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How profitable is bitcoin mining reddit


how profitable is bitcoin mining reddit

W/xHash/s: Watts per hashrate per second. In a sense, this was done to keep inflation in check. Is Bitcoin mining profitable? This is known as mining difficulty. This represents a tremendous investment into mining hardware, the R D of such hardware, and electrical expenditure. Watch our video version of this guide. Today there are over a dozen large pools that compete for the chance to mine Bitcoin and update the ledger. The reason this is important is that miners consume electricity, whether for powering up the miner or for cooling it down (these machines can get really hot). For reference, the mining power of one GPU equals that of around 30 CPUs. Well explain this situation in depth but first, you need to know a few basic technical terms from the world of Bitcoin mining: Block: A group of Bitcoin transactions, chosen from the mempool (the list of all currently pending. H/s due to the increasing speed of mining hardware.

Is bitcoin mining profitable?

Heres a more detailed breakdown of the mining process:. Step 2 Get your miner Once youre done with your calculations, its time to get your miner! As a general rule of thumb, Id suggest avoiding cloud mining altogether. In early 2017, Bitcoins collective hashrate reached nearly 4 Exahash. The next halving event expected is around mid-2020. At this rate, the S9 unit would pay for itself within a year as well as make about 600 in profit! This can usually be found on your monthly electricity bill.


Smaller pools will generally offer lower or even no fees, but keep in mind they will seldom find blocks. Even if you buy the best possible miner out there, youre still at a huge disadvantage compared to professional Bitcoin mining farms. Some early asic miners even appeared in the form of a USB, but they became obsolete rather quickly. You can also find a complete comparison of mining pools in the Bitcoin wiki. Just tell the bank you want to remove 50 from your account and add it to someone elses account. If you still want to pursue this path, make sure to make the right calculations before handing over any funds. Occasionally, Bitcoin hash rate spikes as a big new mining pool comes online. Once all the necessary info is entered, hit Calculate for the profitability result: An excellent result!


how profitable is bitcoin mining reddit

Bitcoin - reddit

Well, Bitcoins rulesalso known as the Bitcoin protocolsolves this in a very creative way I like to how profitable is bitcoin mining reddit call Who Wants to Be a Banker? To determine your own power cost, check worldwide electricity prices or your utility bill for the exact price. For reference, mining was demonstrated in theory on a 55-year-old computer some time ago by IBMand the result was of course, that its not worth. Other types of mining Cloud mining: Websites that mine for you Cloud mining means that you do not buy a physical mining rig but rather rent computing power from a mining company and get paid according to how much mining power you own. The current number of bitcoins awarded per block.5. Once you have all of these variables at hand you can insert them into a Bitcoin mining calculator (as can be seen below) and get an estimate of how many Bitcoins you will earn each month. Gradually, people moved to GPU mining.


How profitable is mining?

In this example, the bank has all the power because the bank is the only one that is allowed to update the ledger that holds the balances of everyone in the system. Now that youve finished this extensive read, you should be able to answer this question yourself. To aid in selection, the Bitcoin Wiki provides a handy mining hardware comparison : Although Bitcoin Wiki doesnt list many models as currently shipping on from their manufacturers, all these mining rigs (and more) are available for resale as new or used. This number started at 50 bitcoins back in 2009, and its halved every 210,000 blocks (about four years). Power consumption : Each miner consumes a different amount of energy. Isnt Bitcoin mining centralized by the hands of a few Chinese companies? Mining difficulty : A number that represents how hard it is to mine bitcoins at any given moment considering the amount of mining power currently active in the system. Heres a two-minute video showing the process of blocks and confirmations. This happened in early 2016: Its quite possible that even some big, corporate miners found their profit margins under threat from the resulting steep spike in competition. Electricity is the major on-going cost of Bitcoin mining. Simply put, web mining allows website owners to hijack, so to speak, their visitors CPUs and use them to mine Bitcoin. Electricity cost : How many dollars are you paying per kilowatt?


Mining difficulty is set so that, on average, a new block will be added every ten minutes (i.e., the number will be guessed every ten minutes on average). The more powerful your computer is, the more guesses you can make in a second, increasing your chances of winning this game. Step-by-step guide for mining at home. In fact, in all the time how profitable is bitcoin mining reddit Bitcoin has existed, its profitability has dropped only a handful of timeseven at times when the price was relatively low. When calculating Bitcoin mining profitability, there are a lot of things you need to take into account such as: Hash rate : A Hash is the mathematical problem the miners computer needs to solve. Those with a strong interest in such things, namely cypherpunks, cryptographers, technically-minded libertarians and assorted hackers, were first to stake their claim. Therefore, any calculations should be regarded skeptically, as likely best-case scenarios.


Is mining profitable nowadays?

