To mine Bitcoin Rhodium you need to set up an XRC wallet and configure your miner of choice. You can choose between Web wallet, Electrum-XRC or Magnum wallet. To set up a web wallet please visit wallet.bitcoinrh.org. Or download and install Electrum-XRC wallet (recommended) for Windows, Linux and MacOS.
Any miner that supports X13 will be able to mine XRC. We have a few examples below of miners that are well tested with Bitcoin Rhodium network.
For any miner, configure the miner to point to:
(0–0.8 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3061 (0.8–2 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3062 (3–4 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3063 (5+ GH/s) stratum+tcp://poolcore.bitcoinrh.org:3064 with your XRC address as username and x as password. You don’t need to open an account on pool. You will be mining to XRC address and mined coins will be transferred to your wallet • after blocks reach 10 block maturity • after you mined up minimal amount of coins (currently 0.1 XRC) • sometimes mined blocks could get rejected by network (orphaned) after they were counted as valid blocks. This is normal network behavior to follow longest chain
CCMiner is a GPU-based miner (NVIDIA) Command to run your CCMINER: ccminer-x64.exe -a x13 -o stratum+tcp://poolcore.bitcoinrh.org:3062 -O :without -D — show-diff
Settings: Url: (0–2 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3062 (3–4 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3063 (5+ GH/s) stratum+tcp://poolcore.bitcoinrh.org:3064 Algo: x13User: your XRC receiving address (make sure you set 2 distinct addresses for each hashing board) Pass: x Extranonce: leave off Priority set to 0 and 1 Once pool stratum address and your wallet as user are set up you should see your miner mining against XRC pool. When miner is working the status column is green. The pool and miner are incorrectly configured now as status says “Dead” highlighted in red.
Instructions for mining XRC on BSOD pool
Pool link:bsod.pw/en/pool/dashboard/XRC/ Use this code for your miner: -a x13 -o stratum+tcp://pool.bsod.pw:2582 -u WALLET.rig BSOD pool allows both solo and party mining.
For solo mining use code: -a x13 -o stratum+tcp://pool.bsod.pw:2582 -u WALLET.rig -p m=solo And for party mining use: -a x13 -o stratum+tcp://pool.bsod.pw:2582 -u WALLET.rig -p m=party.yourpassword
NOTICE: You can use us for North America and asia for Asia instead of euin your .bat file or config. You can also use BSOD pool’s monitor app forAndroidandiOS.
Instructions for mining XRC on ZERGPOOL
Zergpool offers low fees (just 0.5%) and also SOLO and PARTY mining with no extra fees. To mine XRC on Zergpool use this command lines for your miner:
Regular: -a x13 -o stratum+tcp://x13.mine.zergpool.com:3633 -u -p c=XRC,mc=XRC Solo: -a x13 -o stratum+tcp://x13.mine.zergpool.com:3633 -u -p c=XRC,mc=XRC,m=solo Party: -a x13 -o stratum+tcp://x13.mine.zergpool.com:3633 -u -p c=XRC,mc=XRC,m=party
Use your coin wallet address as username in mining software. Specify c=SYMBOL as password to identify payout wallet coin, and the same coin in mc=SYMBOL to specify mining coin. For more information and support please visit http://zergpool.com Notice that when there are more pools mining XRC in different geographic/availability locations choose the nearest to you as lowest priority and then add desirable fall back pool options in different geographic locations or pools. This is useful when one pool experiences issues, to fall back to different pool in Bitcoin Rhodium network.
Calculate your Bitcoin Rhodium mining profitability
It's easy to compare blockchain hashrates when the Proof-of-Work algorithm is the same. For example if Bitcoin has a hashrate of SHA-256 @ 40 PH/s and Bitcoin Cash has a hashrate of SHA-256 @ 2 PH/s, it's easy to see that for a given period of time the Bitcoin blockchain will have 20x (40/2) the amount of work securing it than the Bitcoin Cash blockchain. Or to say that differently, you need to wait for 20x more Bitcoin Cash confirmations before an equivalent amount of work has been done compared to the Bitcoin blockchain. So 6 Bitcoin confirmations would be roughly equivalent to 120 Bitcoin Cash confirmations in the amount of work done. However if the Proof-of-Work algorithms are different, how can we compare the hashrate? If we're comparing Bitcoin (SHA-256 @ 40 PH/s) against Litecoin (Scrypt @ 300 TH/s), the hashes aren't equal, one round of SHA-256 is not equivalent to one round of Scrypt. What we really want to know is how much energy is being consumed to provide the current hash rate. Literal energy, as in joules or kilowatt hours. It would be great if we had a universal metric across blockchains like kWh/s to measure immutability. However that's fairly hard to calculate, we need to know the average power consumption of the average device used to mine. For GPU/CPU mined Proof-of-Work algorithms this varies greatly. For ASIC mined Proof-of-Work algorithms it varies less, however it's likely that ASIC manufacturers are mining with next generation hardware long before the public is made aware of them, which we can't account for. There's no automated way to get this data and no reliable data source to scrape it from. We'd need to manually research all mining hardware and collate the data ourself. And as soon as newer mining hardware comes out our results will be outdated. Is there a simpler way to get an estimated amount of work per blockchain in a single metric we can use for comparisons? Yeah, there is, we can use NiceHash prices to estimate the cost in $ to secure a blockchain for a given timeframe. This is directly comparable across blockchains and should be directly proportionate to kWh/s, because after all, the energy needs to be paid for in $. How can we estimate this?
Get the blockchains Proof-of-Work algorithm
Lookup the average price per hash on NiceHash for this algorithm
Multiply price per hash by total hashrate per second
Now we have an estimated total Proof-of-Work metric measured in dollars per second ($/s). The $/s metric may not be that accurate. Miners will mark up the cost when reselling on NiceHash and we're making the assumption that NiceHash supply is infinite. You can't actually rent 100% of Bitcoin's hashpower from NiceHash, there isn't enough supply. However that's not really an issue for this metric, we aren't trying to calculate the theoretical cost to rent an additional 100% of the hashrate, we're trying to get a figure that allows us to compare the cost of the current total hashrate accross blockchains. Even if the exact $ value we end up with is not that accurate, it should still be proportionate to kWh/s. This means it's still an accurate metric to compare the difference in work done over a given amount of time between blockchains. So how do we compare these values between blockchains? Once we've done the above calculations and got a $/s cost for each blockchain, we just need to factor in the average block time and calculate the total $ cost for a given number of confirmations. Then see how much time is required on the other blockchain at it's $/s value to equal the total cost. So to calculate how many Litecoin confirmations are equivalent to 6 Bitcoin confirmations we would do:
Bitcoin (SHA-256 @ 40 PH/s) or ($100/s)
Litecoin (Scrypt @ 300 TH/s) or ($10/s)
Bitcoin's average block time is 10 minutes (600 seconds)
6 Bitcoin confirmations on average is 60 minutes (3,600 seconds)
Bitcoin's total $ cost for 6 confirmations is ($100 * 3,600 seconds) $360,000
At Litecoin's hashrate of $10/s it would take ($360,000 / $10) 36,000 seconds (10 hours) to complete an equivalent amount of work
Litecoin's average block time is 2.5 minutes (150 seconds)
The amount of Litecoin blocks expected over this period of time is (36,000 seconds / 150 seconds) 240 blocks.
Therefore we can say that 240 Litecoin confirmations are roughly equal to 6 Bitcoin confirmations in total amount of work done.
$/s doesn't mean what it sounds like it means.
The $/s values should not be taken as literal costs. For example:
Bitcoin's total $ cost for 6 confirmations is ($100 * 3,600 seconds) $360,000
This is does not mean you could do a 51% attack on Bitcoin and roll back 6 blocks for a cost of $360,000. An attack like that would be much more expensive. The $/s value is a metric to compare the amount of work at the current hashrate between blockchains. It is not the same as the cost to add hashrate to the network. When adding hashrate to a network the cost will not scale linearly with hashrate. It will jump suddenly at certain intervals. For example, once you've used up the available hashrate on NiceHash you need to add the costs of purchasing ASICs, then once you've bought all the ASICs in the world, you'd need to add the costs of fabricating your own chips to keep increasing hashrate.
These metrics are measuring "work done", not security.
More "work done" doesn't necessarily mean "more security". For example take the following two blockchains:
Bitcoin Cash (SHA-256 @ 2 PH/s) or ($5/s)
Zcash (Equihash @ 4 GH/s) or ($3/s)
Bitcoin Cash has a higher $/s value than Zcash so we can deduce it has more "work done" over a given timeframe than Zcash. More kWh/s are required to secure it's blockchain. However does that really mean it's safer? Zcash is the dominant blockchain for it's Proof-of-Work algorithm (Equihash). Whereas Bitcoin Cash isn't, it uses the same algorithm as Bitcoin. In fact just 5% of Bitcoin's hashrate is equivalent to all of Bitcoin Cash's hashrate. This means the cost of a 51% attack against Bitcoin Cash could actually be much lower than a 51% attack against Zcash, even though you need to aquire more kWh/s of work, the cost to aquire those kWh/s will likely be lower. To attack Bitcoin Cash you don't need to acquire any hardware, you just need to convince 5% of the Bitcoin hashrate to lend their SHA-256 hashpower to you. To attack Zcash, you would likely need to fabricate your own Equihash ASICs, as almost all the Equihash mining hardware in the world is already securing Zcash.
Accurately calculating security is much more complicated.
These metrics give a good estimated value to compare the hashrate accross different Proof-of-Work blockchains. However to calculate if a payment can be considered "finalised" involves many more variables. You should factor in:
Is this cryptocurrency the dominant cryptocurrency for it's Proof-of-Work algorithm?
What is the market cap of this cryptocurrency?
What is the daily trading volume of this cryptocurrency?
What is the $ value of this transaction?
