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Bitcoin Mining Profitability Calculator (+ Beginners Guide To Mining)

Bitcoin Mining Profitability Calculator (+ Beginners Guide To Mining)

Instructions on how to use the Bitcoin Mining Calculator: Enter the hash rate of the Bitcoin miner youre planning to use Note: If some values in the Bitcoin mining calculator dont seem right (exchange rate, block reward, etc.) you can adjust them manually. However normally they are all up to date. Revenue is shown in USD based on the current exchange rate, the exchange rate can (and probably will) change from time to time. Revenue is based on current difficulty to mine Bitcoins. Difficulty can (and probably will) change. From past experience it usually goes up as time goes by. Revenue IS NOT profit. You still have to take into account the cost of your mining hardware and the electricity to run it (and cool it down if needed). If you want to know more about Bitcoin mining profitability check out this page . How to Calculate Bitcoin Mining Profitability Bitcoin mining secures the Bitcoin network. Without miners, Bitcoin could easily be attacked and even shut down. Since Bitcoin miners provide such an important service to the network, they are paid for their services! Each block mined by miners contains a block reward, which is paid out to the miner that successfully mined the block. While mining today is very competitive, it is possible to run a successful and profitable mining farm. This post will outline the many factors that will determine whether or not your mining operation will be profitable. The upfront costs to pay for mining hardware is usually the largest expense for any new mining farm. Just like good computers cost more money, good mining hardware is expensive. The Antminer S7 is one currently the most efficient miner and costs $629. It only mines about $200 worth of bitcoins per month, meaning just based on hardware costs alone it will take more than three m Continue reading >>

Bitcoin - Wikipedia

Bitcoin - Wikipedia

Unspent outputs of transactions denominated in any multiple of satoshis [3] :ch. 5 12.5 bitcoins per block (approximately every ten minutes) until mid 2020, [7] and then afterwards 6.25 bitcoins per block for 4 years until next halving. This halving continues until 2110–40, when 21 million bitcoins will have been issued. ^ The symbol was encoded in Unicode version 10.0 at position U+20BF ₿ BITCOIN SIGN in the Currency Symbols block in June 2017. [2] Bitcoin is a worldwide cryptocurrency and digital payment system [8] :3 called the first decentralized digital currency , as the system works without a central repository or single administrator. [8] :1 [9] It was invented by an unknown person or group of people under the name Satoshi Nakamoto [10] and released as open-source software in 2009. [11] The system is peer-to-peer , and transactions take place between users directly, without an intermediary. [8] :4 These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain . Bitcoins are created as a reward for a process known as mining . They can be exchanged for other currencies, [12] products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. [13] Bitcoin can also be held as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. [14] The word bitcoin first occurred and was defined in the white paper [15] that was published on 31 October 2008. [16] It is a compound of the words bit and coin . [17] The white paper frequently uses the shorter coin. [15] There is no uniform convention for bitcoin capitalization. Some sources use Bitcoin, capitalized, to Continue reading >>

Bitcoin Mining Faq

Bitcoin Mining Faq

Where can I view mining data about each block? Mining is the process of spending computing power to process transactions, secure the network, and keeps everyone in the system synchronized together. It can be perceived like the Bitcoin data center except that it has been designed to be fully decentralized with miners operating in all countries and no individual having control over the network. This process is referred to as "mining" as an analogy to gold mining because it is also a temporary mechanism used to issue new bitcoins. Unlike gold mining, however, Bitcoin mining provides a reward in exchange for useful services required to operate a secure payment network. Mining will still be required after the last bitcoin is issued. Anybody can become a Bitcoin miner by running Bitcoin mining software and Bitcoin mining modules with specialized Bitcoin mining hardware . Mining software listens for transaction broadcasts through the peer-to-peer network and performs appropriate tasks to process and confirm these transactions. Bitcoin miners perform this work because they can earn transaction fees paid by users for faster transaction processing, and newly created bitcoins issued into existence according to a fixed formula. For new transactions to be confirmed, they need to be included in a block along with a mathematical proof of work . Such proofs are very hard to generate because there is no way to create them other than by trying billions of calculations per second. This requires miners to perform these calculations before their blocks are accepted by the network and before they are rewarded. As more people start to mine, the difficulty of finding valid blocks is automatically increased by the network to ensure that the average time to find a block remains equal to 10 minu Continue reading >>

