If you have tons of time on your hands, the odds of "winning" the lottery while mining altcoins is very high. Real results may differ significantly from the result of the calculation. The problem per that even five years ago, the hashrate was one millionth of what exchange is now, meaning you'd hours better luck winning bitcoin lottery. Bitcoin What is Bitcoin? If all this sounds time consuming, it can be—and the people who are cpu into cryptocurrency often do this as a full-time job. Nonetheless, you can get a rough idea using this method
It paid itself off, and then made about the same amount of money three times over before I got sick of it and stopped doing it if only I hadn't sold all the BTC off when it was stupid cheap! It was worthless at the time One popular solution is was? Haha I've been mining on my laptop for the last couple weeks, it's actually profitable. How to Calculate Mining Profitability.
Difficulty will go up and block reward will possibly be halved exchange those three years, so you would hours earn a lot less. Your btc mined throughout the month bitcoin have been worth maybe dollars - we're talking s of coin for per much. Difficulty changes approximately every two weeks. Welcome to Reddit, the front page of the internet. Okay, putting it all together, where your share of the hashrate is "n": What is a Decentralized Application? Sign up or log cpu Sign up using Google.
Your hardware gets small pieces of work from the pool and submits those as shares. Even if you only contribute 0. If hashrate were to stay constant, your chance of mining a block solo is one in a million, meaning it you would find on average one block every 19 years. The problem is that even five years ago, the hashrate was one millionth of what it is now, meaning you'd have better luck winning the lottery.
The pool should find 25 percent of blocks, and you'll end up with 0. With a block worth There are many places that will provide calculators for cryptocurrencies, so you can see how much you could potentially earn from mining.
But ultimately, you'll want to join a mining pool. As a side note, I'd recommend using a new email address for such purposes, and then I'd create a unique password for every pool you happen to join—because cryptocurrency thefts are far too common if you're lax with passwords. If you want to actually collect a coin, like Ethereum, you'll need to take the additional steps of downloading the Ethereum client, syncing up to the blockchain, and setting up the mining pool to pay out to your wallet.
The recent Nicehash hack provides a good lesson in why this is a bad idea. If all this sounds time consuming, it can be—and the people who are really into cryptocurrency often do this as a full-time job.
And the real money often ends up in the hands of the pool operators and exchanges, but I digress. You've got your hardware, you've joined a mining pool, and you're ready to rock the cryptocurrency world. All that's needed now is to download the appropriate software, give it the correct settings for your hardware and the pool, and then away you go.
Most pools will provide basic instructions on how to get set up for mining, including where to download the software. But all software isn't created equal, and even things like drivers, firmware revisions, and memory clockspeeds can affect your mining speed. So if you're serious about mining, get friendly with scouring places like Bitcointalk, Github, and other forums.
The easiest way to mine a coin is to just point all your mining rigs at the appropriate pool and load up the necessary software.
Prior to that, it was only one of many coins that were potentially profitable to mine. But switching between coins can take a lot of time, so there's other software that will help offload some of that complexity. One popular solution is was? Nicehash , which leases hashing power to others that will pay for it in Bitcoin. As Nicehash is currently working to relaunch following a hack, other alternatives include WinMiner and Kryptex , though I can't vouch for either service.
The benefit is that you don't end up holding a bunch of some coin that has become worthless. A more complex solution is to set up multi-algorithm mining software on your own. To do this, you would typically have accounts for all the coins you're interested in mining, and then create rules to determine which coin is best at any given time. Sites like WhatToMine can help figure out what the currently best paying option is, but naturally others would be seeing the same data.
The thing you need to know with cryptocurrency mining is that beyond the initial cost of the hardware, power and hardware longevity are ongoing concerns. The lower your power costs, the easier it is to make mining a profitable endeavor. Conversely, if you live in an area with relatively expensive power costs, mining can seem like a terrible idea.
When many people think about cryptocurrency mining, the first thought is to look at Bitcoin itself. Can you do better with mining using graphics cards?
There are many variables, and the market is extremely volatile, but as you might have guessed given the current prices of many GPUs, the answer is a resounding Let's start with a basic system cost. For the case, you're usually best off building a mining rig using wire shelving and zip ties or something similar.
Now you just need to add six graphics cards. Here's what things currently look like with the current market prices listed. I've included three popular ASICs as well as a point of reference:.
Is there still money to be made as a cryptocurrency miner? Selling all the coins you mine can earn money, but if you had the foresight to mine and hold either BTC or ETH from the start of the year, you literally just hit the jackpot. Or if you prefer mining slang, you hit the motherlode. Now I'm not sure where it will end, but I definitely wouldn't want to get caught holding the bag if the bubble pops and the price plummets. There's this hope among cryptocurrency advocates that this is only the beginning, and prices could reach thousands of dollars per ETH and potentially millions per BTC.
Changing proof-of-work is generally going to require a hard fork and BTG has decided to go that route. Equihash, on the other hand, is a pretty complex hashing function and requires a lot of RAM to perform.
Their plan is to pick a block on October 25, to fork from, hence the date on their webpage. That does not mean that their coin launches on that day, just that the Bitcoin blockchain gets frozen for the BTG chain on that day and new BTG blocks built on top later.
Currently, they are planning an early November release, which means that their blockchain will have no blocks for a week or so in between. The Bitcoin Gold developers plan to create a testnet sometime in mid-to-late October. Bitcoin Gold will only affect you if you own Bitcoin when they pick the hard fork block, that is, around October You will receive the exact amount of Bitcoin Gold as Bitcoin you hold at that block.
However, you will most likely need to download a wallet or construct transactions manually to be able to move your Bitcoin Gold tokens. If you have your Bitcoins on an exchange, the exchange will likely credit you with your Bitcoin Gold eventually. This will especially be true if BTG has value above 0.
According to that table, a Core i7 CPU can do MHash per second, or e7 hashes per second. Maybe you are starting to see the problem. e21 / e7 = e That is the average number of seconds your computer will need to mine one block. It is about million years. This should give you. Monero has an average block time of 2 minutes, meaning that there are approximately blocks per day. Your expected reward is proportional to your share of the network hashrate. The current hashrate is ~ MH/s (http:// wearebeachhouse.com), or H/s. Monero's block reward is decreasing. Online calculator to compute average profits from bitcoin mining.