If the cryptocurrency doesn't dominate the Proof-of-Work it can be attacked more cheaply. If the market cap or trading volume is really low, an attacker may crash the price of the currency before they can successfully double spend it and make a profit. Although that's more relevant in the context of exchanges rather than individuals accepting payments. If the value of the transaction is low enough, it may cost more to double spend than an attacker would profit from the double spend. Ultimately, once the cost of a double spend becomes higher than an attacker can expect to profit from the double spend, that is when a payment can probably be considered "finalised".
Profit per month: Disclosure: Mining metrics are calculated based on a network hash rate of 13,823,824,128 GH/s and using a BTC - USD exchange rate of 1 BTC = $ 16838.21. These figures vary based on the total network hash rate and on the BTC to USD conversion rate. Block reward is fixed at 12.5 BTC and future block reward reductions are not taken into account. The average block time used in the calculation is 600 seconds. The electricity price used in generating these metrics is $ 0.132 per kWh. https://www.cryptocompare.com/mining/calculatobtc?HashingPower=14&HashingUnit=TH%2Fs&PowerConsumption=1372&CostPerkWh=0.132 Antminer S9 Specs: https://shop.bitmain.com/antminer_s9_asic_bitcoin_miner.htm?flag=specifications CryptoCompare shows a $790.46 USD profit per month with the following input: 1 BTC = $ 16838.21 Hasting power: 14 Power consumption (w): 1372 Cost per KW/h ($): 0.132 $790 USD/month is the total mined - total cost. $790 is very profitable. Mining 0.05 BTC/month is very good when the current BTC price is $16k. "According to the above inputs, the S9 will produce** 0.285 BTC / $159 per month** and 3.36 BTC / $1939 per year." - June 27, 2017 article https://www.buybitcoinworldwide.com/mining/hardware/antminer-s9/ buybitcoinworldwide.com June 27, 2017 article shows only a profit of $159/month but BTC then was 1BTC = $2500USD. Is it very profitable to run a bitcoin Antminer S9 now with profit of $790 USD/month?
There's been some fantastic work done in this subreddit spreading disinformation researching, criticising, and debunking bitcoin and its sacred cows over the past year, which I would like to celebrate. So here's some posts I saved on bitcoin-related topics. But I started saving things too late... So if you have and/or remember any great posts from the past year, dig them up and post them here. Also, unironically, maybe someone should start a buttcoin wiki First, three pieces of investigative journalism from Buttcoin's top minds. Here Charlie_Shrem examines the environmental impact of bitcoin mining. Key finding: For every Bitcoin transaction, 47 kilograms of CO2 is released into the atmosphere from the miners alone.
Current hash rate: 261,900,382 GH/s Number of transactions per day: 71,331 If we assume rather conservatively that 1GH/s = 1 watt on average, then this would mean 261,900,382W is being used to power the network. We can simplify this to 261,900 kW. Some miners can do better than 1W per 1GH/s, but many if not most do worse (i.e. 2W per 1GH/s to 10W per 1GH/s). Going by the figure of 0.527kg CO2 / kWh found on this page, 0.527kg CO2 x 261,900 kW x 24 hours = 3,312,511.2 kg CO2 per day Now, 3,312,511.2 kg CO2 / 71,331 transactions = 46.44 kg CO2 per transaction For comparison, even going by this Coindesk Article, an ATM produces daily 3.162kg in CO2 emissions. 0.25kwH x 0.527kg CO2 x 24 hours = 3.162kg/day. That means that the carbon emission for one Bitcoin transaction is equivalent to about 15 ATMs processing perhaps hundreds or thousands of transactions in a day combined.
Earlier this month Frankeh abruptly interrupted remittance-focused annular onanism by issuing a challenge: to find a single instance where bitcoin works out cheaper than a fiat alternative. In case you need to ask... Nope.
Right, there's a bunch of circlejerking happening in /Bitcoin right now so I think it's time to cut through the bullshit one way or another. Country to send money to. The biggest remittance markets are China, Indian and the Philippines. I believe that since /Bitcoin often gives the Philippines as an example of successful Bitcoin remittance then it is the perfect country to use in our challenge. Country to send money from. According to this wikipedia article Malaysia and Canada have the biggest expat Filipino communities. 900,000 and 500,000. So I think we should do the calculations based on both countries. The methodology Most people are not paid in Bitcoin. This is a fact. So for our calculation you must start with fiat, and end in fiat. We're not doing these calculations based on future utility of Bitcoin (No, neo. I'm saying...), we're doing them on the current utility. We will also be doing a bank to bank remittance, because that is nice an constant. We don't need to take into account pick up locations Bitcoin remittance allows and pick up locations normal remittance allows. They'll vary too much. Time will also not be taken into account, as time doesn't actually matter when it comes to remittance. Now, Bitcoiners might shout about this particular rule but let me explain my logic behind this. A foreign worker gets paid every Friday. They start the remittance process on the Friday and regardless of if it takes 0, 3, or 5 days their family back in their home country just needs to base their life around money coming in on remitters pay day + 0, 3, or 5 days. Time taken is of no real value when it comes to remittance. All that matters is that it consistently arrives on day x. As such, any remittance services that take over 5 working days are to be ignored for the sake of this challenge. The amount The amount is going to be 25% of the average wage in each of the countries. This isn't extremely scientific because it doesn't particularly need to be, and the figures are hard to come by. So 1826.75 MYR for Malaysia and 1,398 CAD for Canada. Don't bother complaining about these, they're just examples. Few more ground rules
We're going to be going from bank/bank card to bank regardless, so we're not interested in banking fees on either side. They will be the same regardless of Bitcoin or WU (for example)
It must be from local fiat to foreign fiat.. You can't palm off the conversion fee to the receivers bank to keep fees down.
Any remittance service can be used, as long as Bitcoin is involved for people fighting the Bitcoin corner and Bitcoin isn't used for people fighting the WU (or similar) corner.
You must go through the process and document all the fees for each. Fees to look out for are currency spreads, transaction fees on exchanges, etc
Finally a recent thread, but commendable all the same. Hodldown presents some research leading to facts overturning years of knowledge in the bitcoin wiki. Even us shills have been laughing at bitcoin's pathetic capability of 7 transactions per second. It turns out, we were out by at least a factor of 2:
The average number of transactions per block right now is: 665 transactions The average block size is 0.372731752748842mb. That means the average transaction is 0.00056049887mb. Which means 1mb of transactions (the limit) is 1784 transactions Assuming a 10 minute block (a whole other can of worms) that means there is 10*60 seconds. 1784/600 isn't 7. It's a 2.97. Bitcoin at a technical level can not handle even 3 transactions per second.
On the transaction side: the Bitcoin community seems convinced that banks are ripping them off (which imo they are not), and that it can be fixed by applying some magicsauce over a transaction that is facilitated by banks regardless. So far in practice I haven't seen any evidence of the 'fast' 'cheap' and 'easy' transactions, like most recently with Mollie. They usually compare the fees of BTC>BTC transactions to the fees of Chase Mastercard > a fucking nomad in the Sahara (with consumer protection) to prove their point. The community also seems convinced that the entire world banks the way America does, not realizing that in Europe banking has been dirt cheap for years. And the security... oh boy the security. Half the population can't manage to go without a virus for one year (not an actual statistic), and now you expect them to secure their coins? People are dumb as shit, and software is always one step behind the exploits. We could of course create Bitcoin banks, but then there isn't much left of the original idea. On the 'intrinsic value' side: what the hell is wrong with people. If the underlying product is no good in any aspect, why is it worth much? Right now (that's like 5 years after introduction mind you) BTC is used in 3 types of transactions: Silk Road, SatoshiDice & extremely questionable transactions. It does its job well in that aspect, and that's all it will ever be. The community just turned the technology into a giant ponzi, and they don't care as long as they get paid. The people actually doing business in Bitcoin probably don't care about the price that much.
Someone who deleted their account, on the argument that merchant adoption is a cause of the price drop:
That's just an excuse butters use for the price going down. There's no real difference between selling bitcoin for fiat and exchanging bitcoin for goods and services. Both are a form of sale of bitcoin, an expression of preference for something other than bitcoin. If on balance, there's more flow of bitcoin into fiat, goods or services than there is a corresponding opposing flow, then it is simply the market expressing the view that bitcoin is overvalued. Therefore, the reduction in the value of bitcoin (as valued in fiat) is a sincere expression of the market's view of what the correct price for bitcoin is. Think of an example: A true believer has 20 BTC. He exchanges 10 BTC with Dell for a whizzy server. Dell (or another intermediary) sell the 10 BTC at an exchange in return for fiat. The market price of BTC goes down. The price goes down, simply because a true believer cut his bitcoin holding, he got out. He thought having a server now was worth more to him than 10 tickets to the moon. Which is an expression of a negative view of the future value of bitcoin. A simple "aggressive" sale in trading parlance.
