Bitcoin Forum

Guys...

I'm a noob in mining.

Could you explain me how many satoshis could I make per hour using the miner bellow?

http://pt.aliexpress.com/item/In-Stock-Btc-Miner-Avalon-Nano-USB-Bitcoin-Miner-3-6GH-s-asicminer-for-bitcoin/2052988452.html?spm=2114.031030708.3.1.qSQIHl&ws_ab_test=201556_1,201527_3_71_72_73_74_75,0_0 (http://pt.aliexpress.com/item/In-Stock-Btc-Miner-Avalon-Nano-USB-Bitcoin-Miner-3-6GH-s-asicminer-for-bitcoin/2052988452.html?spm=2114.031030708.3.1.qSQIHl&ws_ab_test=201556_1,201527_3_71_72_73_74_75,0_0)

Thank you.

0.00002977 BTC per day.
0.01086605 BTC per year, so long as difficulty remains static, which will surely not happen. Far from it. That's $2.65 in an entire year. Not even enough to purchase a mcdonalds sandwich since you live in Brazil and they are heavily taxed, as everything else is.

It would take over 10 years to recoup what you've spent, not counting in electricity, taxes and shipping.
Which means you will not only never recover your investment, but also lose a lot of cash.

As if this isn't enough, you were born in the most tyrannical and enslaved place in the western world, and you will pay nearly 100% on import tax. People don't like to send items to Brazil because it often gets stolen by the brazilian state mail company. Shipping will be expensive. Electricity is one of the highest priced in the western world at >$0.18/wh, because of taxes and government limiting competition.

Your best bet would be generating energy out of generators (or find someone else who has some unused energy from them like I did) - or steal energy. But even after doing so you'd still need one of the newest machines such as the antminer s7. Once you have achieved both, you will need to find a way to import things without being stolen by the government mafia. You will have to figure the first two by yourself as nobody can help you. I'd help you with the latter but I'm also stuck at it (let me know if you can solve it, by importing without taxes or nearly none).

approximately 0.000029991/day under ideal circumstances, i.e. less than you're getting from all your faucets + sig campaigns + spammery.

Sitck miners at this point are for fun or learning.  They are a cheap way to do this.  say you get a compac from sidehack, you have a nice little lotto device that is fun to play with.  It is best bang for you buck as far as stick mining right now, and fun to play with.

If you want ROI look into larger gear, and make sure to do ROI math.   Some it's possible others it is not.

Short answer: not enough to ever cover the cost of the item you purchased.

Long answer: the expected earnings of any mining device is easy to calculate.  In fact there are numerous online mining calculators available for you to use.  You need to keep in mind that there are many factors that will influence the actual earnings.  Calculators only provide you a snapshot of expected earnings given a specific network difficulty.  The simplified version of the formula to calculate expected earnings per day is as follows:
So, assuming that miner hashes at 3.6GH/s, as of right now it's expected daily earnings are:
Therefore, at this network difficulty you would expect that miner to make 0.00002977BTC a day.  At the current exchange rate of $244 USD per BTC, that translates to $0.007 per day.  In other words, you're mining less than a penny a day before you take into account the power costs to run that miner.

I see...

But I'm not think in profit with mining. I just wanted a fifth provider of satoshis to support my faucet.

I'm having good profit with my faucet and I use to try support its balance getting satoshis from:

1. Signature  campaign
2. Rotator referrals
3. Faucets
4. Publishing Ads on my site

With this 4 fonts I'm getting 50% of the amount spent with my faucet payouts.

The problem is it takes a lot of time to administrate and collect these satoshis.

So my idea is to seek for a fifth font of satoshis but withou the need to spend more time.


Mine with a little USB miner sounds good to me because It doesn't takes me time.

The problem is scale. There was a time when you could mine from home and be profitable. But now things are at an industrial level and you will need to go big or go home. Look at the picture below and you see your competition. Those are acres of racks containing advanced chips just for mining BTC.

http://bitcoinreporter.com/images/bitcoin/knc-miner.png

Well, having a dedicated miner is certainly pretty hassle free - plug it in and let it run.  The problem is that most pools you're going to mine on have minimum withdrawal limits.  So, while you might be earning a few thousand satoshi a day from your USB device, it'll be a while before you can actually withdraw your balance :).

Hummm... Tell me real examples of these minimum withdrawal limits, please (the little ones) :D

A common minimum for payout is 0.01BTC so taking from above 0.00003BTC / Day that is 334 Days.

NiceHash pays out once a Day at .004BTC  which is 134 Days However they also pay out Weekly at .0001BTC so you would see .0002 each Week.  :)


Rich

Odds are... never.
I was checking on Bitcoinwisdom's (https://bitcoinwisdom.com/bitcoin/calculator) mining calculator, and even with a 1% increase in difficulty every 2016 blocks and a 1% pool fee, assuming free... you'll never get back your $20 investment (assuming free shipping). The closest you'd get to breaking even (according to that website) is $19.98 in red. Mining with that for profit isn't worth it. At all. It might be good to get started, to see how mining works, or just for fun. But not for profit.

