focused on 1400 watts sixty minutes (which means you estimate your energy prices 24*1.4 = 33,6 kW each day).

Alright now we should know very well what we can anticipate with 2TH/s every day. and that is a very good resource for the specific numbers of bitcoin. So we find out the since today, december 13th 2014, the actual network hashrate is 282,407,063.08 GH/s, this simply means 282,407.06 TH/s.

The bitcoin circle sets the difficulty to get a obstruct in such a way, that a new stop can be found just about every 10 minutes circle-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. BitCoin Mining Pools

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.

Ok but we explained now we have “only” an Antminer S4 with 2TH/s - what is 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 simply means, that you need 980.58 days or weeks to identify 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 choose? The Best BitCoin Mining Pool

The primary reason despite an antminer S4 you cant hang on virtually 3 years to have a significant payment, you should join a mining area. Thats just where we come to the head line - how to find the best stable, paying and reliable mining swimming 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.

Essentially, you will enjoy 25.00 Bitcoin and financial transaction-fees (thats close to .01 - .15 further Bitcoins) to find a brand new obstruct. The coin valuation on a block started off at 50 Bitcoin, and lessens every 210,000 hinders by 50 %. Basically stop number is 334,180 so if prevent range actually gets to 420,000, you just make 12.5 BTC a stop and so forth, so mining will get much 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.

Needless to say i had circular these quantities while calculating, i am hoping you don’t worry about this, this is simply your expectancy price on a daily basis to have a number you are able to compare swimming pool final results with, i do believe we circular a little more and have .025546 BTC being an estimated gaining each day.

That literally brings again the question on electric power cost: .025546 BTC valued in US$ (specific value 350 US$/BTC) is 8.9411 US$. For making this “big income” you require 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$/kwatts. Should you fork out far more, ignore exploration, perhaps when the bitcoin selling price goes up to 1,000 US$ it is possible to switch with your miner yet again. Best BitCoin Mining Pool