Mining - How Can I Calculate The Average Time To Mine A Block? - Ethereum Stack Exchange
How can I calculate the average time to mine a block? How can I calculate the average time to mine a block knowing the current global hashrate? My first gues is very simple: (global_hashrate / my_hashrate) * 15 [s]. So in my case (850 000 H/s) it will be (887 [GH/s] / 850 [kH/s]) * 15 [s] = 1.04 * 1 000 000 * 15 [s] = 180 [days] That's a good approximation and I just did the same math with my personal stats and can confirm the result is realistic. network hashrate / personalrate * blocktime = time to find a block(921.6 GH/s / 63 MH/s * 15 s) = 219428.571 seconds(921600000000 H/s / 63000000 H/s * 15 s) / (24h * 60m * 60s) = 2.54 days You can compare these numbers with my miners stats : 1083687 Tue Mar 01 2016 16:59:051069078 Sat Feb 27 2016 18:22:201055675 Thu Feb 25 2016 02:43:031040935 Mon Feb 22 2016 04:26:171024940 Fri Feb 19 2016 00:17:331012215 Tue Feb 16 2016 11:02:591000411 Sun Feb 14 2016 01:52:01 987598 Thu Feb 11 2016 12:48:10 975938 Tue Feb 09 2016 05:35:37 964290 Sat Feb 06 2016 22:05:15 952640 Thu Feb 04 2016 14:37:55 ... Continue reading >>
How Long Will The Cryptocurrency Gpu Boom Last?
How Long Will The Cryptocurrency GPU Boom Last? Waymo Closing In On Level 5, Offers Upside To Google Shares (Seeking Alpha) Two of the hottest investments on Wall Street in recent months have been semiconductor stocks and cryptocurrencies , and the link is no coincidence. Cryptocurrency mining requires a massive amount of computing power, which companies such as Advanced Micro Devices, Inc. (NASDAQ: AMD ) and NVIDIA Corporation (NASDAQ: NVDA ) have been happy to supply at a steep price. The majority of cryptocurrency mining is done using hardware called application-specific integrated circuits (ASICs) or graphics processing units (GPUs). ASICs are tied to mining a specific type of coin, and are the typical hardware of choice for mining bitcoin, Bitcoin Cash, Litecoin and other popular currencies. GPUs allow for much more flexibility but are typically less powerful. Miners still user GPUs to mine Ethereum, the second most popular global cryptocurrency behind bitcoin. Bitcoin minings transition from GPU hardware to ASIC has made the currency largely irrelevant to graphics vendors at this point, leaving Ethereum as the critical currency for GPU makers Nvidia and AMD. Broadly, we use Ethereum as a proxy for mining-related GPU demand, since Ethereum is by far the most popular blockchain platform mined using GPUs, Bernstein analyst Mark Li said in a new cryptocurrency report. GPU demand tied to Ethereum mining is very difficult to predict because the hash requirement for mining changes rapidly and volatile price fluctuations in the Ethereum market dramatically influence demand and mining profitability, according to Li. As of mid-January, Bernstein estimated Ethreum mining would still cover the cost of electricity and GPU pricing as long as the cryptocurrency remains priced a Continue reading >>
Beginner's Guide To Ethereum Mining In 2017 - How To Mine Ethereum On Your Pc?
