Bitcoin Mining Calculator - Am I understanding ...

Bitcoin-NG: A Scalable Blockchain Protocol

Date: 2015-11-11
Author(s): Ittay Eyal, Adem Efe Gencer, Emin Gun Sirer, Robbert van Renesse

Link to Paper

Cryptocurrencies, based on and led by Bitcoin, have shown promise as infrastructure for pseudonymous online payments, cheap remittance, trustless digital asset exchange, and smart contracts. However, Bitcoin-derived blockchain protocols have inherent scalability limits that trade-off between throughput and latency and withhold the realization of this potential.This paper presents Bitcoin-NG, a new blockchain protocol designed to scale. Based on Bitcoin's blockchain protocol, Bitcoin-NG is Byzantine fault tolerant, is robust to extreme churn, and shares the same trust model obviating qualitative changes to the ecosystem.In addition to Bitcoin-NG, we introduce several novel metrics of interest in quantifying the security and efficiency of Bitcoin-like blockchain protocols. We implement Bitcoin-NG and perform large-scale experiments at 15% the size of the operational Bitcoin system, using unchanged clients of both protocols. These experiments demonstrate that Bitcoin-NG scales optimally, with bandwidth limited only by the capacity of the individual nodes and latency limited only by the propagation time of the network.

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submitted by dj-gutz to myrXiv [link] [comments]

FAQ-ish thing

Place to keep random notes
submitted by jayma777 to dallasbitcoin [link] [comments]

Bitcoin "difficulty" already gone from 8.000.000 to 10.076.292 in a few days, how will asic mining effect "difficulty" in the coming months?

Not completely sure how the bitcoin algorithm work, but from what I understand the more computing power you throw into the system, the higher the "Difficulty Factor". And with a higher Difficulty Factor it becomes less profitable to mine bitcoins. In just a few days I see that the Difficulty Factor has increased quite fast, meaning a week ago with a 5gh/s setup you would mine 9.45 BTC a month, while now, with the same amount of computing power you would only get 7.59 BTC a month..
Assuming what I said here is correct, again, not an expert. One day I'll look into the source code and learn more about it. Anyway. What are the predictions of the Difficulty Factor the next coming months with butterfly labs and other shipping hundreds of components capable of producing 50 GH/s..
My prediction is that GPU mining will die out as the difficulty level increases dramatically. How much I have no idea, but while a 5 GH/s setup gives a lot of BTC now, it might just produce a few cents in two months.. What are your predictions?
submitted by jappacappa to BitcoinMining [link] [comments]

Bitcoin Mining Calculator - Am I understanding this correctly?

I found this calculator online:
If I punch in the advertised TH/s of my miner I get some output figures for what I can expect to earn in a day/month/year. However, the numbers cant be right, can they? I think this is assuming I am solo mining and I am able to solve a block on my own? Can anyone help explain this? How would joining a mining pool affect my numbers?
For a 75 TH/s mining right it says I will earn the following:
Difficulty - 5.21974519554e+11 Exchange rate - $1548 Block reward - 12.5 BTC
Per day - 0.03613011 BTC $55.93 Per week - 0.25291074 BTC $391.52 Per month - 1.09971008 BTC $1702.42
submitted by linkd22 to BitcoinMining [link] [comments]

Thinking of getting an ASIC miner, nothing seems efficient enough (noob)

I am intrigued at the concept of setting up an ASIC miner, and let it generate money in the form of Bitcoins 24/7. So, I started researching ASIC miners and based off of the estimated monthly income generated by as well as a rough estimate of the monthly power cost to run said miners. I could not find a single miner that would mine with enough efficiency to even pay for the power that it uses. I'm not sure if there is something that I am not aware of, (I am a complete noob to this) I do not know how I could possibly turn any profit mining Bitcoins. I do know that there are mining pools but I do not know if the calculator I used takes them into account or if pools even increase your revenue.
submitted by Ibshortkid94 to BitcoinMining [link] [comments]

I have a few Bitcoin Mining questions...

