Is there any decent comparison of mining rigs through bitcoin's history?
I remember back when I first heard about Bitcoin around the first bubble, and I had a friend who ordered miners from some kickstarter that never showed up. Fun times. I'm curious about how the arms race has progressed and I'm looking for some kind of historic comparison of how much hashrate you could buy for ~$500 at various points in BTC's history, including back when it was graphics cards and CPUs. Any good place for that info?
I got fired 3 week ago and got into depression, one of my best friends is a crypto trader. Instead of feeling shitty he want to teach me everything about crypto and he said that it might help me to understand the normal 9-6 job life is not the only way. here are the tips and resources he gave me:
i’m sharing it here because i’m sure that there are other people in my situation too and it will be great if i can help you exactly like how my friend helped me. What i’m sharing here is what i wrote on my notebook while he was pitching the basics of crypto trading, I summarized it into few lists so it will be easier for you to follow: General tips:
If your mom send you a message asking “how to buy bitcoin”? it means you need to sell yours (not to her of course :P)
Don’t put all your money on the exchange (he lost in the past some money on mt.gox).
If you’re too lazy to print a paper wallet or so cheap you can’t buy Trezor, so don’t cry if you make some stupid mistakes and lose your login details/ get hacked.
Don’t be afraid from charts, After you will get into trading you will find technical analysis like a children’s game, you just need to look for shapes and mark a line to understand where the risk is and than use your instincts, your brain(he claimed i don’t have any) and some useful new resources (i share them later on).
there is too much information, if you will try to focus everything it will kill you and you will spend most of your profits on Advil. arrange yourself a useful resources and a comfortable working environment.
Listen to Lofi while you trade/make decisions.
don’t join random telegram groups or pump and dump groups. no-one open a traders group and invite you just because you have a beautiful smile. 97% of them have hidden interest. Try to attend for a local bitcoin meet up in your hometown or near by and than meet REAL people and REAL traders. Ask them if they have a friends traders group and ask to join, If they don’t agree say the
Altcoins - Vs. Bitcoin and Vs. USD: it's important to analyse the price against Bitcoin and against USD as well. Most major altcoins have huge USD trading
What goes down – does not necessarily go up again: “I’ve seen Altcoins like Aurora which came down 99.99% of its record”.
Day trading is a job. Consider the time spending on it when calculating your gains and losses.
Don’t put all of your eggs in one basket: Diversify your crypto portfolio, and it's not shame to hedge to cash sometimes
don’t risk something you can’t afford to lose.
resources: “Give a man a good signal and he made profit for day, Teach him how to trade and will make a profit for a day “ (I made it now… And I wonder why I got fired) :P He shared with me many of his resources and said that I need to check them to understand which one are useful for me and which isn’t. News & Educational Websites:
CryptFlix - This site is a great way to learn about blockchain and the crypto market while watching videos. They have a cool UX that reminds Netflix and you will find it easy to spend few hours watching super cool and educating videos. cryptflix.com
CryptoPotato - Great educational website for beginners and advanced. What I like the most about this guys is that they are doing market update each week, live technical analysis sessions (also answering questions) and it seems like they are super legit. https://cryptopotato.com/
BadBitcoin - This website will help you to avoid fraud (My friend said the word fraud like 20 times in the last 1 hour, I think this market have many problems!). http://www.badbitcoin.org/
The Age of Cryptocurrency: Recommended book. How Bitcoin and the Blockchain Are Challenging the Global Economic Order. I’m not sharing here a link so it won’t consider self promotion so just google the book name, it’s on amazon (the price is around 16$ but don’t be cheap on your education)
CryptoPanic - This website will save you a lot of time by summarizing news from all over the internet and let you know the sentiment of each article/post/tweet
Andreas M. Antonopoulos - This guy deserve a high five from satoshi nakomoto. He wrote the book “ Mastering Bitcoin” and dedicating his life to make the world understand bitcoin & blockchain. https://antonopoulos.com/
Team (Who are they? do they have experience in the field of the ICO? They have linkedin, github, personal websites?)
Technology (Are they here to stay? Do you see a real usage in their tokens? They solve any problem?)
Social Media - do they have community of people that support them? Are they active on Facebook, Twitter, Medium, Telegram, Reddit?
Whitepapaer- Before you buy electronic product on Amazon do you read about it? do you do the research? Do the same when you invest in ICO. Read the Whitepaper to fully understand the idea and the potential
I've mined before and I'm thinking of going into it on a larger scale. But I'm worried purchasing November batch S9s is a bad idea. What are your outlooks on the hash rate increases for the next 4-8 months? On when next generation miners will be released? I just don't want to buy these only to have them outdated two months later.