My understanding is that "Satoshi" had been trying to solve the technical problem of convincing a bunch of anonymous, volunteers to maintain and protect a distributed ledger, with no central authority. He thought that he had a solution, in the form of a protocol that included PoW, miner rewards, longest chain, etc. The solution seemed to work on paper; but, as a good scientist, he started an experiment in order to check whether it would also work in practice. For that experiment to be meaningful, it would have been enough if the coin was mined for several years only by a few hundred computer nerds, with the cooperation of some friendly pizza places and bars. The US$ price of the coin was not important to the experiment, and it was never meant to be a weapon for libertarians, a way to buy drugs or evade taxes, a competitor to credit cards or Western Union, a sound investment or item for day-trading. All those "goals" were tacked onto it afterwards.
bob237 comments on the the absurdity of coinbase and it's touted 'rebuy' scheme,
It gets even better than that, actually. A lot of bitcoiners don't like 'losing' bitcoin, and so coinbase added a popular 'repurchase bitcoin' feature that automatically debits your bank account to replenish the BTC in your coinbase account after a purchase. The ultimate result then is that you pay coinbase fiat, they take their cut, and then send that fiat on to the merchant. All 'bitcoins' used in the middle of the transaction are not really bitcoins, but just abstractions in coinbase's internal [off-chain] accounting system. It's a crap version of paypal, no consumer protection and a ton of fees hidden in the spread when you buy your chuck-e-cheese tokens from them.
saigonsquareexplains why ubiquitous tipping isn't the the killer app that it has been touted as, and why bitcoiners may fail to grasp this
Most people understand that there are different sorts of interaction. There are purely social interactions, there are quid-pro-quo interactions, and there are market interactions. Mixing those up causes embarrassment and insult. I wouldn't try to pay my mother-in-law ten bucks for cooking Christmas dinner, and I certainly wouldn't try to pay her ten cents. If a waiter suggests I try the raspberry tart, I won't get away with offering to bake him some cookies next week in compensation; if an office mate suggests I have a slice of her birthday cake, I'll be insulted if she brings me a bill for it. If I spend an hour helping my friend move apartments and he thanks me, I'm fine; we're friends helping each other out. If he pays me two bucks, I'm insulted; he's canceled the social nature of the interaction and instead simply bought my labor for a fraction of its going rate. I'm up two bucks but down a friend. Ancapspergers, not particularly understanding any sort of interaction more complicated than buying a cheeseburger at Wendy's, assume that all interactions are a form of market transaction, and set pricing accordingly. Normal humans get offended by a penny shaving, because it cancels the social nature of the interaction and turns it into a market transaction--and then informs the recipient that his contribution to the transaction was of negligible value.
bitcoin mining profitable in the US? Where are my calculations off?
Someone tell me where my calculations are wrong. Amazon has this miner advertised: Antminer S9 ~14.0TH/s @ .098W/GH 16nm ASIC Bitcoin Miner So that would consume 14000*0.98=1372 watts. Given my electricity costs (0.12 $/kwhr), I would make $8.19 for every $1 of electricity. In a month, I would make $884. That can't be right. Where did I screw up? Here is a python script to calculate that:
edit: thanks to Personthingman2. 25 vs 12.5 block reward. when I change that, my script outputs: rev=0.000194444444444 cost=4.74798641087e-05 ratio=4.09530330582 profit per month=380.93219223 This is a $4000 unit, so it pays for itself in 10 months. OK. So whether I will ever make money on this depends heavily on the growth of the network hashing rate over time, and the increase in BTC price. edit2: I am guessing that the answer to my question is that I would be lucky for the unit to keep working long enough to pay for itself. It would likely break down before reaching that point.
https://preview.redd.it/5r9soz2ltq421.jpg?width=268&format=pjpg&auto=webp&s=6a89685f735b53ec1573eefe08c8646970de8124 What is Bitcoin? Bitcoin is an experimental system of transfer and verification of property based on a network of peer to peer without any central authority. The initial application and the main innovation of the Bitcoin network is a system of digital currency decentralized unit of account is bitcoin. Bitcoin works with software and a protocol that allows participants to issue bitcoins and manage transactions in a collective and automatic way. As a free Protocol (open source), it also allows interoperability of software and services that use it. As a currency bitcoin is both a medium of payment and a store of value. Bitcoin is designed to self-regulate. The limited inflation of the Bitcoin system is distributed homogeneously by computing the network power, and will be limited to 21 million divisible units up to the eighth decimal place. The functioning of the Exchange is secured by a general organization that everyone can examine, because everything is public: the basic protocols, cryptographic algorithms, programs making them operational, the data of accounts and discussions of the developers. The possession of bitcoins is materialized by a sequence of numbers and letters that make up a virtual key allowing the expenditure of bitcoins associated with him on the registry. A person may hold several key compiled in a 'Bitcoin Wallet ', 'Keychain' web, software or hardware which allows access to the network in order to make transactions. Key to check the balance in bitcoins and public keys to receive payments. It contains also (often encrypted way) the private key associated with the public key. These private keys must remain secret, because their owner can spend bitcoins associated with them on the register. All support (keyrings) agrees to maintain the sequence of symbols constituting your keychain: paper, USB, memory stick, etc. With appropriate software, you can manage your assets on your computer or your phone. Bitcoin on an account, to either a holder of bitcoins in has given you, for example in Exchange for property, either go through an Exchange platform that converts conventional currencies in bitcoins, is earned by participating in the operations of collective control of the currency. The sources of Bitcoin codes have been released under an open source license MIT which allows to use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of the software, subject to insert a copyright notice into all copies. Bitcoin creator, Satoshi Nakamoto What is the Mining of bitcoin? Technical details : During mining, your computer performs cryptographic hashes (two successive SHA256) on what is called a header block. For each new hash, mining software uses a different random number that called Nuncio. According to the content of the block and the nonce value typically used to express the current target. This number is called the difficulty of mining. The difficulty of mining is calculated by comparing how much it is difficult to generate a block compared to the first created block. This means that a difficulty of 70000 is 70000 times more effort that it took to Satoshi Nakamoto to generate the first block. Where mining was much slower and poorly optimized. The difficulty changes each 2016 blocks. The network tries to assign the difficulty in such a way that global computing power takes exactly 14 days to generate 2016 blocks. That's why the difficulty increases along with the power of the network. Material : In the beginning, mining with a processor (CPU) was the only way to undermine bitcoins. (GPU) graphics cards have possibly replaced the CPU due to their nature, which allowed an increase between 50 x to 100 x in computing power by using less electricity by megahash compared to a CPU. Although any modern GPU can be used to make the mining, the brand AMD GPU architecture has proved to be far superior to nVidia to undermine bitcoins and the ATI Radeon HD 5870 card was the most economical for a time. For a more complete list of graphics cards and their performance, see Wiki Bitcoin: comparison of mining equipment In the same way that transition CPU to GPU, the world of mining has evolved into the use of the Field Programmable Gate Arrays (FPGA) as a mining platform. Although FPGAs did not offer an increase of 50 x to 100 x speed of calculation as the transition from CPU to GPU, they offered a better energy efficiency. A typical HD/s 600 graphics card consumes about 400w of power, while a typical FPGA device can offer a rate of hash of 826 MH/s to 80w of power consumption, a gain of 5 x more calculations for the same energy power. Since energy efficiency is a key factor in the profitability of mining, it was an important step for the GPU to FPGA migration for many people. The world of the mining of bitcoin is now migrating to the Application Specific Integrated Circuit (ASIC). An ASIC is a chip designed specifically to accomplish a single task. Unlike FPGAs, an ASIC is unable to be reprogrammed for other tasks. An ASIC designed to undermine bitcoins cannot and will not do anything else than to undermine bitcoins. The stiffness of an ASIC allows us to offer an increase of 100 x computing power while reducing power consumption compared to all other technologies. For example, a classic device to offer 60 GH/s (1 hashes equals 1000 Megahash. 1GH/s = 1000 Mh/s) while consuming 60w of electricity. Compared to the GPU, it is an increase in computing power of 100 x and a reduction of power consumption by a factor of 7. Unlike the generations of technologies that have preceded the ASIC, ASIC is the "end of the line" when we talk about important technology change. The CPUs have been replaced by the GPUs, themselves replaced by FPGAs that were replaced by ASICs. There is nothing that can replace the ASICs now or in the immediate future. There will be technological refinements in ASIC products, and improvements in energy efficiency, but nothing that may match increased from 50 x to 100 x the computing power or a 7 x reduction in power consumption compared with the previous technology. Which means that the energy efficiency of an ASIC device is the only important factor of all product ASIC, since the estimated lifetime of an ASIC device is superior to the entire history of the mining of bitcoin. It is conceivable that a purchased ASIC device today is still in operation in two years if the unit still offers a profitable enough economic to keep power consumption. The profitability of mining is also determined by the value of bitcoin but in all cases, more a device has a good energy efficiency, it is profitable. Software : There are two ways to make mining: by yourself or as part of a team (a pool). If you are mining for yourself, you must install the Bitcoin software and configure it to JSON-RPC (see: run Bitcoin). The other option is to join a pool. There are multiple available pools. With a pool, the profit generated by any block generated by a member of the team is split between all members of the team. The advantage of joining a team is to increase the frequency and stability of earnings (this is called reduce the variance) but gains will be lower. In the end, you will earn the same amount with the two approaches. Undermine solo allows you to receive earnings huge but very infrequent, while miner with a pool can offer you small stable and steady gains. Once you have your software configured or that you have joined a pool, the next step is to configure the mining software. The software the most populare for ASIC/FPGA/GPU currently is CGminer or a derivative designed specifically for FPGAS and ASICs, BFGMiner. If you want a quick overview of mining without install any software, try Bitcoin Plus, a Bitcoin minor running in your browser with your CPU. It is not profitable to make serious mining, but it is a good demonstration of the principle of the mining team.
Authored by Valentin Schmid via The Epoch Times, While the price of bitcoin drops, miners get more creative... and some flourish. The bitcoin price is crashing; naysayers and doomsayers are having a field day. The demise of the dominant cryptocurrency is finally happening — or is it? Bitcoin has been buried hundreds of times, most notably during the brutal 90 percent decline from 2013 to 2015. And yet it has always made a comeback. Where the skeptics are correct: The second bitcoin bubble burst in December of last year and the price is down roughly 80 percent from its high of $20,000. Nobody knows whether and when it will see these lofty heights again. As a result, millions of speculators have been burned, and big institutions haven’t showed up to bridge the gap. This also happened on a smaller scale in 2013 after a similar 100x run-up, and it was necessary.
