Bitcoin Forum

Hello,

This is a dumb question for sure, but I can't find it anywhere.

How do I calculate the "dollar per GH/s" for a system?

I assumed I just divide the cost of the system by the hash rate but that doesn't seem right.

Thank you for your time.

The Antminer s3 costs about $600 and has a hash rate of 441 GH/s, so each GH/s costs about $1.36.

Do you also want to include operating costs, such as power?

If you're talking about what your expected return is per each GH/s mining power, it's about 2 cents (USD) per GH/s per day currently.
That will change next week when the difficulty goes up again, like it has every week. The exchange rate has been pretty stable at around $570-$600 per BTC.

Actually you are right, that's basically how you would calculate the costs of buying that device. You have to factor in the costs of running it, though. They do consume a lot of electricity. If you manage to stay below $1/GH/s you're off in a way to reach a positive ROI if you're lucky.

you just go to this site and receive parameters of the device that you have
for example
Hash rate
Power consumption (W)
Time frame (months)
www.bitcoinx.com/profit

Please don't use bitcoinx.com. The defaults (in particular, "Profitability decline per year") are not reasonable and you will be fooled into thinking you will earn much more than you actually will.

Difficulty does not go up every week. Difficulty adjusts (can theoretically go down too) when 2016 Blocks are found which is approximately 10-14 days.

Because there are variables, there is a formula. As always with these things. The formula for BTC per GH/s is

difficulty * 2^32 / hashrate

In order to get the money out of this you just convert the BTC to whatever currency it is

(difficulty * 2^32 / hashrate) / (BTC / currency )

Not quite...

difficulty * 2^32 / hashrate will give you how many seconds you would expect it to take to find a block.  The if you took 25 and divided by that number, you'd get how much BTC you'd expect to earn a second.  So, to calculate expected earnings per GH/s, this is the correct formula:
Therefore, at current difficulty, 1GH/s = 0.00000000031067BTC/s.  This, however, is not what the OP asked.  The original question was how to figure out a system's dollar per GH/s, which is simply the cost of the system divided by the hash rate of that system in GH/s.  So, if you paid $1000 for a 1TH/s miner, it's $1 per GH/s.

If you want to figure out operating costs, that's easy, too.  Just take the rated power consumption of the miner, translate into kw and multiply by the cost of your electricity per kWh like this:
So, at 10 cents per kWh, a 340 watt miner will cost $0.034 an hour to run, or $0.816 a day.  Now to figure out your expected earnings after you've factored in power, you simply take the first number 0.00000000031067 and multiply by 86400 (seconds in a day) to get 0.000026841888 (which is how much BTC 1GH/s expects to earn in a day).  Now, convert that to your fiat (I'll use a conversion ratio of 1BTC -> $590 USD) which is $0.01583671392 per day.  So, now that you know how much each GH/s will earn you in a day in USD, multiply the value by the GH/s of the miner and subtract out the daily power costs.

Of course, you could just use the formula I posted and give the appropriate hash rate there (instead of just calculating earnings for 1GH/s) like this (I'm using the Antminer S3 as an example):
Therefore, right now an Antminer S3 expects to make you $6.15 a day assuming $590 per BTC and $0.10 per kWh power costs.

Not sure if anyone has recommended but i like this one https://alloscomp.com/bitcoin/calculator. works great and gives a great idea of where next difficulty will be set

i also like http://www.bitcoinx.com/profit/ you just have to ignore the long term profitability factor, however short term (no more than month) i have found to be reasonable.

Oh sorry. I rescanned the whole thread and found out what he meant.. I misunderstood the quesrion. Also thanks for the full formulas, I guess I've been running on the wrong ones.

It is very difficult to set up a mining undertaking which generates profits.
We have figured it out a while ago and we are hosting in China. I think one day there will be only cloud mining.

S3s have never been $600. The first batch sold for .75btc each. The current price is .66btc which is $386. So the $/GH is ~$0.86.