Question - Formula for bitcoin mining profitability that factors increasing difficulty over time
Hi guys, I'm making some basic trackers in Google Sheets for my cloud mining earnings. A profitability calc that factors in cloud mining fees and, ideally - difficulty increases. My question is what is this formula, and what data does it need - to modify Bitcoin produced over the next 12 months assuming that the difficulty steadily increases at a rate comparable to the past 12 months (~478% / ~1.3% daily). What is the formula that allows for a sliding scale over time? Say I was trying to figure out where 7.73TH/s would get me at: D1 W1 M1 M2, 3, 4, 5 etc. Y1 Any help is much appreciated, cheers.
Looking to start mining. I have a couple of questions.
I just want to know if it's worth it to mine in NYC currently. ConEd(local energy provider) charges .25c per kwh. Which is astronomically high. Just wondering if someone on here would advise me to mine with an ASIC set up or not.
Alright, so I'm thinking about getting into mining Litecoin. I've never mined before, and sadly, my computer, even though it's great for gaming, just won't cut it because of ASIC computers. So I was looking at this one and it said the hash rate was 13.5 TH/s so I went to this website to see how much that would equate to in USD. It says I'd make more than $2 million every month, which I know is very very far off. But what did I do wrong to calculate it?
Hi, it’s some weeks that I’m getting into Monero and I really see a great future for it. My problem is that I have a very low budget so my mining capability is a joke (around 80 h/s). I cannot help this coin to grow by mining it, so I’m making this FAQ hoping that can be useful for new users. If you want to support me, the tip jar is at the end of this post. Thank you!
I noticed a lot of confusion around Monero. Many of the most asked question are basically the same , so I collected some of them from /monero, /moneromining and monero.stackexchange and I made this Monero Faq. Please feel free to suggest any new frequently asked question or correction/modification/ (also about the grammar, my english is not very good), i’d like to keep this post updated.
Minergate is known for being linked to Bytecoin (read here and here ) and many users are noticing lower or differences in hashrates when using other miners (just make a research using the word “minergate” here on reddit). don’t be fooled by the nice graphical interface.
New people please read this. [upvote for visibility please]
I am seeing too many new people come and and getting confused. Litecoin wiki isn't the greatest when it comes to summing up things so I will try to do things as best as I can. I will attempt to explain from what I have learned and answer some questions. Hopefully people smarter than me will also chime in. I will keep this post updated as much as I can. Preface Litecoin is a type to electronic currency. It is just like Bitcoin but it there are differences. Difference explained here. If you are starting to mine now chances are that you have missed the Bitcoin mining train. If you really want your time and processing power to not go to waste you should mine LTC because the access to BTC from there is much easier. Mining. What is it? Let's get this straight. When making any financial commitment to this be prepared to do it with "throw away" money. Mining is all about the hashrate and is measured in KH/s (KiloHash/sec). Unlike the powerful ASICs (Application Specific Integrated Circuit) that are used to mine bitcoins using hashrates in the GH/s and even TH/s, litecoin mining has only been able to achieve at the very best MH/s. I think the highest I've seen is 130 MH/s so far. Which leads us to our next section. Mining Hardware While CPU mining is still a thing it is not as powerful as GPU mining. Your laptop might be able to get 1 a month. However, I encourage you to consult this list first. List of hardware comparison You will find the highest of processors can maybe pull 100 KH/s and if we put this into a litecoin mining calculator it doesn't give us much. Another reason why you don't want to mine with your CPU is pretty simple. You are going to destroy it. So this leaves us with GPUs. Over the past few months (and years) the HD 7950 has been the favourite because it drains less power and has a pretty good hashrate. But recently the introduction of the R9 290 (not the x) has changed the game a bit. People are getting 850 KH/s - 900 KH/s with that card. It's crazy. Should I mine? Honestly given the current difficulty you can make a solid rig for about $1100 with a hashrate of 1700 KH/s which would give you your investment back in about a month and a half. I am sure people out there can create something for much cheaper. Here is a good example of a setup as suggested by dystopiats PCPartPicker part list / Price breakdown by merchant / Benchmarks
Prices include shipping, taxes, and discounts when available.