I decided to look into Bitcoins and Bitcoin Mining a few days ago and tonight I decided to install BitMinter and get my feet a little wet. So far I'm seeing a hash rate of between 1.29 Mhps and 1.65 Mhps. I'm aware this is very low, but how low? Am I looking at roughly 1 Bitcoin per day at this rate? If I wanted to turn a profit on Bitcoin Mining over my investment within, say, one to three months, what sort of upfront investment in hardware would I be looking at? And what hardware would you guys recommend?
Found this calc:
submitted by oakley56fila to BitcoinMining [link] [comments]

Want to start mining.

Hello everyone, i would like to start mining and have done a fair share of research. I decided my best bet was to go with the Antminer s5 and and corsair 750w psu. What do you guys think of that? and another question is, i used to calculate my projected earnings and it said i should make around 3.00$ a day at 1200 GH/s. With those calculations ill have most my money back within 6 months, am i missing something obvious or what because ive seen many posts where users claim that mining for profit is dead. Power is not paid by me, but for those curious it cost .08 here.
submitted by ferfax to BitcoinMining [link] [comments]

At current state-of-the-art Bitcoin ASIC miner efficiency, the network hash rate will increase until it hits around 1243 PH/s (1,243,360 TH/s) (difficulty 168 billion)

We know the efficiency of the newest ASICs. Miners will keep adding capacity until their margins are fairly low, say 20% more than their electricity costs.
Bitfury's new miner only uses 0.8J/GH (here it uses 1J/GH, but they're underclocking the chips in final devices to reach 0.8J/GH). With an electricity price of $0.1/kWh, that means miners want to make at least $0.12 per kWh spent.
0.8J / GH
1 kWh = 3600000 J
So mining for one day at 1 GH/s at 0.8J / GH uses 3600*24*0.8J:
69120J / GH/s for 1 day
which, in kWh, is:
0.0192 kWh / GH/s for 1 day
so to spend 1 kWh per day we can mine at 1/0.0192 GH/s for 1 day:
1 kWh / 52 GH/s for 1 day
Mining at 52 GH/s for 1 day currently makes $78.53 (at the next difficulty of 25.7M).
So in order for it to only produce $0.12 (which miners are willing to go down to), network hash rate would have to increase by a factor of 78.53/0.012 = 6544
So at current ASIC efficiency (using Bitfury as an example), the difficulty will increase to 168 billion (168,000M) until miners' margins are 20% (at current BTC prices).
This will bring the network hashrate up to 1243 PH/s (1,243,360 TH/s).
submitted by runeks to Bitcoin [link] [comments]

MELY - timing is looking good, so is chart

Hi all,
First post contribution here. Want to thank everyone in advance for reading. Just wanted to share some opinions.
Judging by your watchlist, obviously MELY on the radar for a lot of you. I wanted to bring a separate viewpoint, this one centered around the chart and timeliness of some convertibles coming down the pipeline.
On June 28, 2013, the Company issued a convertible promissory note to Gel Properties, LLC. Under the terms of the note, the Company has borrowed a total of $30,000 from Gel Properties, LLC, which accrues interest at an annual rate of 6% and has a maturity date of June 28, 2014.
There are no convertibles between now and then - source.
Now I haven't been able to get an accurate count of O/S - we'd be naive to think it hasn't gone up since the last quarterly. So estimate, worst case 400M. That leaves the current market cap around $1M. ONE MILLION.
The A/D line, and the OBV line on the chart are in an obvious upswing. There was obviously some dilution at the last two tops, but once again, to be expected to some extend.
What I believe we have here is a monstrous opportunity for ~6 weeks of uninhibited growth before the next convertible - which I GUARANTEE you can expect a manufactured pump out of to further the price up. As I've posted in other forums, with their anticipation of acquiring 100 TH/s servers, they can be expected to mine $77,000/mo. at this difficult level.. Obviously this performance will decline at the next difficulty level. So let's assume year one at full capacity to represent ~$750k in revenue from bitcoin mining activity. This is not including the fact that bitcoin prices can rise (as well as fall).
Just remember the date - June 28th. Watch out for a promotion to start around that day and GTFO.
submitted by pennypuptech to PennyStockWatch [link] [comments]