S3 is cheapest in term of $/GHs

bitcoinx.com does not give you accurate information at all you get tricked into thinking you will earn way more.

There were selling from some 3rd party vendors initially for $600 for people who didn't know or didn't want to go through buying BTC and sending payment.  Opportunity costs I guess.

There are still people selling them for $450 to $500 on Amazon and other places.

You need a PSU as well so add some $50-75 to each S3.

Why not buy S3 directly from manufacturer, the price is lower and you might get some vouchers too..

Why not buy and host there? Cheaper and faster. No tax duty.

Good point! Although I haven't had to buy a new PSU in awhile since I've been able to repurpose PSUs from defunct mining gear.

Host there? You mean bitmaintech host it for you?

Antminer S3, it seems cheapest mining hardware in the world. BUT it is not.

Assuming you will mine with this device for one year. Because after a year, hardware mines nothing because of diff rise.

Lets calculate the how much it costs..

0.68 BTC for 441 GHS.

340 watt for 441 GHS = (0.34kwh/441ghs)*0.15$/kwh*24*365/(550$/BTC) = 0.00183 btc/ghs in one year energy cost with 0.15 $ / kwh

0.68/441 = 0.00154 btc/ghs comes from order
0.00183 btc/ghs comes energy cost

PSU : lets say, 75$ ----> 75$/441/550$/BTC = 0.00020 btc/ghs

TOTAL COST IN ONE YEAR

0.00154 + 0.00183 + 0.00031 = 0.00368 BTC/ghs = 2.02 $ / ghs @ 550$/btc


Some advise for you, just try cloud mining services with has no fee policy. Just like http://pbmining.com (http://pbmining.com?ref=registers) with prices 0.0029 btc/ghs for five years and with no maintance fees, no pool fees, no any other recurring costs,hardware mining is useless at the moment.

What you forgot in your calculations was that when pbmining gives you a 404 error in 3 months you're 5 year contract is now worthless, the S3 will still be mining and under warranty. Cloud mining leads to centralization - no point in supporting it.

No, you cant calculate, you can just estimate, cause its hard to predict the difficulty rise every 10 days and the bitcoin price over the next 6 months.

How do either of the two things you mentioned have any effect whatsoever on dollar to GH/s ratio?  First, difficulty changes every 2016 blocks, not 10 days.  Also, it does not always go up, it can go down (although the last time it did was January of 2013).  Bitcoin price over the next 6 months has no bearing on how much the hardware cost.  Difficulty changes have no bearing on how much the hardware cost.

Your hardware cost X dollars and gets Y hash rate.  Therefore, it gets X/Y dollar to GH/s.  Example: You pay $1000 for 600GH/s, it's $1.67 per GH/s.

well... not bitmaintech actually

check easy2mine

https://bitcointalk.org/index.php?topic=514758.0

This guy is very reliable.

Still prefer to host it ourself after so many scammer going on in bitcoin world... just feel risky..

yea I know. But there must be someone reliable an honest. And by coincidence it is this guy. Just follow the thread, it is 65 pages long.

https://bitcointalk.org/index.php?topic=514758.1240;topicseen

If you choose to host yourself you also pay for the delivery and tax duty. And PSU in most cases. And you wait a couple of days. The benefit of that is that you can sell your hardware and make some profit on the top of it if you are lucky.

This analisys is obviously leading us to kryptologika. We are offering shares in hosted miners, reasonable maintenance fees and physical silver. At the moment there is no match to our product   8)

I'm looking over Cex.io's pricing structure, even if you get the GH/s free, you still end up making LESS than what they charge in maintenance fees.

I just unplugged all of my remaining mining rigs because it's no longer profitable. I'm just glad that I'm getting out now instead of dumping more fiat on more mining hardware that won't make a profit. I'm taking some huge losses, but I'm not about to throw away good money after bad.