Generated by PCPartPicker 2013-11-29 00:52 EST-0500
Estimated Hashrate (with GPU overclocking) : 1900 KH/s Hardware Fundamentals CPU - Do you need a powerful CPU? No but make sure it is a decent one. AMD CPUs are cheap to buy right now with tons of power. Feel free to use a Sempron or Celeron depending on what Motherboard you go with. RAM - Try to get at least 4 GB so as to not run into any trouble. Memory is cheap these days. I am saying 4 GB only because of Windoze. If you are plan to run this on Linux you can even get away with less memory. HDD Any good ol 7200 RPM hard drive will do. Make sure it is appropriate. No point in buying a 1TB hard drive. Since, this is a newbie's guide I assumed most won't know how to run linux, but incase you do you can get a USB flash drive and run linux from it thus removing the need for hard drive all toghether. (thanks dystopiats) GPU - Consult the list of hardware of hardware I posted above. Make sure you consider the KH/s/W ratio. To me the 290 is the best option but you can skimp down to 7950 if you like. PSU - THIS IS BLOODY IMPORTANT. Most modern GPUs are power hungry so please make sure you are well within the limits of your power consumption. MOTHERBOARD - Ok, so a pretty popular board right now is Gigabyte GA-990FXA-UD3 and the ASRock 970 Extreme4. Some people are even going for Gigabyte GA-990FXA-UD5 and even the mighty Gigabyte GA-990FXA-UD7 because it has more PCI-E slots. 6 to be exact. However you may not need that much. With risers you can get more shoved into less. PCI-E RISERS - These are called risers. They come in x16 to x16 and x1 to x16 connections. Here is the general rule of thumb. This is very important. Always get a POWERED riser otherwise you will burn a hole in your MoBo. A powered rise as a molex connector so that additional power from PSU can be supplied. When it comes to hardware I've provided the most basic knowledge you need. Also, take a look at cryptobader's website. This is very helpful. Please visit the mining section of Litecoin Forums and the litecoinmining subreddit for more indepth info. Mining Software Now that you have assembled your hardware now you need to get into a pool. But before you do that you need a mining software. There are many different ones but the one that is most popular is cgminer. Download it and make sure you read the README. It is a very robust piece of software. Please read this if you want to know more. (thanks BalzOnYer4Head) Mining Pools Now that your hardware and software is ready. I know nothing about solo mining other than the fact that you have to be very lucky and respectable amount of hashing power to decrypt a block. So it is better to join pools. I have been pool hopping for a bit and really liked give-me-coin previously known to the community as give-me-ltc. They have a nice mobile app and 0% pool fees. This is really a personal preference. Take a look at this list and try some yourself. How do I connect to a pool? Most pools will give you a tutorial on how to but the basics are as follows:
Signup for a pool
Create a worker for your account. Usually one worker per rig (Yes people have multiple rigs) is generally a good idea.
Create a .run file. Open up notepad and type cgminer.exe -o (address_to_the_miningpool:port_number) -u (yourusername.workername) -p (your_worker_password_if_you_made_one). Then File>Save As>runcgminer.run (Make sure the drop down is set to "All Files" and .txt document.) and save in the same folder as cgminer. That's it.
Double click on runcgminer.run (or whatever you named it) and have fun mining.
Mining Profitability This game is not easy. If it was, practically everyone would be doing it. This is strictly a numbers game and there are calculations available that can help you determine your risk on your investments. 4 variables you need to consider when you are starting to mine: Hardware cost: The cost of your physical hardware to run this whole operation. Power: Measured in $/KwH is also known as the operating cost. Difficulty rate: To put it in layman's terms the increase in difficulty is inversely proportional to amount of coin you can mine. The harder the difficulty the harder it is to mine coin. Right now difficulty is rising at about 18% per 3 days. This can and will change since all you miners are soon going to jump on the band wagon. Your sanity: I am not going to tell you to keep calm and chive on because quiet frankly that is stupid. What I will tell you not to get too carried away. You will pull you hair out. Seriously. Next thing you will need is a simple tool. A mining profitability calculator. I have two favourite ones. coinwarz I like this one cause it is simple. The fields are self explanatory. Try it. bitcoinwisdom I like this one because it is a more real life scenario calculator and more complicated one (not really). It also takes increasing difficulty into account. Please note: This is the absolute basic info you need. If you have more questions feel free to ask and or google it! More Below.
I'm trying to estimate the amount of electricity used by Bitcoin miners. Is my approach accurate?
According to https://bitcoinwisdom.com/bitcoin/difficulty the total hashrate of the network is 37,498,417,926 GH/s which is 37,498,417.926 TH/s. To get an estimate of the amount of miners on the network, I am using the Antminer S9 as the baseline. So with 13.5 TH/s for each Antminer S9, we can guess the amount of Antminer S9s on the network to be 37,498,417.926 / 13.5 = 2,777,660 Antminers on the network Each Antminer has power consumption of 1310W. When I put that into https://www.rapidtables.com/calc/electric/energy-consumption-calculator.html I get 8.73296e+7 KWh/day Does this seem right? I also need to consider adding the energy spent on cooling, but I'm trying to get the base down first.