Bitcoin Mining Profit Calculator

Bitcoin Mining Profit Calculator

Average time per block (solo mining): 16.1 years Difficulty after 365 days: 5.65670875359e+12. AntMiner U2 USB Bitcoin Miner (2 Gh/s, 1.0 W/Gh) Projected daily difficulty, daily net revenue (revenue minus power cost),and cumulative profit. This calculator estimates profits from bitcoin mining by forecastingcosts and future market conditions.If this calculator helped you earn money, or avoid losing money,please consider making a donation ! Bitcoin is a digital, cryptographic,peer-to-peer currency.The money supply is increased automatically by the network byrewarding newly minted bitcoins to users who contribute the computingpower necessary to solve the difficult cryptographic problems requiredto produce the global transaction log.This process is called mining. Future revenues are calculated assuming difficulty changes occurat regular intevals (e.g., 14 days) and that the difficulty aftereach such change is a fixed percentage increase over the previousdifficulty (e.g., 5%).The exchange rate is held fixed, so the assumption is that allBTC revenues are held and exchanged for USD at the end of thetime horizon.Hence, if you expect the exchange rate to rise or fall, enter thevalue you expect at the end of the time horizon. The starting difficulty is taken to be the current difficulty.The USD exchange rate is taken to be the daily volume-weighted average exchange rate reported by Bitstamp .These values are updated periodically throughout the day.The remaining default values are fixed.The default difficulty growth rate is taken to be 5\%, which was approximately the average two-week difficulty increase between February 2016 and August 2017.The cost of electricity is taken to be $0.15 per kWh.The hashrate, cost, and power consumption of the hardware are taken tobe those of an An Continue reading >>

Bitcoin Mining - What Is It And Is It Profitable In 2018? A Beginner's Guide

Bitcoin Mining - What Is It And Is It Profitable In 2018? A Beginner's Guide

Last updated on November 24th, 2017 at 08:12 am Before we start, if youre new to Bitcoin mining and dont know what it is watch this short and simple explanation: The short answer would be It depends on how much youre willing to spend. Each person asking himself this will get a slightly different answer since Bitcoin Mining profitability depends on many different factors. In order to find out Bitcoin mining profitability for different factors mining profitability calculators were invented. These calculators take into account the different parameters such as electricity cost, the cost of your hardware and other variables and give you an estimate of your projected profit. Before I give you a short example of how this is calculated lets make sure you are familiar with the different variables: Bitcoin Mining terms you should get to know Hash Rate A Hash is the mathematical problem the miners computer needs to solve. The Hash Rate is the rate at which these problems are being solved. The more miners that join the Bitcoin network, the higher the network Hash Rate is. The Hash Rate can also refer to your miners performance. Today Bitcoin miners (those super powerful computers talked about in the video) come with different Hash Rates. Miners performance is measured in MH/s (Mega hashper second), GH/s (Giga hash per second), TH/s (Terra hashper second) and even PH/s (Peta hashper second). Bitcoins per Block Each time a mathematical problem is solved, a constant amount of Bitcoins are created.The number ofBitcoinsgenerated per block starts at 50 and is halved every 210,000 blocks (about four years). The current number of Bitcoins awarded per block is 12.5. The last block halving occurred on July 2016 and the next one will be in 2020. Bitcoin Difficulty Since the Bitcoin network i Continue reading >>