This number was initially set to 50, halved to 25 in late-2012, and halved again.5 in mid-2016. New, more efficient mining hardware may be released at any time, although we are reaching the technological limits of improved efficiencies. But is there still gold in them thar hills? Make sure to go over our Bitcoin mining hardware reviews to understand which miner is best for you, if you havent done it already in step. Remember, mining is possible with any old computerits just not worth the electricity wasted on it because the slower the computer, the smaller the chances are of actually getting some kind of reward. As you can imagine, this type of self-adjusting mechanism has how profitable is bitcoin mining reddit created a sort of arms race to get the most efficient and powerful miners as soon as possible. The Bitmain AntMiner S9 is a modern mining rig which offers a good hashrate for its power consumption.


(2016) : BitcoinMining - reddit

Once this is how profitable is bitcoin mining reddit configured, you will start collections shares, which represent your part of the work in finding the next block. Where do I sign up? Power consumption is measured in watts. Scenario 1: Big Chinese Miners We are using the default power cost of 5c (USD a likely rate for a Chinese industrial area or one in which electricity is subsidized. If you dont have a few thousand dollars to spare on the right miner, and if you dont have access to cheap electricity, mining Bitcoin might not be for you. The idea is simple: miners group together to form a pool (i.e., combine their mining power to compete more effectively). As a large miner would be able to negotiate a lower unit price on each S9, we can assume theyll research profit even sooner. After about three years of this crazy technological race, we finally reached a technological barrier, and things started to cool down a bit. The fact is: Bitcoin mining has grown from a handful of early enthusiasts into a cottage industry, into a specialized industrial-level venture.


Of course, the miners with more computing power will succeed more often, but due to the law of statistical probability, its highly unlikely that the same miner will succeed every time. Bear in mind that mining costs money! Their function was hardcoded into the machine. Step 6 Start mining Connect you miner to a power outlet and fire. With a trusted central authority, transferring money is easy. This can be found easily with a quick search online or through this list. Step 4 Find a mining pool When you join a mining pool, youll be given smaller and easier problems to solve. By banding together with other miners in a so-called pool, your combined odds of solving a block rise proportional to the pools total hashrate. Block Reward: The number of newly-created bitcoins, awarded to whichever miner creates a block. Using your CPU (central processing unityour computers brain and an integrated component in any computer) was enough for mining Bitcoin back in 2009, since mining difficulty was low. Sources of Unexpected Profit Loss: Difficulty Spikes, Price Crashes, Equipment Failures, Power Cuts, Shipping Delays More!


According to the how profitable is bitcoin mining reddit pool youve chosen, youll be paid for your share of coinsjust make sure that you enter your address in the required fields when signing up to the pool. The system generates a fixed amount of bitcoins (currently.5) and rewards them to you as compensation for the time and energy you spent solving the math problem. Next, we need to enter the S9s specs and cost, as well as other info such as power cost and pool fees, into a suitable number-cruncher. How easy is it to withdraw funds? Conclusion The average home miner will struggle to be profitable or recoup the cost of mining hardware and electricity, especially with the Bitcoin downward price trend.


Mining BTC is not profitable now days?

Satoshi Nakomotos invention of Bitcoin, a peer-to-peer electronic cash system, opened up an entirely new frontier, not just of freedom but of occasionally outrageous profits. Each computer that validates your solution updates its copy of the Bitcoin transaction ledger with the transactions that you chose to include in the block. Scenario 2: An American Hobby Miner Before getting too excited about your potential mining profits, lets recalculate them using the average residential Power cost per kWh in the USA (12.5c) and a typical pool fee. Once your mining computer comes up with the right guess, your mining program determines which of the current pending transactions will be grouped together into the next block of transactions. As Bitcoin started to catch on, people looked for more powerful mining solutions. Because of their architecture, they became popular in the field of cryptography, and around 2011, people also started using them to mine bitcoins. If you want a more detailed non technical explanation about Bitcoin mining keep reading this post (theres also a video version below). .


Note: The future profitability of mining cannot be reliably predicted, mostly due to the changing Bitcoin price. The situation may improve in future once asic mining hardware innovation reaches the point of diminishing returns. Mining Pool: Unless you command a tremendous hashrate, your odds of solving a block by yourself (i.e. Its pretty much the cutting edge of mining tech so well select it for our example. A GPU (graphics processing unit) is a special component added to computers to carry out more complex calculations. Unlike GPUs, CPUs, and fpgas, they couldnt be used to do anything else. The block youve created, along with your solution, is sent to the whole network so other computers can validate. It adjusts to hashrate to ensure that blocks are found roughly every 10 minutes. If you still have any questions, feel free to leave them in the comment section below. Post Summary: Bitcoin mining is the process of updating the ledger of Bitcoin transactions known as the blockchain. The 0 Pool Fee assumes a mining farm large enough to run its own pool. All of your combined work will make the pool more likely to solve the original problem and earn the bitcoin reward and transaction fees. Depending on what mining rig you have, youll need to find the right software.