Time to Catch Up
What most speculators and even some serious proponents of the independent and decentralized monetary system don’t understand: Bitcoin needs these pauses to make improvements in its infrastructure. Exchanges, which could not handle the trading volumes at the height of the frenzy and did not return customer service inquiries, can take a breather and upgrade their systems and hire capable people. The technology itself needs to make progress and this needs time. Projects like the lightning network, a system which delivers instant bitcoin payments at very little cost and at virtually unlimited scale is now only available to expert programmers. A higher valuation is only justified if these improvements reach the mass market. And since we live in a world where everything financial is tightly regulated, for better or worse, this area also needs to catch up, since regulators are chronically behind the curve of technological progress. And of course, there is bitcoin mining. The vital infrastructure behind securing the bitcoin network and processing its transactions has been concentrated in too few hands and in too few places, most notably China, which still hosts about 70 percent of the mining capacity.
The Case For Mining
Critics have always complained that bitcoin mining consumes “too much” electricity, right now about as much as the Czech Republic. In energy terms this is around 65 terawatt hours or 230,000,000 gigajoules, costing $3.3 billion dollars according to estimates by Digiconomist. For the non-physicists among us, this is around as much as consumed by six million energy-guzzling U.S. households per year. All those estimates are imprecise because the aggregate cannot know how much energy each of the different bitcoin miners consumes and how much that electricity costs. But they are a reasonable rough estimate. So it’s worth exploring why mining is necessary to begin with and whether the electricity consumption is justified. Anything and everything humans do consumes resources. The question then is always: Is it worth it? And: Who decides? This question then leads to the next question: Is it worth having and using money? Most people would argue yes, because using money instead of barter in fact makes economic transactions faster and cheaper and thus saves resources, natural and human. _Merchants exchange goods with the inhabitants of Tidore, Indonesia, circa 1550. Barter was supplanted by using money because it is more efficient. (Archive/Getty Images)_If we are generously inclined, we will grant bitcoin the status of a type of money or at least currency as it meets the general requirements of being recognizable, divisible, portable, durable, is accepted in exchange for other goods and services, and in this case it is even limited in supply. So having any type of money has a price, whether it’s gold, dollar bills, or numbers on the screen of your online banking system. In the case of bitcoin, it’s the electricity and the capital for the computing equipment, as well as the human resources to run these operations. If we think having money in general is a good idea and some people value the decentralized and independent nature of bitcoin then it would be worth paying for verifying transactions on the bitcoin network as well as keeping the network secure and sound: Up until the point where the resources consumed would outweigh the efficiency benefits. Just like most people don’t think it’s a bad idea to use credit cards and banks, which consume electricity too. However, bitcoin is a newcomer and this is why it’s being scrutinized even more so than the old established players.
Different Money, Different Costs
How many people know how much electricity, human lives, and other resources gold mining consumes or has consumed in the course of history? What about the banking system? Branches, servers, air-conditioning, staff? What about printing dollar notes and driving them around in armored trucks? What about the social effects of monetary mismanagement of bank and government money like inflation as well as credit deflations? Gold gets a pass here. Most people haven’t asked that question, which is why it’s worth pointing out the only comprehensive study done on the topic in 2014. In “An Order of Magnitude” the engineer Hass McCook analyzes the different money systems and reaches mind-boggling conclusions. The study is a bit dated and of course the aggregations are also very rough estimates, but the ball park numbers are reasonable and the methodology sound. In fact, according to the study, bitcoin is the most economic of all the different forms of money. Gold mining in 2014 used 475 million GJ, compared to bitcoin’s 230 million in 2018. The banking system in 2014 used 2.3 billion gigajoules. Over 100 people per year die trying to mine gold. But mining costs more than electricity. It consumes around 300,000 liters of water per kilogram of gold mined as well as 150 kilogram (330 pounds) of cyanide and 1500 tons of waste and rubble. The international banking system has been used in all kinds of fraudulent activity throughout history: terrorist financing, money laundering, and every other criminal activity under the sun at a cost of trillions of dollars and at an order of magnitude higher than the same transactions done with cryptocurrency and bitcoin. And of course, while gold has a relatively stable value over time, our bank and government issued money lost about 90 percent of its purchasing power over the last century, because it can be created out of thin air. This leads to inflation and a waste of physical and human resources because it distorts the process of capital allocation. _The dollar has lost more than 90 percent of its value since the creation of the Federal Reserve in 1913. (Source: St. Louis Fed)_This is on top of the hundreds of thousands of bank branches, millions of ATMs and employees which all consume electricity and other resources, 10 times as much electricity alone as the bitcoin network. According to monetary philosopher Saifedean Ammous, author of “The Bitcoin Standard,” the social benefit of hard money, i.e. money that can’t be printed by government decree, cannot even be fathomed; conversely, the true costs of easy money—created by government fiat and bank credit—are difficult to calculate. According to Ammous, bitcoin is the hardest money around, even harder than gold because its total supply is capped, whereas the gold supply keeps increasing at about 1-2 percent every year. “Look at the era of the classical gold standard, from 1871, the end of the Franco–Prussian War, until the beginning of World War I. There’s a reason why this is known as the Golden Era, the Gilded Age, and La Belle Epoque. It was a time of unrivaled human flourishing all over the world. Economic growth was everywhere. Technology was being spread all over the world. Peace and prosperity were increasing everywhere around the world. Technological innovations were advancing. “I think this is no coincidence. What the gold standard allowed people to do is to have a store of value that would maintain its value in the future. And that gave people a low time preference, that gave people the incentive to think of the long term, and that made people want to invest in things that would pay off over the long term … bitcoin is far closer to gold. It is a digital equivalent of gold,” he said in an interview with The Epoch Times. Of course, contrary to the gold standard that Ammous talks about, bitcoin doesn’t have a track record of being sound money in practice. In theory it meets all the criteria, but in the real world it hasn’t been adopted widely and has been so volatile as to be unusable as a reliable store of value or as the underlying currency of a productive lending market. The proponents argue that over time, these problems will be solved the same way gold spread itself throughout the monetary sphere replacing copper and seashells, but even Ammous concedes the process may take decades and the outcome is far from certain. Gold is the safe bet for sound money, bitcoin has potential. There is another measure where bitcoin loses out, according to a recent study by researchers from the Oak Ridge Institute in Cincinnati, Ohio. It is the amount of energy expended per dollar for different monetary instruments. One dollar worth of bitcoin costs 17 megajoules to mine versus five for gold and seven for platinum. But the study omits the use of cyanide, water, and other physical resources in mining physical metals. In general, the comparisons in dollar terms go against bitcoin because it is worth relatively less, only $73 billion in total at the time of writing. An issue that could be easily fixed at a higher price, but a higher price is only justified if the infrastructure improves, adoption increases, volatility declines, and the network proves its resilience to attacks over time. In the meantime, market participants still value the fact they can own a currency independent of the government, completely digital, easily fungible, and limited in supply, and relatively decentralized. And the market as a whole is willing to pay a premium for these factors reflected in the higher per dollar prices for mining bitcoin.
The Creativity of Bitcoin Mining
But where bitcoin mining lacks in scale, it makes up for it in creativity. In theory—and in practice—bitcoin mining can be done anywhere where there is cheap electricity. So bitcoin mining operations can be conducted not where people are (banking) or where government is (fiat cash) or where gold is (gold mining)—it can be done everywhere where there is cheap electricity Some miners are flocking to the heat of the Texan desert where gas is virtually available for free, thanks to another oil revolution. Other miners go to places where there is cheap wind, water, or other renewable energy. This is because they don’t have to build bank branches, printing presses, and government buildings, or need to put up excavators and conveyor belts to dig gold out of the ground. All they need is internet access and a home for the computers that look like a shipping container, each one of which has around 200 specialized bitcoin mining computers in them. “The good thing about bitcoin mining is that it doesn’t matter where on earth a transaction happens, we can verify it in our data center here. The miners are part of the decentralized philosophy of bitcoin, it’s completely independent of your location as well,” said Moritz Jäger, chief technology officer at bitcoin Mining company Northern Bitcoin AG.
But so far, this decentralization hasn’t worked out as well as it sounds in theory. Because Chinese local governments had access to subsidized electricity, it was profitable for officials to cut deals with bitcoin mining companies and supply them with cheap electricity in exchange for jobs and cutbacks. Sometimes the prices were as low as 2 dollar cents to 4 dollar cents per kilowatt hour. This is why the majority of bitcoin mining is still concentrated in China (around 70 percent) where it was the most profitable, but only because the Chinese central planners subsidized the price of electricity. This set up led to the by and large unwanted result that the biggest miner of bitcoin, a company called Bitmain, is also the biggest manufacturer of specialized computing equipment for bitcoin mining. The company reported revenues of $2.8 billion for the first half of 2018. Tourists walk on the dunes near a power plant in Xiangshawan Desert in Ordos of Inner Mongolia, in this file photo. bitcoin miners have enjoyed favorable electricity rates in places like Ordos for a long time. (Feng Li/Getty Images)Centralized mining is a problem because whenever there is one player or a conglomerate of players who control more than 50 percent of the network computing power, they could theoretically crash the network by spending the same bitcoin twice, the so called “double spending problem.“ They don’t have an incentive to do so because it would probably ruin the bitcoin price and their business, but it’s better not to have to rely on one group of people controlling an entire money system. After all, we have that exact same system with central banking and bitcoin was set up as a decentralized alternative. So far, no player or conglomerate ever reached that 51 percent threshold, at least not since bitcoin’s very early days, but many market participants always thought Bitmain’s corner of the market is a bit too close for comfort. This favorable environment for Chinese bitcoin mining has been changing with a crack down on local government electricity largess as well as a crackdown on cryptocurrency. Bitcoin itself and mining bitcoin remain legal in China but cryptocurrency exchanges have been banned since late 2017. But more needs to be done for bitcoin to become independent of the caprice of a centralized oppressive regime and local government bureaucrats.