What resources do you use to stay on top of upcoming new miners and when to buy?
TLDR: I've been researching how to get into mining for the past 5-6 months, but I feel like I'm always hearing about what I should have bought a month ago, but never what's coming up that I should buy. Any resources or advice would be greatly appreciated. Here's the research and what I've been doing for reference: I got signed up on the mailing list for Bitmain and get their updates now, but still feel like I'm missing so much. Like, they didn't even mention the Antminer A3 had dropped in their emails. I found this list - https://www.asicminervalue.com/opportunities But I don't know how reliable it is. Also, I've seen people here saying their next big purchase will be the Avalon 821, but the above chart has it rated pretty low on profitability. It rates the Antminer A3 815Gh (at $1888) with a 79 day ROI, so I put both of them into some of the calculators I've found, but even that isn't making any sense. Like on the exact same miner I'll get results that say it'll either be totally unprofitable on one or that it will make a few grand in profit on another calculator. I honestly have no idea what to believe. Here's some of the calculators I've been using: http://www.mycryptobuddy.com/BitcoinMiningCalculatorhttps://bitcoinwisdom.com/litecoin/calculatorhttps://www.cryptocompare.com/mining/calculatoltc?HashingPower=280&HashingUnit=MH%2FsPowerConsumption=1800&CostPerkWh=0.01 Supposedly this site has 74 Antminer A3 815GH Miners in stock. If I can even trust this site (found a few reviews that were positive). Curious if anyone thinks this is a good buy, or if I should wait for something new to hit? And if I should wait, how do I figure out when that's happening so that I can actually buy them when they're released?
i have access to intel core i3 pc with 6 gb ram and integrated graphics card. internet connection of 1mbps. how good is it for mining bitcoin? how much bitcoin can i mine in a day or a week. which will be good for me to mine? in a pool or individual? i dunno how it works. questions may seem odd.
Has the Bitcoin Hash Rate Peaked? Comparisons with Oil Show Interesting Findings
https://preview.redd.it/85lpl2md4e221.png?width=690&format=png&auto=webp&s=2d3bab69f0570a96f55d790d25f1b1ab08c0a49b https://cryptoiq.co/the-bitcoin-mining-hash-rate-has-similarities-to-peak-oil/ The Bitcoin mining hash rate had been exponentially increasing on average since the genesis block in 2009, from MH/s, to GH/s, to TH/s, to PH/s, to EH/s, and it reached an all-time record high of 62 EH/s on 26 August 2018. Since this peak was reached, the Bitcoin mining hash rate gradually plateaued and has now decreased. The chart of Bitcoin mining hash rate actually looks quite similar to a peak oil chart except on a much faster time-scale, as can be seen in the comparison between Bitcoin’s hash rate over the course of 2 years from Blockchain.com and North Sea oil production from an article in The Oil Drum: Europe by Euan Mearns. As explained below, the dynamics between peak oil and peak Bitcoin mining are similar, with the key difference that Bitcoin mining is decentralized and oil is not. https://preview.redd.it/op5ept1g4e221.png?width=512&format=png&auto=webp&s=2b3b35eb631f31a64ed7beb01f283832bd231e4c https://preview.redd.it/nfyhlf4h4e221.png?width=678&format=png&auto=webp&s=46a0ca7e11f274c5678f6421b1eebb788eab5197 Geologist M. King Hubbert is the founder of the peak oil theory, which states that there is a point when the maximum extraction rate of petroleum is reached, after which a terminal decline in production ensues. The peak rate of extraction of Bitcoin of course occurred during the period after the genesis block and before the first block halving, when the block reward was at its maximum of 50 Bitcoins. However, this is not the peak rate of mining profitability, since Bitcoin increased in price by orders of magnitude through the year 2017. The peak rate of Bitcoin mining profits undoubtedly was simultaneous with Bitcoin’s all-time record high of USD 20,000 in December 2017. The reason the peak hash rate did not coincide with the peak rate of Bitcoin mining profits is because the rally happened so quickly that mining operations were not able to add rigs fast enough, so there was a lag effect. Even for mining operations with large amounts of capital it can take months to obtain the amount of mining equipment that they want, and for other mining operations it took even longer because they had to obtain investors, buy land, build infrastructure, and only then could they install the rigs and begin hashing. The Bitcoin mining hash rate chart implicitly indicates that 30 EH/s of Bitcoin mining equipment has been taken offline due to lack of profitability, which represents