Last updated on August 15th, 2017 at 11:06 pm Getting Started with Ethereum Mining the video guide The good news is that getting started with Ethereum Mining is now easier than ever. You do not need to download the full Ethereum blockchain, which is now over 20+ GBs and still growing! You also do not need to manage clunky command line miners with manual instructions. For purposes of this guide, we are going to do a detailed walk-through of setting up and using the very popular Claymore Miner. Get the current version here from Claymores original Bitcointalk thread and then follow along with the steps in this video. The whole process of getting a wallet setup, downloading your miner, configuring things in Windows and setting up your batch file to run should take less than 10 minutes: If youre new to mining Ethereum , this guide covers all the important facts in a simple, low-jargon way. Lets start with some short answers to common questions about Ethereum mining: Q: Whyshould Imine Ethereum tokens (aka ether or ETH)? doesnt mining Ether take up a lot of electricity? A: If done properly, more money is earned by selling mined ETH than is spent on electricity. In other words, its profitable! You can check out the profitability with our Ethereum mining calculator . Q: Can I mine with my CPU (Personal computersprocessor) instead ofan expensive graphics card (GPU)? A: GPUs are so much faster that CPU-mining is no longer profitable or worthwhile. Even entry-level GPUs are about 200 times faster than CPUs for mining purposes. Q: Whats the best GPU to use for getting the most ETH for the least electricity? A: AMD cards tend to edge out similarly-priced NVidia cards in terms of efficiency. We cover the best cards to get under the heading GPU Hardware further down in this post. Q: Continue reading >>
It Is No Longer Worth It To Build An Ethereum Mining Rig
It Is No Longer Worth It To Build An Ethereum Mining Rig Building an Ethereum mining rig hasnt been worth it for months, and soon they will be completely obsolete. Goodnight, sweet prince. Image: Daniel Oberhaus/Motherboard Back in May I wrote a guide explaining how to build an Ethereum mining rig , a special type of computer that forms the backbone of the Ethereum network and earns ether, the digital currency native to the network, for its owner. Shortly thereafter, Motherboard also made a video documenting this process . Since then, Ive received countless emails from readers inquiring about my mining rig. Ive received three such emails this week. The most common question voiced by these readers is whether or not it is still worth it to build a mining rig. The answer to this question is no. Building an Ethereum mining rig hasnt been worth it for months and a few months from now, mining ether will be completely obsolete. Read More: An Idiot's Guide to Building an Ethereum Mining Rig Arguably, building an Ethereum mining rig wasnt even worth it when I built my machine in May, and many readers let me know this when the article and video first came out. This is somewhat true, but there is a necessary caveat here. Mining ether also wasnt worth it for about the first year and a half of the cryptocurrencys existence. The price of ether hovered around $10 from 2015 until early 2017, when it saw a spike to $25. This was important because it meant the value of the ether being mined was higher than the cost of the electricity that was needed to mine it. In other words, until that point small scale mines were operating at a loss in the belief that the tokens they were mining would someday be worth a lot more money. In hindsight, these early miners were rightthe price of ether has Continue reading >>
How Long Will It Be Till Eth Is Not Worth Mining? (ice Age)
I believe we recently started a period where difficulty bombs in ETH will have substantial effect, but it is surprisingly hard to find throughout explanation about this online, hence the question. How long will it be now till there is no point in mining ETH and what can happen if PoS doesn't proof itself i.e. will this bomb be defused or ETH just goes down a lot in value? Will miners move to ETC mining if they don't want to stake ether, which seems odd to me now as there is not clear future for classic as far as I know. I will appreciate expanded answer, as this is genuinely interesting to me. I believe we recently started a period where difficulty bombs in ETH will have substantial effect, but it is surprisingly hard to find throughout explanation about this online, hence the question. What if difficulty bomb makes mining impossible before POS release? How long will it be now till there is no point in mining ETH and what can happen if PoS doesn't proof itself i.e. will this bomb be defused or ETH just goes down a lot in value? Basic supply and demand would suggest that as fewer coins are mined, the supply will drop, and the demand would increase, thereby pushing up the value. This very simplistic explanation doesn't take into account anything that is generated in PoS. See: What will the ETH inflation rate be after PoS is released? (Where "inflation" in this sense means monetary inflation, i.e. issuance, rather than price-based inflation.) Will miners move to ETC mining if they don't want to stake ether, which seems odd to me now as there is not clear future for classic as far as I know. Continue reading >>
The Mystery Behind Blocktime
