Bitcoin Forum

i started mining for the first time last night with one ( 1 ) brand new Red Fury ASIC miner. My stats are below
21565    2014-01-28 21:06:17    1:48:07    1200548243    3508    0.00006587    282938    25.07838015    92 confirmations left
21564    2014-01-28 19:18:10    2:17:11    1512393230    4372    0.00007581    282926    25.04074024    80 confirmations left
21563    2014-01-28 17:00:59    3:11:49    2090630981    6268    0.00007895    282910    25.07597047    64 confirmations left
21562    2014-01-28 13:49:10    2:46:38    1817477875    5396    0.00007183    282889    25.15764867    43 confirmations left
21561    2014-01-28 11:02:32    6:09:03    4000006104    4609    0.00006953    282871    25.06791603    25 confirmations left
to me this looks like a 7 cent ( AUD ) reward per pooled block. Is this correct?
Or does the reward increase when each is confirmed?

Yeah it looks like you are getting ~6500 satoshi per block. You could make more cloud mining, my signature will get you all the info :)

Pay 0.038+ for 1 GH/s will not give you profit at all.
Well, maybe getting people to signup using referral link is profitable  ;)

for each block that gets solved you are earning approximately 0.00007000 btc. it may rise or fall dependant on:
if your on that pool constantly,
how many other miners are fighting for a share
and a few other circumstances.
the reward does not increase dependant on the age of the coin ( amount of confirms ) but hopefully one day when 1BTC is worth $10k your 0.0007 will be worth 70c (basic math multiplication)
 

one other thing, you seem to be on a pool that only solves a block 5 times in 10 hours. there are pools solving blocks around 20-30 times in those ten hours, which means you would/should/could earn more satoshi dust in the same time period. so play around trying other pools each 12 hour period and do the math on the pool that gives you most satoshi dust, as it seems your missing out on some opportunity here

You can calculate expected earnings as follows:

Daily: hashrate*86400/2^32/Difficulty*Reward per block

Current difficulty is: 2193847870.1743

You should probably move this to the Mining board.

At 3% per referral, you'd have to refer a lot of big whales to receive anything decent only through referrals.

0.038 BTC per GH/s is indeed way too high "just" to mine. It makes no sense to pay that much anymore. Maybe last November, but not now.

Though has made many posts in the mining board, but I guess real whales won't be lured that easily :D