tens of billions of USD of wasted rigs. This suggests that Bitcoin miners were caught by surprise by the decline in Bitcoin’s price from USD 20,000 to less than USD 4,000 as of 4 December 2018. Coming back to the peak oil comparison, the current Bitcoin mining scene is like a rapid version of peak oil, combined with lack of coordination. Oil mining is a centralized and coordinated activity, where the oil is prospected, land is leased out and then an appropriate number of wells are drilled. With oil mining, companies cannot drill as many wells as they want, or drill wells on someone else’s lease, since this is all closely controlled by contractual agreements. Bitcoin mining is decentralized, and no one has a lease or contract to only mine with a certain amount of hash rate. Anyone in the world can run as much Bitcoin mining rigs as they can afford. The effect is that people all around the world are sticking their straws into the Bitcoin mining network all at the same time, and they sucked it dry. Essentially, so many people started up new mining operations at once without coordination, that the Bitcoin mining hash rate went way past its equilibrium, which hurt everyone involved. This is akin to if oil drilling was a decentralized process, and anyone who wanted to drill for oil could drill in the same field. The oil field would be sucked dry really quick, and then most of the drills would be shut down due to lack of profits. There is hope for Bitcoin miners however. The price of Bitcoin simply has to rally, and all of the disenfranchised miners could restart their rigs, and then it would be back to the races and new rigs could begin being added. However, due to the decentralization of Bitcoin mining, the network hash rate will likely periodically rise past its equilibrium point, leading to catastrophic conditions for miners like we are experiencing today at points in the future. The only thing that could prevent the scenario we are experiencing today is a Bitcoin rally that lasts forever, which is obviously not possible. James McAvity tweeted that Bitcoin mining is still profitable in the current environment, and does some simple linear calculations to prove this point. He also argues that miners are forced to keep mining due to business agreements, choose to HODL in expectation of a rally, and continue mining in expectation of a downward difficulty adjustment as other miners go offline. https://twitter.com/jamesmcavity/status/1069669073552736256 Some of what McAvity says is true, but the reality is that Bitcoin mining is a highly non-linear system, and calculating the support level for mining is somewhat pointless, since it is different for every miner. Bitcoin mining profitability depends on Bitcoin’s price, the Bitcoin network hash rate which is directly correlated to mining difficulty, and the technological efficiency of Bitcoin mining rigs. These 3 factors are related in a non-linear and ever-changing way. Instead of trudging away at trying to develop a set of equations that determine mining hash rate behavior, one could simply look at the Bitcoin mining hash rate chart at the beginning of this article to understand what is going on. Bitcoin mining profitability is different for each individual miner, and the hash rate has trended downwards as individual miners have made the decision to shut down rigs. Clearly there was a fundamental mining profitability support level in the USD 6,000-7,000 range, since that is where Bitcoin’s price was when mining peaked and plateaued. There are clearly numerous miners who became unprofitable on the descent from that level to less than USD 4,000 today, and now approximately 50% of the Bitcoin mining equipment that exists cannot profitably mine. The decrease in Bitcoin’s mining difficulty of 15% on 3 December 2018 could help bring some of those miners back online, at least if the price stays at current levels around USD 4,000, but this will not change the overall trend. When it comes down to it, Bitcoin’s price is in control of Bitcoin mining profitability, and if the price goes up we could see a reversal of the hash rate downtrend and eventually a 2nd peak in Bitcoin’s network hash rate. However, if price continues to go down, the Bitcoin mining hash rate chart will follow a similar pattern to peak oil charts. The reality will likely be a combination of both. Bitcoin bear markets tend to last years, and get more severe, but eventually the rally comes and then Bitcoin exceeds its all-time record high. This would lead to a steady decrease in Bitcoin’s mining hash rate like the peak oil chart, followed by a rapid re-engagement of old mining rigs that have been taken offline, and then the addition of new generation Bitcoin mining rigs once the equilibrium hash rate exceeds 60 EH/s.