Getting Started With Bitcoin Mining

Getting Started With Bitcoin Mining

You will learn (1) how bitcoin mining works, (2) how to start mining bitcoins, (3) what the best bitcoin mining software is, (4) what the best bitcoin mining hardware is, (5) where to find the best bitcoin mining pools and (6) how to optimize your bitcoin earnings. Bitcoin mining is difficult to do profitably but if you try then this Bitcoin miner is probably a good shot. Before you start mining Bitcoin, it's useful to understand what Bitcoin mining really means. Bitcoin mining is legal and is accomplished by running SHA256 double round hash verification processes in order to validate Bitcoin transactions and provide the requisite security for the public ledger of the Bitcoin network. The speed at which you mine Bitcoins is measured in hashes per second. The Bitcoin network compensates Bitcoin miners for their effort by releasing bitcoin to those who contribute the needed computational power. This comes in the form of both newly issued bitcoins and from the transaction fees included in the transactions validated when mining bitcoins. The more computing power you contribute then the greater your share of the reward. Step 1 - Get The Best Bitcoin Mining Hardware Purchasing Bitcoins - In some cases, you may need to purchase mining hardware with bitcoins. Today, you can purchase most hardware on Amazon . You also may want to check the bitcoin charts . To begin mining bitcoins , you'll need to acquire bitcoin mining hardware. In the early days of bitcoin, it was possible to mine with your computer CPU or high speed video processor card. Today that's no longer possible. Custom Bitcoin ASIC chips offer performance up to 100x the capability of older systems have come to dominate the Bitcoin mining industry. Bitcoin mining with anything less will consume more in electricity tha Continue reading >>

Bitcoin Mining Definition | Investopedia

Bitcoin Mining Definition | Investopedia

Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards, whichincentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released bitcoin. (Related: How Does Bitcoin Mining Work? ) The amount of new bitcoin released with each mined block is called the block reward. The block reward is halved every 210,000 blocks, or roughly every 4 years. The block reward started at 50 in 2009, is now 25 in 2014, and will continue to decrease. This diminishing block reward will result in a total release of bitcoin that approaches 21 million. How hard are the puzzles involved in mining? Well, that depends on how much effort is being put into mining across the network. The difficulty of the mining can be adjusted, and is adjusted by the protocol every 2016 blocks, or roughly every 2 weeks. The difficulty adjusts itself with the aim of keeping the rate of block discovery constant. Thus if more computational power is employed in mining, then the difficulty will adjust upwards to make mining harder. And if computational power is taken off of the network, the opposite happens. The difficulty adjusts downward to make mining easier. In the earliest days of Bitcoin, mining was done with CPUs from normal desktop computers. Graphics cards, or graphics processing units (GPUs), are Continue reading >>

How To Get Started With Bitcoin Mining.

How To Get Started With Bitcoin Mining.

Before you read further, please understand that most bitcoin users don't mine! But if you do then this Bitcoin miner is probably the best deal. Bitcoin mining for profit is very competitive and volatility in the Bitcoin price makes it difficult to realize monetary gains without also speculating on the price. Mining makes sense if you plan to do it for fun, to learn or to support the security of Bitcoin and do not care if you make a profit. If you have access to large amounts of cheap electricity and the ability to manage a large installation and business, you can mine for a profit. If you want to get bitcoins based on a fixed amount of mining power, but you don't want to run the actual hardware yourself, you can purchase a mining contract. Another tool many people like to buy is a Bitcoin debit card which enables people to load a debit card with funds via bitcoins. Bitcoin mining is a lot like a giant lottery where you compete with your mining hardware with everyone on the network to earn bitcoins. Faster Bitcoin mining hardware is able to attempt more tries per second to win this lottery while the Bitcoin network itself adjusts roughly every two weeks to keep the rate of finding a winning block hash to every ten minutes. In the big picture, Bitcoin mining secures transactions that are recorded in Bitcon's public ledger, the block chain. By conducting a random lottery where electricity and specialized equipment are the price of admission, the cost to disrupt the Bitcoin network scales with the amount of hashing power that is being spent by all mining participants. During mining, your Bitcoin mining hardware runs a cryptographic hashing function (two rounds of SHA256) on what is called a block header . For each new hash that is tried, the mining software will use a diff Continue reading >>