Northern Bitcoin Case Study
Enter Northern Bitcoin AG. The company isn’t the only one which is exploring mining opportunities with renewable energies in locations other than China. But it is special because of the extraordinary set up it has for its operations, the fact that it is listed on the stock exchange in Germany, and the opportunities for scaling it discovered. The operations of Northern Bitcoin combine the beauties of bitcoin and capitalism in one. Like Texas has a lot of oil and free gas and it makes sense to use the gas rather than burn it, Norway has a lot of water, especially water moving down the mountains due to rainfall and melting snow. And it makes sense to use the power of the movement of the water, channel it through pipes into generators to create very cheap and almost unlimited electricity. Norway generates north of 95 percent of its total electricity from hydropower. A waterfall next to a hydropowerplant near Sandane, Norway, Oct. 25, 2018. (Valentin Schmid/The Epoch Times)Capitalism does not distinguish between renewable and fossil. It uses what is the most expedient. In this case, it is clearly water in Norway, and gas in Texas. As a side note on the beauties of real capital and the fact that capital and the environment need not be enemies, the water in one of the hydropowerplants close to the Northern Bitcoin facility is piped through a generator made in 1920 by J.M. Voith AG, a company from Heidenheim Germany. The company was established in 1867 and is still around today. The generator was produced in 1920 and is still producing electricity today.
In the remote regions of Northern Norway, there aren’t that many people or industry who would use the electricity. And rather than transport it over hundreds of miles to the industrial centers of Europe, the industries of the future are moving to Norway to the source of the cheap electricity. Of course, it is not just bitcoin mining, but other data and computing heavy operations like server farms for cloud computing that can be neatly packaged into one of those containers and shipped up north. “The containers are beautiful. They are produced in the middle of Germany where the hardware is enabled and tested. Then we put it on a truck and send it up here. When the truck arrives on the outside we lift it on the container vehicle. Two hours after the container arrives, it’s in the container rack. And 40 hours later we enable the cooling, network, power, other systems, and it’s online,” said Mats Andersson, a spokesman for the Lefdal Mine data center in Måløy, Norway, where Northern Bitcoin has its operations. Plug and play. A Northern Bitcoin data container inside the Lefdal Mine data center, in Måløy, Norway. (Northern Bitcoin)If the cheap electricity wasn’t enough—around 5 cents per kilowatt hour compared to 17 cents in Germany—Norway also provides the perfect storage for these data containers, which are normally racked up in open air parks above the ground. Also here, the resource allocation is beautiful. Instead of occupying otherwise useful and beautiful parcels of land and nature, the Northern Bitcoin containers and others are stored in the old Lefdal olivine mine. Olivine is a mineral used for steel production and looks green. Very fitting. Hence also the name of the data center: Lefdal Mine. “We take the green mineral out and we take the green IT in,” said Andersson.
Using the old mine as storage for the data center makes the whole process even more resource efficient. Why? So far, we’ve only been talking about bitcoin mining using a lot of energy. But what for? Before you have actually seen the process in action—and it is similar for other computing operations—you cannot imagine how bizarre it is. Most of the electricity is used to prevent the computers from overheating. So it’s not even the processors themselves; it’s the fans which cool the computer that use the most juice. This is where the mine helps, because it’s rather cool 160 meters (525 feet) below sea level; certainly cooler than in the Texas desert. But it gets even better. On top of the air blow-cooling the computer, the Lefdal data center uses a fresh water system to pump through the containers in pipes. The fans can then circulate air over the cool pipes which transfer the heat to the water. One can feel the difference when touching the different pipes. The fresh water closed circle loop then completes the “green” or resource efficiency cycle by transferring its heat to ice cold water from the nearby Fjord. The water is sucked in through a pipe from the Fjord, the heat gets transferred without the water being mixed, and the water flows back to the Fjord, without any impact on the environment. To top it all off, the mine has natural physical security far better than open air data centers and is even protected from an electromagnetic pulse blast because it’s underground.
_The Nordfjord near Måløy, Norway. The Lefdal data center takes the cold water from the fjord and uses it to cool the computer inside the mine. (Valentin Schmid/The Epoch Times)_Company Dynamics
Given this superlative set up, Northern Bitcoin wants to ramp up production as fast as possible at the Lefdal mine and other similar places in Norway, which have more mountains where data centers can be housed. At the moment, Northern Bitcoin has 15 containers with 210 mining machines each. The 15 containers produce around 5 bitcoin per day at a total cost of around $2,500 dollars at the end of November 2018 and after the difficulty of solving the math problems went down by ~17 percent. Most of it is for electricity; the rest is for leasing the containers, renting the mine space, buying and writing off the mining computers, personnel, overhead, etc. Even at the current relatively depressed prices of around $4000, that’s a profit of $1500 per bitcoin or $7,500 per day. But the goal is to ramp it up to 280 containers until 2019, producing 100 bitcoin per day. Again, the company is in the sweet spot to do this. As opposed to the beginning of the year when one could not procure a mining computer from Bitmain even if one’s life depended on it, the current bear market has made them cheap and relatively available both new and second had from miners who had to cease operations because they can’t produce at low bitcoin prices. Northern Bitcoin containers inside the Lefdal Mine data center in Måløy, Norway. (Northern Bitcoin)What about the data shipping containers? They are manufactured by a company called Rittal who is the world market leader. So it helps that the owner of Rittal also owns 30 percent of the Lefdal mine, providing preferential access to the containers. Northern Bitcoin said it has enough capital available for the intermediate goal of ramping up to 50 containers until the end of year but may tap the capital markets again for the next step. The company can also take advantage of the lower German corporate tax rate because revenue is only recorded when the bitcoin are sold in Germany, not when they are mined in Norway. Of course, every small-cap stock—especially bitcoin companies—have their peculiarities and very high risks. As an example, Northern Bitcoin’s financial statements, although public, aren’t audited. The equipment in the Lefdal mine in Norway is real and the operations are controlled by the Lefdal personnel, but one has to rely on exclusive information from the company for financials and cost figures, so buyer beware.
Northern Bitcoin wants to have 280 containers, representing around 5 percent of the network’s computing power. But the Lefdal mine alone has a capacity to power and cool 1,500 containers in a 200 megawatt facility, once it is fully built out. “Here you have all the space, power, and cooling that you need. … Here you can grow,” said Lefdal’s Andersson. A mine shaft in the Lefdal Mine data center in Måløy, Norway. The whole mine will have a capacity for 1500 containers once fully built out. (Valentin Schmid/The Epoch Times)The Norwegian government was behind an initiative to bring computing power to Norway and make it one of the prime destinations for data centers at the beginning of this decade. To that effect, the local governments own part of the utility companies which operate the power plants and own part of the Lefdal Mine and other locations. But even without notable subsidies (i.e. cash payments to companies), market players were able to figure it out, for everybody’s benefit. The utilities win because they can sell their cheap electricity close to home. The computing companies like IBM and Northern Bitcoin win because they can get cheap electricity, storage, and security. Data center operators like Lefdal win because they can charge rent for otherwise unused and unneeded space. However, in a recent about face, the central government in Oslo has decided to remove cryptocurrency miners from the list of companies which pay a preferential tax rate on electricity consumption. Normally, energy intensive companies, including data centers, pay a preferential tax on electricity consumed of 0.48 øre ($0.00056 ). According to a report by Norwegian media Aftenposten, this tax will rise to 16.58 øre ($0.019) in 2019 for cryptocurrency miners exclusively. The argument by left wing politician Lars Haltbrekken who sponsored the initiative: “Norway cannot continue to provide huge tax incentives for the most dirty form of cryptocurrency output […] [bitcoin] requires a lot of energy and generates large greenhouse gas emissions globally.” Since Norway generates its electricity using hydro, precisely the opposite is true: No greenhouse gas emissions, or any emissions for that matter would be produced, if all cryptomining was done in Norway. As opposed to China, where mining is done with coal and with emissions. But not only in Norway is the share of renewable and emission free energy high. According to research by Coinshares, Bitcoin’s consumes about 77.6 percent of its energy in the form of renewables globally. However self-defeating the arguments against bitcoin mining in Norway, the political initiative is moving forward. What it means for Northern Bitcoin is not clear, as they house their containers in Lefdal’s mixed data center, which also has other clients, like IBM. “It’s not really decided yet; there are still big efforts from IT sectors and parties who are trying to change it. If the decision is taken it might apply for pure crypto sites rather than mixed data centers, like ours,” said Lefdal’s Andersson. Even in the worst-case scenario, it would mean an increase from ~5 cents to ~6.9 cents per kilowatt hour, or 30 percent more paid on the electricity by Northern Bitcoin, which at ~$3250 would still rank it among the most competitive producers in the world. Coinshares estimates the average production price at $6,800 per Bitcoin at $0,05 per kilowatt hour of electricity and an 18-months depreciation schedule, but concedes that a profitable miner could “[depreciate] mining gear over 24-30 months, or [pay] less for mining gear than our estimates.” Jäger says Northern Bitcoin depreciates the equipment over three years and has obtained very favorable prices from Bitmain, making its production much more competitive than the average despite the same cost of electricity. In addition, the natural cooling in the mine also reduces electricity costs overall.
Cheap Producer Advantage
At the moment, however, the tax could be the least of any miners worry, as the bitcoin price is in free-fall. But what happens when the price crashes further? Suffice it to say that there was bitcoin mining when the dollar price was less than 1 cent and there will be bitcoin mining at lower prices thanks to the design of the network. Mao Shixing, the founder of mining pool F2pool estimated 600,000 miners have shut down since the November crash in price, according to a report by Coindesk. As it should be in a competitive system, the most energy intensive and obsolete machines are shut down first. As with every other commodity, when the price drops, some miners will leave the market, leaving space for cheaper competitors to capture a bigger share. But with bitcoin this is a bit simpler than with copper or gold for example. When a big copper player goes bankrupt, its competitors have to ramp up production and increase cost to increase their market share. With bitcoin, if 3,000 computers get taken off the total mining pool, they won’t be able to mine the approximately 5 bitcoin any longer. However, because the difficulty of solving the computationally intensive cryptographic tasks of bitcoin decreases automatically when there are fewer computers engaged in the task, the other players just have to leave their machines running at the same rate for the same cost and they will split the 5 bitcoin among them. “The moment the price goes down, our production price will go down as well,” said Jäger, a process that already happened from November to December when the difficulty decreased twice in November and the beginning of December. This naturally favors players like Northern Bitcoin, which are producing at the lower end of the cost spectrum. They will be the ones who shut down last. And this is a good thing. The more companies like Northern Bitcoin, and countries like Norway—even with the extra tax—the more decentralized the bitcoin system. The more computers there are in different hands mining bitcoin, the more secure the system becomes, because it will be ever more difficult for one player to reach the 50 percent threshold to crash the system.It is this decentralized philosophy which has kept the bitcoin system running for 10 years. Whether at $1 or $20,000.