Does my math add up? (Question regarding mining using some new gear)

I am still getting a grasp on the idea of mining Bitcoin these days, and whether it's a worthwhile investment.
I came across this new product from Butterfly Labs which claims (approximately) 300 GH/s nominal performance. The card is $2800.
Now, assuming this calculator's information: a card running 24/7 pumping out 300 GH/s would result in approximately 9 coins per month.
With the current rate over $400 per coin, would that not mean that a single card like this, would pay for itself in one month?
Apologies if this is stupid to ask. I also understand that this rate will decrease as the difficulty increases, but I am genuinely curious about this, and figured this is the place to find out my answer.
submitted by sonician to Bitcoin [link] [comments]

Bitcoin Mining: Too Good to be True?

So I read about this new ASIC bitcoin mining hardware and looked into the numbers a bit more, and if butterfly labs starts shipping these out and the currency stays as strong as it is, the spoils look promising.
So they sell different models ranging from $150- $30,000, you can check them out here:
When I use this calculator: With the current difficultly and exchange rate if you ran the lowest end $150 model 24/7, the Bitforce Jalapeno, you'd make $1,043.68 dollars a month, which is upwards of $12000 a year for $150 box.
More staggeringly, if you dropped 30 grand on the highest end model, you'd make upwards of $4,000,000 a year.
I realize this is all probability, but I'm wondering if I'm missing something, what I can think of is this: with the introduction of new, more advanced hardware the difficulty will get higher and returns lower for individual owners of these things. That, and the availability of the machines themselves.
Let me know if I'm missing something completely, but this looks very promising.
submitted by fuxwidit to Bitcoin [link] [comments]

Bitcoin mining for the newcomer

I thought that last post about mining was terribly done, so I'm re-introducing it with hopefully a different focus. If you're new to bitcoin and want to mine, take a look at the profitability. Here's a calculator that automatically loads current difficulty: Then take a look at this chart to see what you can expect future difficulty to be:
submitted by p5yc071c to Bitcoin [link] [comments]

[WTB] USB Block Erupters for 0.01 BTC each - I am buying everything you have at that price!

YOU: Have block erupters? Not making ROI?
That's more BTC than you could ever mine from a block erupter. At current difficulty they are pulling in a whopping 0.00007679 BTC/day according to this link:
Which means it would take you 130 days to mine another 0.01 BTC, and that's only if the difficulty never increases... which it will: (it's projected to increase 2% per day for the next 30 days as of today according to the second last graph).
Send me a PM if you're interested. I will PM you back my address. Once I receive the block erupters at my address, I will send the BTC to your Bitcoin address which you can write down and place inside the package or send me via PM.
WHY DO YOU WANT TO PAY MORE THAN THESE THINGS ARE WORTH? That's a great question. I may be asking myself the same someday. I mainly give them out as gifts to those interested in bitcoin/bitcoin-mining. I give some to friends/relatives/out-in-public/at poker games/etc...
I have done this once before with good results...
Escrow is out of the question because the price is so low. Not to mention I'm a moderator of this subreddit for a few years now so I can guarantee you I will not run with your $10 to risk my reputation.
Feel free to leave any questions in the comment section below!
submitted by HighBeamHater to BitMarket [link] [comments]

Generating BitCoins now financially impractical due to power cost? - calculator...