Identity Evangelist, Author, Blogger, Developer, Blockchain Enthusiast, Senior Director of Security Architecture at WSO2, Apache WS Committer, Axis PMC Member Block time defines the time it takes to mine a block. Both in bitcoin blockchain and ethereum blockchain, there is an expected block time, and an average block time. In bitcoin, the expected block time is 10 minutes, while in ethereum it is between 10 to 19 seconds. Both bitcoin and ethereum, at the time of this writing use a proof of work based distributed consensus algorithm (ethereum is planned to move to a proof of stake based algorithm with its serenity release). The expected block time is set at a constant value to make sure, miners cannot impact the security of the network by adding more computational power. The average block time of the network is evaluated after n number of blocks, and if it is great than the expected block time, then the difficulty level of the proof of work algorithm will be reduced, and if it is less than the expected block time then the difficulty level will be increased. Thats the core design principle behind block time, but you will see as we proceed, how bitcoin and ethereum differentiate themselves from each other. The level of difficulty varies with the time, as per the following formula. It tries to evaluate the speed of the mining network and find out how much it deviates from the expected level. The expectation is to mine a block in 10 minutes. For example, if the average speed of mining the last 2016 blocks is 8 minutes then the new difficulty factor will be greater than one, so the current difficulty level will be increased. In case the average is above 10 minutes, then the factor will be less than 1 and the difficulty level will be decreased for the next 2016 blocks. The d Continue reading >>
Were Mining Ethereum Again This Is How Much We Are Making
Were mining Ethereum again This is how much we are making Toward the end of 2017, we switched the software on our GPU mining rig from Claymore mining Ethereum to NiceHash. Our returns with Ethereum had been dropping rapidly , and the amount of time it took to mine 1 ETH had grown from just over 200 hours to 800 hours in three months. With the price of Bitcoin rising as our Ethereum returns dropped, we switched to NiceHash which let us mine altcoins which were then exchanged for Bitcoin. All was grand from there, until the massive NiceHash hack in December 2017. NiceHash was taken offline while the hack was investigated and our 6x RX580 rig was left idle. This proved fortuitous, however, as the start of our Ethereum mining coincided with a sharp rise in the cryptocurrencys price. When we started mining Ethereum in June 2017, it was worth around $360 and we made 1 ETH in under 10 days. This slowed to 1 ETH every 33 days around the middle of September 2017 when Ethereum had dropped to $260. With the returns dropping both in terms of Ethereum and US dollars and therefore rand we switched to NiceHash to bring in Bitcoin. After the NiceHash hack in December where we lost around $50 worth of Bitcoin at the time, as it was in the NiceHash wallet we downloaded the latest version of Claymore. The plan was to mine Ethereum in the interim while NiceHash was secured and brought back online. NiceHash has since come back online, but our rig is still humming to the sound of Ethereum mining thanks to its rise in price. Our Ethereum returns are still low, and we currently average a bit under 0.5 ETH per month with the rig performing at 120Mh/s. However, as Ethereum is sitting above the $1,200 mark (at the time of writing), our US dollar returns and by extension, our rand returns are muc Continue reading >>
How Much Can You Make Mining Ether And How Much Does It Cost To Run?
I'll break it down for you, show youhow much it costs to get up and running, how much you'll make and how much you can expect to pay for electricity, but first I want you to know that You're probably asking the wrong question. You shouldn't be asking "How much do I make in one day of mining Ether?"... Here's why: Asking that, demonstrates that you might be getting into mining for the wrong reasons. If you're setting up a rig thinking you're going to strike it rich with a couple of GPUs in your parents basement and you've run up your credit card on 'case fans' like a hardware junkie, you might need to reconsider your goal. There is NO Ether mining 'get rich quick' scheme, nor is Ether day-trading a smooth route to a quick buck. It takes some work to get the basics working for you, but what it really takes to make it work, is Time. If you are setting up a rig for any other reason, then you might be a long haul believer, like me. As I explained in one of my first articles' How I Learned to Mine Ether... , Bitcoin never felt that exciting to me, but Ethereum held promise of a new "form" of internet, the fuel of the new web, its' technological background is fundamentally different, and better. That alone is worth it for me, but then you add to that, the fact that some of the most valuable AltCoins are based on Ethreum as well. - that's why I voted for Ethereum with my dollars. But not just buying in, I got GPUs and dedicated my PC to be a mining rig because I wanted to be a part of the support for Ethereum and learn first hand how it all fits together, I really only 'invest' in things if I can understand and see how it works - I don't buy black box anything. So, as much as I would have to pay for new GPUs, I also put some money directly into buying ETH coins with smaller pu Continue reading >>
How Long Does It Take To Mine A Bitcoin?
Felix Kster December 12, 2017 47 no comments Right off the bat you cant mine a bitcoin. You can mine a block of bitcoins. Now, read on for more in depth explanation This question has no fixed answer as there is something called mining difficulty. It is a dynamic parameter that controls hash power needed to mine a bitcoin block. New bitcoins are generated roughly every 10 minutes, but your ability to earn those newly created bitcoins is dependent on how much computational power you have relative to how much computational power is on the network. One of the points of bitcoin is that the cost of successive bitcoins increases steadily. So there is no standard difficulty: the first ones were easy, the last will be incredibly hard. Lets make couple of points clear: You cant mine a bitcoin. What you can mine is a block, which is currently rewarded with 12,5 bitcoins (plus the fees of included transactions) theres a (more or less) fixed number of 1,800 BTC gained from mining each day, until the block reward halves in 2021. Those coins can be viewed as being shared by the whole network proportionally to the computing power of each player. What most small miners do (and even some big ones) is pooled mining : you contribute your computing power to a pool, which does the actual mining and reward you with a fraction of the mined bitcoin. With this system, you will have earned 1 bitcoin when you have contributed about 1/25th of the computing power to mine a block (approximately; the details depend on the pools rules and the transaction fees too). The problem is that the Bitcoin difficulty is constantly adjusting to keep the average time between two blocks more or less constant at 5 minutes. Which mean that the more computing power is dedicated to mining bitcoin (in total), the more Continue reading >>