How Bitcoin Mining Works - Coindesk

How Bitcoin Mining Works - Coindesk

In traditional fiat money systems, governments simply print more money when they need to. But in bitcoin, money isn’t printed at all – it is discovered. Computers around the world ‘mine’ for coins by competing with each other. People are sending bitcoins to each other over the bitcoin network all the time, but unless someone keeps a record of all these transactions, no-one would be able to keep track of who had paid what. The bitcoin network deals with this by collecting all of the transactions made during a set period into a list, called a block. It’s the miners’ job to confirm those transactions, and write them into a general ledger. This general ledger is a long list of blocks, known as the 'blockchain'. It can be used to explore any transaction made between any bitcoin addresses, at any point on the network. Whenever a new block of transactions is created, it is added to the blockchain, creating an increasingly lengthy list of all the transactions that ever took place on the bitcoin network. A constantly updated copy of the block is given to everyone who participates, so that they know what is going on. But a general ledger has to be trusted, and all of this is held digitally. How can we be sure that the blockchain stays intact, and is never tampered with? This is where the miners come in. When a block of transactions is created, miners put it through a process. They take the information in the block, and apply a mathematical formula to it, turning it into something else. That something else is a far shorter, seemingly random sequence of letters and numbers known as a hash. This hash is stored along with the block, at the end of the blockchain at that point in time. Hashes have some interesting properties. It’s easy to produce a hash from a collection Continue reading >>

Bitcoin Mining: A Closer Look Under The Hood

Bitcoin Mining: A Closer Look Under The Hood

Bitcoin Mining: A Closer Look Under the Hood Bitcoin mining is an integral part of the cryptocurrencys infrastructure. The operation helps process transactions, creates new bitcoins and submits the validated transactions to the publicized and immutable distributed ledger. Currently, the networks hashrate is running at a phenomenal 3,418,031,852 GH/s , strengthening the bitcoin architecture more so each and every day. But many newcomers hearing about bitcoin for the first time wonder, How does bitcoin mining actually work? Also Read: Bitcoins Rocket Boosters on Full Throttle as Price Skyrockets to New ATH Bitcoin mining requires the use of a specialized mining computer and software to solve mathematical equations. Miners consist of individuals or organizations running this software who compete with each other to solve these puzzles. When people transact with bitcoin, all of the networks nodes share information about new transactions in a transaction queue called a mempool. Blocks of transactions are not accepted into a blockchains ledger until miners perform a hash function solving the puzzle, which in turn verifies the legitimacy of transactions contained in that specific block. This means miners can try and mine blocks of transactions by hashing (attempting to solve the equation) from a string of numbers and letters. An example of a hash function. Hash functions are cryptographically irreversible. Inputs can be any length, but output strings are always predetermined. If any changes are made to the sentence such as Visit News Bitcoin.com for the latest bitcoin articles the output string of alphanumeric digits would also change. A miner solves the problem with another string of random digits by computing a lucky hash result which is followed by a reward of 12.5 bitcoins Continue reading >>

Bitcoin Mining Calculator

Bitcoin Mining Calculator

Select difficulty level (or enter your own): This calculator computes average profits from bitcoin mining. Enter all information, then press "SUBMIT DATA" to perform the calculation. You may enter data for more than one worker by clicking on the "Add worker" button. For more accurate power consumption calculation remember to add the expected power consumption of the computer hosting the workers. The difficulty level is a number expressing 'how difficult' it is to find a new block. Difficulty changes approximately every two weeks. Current value is updated every 2 hours from Bitcoin Block Explorer The power consumption in watts of each individual worker. If you have multiple workers on a single computer (for example when using multiple graphics cards) remember to add the power consumption of the computer to the consumption of one of the workers, You may also add the extra power consumption as an additional worker generating 0 MH/s Assuming you are using a pool, this figure represents the commissions taken by the pool or the percentage of earnings that you decide to donate to the pool. Continue reading >>

What Is Bitcoin Mining?

What Is Bitcoin Mining?