how profitable is bitcoin mining reddit

Wanna know how to actually mine? While in theory, this is possible, due to the low processing power phones have compared to asic miners, youll probably end up draining your phones battery much faster and make a very small fraction of bitcoin in return. Mining difficulty, the evolution of Bitcoin miners, bitcoin mining pools. Such downside risks must always be factored into any sound business plan. How stable is the pool? Power supply units will add another 120 or so to the price. The price paid per Watt will greatly influence profitability. From the sites visitor perspective, someone is using their computer without consent to mine Bitcoins. There are no shortcuts in this process, which can only be solved with raw computational power.


Bitcoin

I agree to the site's privacy policy and terms of use We hate spam as much as you. Even though they started out in 2013, the technology quickly evolved, and new, more powerful miners were coming out every six months. How frequently does the pool find a block (i.e., how frequently do I get rewarded)? The first thing youll need to do is to enter your mining pools address, username, and password. Achieving the block reward is the only valid way in which new bitcoins can be created; by miners according to the codes rate and limit. It will be a long sequence of letters and numbers. Up until today, over 20,000 sites have been known to utilize web mining. They are just like GPUs but 3100 times faster. The easy money was scooped out a long time ago and what remains is buried under the cryptographic equivalent of tons of hard rock. Keep in mind that sometimes there might be better alternatives to Bitcoin mining in order to produce a higher return on your investment. Also, how profitable is bitcoin mining reddit the site owner can control how much of the visitors CPU he wants to control in order to make sure hes not abusing his hardware.


Thats why mining pools came into existence. This halving process will continue in this fashion, halving the block reward approximately every four years / 210,000 blocks, until all 21 million bitcoins are created. Web mining: Sites that mine through you Somewhere around 2017, the concept of web mining came to life. The idea is that since no one can actually predict the rate of miners joining the network, neither can anyone predict how difficult it will be to mine in six weeks, six months, or six years from now. Why on earth did Satoshi do this? But if you think about it, the mining part is just a by-product of the transaction confirmation process. There are plenty of other things which can wrong, for example: hardware failures, power outages, network disconnections price crashes. So thats Bitcoin mining in a nutshell. Compiling this block represents your moment of glory, as youve now become a temporary banker of Bitcoin who gets to update the Bitcoin transaction ledger known as the blockchain. Proof of Work Hashing: This is the cryptographic work which miners perform in order to find the solution which allows them to define a new block. In fact, Satoshi, the inventor of Bitcoin, and his friend Hal Finney were a couple of the only people mining Bitcoin back at the time with their own personal computers.


Today, asic miners are the current mining standard. The first miner to guess the number gets to update the ledger of transactions and also receives a reward of newly minted Bitcoins (currently the reward.5 Bitcoins). Another option would be to mine altcoins that can still be mined with GPUs, such as Ethereum, Monero, or Zcash. Well, not so fast. Miners compete to solve a cryptographic puzzle, known as a hash.


How is mining BTC still profitable?

Difficulty: With hashrate shooting up over the years, it would seem blocks would be found by miners ever more rapidly. Note that the Hardware Costs field does not seem to influence the final calculation. This would also greatly improve the decentralization of the Bitcoin network, hardening it against legislative risk. How Bitcoin mining works. Generally, this would be somewhere around. Solo-mining) are extremely low.


When total hashrate rises, the Difficulty of POW hashing adjusts upwards and the inverse also applies. How do you give someone the ability to update the ledger without giving them too much powerin case they become corrupt or negligent in their work? Finally, around 2013, a new breed of miner was introduced: the asic miner. The higher their relative power, the more solutions (and hence, block rewards) a miner is likely to find. This means that a website owner can make use of thousands of innocent CPUs in order to gain profits. The reason is that Googles servers arent fit for solving the Bitcoin mining problem in the same way that asics are. In the long run, this will even out to ten minutes on average.


One of the few reasonable cloud miners is HashNest (Bitmain) but you are unlikely to make any money. Bitcoin Core is the backbone of the Bitcoin network. Almost all Bitcoin wallets rely on Bitcoin Core in one way or another. If you have a fairly powerful computer that is almost always online, you can help the network by running Bitcoin Core. You can also use Bitcoin Core as a very secure Bitcoin wallet. As common as it is in Bitcoin Mining, it is far to risky to be carried out over reddit. If you don't have anything nice to say, it's best not to say anything at all.


Is Bitcoin Mining Profitable 2019 Reddit

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how profitable is bitcoin mining reddit


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