TL:DR: Don't bother mining if you want to get rich yo. You're way too late to the party. Welcome to the exciting and often stressful world of bitcoin! You are wondering what looks like a once in a lifetime opportunity to get rich quick. Of course you guys probably heard about this "mining" process but what is this? Simply put, a bitcoin mining machine that performs complicated calculations and when deemed correct by the network, receives a block which contains 25 bitcoins (XBT). This is how bitcoins are generated. So your brain instantly thinks, "Holy shit, how can I get on this gold rush?" Before you proceed further, I would like to explain the concept of mining further. Bitcoin is limited 21m in circulation. It is coded to release a certain number of blocks at a certain time frame, ie: this year the network will release close to 500,000 bitcoins. What this means is that the more people (or specifically the amount of mining power) mine, the less each person gets. The network tries to keep to this time frame through the process of difficulty adjustments which makes the calculations harder and this happens every 2 weeks. So every 2 weeks, you get less bitcoins with the same hash rate (mining power) based on what the difficulty changes are. Recently, the changes have been pretty staggering, jumping 226% in 2 months. You can see the difficulty changes here. Now, why are these changes so large? A bit of a simple history. Bitcoin's algorithm runs on SHA-256. This algorithm can be solved using many hardware, from CPU to GPU and dedicated hardware (Application Specific Integrated Circuits). When bitcoin first started, mining on CPU was a trivial process, you can pretty much earn 50 XBT (the block size then) every few hours between Q1 and Q2 of 2010. In late 2010, due to the difficulty increase that is reducing the effectiveness of CPU mining, people started to harness GPU mining. Only AMD GPU's architecture design are better optimized for bitcoin mining so this is what the community used. Immediate improvements of more than 10x was not uncommon. In time of course, GPUs reached their limit and people started to build dedicated. In the same vein as the CPU to GPU transition, similar performance increase was common. These ASICs can only perform SHA-256 calculation so they can be highly optimized. Their performance mainly depends on the die size of the chips exactly like CPU chips. In general, think of bitcoin mining's technological advancement no different to mining gold. Gold panning (CPUs) vs pickaxes (GPUs) vs machinery (ASICs) and we are still in the ASIC mining race. ASIC mining started with ASICMiner and Avalon being first to the market, both producing 130nm and 110nm chips. The technology are antiquated in comparison to CPUs and GPUs which are now 22nm with 14nm slated for Q1 next year by Intel but they are cheap to manufacture and with performance gains similar to the CPU to GPU transition, they were highly successful and popular for early adopters. At that point in time since there were less competing manufacturers and the low batch runs of their products, miners became really rich due to the slow increase in difficulty. The good days came to an end mid August with an unprecedented 35% increase in difficulty. This is due to existing manufacturers selling more hardware and many other players coming onto the market with better hardware (smaller die). Since die shrinking knowledge and manufacturing process are well known along with a large technological gap (110nm vs 22nm), you get an arms race. Current ASIC makers are closing in on our technological limit and until everyone catches up, the difficulty jumps will be high because it is just too easy to get a performance increase. Most newer products run at 28nm and most chips are not well optimized, so it will be around another 6 to 9 months before we see hit a hard plateau with 22nm or 14nm chips. The estimated time frame is because manufacturing chips at 22nm or 14nm is a more difficult and expensive task. In the meantime most manufacturers will probably settle at 28nm and we will reach a soft plateau in about 3 months. Now, you might ask these questions and should have them answered and if you have not thought about them at all, then you probably should not touch bitcoin until you understand cause you are highly unprepared and probably lose lots of money.
I read that you can mine with a CPU/GPU, should I do so?
No. If you have to ask, please do not touch bitcoin yet. You will spend more on electricity cost than mining any substantial bitcoin. Seriously. At all. A 7990 would produce a pitiful 0.02879 XBT (USD $14 @ $500/XBT exchange rate) for the next 30 days starting 23 Nov 2013 at 35% difficulty increase. And if you think you can mine on your laptop either on a CPU or GPU, you are probably going to melt it before you even get 0.01 XBT.
I get free electricity and I have existing hardware, should I still mine?
Probably not because you probably forgot that GPUs and CPUs produce a ton of heat and noise. You can try but I see no point earning < $20 bucks per month.
Should I buy an ASIC machine?
No, because your machine will probably not mine as much as buying bitcoins. This situation is called the opportunity cost. While you can still make money if XBT rise in value, it is a fallacy.
IE: if you start mining on 1 Dec 2013, a KnC Jupiter running at 450Gh/sec (KnC lies as not all chips run at 550Gh/sec) will yield you a total revenue of 9.5189 XBT with a profit of 0.7859 XBT in profit by 30th Jan 2014 at a constant difficulty increase of 35%. The opportunity cost is: 8.5910 XBT @ USD $580/XBT with USD $5,000 which is the cost of a KnC Jupiter. This is the best you can earn and it's a bloody optimistic assumption because:
You are assuming your pre-order will arrive on time. (I do not think any first batch pre-order from any manufacturer has arrived on time).
All pre-orders are sold out for 1 Dec.
You are assuming your chips will run at 450Gh/sec minimum but many miners here will tell you their chips have been under performing.
Electricity cost have not been taken into account.
Shipping cost and time has not been taking into account.
Import Tax or VAT has not been taken into account.
Risk of downtime due to DOA or warranties has not been taken into account.