I have been mining BTC in hashflare for about 13 months. I have already received 50 times my initial investment of small 100$ to 5000$, giving the fact that I did not reinvest and the BTC prices have risen tremendously. I have again started mining with hash flare and I am quite sure that since the price of BTC is expected to rise to 50k - 100k in 2018, my initial investment of 600$ this time will give me close to 10k-20k$ with the investment strategy I have chosen. If you like to join BTC mining with a minimal investment and get returns in thousands of $s then you can join via my affiliate link http://bit.ly/2maXzM0 (small commission without effecting your investment) and I will give you my tips to grow your money exponentially. What is HashFlare? HashFlare is a department of HashCoins, a company that develops software for cloud mining and maintains equipment in datacenters. Hashflare provides cloud mining contracts to the buyers for 365 days. The mining starts immediately after the purchase and the output can be seen after 24hrs. What all cryptocurrencies can I mine with Hashflare service? HashFlare provides cloud mining on the following algorithms: SHA-256, which is used to mine Bitcoins; Scrypt, which is used to mine Litecoins*; ETHASH, which is used to mine Ethereum; X11, which is used to mine DASH. *payouts are provided in BTC using the current exchange rate taken from cryprocurrency market. MY PERSONAL OPINION - AS PER THE CURRENT MINING TRENDS AND PROFITABILITY, IT IS ADVISABLE TO MINE BTC. How long does the contract last? SHA-256 and SCRYPT contracts last 1 year(365 days) and are subject to maintenance and electricity fees (MEF). ETHASH, EQUIHASH and DASH contracts last for 1 year (365 days) and are not subject to any fees. How to calculate estimated profit using hashrate? Profit is calculated via the deduction of expensesfrom income. The income consists of daily payouts which size depends on the hashrate. In order to calculate an estimated income using the hashrate you will need to include it in one of the calculators below (set all Power values to zero): 1. Bitcoin - for SHA-256 2. Litecoin - for Scrypt 3. Ethereum - for ETHASH (set all Power values to zero) 4. DASH - for X11 (set all Power values to zero) 5. Zcash - for EQUIHASH (set all Power values to zero) Next, deduct the maintenance + electricity fee of 0.0035 USD per 10 GH/s of SHA-256 and 0.005 USD per 1 MH/s of Scrypt from the income. ETHASH, X11 and EQUIHASH contracts are not subject to any fees. The sum you end up with is your estimated profit. Join at http://bit.ly/2maXzM0
The economics and maths behind the creation of Ethereums 2 chains and why it is improbable bitcoin will suffer the same fate.
Some of the most influential people in the space continuously say that bitcoin can create two sustainable chains without a hardcoded difficulty adjustment. I believe that this is economically improbable. In this post I hope to give everyone a clear understanding as to why I believe this. The method employed here could and I think should be used as a framework for analysis of any blockchain technology to deduce its consensus viability. The only reason this analysis is required is due to such forks occurring in other coins that were still progressing through the value bootstrapping phase. Key economic variables were overlooked. The most important variables being the time until the difficulty adjustment and the max and minimum difficulty adjustment. These are the variables that I believe are critical to preventing a sustainable fork and the cause of the most notorious fork, Ethereum Classic. It is important to note that the circumstances behind the Ethereum fork where special, bitcoin is facing an entirely different problem. Ethereums immutability was in question, Bitcoin simply needs to go through one of two protocol upgrades proposals. Ethereum also has a very different incentive model that allows it to be taken advantage of by a miniscule minority resulting in the creation of a "sustainable" minority fork (ignoring possible reorg attacks). So let's determine what it took to create the Ethereum Classic fork. At the time of the fork:
Blocks have a target of being created every 13 seconds
Ethereum adjusts difficulty every block with a max downward adjustment of 99/2048 if over 100 seconds between blocks.
A sustainable fork was created in around 5 days.
The hacker had a $150 Million bounty to claim
The target here is to come up with a dollar amount that will result in a sustainable fork within 5 days. Using the 6 points above we have all the information we need to deduce if it is economically possible for the hacker to produce a sustainable fork to claim the DAO bounty. We can calculate the time to the next difficulty adjustment using the formula:
(Blocktime * Original Hashrate) / time to solve = Hashrate Needed
Thus the hashrate it will take to get to the first difficulty adjustment within 5 days is simply:
The cost for hardware that is capable of 1.7GH/s at the time of the fork was ~$20,000. The conclusion here is that within 6 days and with less than 0.0000029% of the hashrate you can fork ETH for a very reasonable cost. When you also factor in that there is at least one person with $150 million to defend, this cost is insignificant and if it works could yield a 7,500X return. Atleastonepersonwantedtomakearigthisbig,beforetheDAO. This is not probable with bitcoin because it takes 2016 blocks or 1,209,600 seconds to get to the difficulty adjustment, compared to 13 seconds. While also limiting the maximum difficulty adjustment to 0.25 of the original difficulty compared to ~0.04. If anyone is interested I have done a much more in depth analysis of the bitcoin blockchain. What I hope to show everyone with a further analysis is that Bitcoin will not create two chains is improbable. I calculated it for all forking hashrates using current hashrate costs, difficulty, block generation time, block reward and network activity. This results in a cost that is required to fork the chain and thus probability of this occurring. It assumes miners are profit motivated (as the white paper assumes they are). It currently has no write up, but I have done the maths. If enough of you are interested I'll put the work in to write it up and explain my thinking so that this "Bitcoin will create 2 chains" argument can be put to rest... or at least have some numbers behind it.
I'm curious to know if I'm even doing this right, because to me, it looks like this card would earn you tons of money (BTC -> USD less electricity charges and hardware costs). The card says it does 600 GH/s at only 350W. So I used Bitcoin Mining Profitability Calculator and used the auto generated expectations for:
difficulty btc/block current conversion rate electricity cost (I think mine is actually less than .15/kWh, but might as well guess high) profitability decline
Then I inserted:
hash rate = 600 GH/s power consumption = 750W (I'm guessing I could run it on something with a power supply this size. Time Frame = 12 months Cost of mining hardware = 2196 (how much the card costs... I have plenty of spare computers to place the card in).
And it calculates a HUGE profitability. A first year Net profit of 35593.69 USD. Honestly, if that's right, why wouldn't everyone use this? I must be doing something wrong, or missing something.
Bitcoin network power consumption... is this correct?
After the announcement of http://realtimebitcoin.info/ I was really surprised that bitcoin mining was consuming the staggering amount of 2500 MW! That is A LOT of energy. I run some simple numbers and I arrived to a different figure. Lets ignore power consumption not directly related to hashing power (like networking equipment, refrigeration, etc). Best case: 1) Current Hashrate: 300,000,000 GH/s (https://blockchain.info/charts/hash-rate) 2) Hashcoins Uranus v1 Miner: (6000 GHs, 1600watts) (still preorder, but just getting a best case scenario) So, you would need 50k Uranus miners to match the power: 50k * 1,600 watts = 80,000 kW = 80 MW Worst case: Say that we use a much modest miner: 2) Triton Adaptive N-factor Miner 4.5 GS/s, 18watts You need 66,666k Tritons to mach the network: 66,666k * 18 watts = 1,200 kW = 1,200 MW So best case: 80MW, worst case 1200 MW I guest we are some were on the middle, probably closer to 80MW. Much better that the announced 2500MW on http://realtimebitcoin.info/. What you think? Is this calculation correct?
Beginner, read through the FAQs, still slightly confused, hopefully someone can help out.
So I read through most of the faqs, watched some videos, and im still getting really mixed results as to whether mining, starting...today...is worth doing or not. Im constantly seeing updates on the price of bitcoins going up and up (i was lucky enough to have some given to me in exchange for programming work near the beginning, which has kept my interest peaked); however, im reading at the same time that it will only cost money and is not worth my/youanyones time. Heres my situation: I am looking to invest in an ASIC, looking to spend roughly $600-1000 (currently had my eye on a 5.2 gh/s butterfly @ ~ 30w), i have gone through and used the calculators to show that (according to the sites) with my demographic of $/kw i would net a profit. Is it that easy? Spend money, plug something in, pay a little more electrical bills, ????, profit? If so can you recommend a rig? Is this worth the investment? How does one 'cash-out' their coins or take advantage of a high coin price? Not looking to go out and buy a ferrari, hire hitmen on the SR, or use this for my retirement account or anything...this money will not bankrupt me if i lose it, i have spent money on deep down the retarded spectrum...but making a little cash for running some extra tech in my home office sounds very appealing, and Id love to contribute to the community as well. I dont necessarily need to be spoon-fed but some clarification would be awesome since sifting through 100 peoples opinions can be arduous. Id really appreciate anything you can throw my way...thanks for reading!