Ethereum Mining 101: Your Complete Guide
The world has gone digital, from the development of smart homes to the development of innovations that promote seamless transactions. Every industry is feeling the impact of technology now more than ever. In every part of the world, the technologically driven goals remain the same: the maximization of profit and the promotion of sustainable development in all spheres of life. It is this yearning to make life as easy as possible that brought about the birth of cryptocurrency . Ethereum seeks to make these aspirations come true. The platform boasts of several applications that help users carry out everyday tasks in a simple fashion. What is Mining, Ethereum Mining and Where Does Ether Come From? Mining is a computationally intensive work that requires a lot of processing power and time. Mining is the act of participating in a given peer distributed cryptocurrency network in consensus. The miner is subsequently rewarded for providing solutions to challenging math problems. It is done by putting the computer's hardware to use with mining applications. All the information on cryptocurrency transactions must be embedded in data blocks. Each block is linked internally to several other blocks. This creates the blockchain . These blocks must be analyzed as fast as possible to ensure a smooth running of transactions on the platform. However, the issuers of such currencies do not have the processing capabilities to handle this alone. It is where miners come in. A miner is an investor that devotes time, computer space and energy to sorting through blocks. When the mining process hits the right harsh, they will submit their solutions to the issuer. After verification, the issuer of the currency offers rewards which are portions of the transactions they helped in verifying. They als Continue reading >>
How To Calculate Mining Profitability
CoinDesk Launches 2017 Year in Review Opinion and Analysis Series Are you serious about mining cryptocurrencies? If so, you need to know how to make the best use of your money and equipment. In this guide, well show you how to mine your digital treasure in the most profitable way. Obviously, the big money is going into costly bitcoin ASICs. If you arealready in that position, you probably know how the process works and are intending to mine bitcoin. However, those of you on a more moderate budget are probably looking at building a GPU miner for scrypt currencies, or a buying a small ASIC machine for bitcoin or other SHA-256 currencies. In that case, you have come to the right place. The process of mining digital currencies involves solving complex cryptographic puzzles. By doing this, miners are providing proof of work that is rewarded with digital currency. Broadly speaking, there are two proof-of-work hashing algorithms in use today: SHA-256 and scrypt . Note that there are some lesser-used alternatives, which we will not be looking at in this guide (for example, Primecoin ). The SHA-256 algorithm favours raw processing power. In bitcoins very early days, one could mine effectivelywith the CPUs and GPUs (graphics processing units) that you find in a normal home PC. That time has passed, however, and the difficulty level of bitcoin is so high that specialised processors known as Application Specific Integrated Chips (ASICs) are needed to mine it. The use of such powerful processors, alongwith bitcoins exponentialincrease in difficulty level,have created a technological arms race, which means that even quite recently designed chips can quickly become obsolete. The scrypt algorithm favours greater amounts of RAM and parallel processing ability, which is why GPU-based ri Continue reading >>
How To Mine Ethereum In 5min
Surprisingly, all you need is an AWS EC2 instance to start mining Ethereum. Im sure youve already heard of the cryptocurrency craze way before reading this post. Cryptocurrencies are slowly and quietly revolutionizing the way financial systems and transactions work (and should work in my opinion). With Bitcoin hitting its $6K mark not awhile ago, a current total of $158B in market cap and hundreds of ICOs (Initial Coin Offering) conducted since August, its sure to say theres a bubble in the cryptocurrency space. Whats more, is that it doesnt seem this bubble is going anywhere, anytime soon. As you can see in the graph below, the total market cap of cryptocurrencies has grown from under $50B to over $150 in under a year! So what would be the best way to enter this space and enjoy the growth? Im not a cryptocurrency expert, however, from my research Ive found that the answer is pretty clear across all opinions: If youre looking for quick earnings, just invest incoins. However, due to this ever-growing crypto market, mining in the short term could lead to significant earnings in the long term. Personally, Im very interested in Ethereum , and have found an effortless way to start mining it quickly on AWS! This post will walk you through the process. But before we start, lets go over some basics. If youre already familiar with them, just scroll down. Ethereum is an open software platform based on the blockchain technology that enables developers to build and deploy decentralized applications. The advantage of Ethereum over Bitcoin, is that it can support many different types of decentralized applications. Ethereum has the second largest market cap after Bitcoin, and has gained massive growth in the last year with over 230% as you can see below: However, increasing growth in Continue reading >>