You are assuming the difficulty increase will be a constant 35% which is very unlikely because Cointerra with a team that has worked on some of the world’s highest performance CPUs, GPUs and chipsets for NVIDIA, Intel, Samsung, Qualcomm and Nortel has pre-sold an absurd amount of hash rate. Difficulty increase of 45% or more (which we have seen when a small player, KnC shipped their 1st batch) will be repeated commonly. This is only 1 company, imagine what the rest will come out with. I have failed repeatedly and so have many in estimating future hashrate. You wont be able to do better.
Even if you earn some profit, it will be < 15% and will probably be not worth your risk or your trouble. I can buy and hold XBT with no risk of losing them.
The only circumstances where you will earn money is when XBT exchange rates is so high that it makes the opportunity cost pales in comparison. Unfortunately this is not the case. If XBT stabilized at 900/XBT today (20 Nov 2013) then we might have a good case. The risk is just generally not worth it. Unless you have at least a hundred thousand and can make a contract with a manufacturer for a lower cost, do not bother. Just wait until the arms race is over then you can start mining.
I understand I probably won't earn any money, I just want to do this for fun/hobby...
Okay, go buy an AsicMiner USB Block Erupter. They are cheap and pretty fun to have.
I want something with more omph and still do not mind losing money
Sure, just read the answer below on who NOT to go for. You are doing bitcoin a service by securing the network and you have our (the users') gratitude.
Who are the manufacturers?
You can check out the manufacturers and their products below along with a calculator here. If you still insist on buying, do not to go for BFL. Their track record is horrid and borderline scammish. KnC fucked up a lot with defective boards and chips. Personally, I think CoinTerra is the best choice. Alternatively, you can go on the secondary market to buy a delivered product. You can get a better deal there if you know how to do your "return on investment (ROI)" calculation. Personally, I will go for a 45%-50% difficulty increase for the next 3 months for my calculations and a 2% pool fee. However, most products on ebay are sold at a cost much higher than it should. bitcointalk.org is a cheaper place because everyone knows what are the true value is so you will find less options. If you are unclear or need assistance, please post a question.
Which pool should I use?
I actually do not use any of the pools recommended to the left because I think they lack features. My favourite is Bitminter (Variable fees based on features used; max 2%). It has all advanced features for a pool, very responsive and helpful owner on IRC. Variable fees is good for those who do not need a large feature set, even with all features turned on, it is still cheap. Eligius (0% fees) has high value for money but lacks features. It has anonymous mining which might be attractive to certain subset of people but not for others. Many other community member and I disagree highly with the opinions of the owner on the direction of bitcoin. I do use his pool for now but I do so only because I share my miners with a few partners and anonymous mining allows us to monitor the machines without using an account. Bitminter uses only OpenID which is problematic for me. BTC Guild (3% fees) is another big pool and is fully featured and does charge a premium for their fees. That said, they are the most stable of the lot. I do use them but do so only because my hoster uses them for monitoring. I try not to use them because a pool with a very large hash rate (they are the largest) presents a large vulnerability to bitcoin's network if compromised. All of them pay out transaction fees.
Updates March 29th: Holy shibe time goes fast when you're busy. I haven't done anything since last update, sorry. I'll try and squeeze some time in this weekend to add at least Prelude to the beta site. Can't promise more than that. Updates March 15th: Been very busy recently so I haven't had a lot of time to work on the site. Most functions should be running well atm. Here's the top of my todo list as of now:
Add more exchanges: CoinedUp, ANXPRO, ...
Add old Cryptsy and Vircurex data to charts
Fix orderbook duplicates on disconnect
Move convertecalculator to a better spot
ORIGINAL POST Hey everyone! I've been blown away by the amount of traffic coming to my site the past couple of months. This is definitely my most visited website by far. The site has been very static since early January though. As I've hinted on in the old thread, this is because I've been working on a new version of the site. It's taken way longer than I expected it to, but now it's at a point where I think it can be released to the public. Some stats since the 14th December release:
156,000+ unique visitors
And now on to the features of the new site:
Much faster updates, being pushed to your browser as the trades come through, instead of your browser querying for new updates every few seconds.
Live view of orderbook, in both DOGE and BTC
Convert to more currencies! Currently supporting USD, SEK and PLN, please request other exchanges/currencies to add if you want them.
Currency conversions now update live and save between sessions
Candlestick charts! Oh yes.
Interact with the charts (zoom and drag!)
Live updates of dogecoin statistics: block, difficulty and hashrate.
Exponential moving average and simple moving average.
Price alerts! (Currently only works using Chrome notifications)
Some questions that I assume you guys might have:
Where did the other exchanges go?
I did not prioritize adding these exchanges because the volume is so low and trades happen so rarely. They're not as fun to watch. I will be adding more exchanges as the code gets more lightweight. For now, they still exist on the old site at least.