Overview - Table of Contents Introduction to Earning in Bitcoin Work for Bitcoin Sell for Bitcoin Affiliate Programs Gambling Bitcoin Mining Hardware Mining Cloud Mining Introduction to Earning in Bitcoin Bitcoin is the most popular digital currency in the world today. Bitcoin cloud mining is the fastest way to immediately begin earning bitcoins. Bitcoin is built using very complicated cryptographic principles, and supported by countless individuals and companies from all around the world. By early 2016, total Bitcoin market capitalization had crossed USD 7 Billion, making it almost as valuable as the GDP of a small country like Bahamas. All the other digital currencies together do not constitute even 20% of Bitcoin’s market capitalization, underlining the its dominance and importance in the world of digital currencies. With such a huge amount of world’s capital available in the form of Bitcoins, the number and types of opportunities to earn in bitcoins are increasing by the day. In this article we will discuss such opportunities that help us earn bitcoins. We will start with the easiest, or the one that is applicable for the maximum number of people, and then move to the tougher ones. In the end we will cover earning bitcoins by mining. Bitcoin mining is not an easy way to earn bitcoins, but we do have a number of easier ones we will discuss first. So lets start with ‘earning bitcoins by offering your services’ Work for Bitcoin Perhaps the easiest way to earn bitcoins is to work online or in real life for bitcoins. Because of the huge size of the bitcoin eco-system, a number of such opportunities and jobs are available. With Billions of dollars invested in Bitcoin by tens of thousands of people, there is a real market in Bitcoin, where you can find jobs for freelancers, software developers, writers, and others who get paid in bitcoins for their services. Software development, writing, design, making websites or apps, audio transcription, are some of the most active types of jobs. You can easily discover the types of jobs by going over the more popular job boards for bitcoin related work. The following job boards or forums are some of the best places to look for such jobs or gigs. Freelancing XBTfreelancer Cryptogrind Bitlancerr Coinality Bitgigs Jobs4Bitcoins Rein Project Crypto Jobs List Market Places OpenBazaar Purse.io Bitify /bitmarket 21 Market Video Streaming Watchmybit Streamium.io Tasks Bitasker BitforTip WillPayCoin File/Image Sharing Supload.com SatoshiBox JoyStream Advertising CoinAd A-ads Coinzilla.io Also, check BitcoinGames for ideas on earning bitcoin and blockchain game assets. Sell for bitcoin You can also get Bitcoin by selling your old laptops, phones or other items for Bitcoins. Such types of transactions are happening more and more, and a lot of buyers are already buying anything from iPhones to even cars by paying with Bitcoins. For Americans, Craigslist.com is your best bet when you want to find such buyers. You can mention in your ad that you are willing to take payment in Bitcoin. This way if anyone wants to buy the item for you for Bitcoin, they can contact you and make an offer. The same principle applies to other online marketplaces such as gumtree for UK, kijiji for canda etc. Affiliate Programs Affiliate programs allow a promoter of a business or product to earn money or bitcoins by refering new clients to such businesses or products. For example, amazon.com has a popular affiliate program, where you can earn commission ranging from 2% to 20% for refering clients to products listed on amazon.com. Amazon normally pays in dollars, but there are a number of other sites and businesses which pay you in bitcoin for acting as their affiliate. Some of the more popular affiliate programs that pay out in Bitcoin are by the sites: cex.io, coinbase.com, okcoin.com and namecheap.com, among others. You can find a larger list of such affiliate programs on the bitcoin wiki page for Affiliates. Gambling We do not recommend gambling for every player or every user; we find that gambling is only suitable for people who know how to win at it. However, if you are one of such lucky users who have some tricks up their sleeves, and can manage to win at games such as poker, then you will find that earning bitcoins is not that hard. One of the many applications of bitcoin since the very beginning have been in betting games or gambling. Because of the relative anonymity of bitcoin, and the lower fees, it is very suitable for gambling related applications. Indeed, one such game, satoshiDICE, has been running since 2012, and has paid out a huge number of bitcoins in innumerable transactions to its winners. There are many such games, which you can find be googling. If you want to gamble totally anonymously, you can play gambling or betting games that are available only on darknet or .onion sites. Such sites allow you to browse them anonymous by operating on the tor network, which is a secure network that allows users to browse .onion websites without exposing their own IP address. Bitcoin Mining For each block that is added to the Bitcoin Blockchain, a number of bitcoins are rewarded to the creater of that block. This reward is currently, as of June 2016, 25 bitcoins per block, and it halves every four years. The next halving will be in July 2016. Creating or finding the new blocks, and therefore winning the reward of 25 bitcoins for each block you create, is called bitcoin mining. To do bitcoin mining successfully, you need very powerful computers, which compete with other computers to find the next block. The speed or power of computer that do bitcoin mining is calculated in hashes calculated per second. There are two ways to do bitcoin mining: one is to own hardware or computers that do the mining, and second is to hire the hardware from a third party, usually online, and do the mining on the cloud. Let us discuss the advantages and disadvantages of both in next two sections. Hardware Mining When you own the hardware that does the calculations and mining of bitcoins, its called hardware mining. Hardware mining is the more popular or prevalent of the two types of mining we mentioned. One of the biggest factors which comes into play when doing bitcoin mining using your own hardware is the price of electricity. If you pay top price for electricity, then bitcoin mining may not be your cup of tea. Another related factor is infrastructure needed to cool the hardware; since every cpu generates some amount of heat, you may need to cool the hardware in case they become too heated. No wonder that some of the most successful miners work from China, specially Tibet, where they can get cheap electricity, and their cooling costs are low due to high altitude which reduces the ambient temperature for them. For a more in-depth information on how to setup your hardware mining equipment, have a look at the Antminer setup page. Currently, based on (1) price per hash and (2) electrical efficiency the best Bitcoin miner options are: AntMiner S7 AntMiner S7 Bitcoin Miner 4.73 Th/s 0.25 W/Gh 8.8 pounds Yes $479.95 AntMiner S7 Bitcoin Miner 0.1645 AntMiner S9 AntMiner S9 Bitcoin Miner 13.5 Th/s 0.098 W/Gh 8.1 pounds Yes $1,987.95 AntMiner S9 Bitcoin Miner 0.3603 Avalon6 Avalon6 Bitcoin Miner 3.5 Th/s 0.29 W/Gh 9.5 pounds No $499.95 Avalon6 Bitcoin Miner 0.1232 Cloud Mining There are a number of service providers that allow you to rent computational hardware from them, which can then be used to do bitcon mining. Some of these services are designed with bitcoin mining in mind, whereas others such as Amazon AWS are general purpose services that can also be used to do bitcoin mining. Some of the cloud mining services which can be used to do bitcoin mining on the cloud are: Hashflare Review: Hashflare offers SHA-256 mining contracts and more profitable SHA-256 coins can be mined while automatic payouts are still in BTC. Customers must purchase at least 10 GH/s. Genesis Mining Review: Genesis Mining is the largest Bitcoin and scrypt cloud mining provider. Genesis Mining offers three Bitcoin cloud mining plans that are reasonably priced. Zcash mining contracts are also available. Hashing 24 Review: Hashing24 has been involved with Bitcoin mining since 2012. They have facilities in Iceland and Georgia. They use modern ASIC chips from BitFury deliver the maximum performance and efficiency possible. Minex Review: Minex is an innovative aggregator of blockchain projects presented in an economic simulation game format. Users purchase Cloudpacks which can then be used to build an index from pre-picked sets of cloud mining farms, lotteries, casinos, real-world markets and much more. Minergate Review: Offers both pool and merged mining and cloud mining services for Bitcoin. Hashnest Review: Hashnest is operated by Bitmain, the producer of the Antminer line of Bitcoin miners. HashNest currently has over 600 Antminer S7s for rent. You can view the most up-to-date pricing and availability on Hashnest's website. At the time of writing one Antminer S7's hash rate can be rented for $1,200. Bitcoin Cloud Mining Review: Currently all Bitcoin Cloud Mining contracts are sold out. NiceHash Review: NiceHash is unique in that it uses an orderbook to match mining contract buyers and sellers. Check its website for up-to-date prices. Eobot Review: Start cloud mining Bitcoin with as little as $10. Eobot claims customers can break even in 14 months. MineOnCloud Review: MineOnCloud currently has about 35 TH/s of mining equipment for rent in the cloud. Some miners available for rent include AntMiner S4s and S5s. Written by Bitcoin Mining on May 4, 2016.
The Pace of Technology: Putting a Ceiling on Difficulty
Disclaimer: I am no expert and some or all of my assumptions may be completely incorrect. That is why I am here. The current state of the art for mining ASICs is 28nm. If we look at past trends, this size is fairly difficult to push down and something smaller may not appear for the next two years or so. The most efficient ASIC I can find is the A1 chip from coincraft. It offers 0.35 W/GH when undervolted. (Please comment the model and a lower ratio if you can find it.) We can also set an average electricity cost of a conservative 10 cents USD/kWh. This assumption based on miners distributed around the globe. The third and most important assumption due to volatility is the price of bitcoin. Let us put it at $600. A price of somewhat long-term stability and easy to use for calculations. Also, there is a positive feedback loop of miners selling their coins to cover expenses that keeps the price down. No one can predict the price, and it is the most important factor in this discussion. I tried doing the math but it didn't work out - anyone care to take a stab at it? Basically, at this price, what is the difficulty ceiling where people simply cannot pay for power? Cheers.