Ether - How Long Does It Take To Receive Payouts On Minergate? - Ethereum Stack Exchange
How long does it take to receive payouts on Minergate? I've been mining ETH on Minergate for about 4hrs but I can't see anything adding up to my balance. I have an NVidia GTX1070 producing an average of 27Mh/s.Any idea if not seeing anything after a few hours is normal or there is something wrong? Having read up on how Minergate works, I've noticed that they've two payment models . They are PPS (Pay Per Share) and PPLNS (Pay Per Last N Shares). You'll need to in order to have an idea of how often you're going be receive payouts. I've read that people have gotten payouts quite regularly then it stops all of a sudden. Completely dependant on your selected payment model. For example, PPLNS will give you wide fluctuations in your 24 hour payout, but for hardcore miners,the law of large numbers states you will earn more this way. Any idea if not seeing anything after few hours is normal or there is something wrong? You may have a corrupted DAG file. You'll know if you've suddenly been receiving only 'bad' shares. If this is true, then delete your DAG file and restart the miner: Path on Windows machine: C:\Users\%user%\AppData\Local\minergate.ethash-minergate thanks for your answer, minergate only has PPLNS for ethereum, and my balance is still on 0.0000000 which is weird considering my hashes. and I have no bad share so far Jonathan Nov 4 at 19:28 With PPLNS there is an element of luck. This may be the reason you havent seen a payout. However, the more likely reason is that your balance is unconfirmed right now. The higher your miners hashrate the faster they are confirmed by minergates servers. Theyve said that it can range from a couple of minutes to a couple of days to get your balance confirmed :) minergate.com/faq/what-is-unconfirmed-balance Malone Nov 4 at 19:33 I see Continue reading >>
How Long Does It Usually Take To Mine A Bitcoin Block?
How long does it usually take to mine a bitcoin block? i'm mining with bitminter client with my GPU that is an "ATI Radeon Caicos PRO Prototype" with a speed of 20Mhps.. how long does it take to make 1 bitcoin mining this way does it worth it? or how to easily get bitcoins fast for free??? i don't wanna buy bitcoins... 12+ exclusive games The Bitcoin Casino by Primedice Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here. i'm mining with bitminter client with my GPU that is an "ATI Radeon Caicos PRO Prototype" with a speed of 20Mhps.. how long does it take to make 1 bitcoin mining this way At current difficulty, if you mine in a pool, you will probably mine about 0.00001406 BTC per week. That means, if difficulty doesn't increase at all, it will take about 71123 weeks (about 1367 years) to mine 1 BTC. Of course difficulty will almost certainly increase during that time. As such, it is quite possible that it will take more than 6000 years to mine 1 BTC. Quote from: Raura180912 on April 03, 2014, 10:51:33 PM or how to easily get bitcoins fast for free??? i don't wanna buy bitcoins... In case you hadn't figured it out yet, bitcoins are money. As such, what you are saying is: "How to easily get money fast for free??? I don't wanna earn money... There is no magic here. You give something of value (product, time, service, etc) and in exchange you get something of value (bitcoins). That's the way the world works. Quote from: Raura180912 on April 03, 2014, 10:51:33 PM or how to easily get bitcoins fast for free??? i don't wanna buy bitcoins... In case you hadn't figured it out yet, bitcoins are money. As such, what you are saying is: "How to easily get money fast for free??? I don't wanna ea Continue reading >>
$200 A Day Mining Ethereum Or Etc?
How do we start mining ETH or ETC with our own equipment at home today? Will you read this post because it shows how easy it is to get started mining with a small investment in equipment and the willingness to learn how to set everything up and explains what steps are needed to decide if investing in the time and equipment for mining? With the Ethereum price over $300 today and the Ethereum Classic price at $20, the opportunity to mine Ether is now extremely profitable! Even as Ethereum prepares to go to a Proof of Stake model at the end of 2017 or beginning of 2018 which will greatly reduce the possibility of making a profit mining, any mining rig built to mine Ethereum could easily be switched to start mining ETC or another coin after the switch with a huge potential to profit before! In this post or the matching video on YouTube below, see an introduction to what research and purchases are necessary to begin. While I thought mining any cryptocurrency was too technical for me, I now see getting started on a small scale is relatively straightforward with scaling up possible with confirmation the initial system is working. The GREAT NEWS is that making a very basic and functional mining computer system can be done for less than $1,000! Once we verify it works, the motivation will come to scale up the system into one that easily can produce $200+ a day in profit with current Ethereum and ETC prices as explained in the YouTube video from today below along with in more detail in text below that. In summary, using a new or used Windows or Linux machine to begin just for mining seems ideal because this will be the only need and function of the computer. For a few hundred dollars, buying a new machine to just do mining is the most basic starting point. Next, buying a small a Continue reading >>