Jordan Tuwiner Last updated June 28, 2017 If mining sounds like a process which extracts value from Bitcoin, nothing could be further from the truth! Miners are the backbone of the Bitcoin network: Without miners, the network would collapse and lose all value. The role of miners is to secure the network and to process every Bitcoin transaction. Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoins famous blockchain). For this service, miners are rewarded with newly-created Bitcoins and transaction fees. To understand mining, its first necessary to understand the Bitcoin blockchain. All Bitcoin transactions are recorded in the blockchain, in a linear, time-stamped series of bundled transactions known as blocks. The blockchain is essentially a public ledger, which is freely shared, continually updated and under no central control. Certain orthodox economists have criticized mining as wasteful. It must be kept in mind however that this electricity is expended on useful work: Enabling a monetary network worth billions (and potentially trillions) of dollars! Compared to the carbon emissions from just the cars of PayPals employees as they commute to work, Bitcoins environmental impact is negligible. As Bitcoin could easily replace PayPal, credit card companies, banks and the bureaucrats who regulate them all, it begs the question: Not just of electricity, but of money, time and human resources! If only 21 million Bitcoins will ever be created, why has the issuance of Bitcoin not accelerated with the rising power of mining hardware? Issuance is regulated by Difficulty, an algorithm which adjusts the difficulty of the Proof of Work problem in accordance with how quickly blocks are solved within a certa Continue reading >>

Bitcoin Mining Calculator Summary

Bitcoin Mining Calculator Summary

Bitcoin Mining Calculator and Profitability Calculator Bitcoin Mining Calculator is used to calculate mining profitability for Bitcoin mining. Enter your Bitcoin mining hardware hash rate in GH/s along with the power wattage and your cost of electricity - dollars per kilowatt hour ($/kWh). The current Bitcoin difficulty, Bitcoin block reward, and Bitcoin price will be entered automatically. Days to generate one block mining solo: 707.70 Day(s) (can vary greatly depending on your luck) Days to generate one BTC: 56.62 Day(s) (can vary greatly depending on the current exchange rates) Days to break even: 263.45 Day(s) (can vary greatly depending on the current exchange rates) The estimated expected Bitcoin earnings are based on a statistical calculation using the values entered and do not account for difficulty and exchange rate fluctuations, stale/reject/orphan rates, and a pool's efficiency. If you are mining using a pool, the estimated expected Bitcoin earnings can vary greatly depending on the pool's efficiency, stale/reject/orphan rate, and fees. If you are mining solo, the estimated expected Bitcoin earnings can vary greatly depending on your luck and stale/reject/orphan rate. Continue reading >>

Everything You Need To Know About Bitcoin Mining

Everything You Need To Know About Bitcoin Mining

Where do bitcoins come from? With paper money, a government decides when to print and distribute money. Bitcoin doesn't have a central government. With Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine. Bitcoin miners help keep the Bitcoin network secure by approving transactions. Mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure. Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere. Visualize and Download High-Resolution Infographic Bitcoin mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function. The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins. This both serves the purpose of disseminating new coins in a decentralized manner as we Continue reading >>

Vocabulary - Bitcoin

Vocabulary - Bitcoin

Bitcoin provides a new approach to payments and, as such, there are some new words that might become a part of your vocabulary. Don't worry, even the humble television created new words! Address Bit Bitcoin Block Block Chain BTC Confirmation Cryptography Double Spend Hash Rate Mining P2P Private Key Signature Wallet A Bitcoin address is similar to a physical address or an email. It is the only information you need to provide for someone to pay you with Bitcoin. An important difference, however, is that each address should only be used for a single transaction. Bit is a common unit used to designate a sub-unit of a bitcoin - 1,000,000 bits is equal to 1 bitcoin (BTC or B). This unit is usually more convenient for pricing tips, goods and services. Bitcoin - with capitalization, is used when describing the concept of Bitcoin, or the entire network itself. e.g. "I was learning about the Bitcoin protocol today." bitcoin - without capitalization, is used to describe bitcoins as a unit of account. e.g. "I sent ten bitcoins today."; it is also often abbreviated BTC or XBT. A block is a record in the block chain that contains and confirms many waiting transactions. Roughly every 10 minutes, on average, a new block including transactions is appended to the block chain through mining . The block chain is a public record of Bitcoin transactions in chronological order. The block chain is shared between all Bitcoin users. It is used to verify the permanence of Bitcoin transactions and to prevent double spending . BTC is a common unit used to designate one bitcoin (B). Confirmation means that a transaction has been processed by the network and is highly unlikely to be reversed. Transactions receive a confirmation when they are included in a block and for each subsequent block. Even a Continue reading >>

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