The BitCoin client reports how many khash/sec it is performing.
You can enter that figure into This Calculator to find out how long it should take to generate a block.
Using one core on my Core2Duo Laptop would take 3060 days, 7 hours, 7 minutes on average.
So that's approx. 30 watts, or 2,200kwh over 3060 days. At my local power rate that's about $420 worth of power.
I'm not sure how GPUs perform in comparison - but would need to be about 8 times better than one 2GHz CPU @ 30 watts to be feasible.
I guess the network has to be this way however to limit growth, and to cope with the potential of quantum computing in coming years to yield significant calculations per watt improvements.
It's really quite analogous to mining a rare item - perhaps there's an analogy to peak oil in there somewhere, with the value of BitCoins increasing relative to the difficulty in producing them 'cept they don't go up in an irretrievable puff of smoke like oil does... Similarly, one does not dig for oil with a single shovel any more - my dual core laptop is a shovel. Made by Toshiba. :)
submitted by cccmikey to Bitcoin [link] [comments]

BitCoin Mining ASIC

What's your opinion on the new ASIC's hitting the market that are designed specifically to run BitCoin hash algorithms a.k.a. bit-mining.
A company called Avalon had TSMC create an ASIC at 110 nm, which leads me to believe there is much room for improvement in efficiency. Another company called ButterFly Labs is offering a standalone box, or just the chip at $75.
In your opinion, will other companies follow suit and roll their own chips for this purpose? This would change the ecosystem of bitcoin mining, effectively making it not profitable for a simple operation.
It seems like I could run one of these units to basically print money; at the current exchange rate I could pay the device off within a week. At the same time, the more people that do this, the more difficult it is to generate a hash, and more processing powetime is required for the same payoff. This is all done with a controlled market by adjusting the hash requirements.
At any rate, I'd just like to hear Dave say "eeeehhhhh" in derision one more time, but this one at my expense.
Keep up the good work boys!
Mark in Toronto
submitted by madmanmark1 to TheAmpHour [link] [comments]

How to determine a break even point and how many coins one can mine?

If I had a Block Erupter 49 Port USB Hub and started filling it with AntMiner U2 2 gh/s USB miners, how do I figure out how many coins I can mine versus the expense of the hardware? (lets forget about electricity for now)
The Hub is $99 and the AntMiner U2 2gh/s are about $23 each.
I looked at this:
so plugging in 98 gh/s (49 miners * 2gh/s each) it would seem that this makes $16/mo but this hardware would cost about $1200 + a power supply to power it all.
Where is the sweet spot for hardware cost versus return? is the above setup worth the money or for the same amount is there a better solution?
submitted by slackmoehrle to BitcoinMining [link] [comments]

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Profitability calculator - Largest Crypto-Mining Marketplac . Bitcoin Mining Calculator is an advanced calculator to estimated the bitcoins will be mined base on the cost, power, difficulty increasement Per ovviare alle spese dell'energia elettrica sono stati realizzati dei Bitcoin ASIC miner dedicati all'operazione di mining. potenza di calcolo Hash Rate. Cloudminr: come praticare il mining ... calculadora de ganhos bitcoin - A Bitcoin Regret Club é uma calculadora que funciona de forma bem simples: basta inserir uma data e o montante investido (ou não investido). Com um clique, é possível enxergar o quanto e a quantidade investida na data preenchida valeria atualmente. Além disso, a ferramenta faz uma brincadeira mostrando quantos produtos de determinado item o lucro adquirido ... Alloscomp : Bitcoin Mining Calculator; Primecoin. Discussion about Primecoin and its infra. Primecoin is a very innovative cryptocurrency, being the 1st non Hash-Cash PoW crypto, naturally scarce (not artificially), with very fast confirmations (1min), elastic readjusting reward & a useful mining (byproducts are primes). Primecoin is sustainable (miners are guaranteed to have revenues), and ... Plug the numbers into Bitcoin Wisdom's calculator with a fairly small difficulty increase (I always use 6%), and you'll see that over about 18 months you'll see your return drops to about $15 a week, and your total ROI will be about $1100 before it stagnates. Bitcoin Mining Calculator. Got your shiny new ASIC miner? Wondering when it will pay off? If you enter your hash rate below, this page will calculate your expected earnings in both Bitcoins and dollars over various time periods (day, week, and month). It will not attempt to extrapolate difficulty or price changes -- it provides only instantaneous calculations (how much you'd make if all ...

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How to work out your Tera Hash payment per day using a calculator

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