The Bitcoin block reward is at mining one factor that is predictable. Instead of focussing on mining itself solo better try and find calculator way to reduce the cost. Luca Matteis 4, 10 Remember, however, that some factors like the Bitcoin price and mining difficulty change everyday and can have dramatic effects on profitability. Powered by SMF 1. If that's so script solving a block is always more about the luck than the bitcoin force you have. How soon might I expect to generate a block?
Remember, however, that some factors like the Bitcoin price and mining difficulty change everyday and can have dramatic effects on profitability. Join them; it only takes a minute: Small footnote should be made about selfish mining, if another pool is big enough they'll have a mining advantage. LegendsRoomLV on January 27, , It doesn't even affect your gambliness. Unless you own an ASIC, of course. However, pay attention to advances in mining technology and efficiency to get a better idea of how the hash rate and difficulty may look down the line.
In that case it's cheaper then taking part in a lottery and your chances calculator hit the pot will be no more script less the same either way. So, the odds are more along bitcoin line of 1: Bitcoin miners script cold areas can use the heat generated by miners to heat their houses in the winter. Consider that the previous version of the S7, the S5, had mining efficiency of calculator 0. I solo want to confirm my idea so that I am solo missing mining
No matter what statistics are used to calculate the odds of hitting the jackpot, they can never be used to predict the outcome. As we all can read in the numerous variaties and complications when it comes to calculating probabilities in the above mentioned posts, it's obvious that there will never be a mathematical model able to predict the possibilities.
There are too many variables that change continously overtime diffuclty rate, amount of miners, growing blockchain etc. Instead of focussing on mining itself you better try and find a way to reduce the cost.
In that case it's cheaper then taking part in a lottery and your chances to hit the pot will be no more or less the same either way. That's why we call it luck ;. Thank you for your interest in this question. Because it has attracted low-quality or spam answers that had to be removed, posting an answer now requires 10 reputation on this site the association bonus does not count. Would you like to answer one of these unanswered questions instead?
Questions Tags Users Badges Unanswered. Bitcoin Stack Exchange is a question and answer site for Bitcoin crypto-currency enthusiasts. Join them; it only takes a minute: Here's how it works: Anybody can ask a question Anybody can answer The best answers are voted up and rise to the top. Solo mining just for luck, realistic? What are the odds?
Isac 1 2 8. What are the odds of discovering a block as a solo miner? Luca Matteis 4, 10 One more thing, is theory and practice the same thing in this case? In theory, theory and practice are the same. As dam close as. Don't use your CPU, use the electric bill your running up to go buy lottery tickets instead, better odds. CPU is as you say, very useless.
Bitcoin difficulty is not. TimS, but surely there's a minimum amount of computational power you need before you can even "take part in the bitcoin mining lottery" right?
Pacerier There is a minimum. I'd estimate 10 minutes per hash as the minimum to participate: There is a chance that hash is the right one! You've played the lottery. May 22 '14 at Pacerier note that there is no hard minimum. However, I'm pointing out that when you get into the range of minutes per hash or slower , there is an extra limiting factor: Btw, that extra limiting factor is actually closer to 3 minutes right? Since we had to factor in the delay of actually getting notified when someone else has won lottery.
However, you can either express the odds as chance per block or as expected time until the outcome will be achieved, Luca has chosen the latter.
The 1GH is also highly over-estimating his CPU's mining power, a more realistic value would be less than 0. So, the odds are more along the line of 1: It's better than being in the lottery! So, all chance calculations aside, are you feeling lucky? Lodewijk 1, 8 Better than which lottery? Assuming that your mining hardware is equal to others' you'll be better off than any lottery. Provided the lottery works as expected collect money and give it to a single participant - fees.
But with worse hardware it all just depends. 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. This does not include electricity costs or equipment costs more on this below. When purchasing mining hardware, you will want to look at these metrics: A higher hash rate means a more powerful miner.
You can use this simple calculator from Bitcoin Wisdom to determine how much money an amount of hash power will earn per month. Hash power is not the end all for determining good miners, though. Miners use massive amounts of electricity. You want a miner that has both a high hash rate and uses the electricity provided efficiently. The Antminer S7 is also the most efficient miner available on the market, with 0. Consider that the previous version of the S7, the S5, had an efficiency of just 0.
That means the S5 uses twice as much electricity per hash as the S7. Miners generate heat, and also need to be supplied with electricity. Unless you already have the needed parts, you will likely need to purchase cooling fans and power supplies.
Electricity costs can make or break any mining operation. A monthly electric bill means monthly costs on top of the upfront cost of the hardware. In the USA, for example, most mining hardware is run in Washington State, where there is cheap hydroelectricity.
Creative miners in cold areas can use the heat generated by miners to heat their houses in the winter. If the heat generated by miners will partly replace your normal heating costs, it is one way to save money and improve your chances of profitability. Miners in cold areas also have an advantage because they may not need to use extra fans to cool the hardware. The Bitcoin mining difficulty makes sure that Bitcoin blocks are mined, on average, every 10 minutes.
Enter your mining rig's hash rate and the CoinWarz Litecoin calculator will use the current difficulty and exchange rate to calculate how much profit and how many cryptocurrency coins you can earn. Scrypt Hash Days to generate one block mining solo: Day(s) (can vary greatly depending on your luck) Days to. Enter your mining rig's hash rate and the CoinWarz Dash calculator will use the current difficulty and exchange rate to calculate how much profit and how many cryptocurrency coins you can earn. X11 Hash Rate Days to generate one block mining solo: Day(s) (can vary greatly depending on your luck) Days to. Enter your mining rig's hash rate and the CoinWarz Bitcoin mining calculator and Bitcoin profit calculator will use the current difficulty and exchange rate to calculate how much profit and If you are mining solo, the estimated expected Bitcoin earnings can vary greatly depending on your luck and stale/reject/orphan rate.