I've been reading extensively on bitcoin for the past few days and there are a few holes here and there that I'm trying to understand. So far it makes me believe that this whole mining thing is some sort of elaborated scam. Here is a few unorganized points that are confusing to me. Why are other currencies like litecoin slowly becoming popular and why people want them to become popular? What purpose do litecoin serves that bitcoin doesn't? If the second to bitcoin, a redundant currency like litecoin becomes popular and that people want it to become popular, then what's stop more of those currencies to all becoming popular making each of them just spammy/redundant at the end, don't we only need one of those currencies to serve the purpose of worldwide decentered transactions? The so popular and referred mining hardware comparison sheet gives a list of videocard that are recommended to use. Combined with this calculator people can make some calculations to see if they should invest electricity cost into mining. Now it seems to yield a little free income at the end of the month, all seems well until you investigate further. The power consumption of your videocard shown there is, in the radeon 6850 case, only half of what it truly use at full usage. Now to add to this, I've been mining for more than a day at full power without stopping nor interfering in the process. It tells me I should be making 0.0125 bitcoin a day but I barely made half of that in a bit more than a day, yet I am positive the videocard ran at full strength for the whole process. Now, double electricity cost vs half production, it becomes almost a profitless operation. To this, combined that the current bitcoin value is tenfold what it was 3 months ago, how could it have been profitable back then if it is not right now? Now another suspicious part to me is those 2 websites 12. They offer what every person would ever want, a way to make a lot of money easily. Both of them deliver their products months after purchase and, the 2nd website especially, is selling something that would potentially pays for itself back in less than a month, after which huge profit would come in. How convenient, to sell something that yields huge profit and pays itself back so quickly, better sell than use ourselves right? The first site has sold out, and funnily enough are selling the next batch for 75 bitcoin per... which they could just mine themselves faster than their delivery time, so what's their gain really? Conveniently we have the 2nd website, not sold out, selling something similar to the 1st website, without any pictures of what the behind of their miner looks like, who won't mention anywhere the power consumption of their product but say that it comes with a usb cord, plug and play! That sure not sound fishy at all since the asic counterpart is shown on the comparison sheet as using 600 W, for sure the usb connector hole can output that kind of power right? Hopefully someone can shed some light on all this to the better understanding of least common asked matters, yet quite important for anyone who wants to jump in this... bandwagon... I'm legitimately trying to see things optimistically but so far I only see a few root members trying to scam the entire world by projecting this half legit currency world unto us. Note: sorry for my relatively poor english, I tried putting my thoughts into word as precisely as I could, but I couldn't do it as well as I wish I could.
How To Effectively Calculate PPC Profitability & ROI, (manually): This will help you determine whether you should mine it or just buy it.
How to effectively calculate PPC Profitability. Note: The figures used in these scenarios are for demonstration purposes only, you should be smart enough to input your own values such as for price, block reward, cost peGH with your own projections Scenario 1: Just Buy PPC and do PoS
You have $10,000
Let's say PPC = $0.40 each
This assumes you can buy 25,000 PPC
25,000 coins x 1% = 250 coins per year.
plus this compounds.
So under this scenario, $10,000 gets you a guaranteed 25,250 coins after 1 year. (This Option is Low Risk - Guaranteed return on investment) ~ ~ ~ Scenario 2: Buy Mining Gear and do PoW mining
You have $10,000
You buy mining gear that after all expenses, shipping, accessories the total cost is $12 per GH/s.
So basically, you buy 833 GH/s with the money.
Let's say network hash rate STAYS @ 15 TH/s. (unlikely)
833/15,000 = about 5% of the total network hash rate.
Now assume on average there are 33 PoW blocks per day.
And let's also is assume the block reward will STAY @ about 200 coins. (unlikely)
33 x 200 = 6,600 total new PoW coins per day (Note: This is currently the "actual net" inflation rate which is really already lower than where Bitcoin was last year when the block reward was 50. PoS inflation is decentralized so it doesn't really count as inflation - PoS inflation basically amounts to being the same thing as if you were to add more decimal places to Bitcoin - if you increased its decimal place past 8 - all it does is increase the units of account, but you keep the same value proportional to the coins you have.)
Take your 5% x 6,600 = 330 coins per day you will mine if all stays the same (unlikely).
25,000/330 = 75 days (if all stays the same) to possibly recoup your investment!
So basically, under this scenario you are betting you will recoup your investment back after 2.5 months, and everything else after that is extra! (This Option is High Risk - Higher possible return on investment, also higher risk of not recouping investment if hash rate & difficulty increases a lot and block reward drops)
tl;dr: either the growth in the hash rate must slow down, the power consumption must go down, or the price of BTC must go up, a lot. And according to https://bitcoinwisdom.com/bitcoin/difficulty, it is showing no signs at all of slowing down, hashrate actually seems to be still growing exponentially, which is good. Using the following conversion factors, constants and assumptions: Code: GH/s per Diff 0.007158388055 Blocks/Period 2016 BTC/Period 50400 Watts per GH/s 1 (assumed constant rest of this year, is it right to assume this?) USD/kWh $0.10 In other words assuming everyone in the network pays $0.10 per kWh and everyone has miners that burn 1 W per GH/s (1 J/GH) then we can calculate the average production cost for each BTC over the last year as follows: Assuming the network growth rate over the next year is about 20% average we get:
Hash Rate Power Energy Cost Cost Date Difficulty TH/s MW MWh $/Period $/BTC
11-Sep-14 33,220,936,877 237,808 238 66,349 $6,634,853 $131.64 23-Sep-14 40,236,446,759 288,028 288 80,360 $8,035,984 $159.44 04-Oct-14 48,733,473,526 348,853 349 97,330 $9,733,002 $193.12 16-Oct-14 59,024,880,009 422,523 423 117,884 $11,788,392 $233.90 28-Oct-14 71,489,598,585 511,750 512 142,778 $14,277,833 $283.29 08-Nov-14 86,586,583,575 619,820 620 172,930 $17,292,988 $343.11 20-Nov-14 104,871,710,060 750,712 751 209,449 $20,944,876 $415.57 02-Dec-14 127,018,241,359 909,246 909 253,680 $25,367,960 $503.33 13-Dec-14 153,841,618,762 1,101,258 1,101 307,251 $30,725,098 $609.62 25-Dec-14 186,329,486,300 1,333,819 1,334 372,135 $37,213,544 $738.36 05-Jan-15 225,678,056,071 1,615,491 1,615 450,722 $45,072,202 $894.29 17-Jan-15 273,336,153,086 1,956,646 1,957 545,904 $54,590,430 $1,083.14 29-Jan-15 331,058,561,407 2,369,846 2,370 661,187 $66,118,694 $1,311.88 09-Feb-15 400,970,635,767 2,870,303 2,870 800,815 $80,081,465 $1,588.92 21-Feb-15 485,646,557,708 3,476,447 3,476 969,929 $96,992,858 $1,924.46 05-Mar-15 588,204,117,648 4,210,593 4,211 1,174,756 $117,475,554 $2,330.86 16-Mar-15 712,419,512,763 5,099,775 5,100 1,422,837 $142,283,732 $2,823.09 28-Mar-15 862,866,387,600 6,176,732 6,177 1,723,308 $172,330,835 $3,419.26 08-Apr-15 1,045,084,236,901 7,481,119 7,481 2,087,232 $208,723,207 $4,141.33 20-Apr-15 1,265,782,371,309 9,060,961 9,061 2,528,008 $252,800,823 $5,015.89 02-May-15 1,533,086,956,002 10,974,431 10,974 3,061,866 $306,186,635 $6,075.13 13-May-15 1,856,840,218,301 13,291,983 13,292 3,708,463 $370,846,321 $7,358.06 25-May-15 2,248,962,841,151 16,098,949 16,099 4,491,607 $449,160,670 $8,911.92 06-Jun-15 2,723,892,885,897 19,498,682 19,499 5,440,132 $544,013,236 $10,793.91 17-Jun-15 3,299,117,405,623 23,616,363 23,616 6,588,965 $658,896,517 $13,073.34 29-Jun-15 3,995,816,323,188 28,603,604 28,604 7,980,405 $798,040,547 $15,834.14 10-Jul-15 4,839,642,281,734 34,644,038 34,644 9,665,686 $966,568,646 $19,177.95 22-Jul-15 5,861,665,181,962 41,960,074 41,960 11,706,861 $1,170,686,065 $23,227.90 03-Aug-15 7,099,516,184,307 50,821,092 50,821 14,179,085 $1,417,908,463 $28,133.10 14-Aug-15 8,598,773,298,472 61,553,356 61,553 17,173,386 $1,717,338,634 $34,074.18 26-Aug-15 10,414,639,578,109 74,552,032 74,552 20,800,017 $2,080,001,680 $41,269.87 07-Sep-15 12,613,975,712,232 90,295,733 90,296 25,192,510 $2,519,250,952 $49,985.14 In other words something has got to give by the end of the year, or actually before December 1 This does not take into account hardware manufacturing cost or other expenses, just strictly electricity costs to produce one btc. I'm sure there are more efficient miners out now that are better than 1 watt gh right? Regardless of above, from now until 2016 block halving it's going to be extremely interesting to see what happens to bitcoin, and i think during this time peroid is when we will know for sure if bitcoin will become mainstream or not...
Accurate Vertcoin mining calculator trusted by millions of cryptocurrency miners. Updated in 2020, the newest version of the Vertcoin mining calculator makes it simple and easy to quickly calculate mining profitability for your Vertcoin mining hardware. Der Bitcoin-Mining-Profit wird mit einer aktuellen Bitcoin-Difficulty 2.874.674.234.415,00** und einem Bitcoin-Wechselkurs von 1 BTC = 7.897,78 Euro* berechnet. Diese Angaben sind ohne Gewähr und können sich sekündlich ändern, als durchschnittliche Block-Zeit wird mit 600 Sekunden gerechnet. Auch der Bitcoin-Block-Reward wird nach den aktuellen Angaben berechnet – zukünftige Änderungen ... Bitcoin Calculator. The CoinDesk Bitcoin Calculator tool allows you to convert any amount to and from bitcoin (up to six decimal places) and your preferred world currencies, with conversion rates ... Find out what your expected return is depending on your hash rate and electricity cost. Find out if it's profitable to mine Bitcoin, Ethereum, Litecoin, DASH or Monero. Do you think you've got what it takes to join the tough world of cryptocurrency mining? An easy to use crypto-currency finance utility used to calculate a Bitcoin Cash miner's potential profits in ETH and multiple fiat currencies. The calculator fetches price and network data from the internet and only requires the hash rate (speed of mining) from the user. A projected future profit chart is created dynamically and displayed instantly.