I repeat, you will never break even if you mine with that.

Then... Why these tiny miners still costs high prices if they return almost nothing?

They mainly are for fun and learning.  They are not made for ROI.

If you want ROI look into bigger gear. And do the math.  What is your electricity price?

Because people are still willing to pay those prices - whether because they don't know any better (i.e. the seller's basically taking advantage of ignorance, even if not willful), or because the buyer assigns that value to the object based on other characteristics (maybe trying to complete a collection, for example).

A secondary thing is that there's a minimum value for these things anyway - people have to put in time for packaging+shipping, the packaging+shipping itself has a cost, and below a certain base value for the product, the aforementioned aren't worth the bother.  So while a Block Erupter USB, when calculating $/Gh from say an Antminer S7 would be almost worthless, a more reasonable market price is between $5 and $10.  Lower than $5 and you'd be better off yanking the heatspreader off and try selling that separately as 'jewelry', for example ;)

At roughly $7 per Ghash it will take you about 10 years to recover your 'investment' that is assuming you're not counting your power cost into the equation.

I gave up this idea.

I won't mine. heheh

Thank you all.

if you have cheap electricity, if you need the heat, then you should mine!

Eletricity has high costs in Brazil... :(

Thats what i'm doing here in Canada, Québec. Electricity is dirt cheap so S1 is actually still profitable-ish. Considering that i can use those instead of electric heating for the winter. I will ROI those S1's a 3 or 4th time it seem.

Have a look at this;
https://i.imgur.com/Ys7XHsq.png?2

Running with a super low CFM super silent fan. Its quieter than my CPU fan that i can barely hear in my PC. Next to the window, in winter, i will probably be able to run them fanless. Without a fan at 27c ambient they go 71c which feel too hot imo.

Where can I find an ANtminer S1 for this price?

You should look for a lot. I got a lot of 7 for 100$... few months back? I have pen volt modded mine and today i put a completely silent miner in one and put it next to my bed, since its starting to get a tiny bit cold.

http://imgur.com/Ys7XHsq (http://imgur.com/Ys7XHsq) The fan is 20dB~ Consumption is 155watts atm.

You'll have problem finding someone actively selling them in the marketplace but you might be able to have someone get S1 out of storage for you if you manage a buying thread.

How many satoshis are you getting each day?

Err let see. I have .98TeraHash multiplied by 0.009BTC Profitability or so would equal 0.00882BTC which translate to 882000 Satoshi per day! So more or less over 9000.
Depending on how low you underclock them, you profitability can still raise. I run them at 1.1J/GH but you can do 0.9J/Gh at around 90-100GHs i believe.

you should check your electricity cost first, because antminer s1 isn't efficient at all, you may end up losing money each day instead of earning few pennies

Well like we said in the comment you quoted, we're doing this to replace electric heating. In my case, S1's return and its cost is very close to being the same, so in the case where i need the heat anyways because its now cold outside, it's nearly pure profit.

I would not run 30 of them in a room but if you spread them here and there in the house, which is easy because they are on Wifi, you can save much more money on heating than you have put in.

I already told you everything you need to know. This isn't the right approach to you either. You live in a very warm country and you don't need heater. The s1 will run at a very high loss due to brazil's energy prices.

Well if you are gonna get a toy ..where the only ROI is a smile :) Then I suggest you get the Sidehack Gekko 8gb (you can overclock it) usb miner on the support thread here at the link down below.

It is 25 bucks and 6 bucks shipping. I got 2 for 56 bucks a month ago.

The only ROI you get with these (or your link above) would be a SMILE. The below link to the Sidehack 8gb usb stick if I run it for a year where I'm at...last I looked at 13.5c kwh usa
I would make a whole 11 bucks usd! For the whole YEAR!

So imho if you just want something to play with for a stick miner you are better off getting this below. Here is the link and the support thread on bitcointalk.

https://bitcointalk.org/index.php?topic=1173963.0 (https://bitcointalk.org/index.php?topic=1173963.0)

anyway...they are legit..supported and 'cute' as you can see by the link below

https://ip.bitcointalk.org/?u=http%3A%2F%2Fi.imgur.com%2FeZeNXeJ.jpg&t=557&c=VCDedJRq-MVp2A

Home Mining is Dead Now. It has moved to faster/bigger/better machines now in giant data halls. But again if you just want a 'toy' and never ROI I'd get this to play with.

Look over the above thread. It also shows the process of how the project got off the ground and what other products it may make in the future as well.

Does that exclude the idea of solo mining and getting lucky, or are the odds on that so unlikely its a joke


THats not stupidly high, its just not cheap.  Some places get cheap elec from hydro generation so thats the best place to live.    Its fair to warn people and difficulty will probably keep rising, there is the slight possible that bitcoin goes back to 1,000.     Ive given up near term on the idea but if stable the coin economy can come back longer term if the world has a demand for its uses

Its a shame it went all industrial, all the miners being in one giant warehouse does not seem as secure system as global distribution by its own users imo