Why no more pretty dogecoin ads?
I'm just trying out Google Adsense to see how profitable it can be (compared to dogecoin services). Still have not decided whether it stays.
Wow this looks a lot like Bitcoinwisdom
I know. In fact, when I built the foundation it was very inspired by Bitcoinwisdom, just like the old version was by Bitcoinity. These are both awesome sites that I use all the time. As I was working on the site, Bitcoinwisdom released their DOGE graphs. There wasn't really a point to stop working though so I decided to keep it this way, cause I just like it the way it looks. Since then I've been aiming at making it the best of both worlds, taking inspiration from many different chart sites to get the best experience out there.
Vault of Satoshi, please?
I've been looking into adding VoS since they started DOGE trading. Unfortunately their API lacks one important feature, which means I can't add a graph. Sorry.
Kraken has already been added and is coming live on the site once I've worked out some bugs!
Why can't we see data older than [date]??
Older data was collected using different methods. It can kind of be converted to work in the new charts but it won't be as accurate. I will definitely be doing this in the near future anyway. Bter has an awesome API, so I was able to download all the data since they opened for DOGE trading. You can go on the Bter graph if you want to see December data for now.
Where are the DOGE/DOGE charts?
[INSERT QUESTION HERE]
Use this reddit post for features, questions, bug reports, whatever. Just post below. :)
Next block reward halving date is now estimated at: May 25, 2016
We've now reached a bitcoin mining difficulty of 40,000,000,000. Judging by the conditions present at the first half of the year, we should've hit this level some time ago. But the increase in hash rate has slowed down recently, according to the chart on Bitcoin Wisdom. If we stay at the current difficulty from now on, with no percentage increase, then we can expect to see the next block reward halving on July 31, 2016, matching bitcoinclock.com. But that's not the case in reality; the difficulty is still rising. If you average together the last 20 changes in difficulty increases, you get 11.98%. Assuming current mining conditions and continuing production of ASIC chips, we can calculate a more accurate estimated date for the next halving. The equation: (Number_of_Blocks_Remaining) / (1+Average_Difficulty_Change) * Average_Seconds_per_Block = Seconds_Until_Next_Halving Inputs: Next halving block = 420000 Current block = 330788 Average seconds per block = 600 Average difficulty change = 0.1198 This equates to: (420000-330788) / (1+0.1198) * 600 = 47800678 Seconds Or 553 days from now.
I just bought my first ASIC's, did I make a bad investment
I bought 2 brand New s9i's with psu's For 1600$ And I also Will build a sound Box And I need a router that supports my mobile broadband, this Will prob. Cost another 200$. So the calculating speed is going to be avarage 28TH. How long Will it take to get my money Back when I don't have any electricity Costs. Im just bit concerned because my friend told me that according to BitcoinWisdom site my profits Will cut half every month And that I Will only be making the amount what Bitcoin profitability calc. For the first month. So on few months after mining im making just a fraction of the profit And never going to be able to get the ROI? Can somebody help me and tell me a simple answer how this difficulty affects my New investment.
BitcoinWisdom (Bitcoin Calculator) This calculator provides the various parameters by giving the required complexity of medium price and also the basic form of maintenance and also the cost of it. As the expectations are taken here are in the form of exchange and the required speed of the generation it will give the same type of calculation to it. analiza www.Bitcoinwisdom.com, jego tematy (796, kalkulator bitcoin, Kraken) i głównych konkurentów (bitcoin.pl, satoshi.pl, portfelbitcoin.wordpress.com) BitcoinWisdom Bitcoin Calculator is a profit mining calculator of medium complexity. Parameters that you can configure (on the left panel) include complexity increase, electricity price, pool commission, hash rate, equipment price, equipment capacity, start date, delivery cost, installation cost and maintenance cost. Visit this site bitcoinwisdom.com. Bitcoin Calculator. bitcoinwisdom.com (0 reviews) Site Rank: 10. ... This site also has some other features apart from bitcoin calculator such as Litecoin calculator, Litecoin difficulty and bitcoin difficulty. The site helps provide information about market prices and exchange rates of different ... Candlestick charts display more data than just the closing price. EOS gains 22%(!), Bitcoin Cash 21%, Bitcoin USD) Bitstamp buy and sell bitcoin Wallet for Bitcoin and Bitcoin Cash Bitcoin Fees Cash App Bitcoin Price Live Chart, BTC Forecast, News & Trading Analysis Blockchain The Most Trusted Crypto Company BitPay Exchange Rates BitPay Bitcoin Exchange Bitcoin Trading Purse:Fr 19.
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