Cost in BTC to mine 1 SHCI hereby go through the procedure of calculating the cost in BTC to mine 1 SHC.
For the example I will use the difficulty at block
2198 : 0.00003015
The example also assumes that 5 r3.2xlarge EC2 spot instances are used for mining, each one costing $0.0641/hr. It is assumed that each instance runs shinyminer with 3 ramhogthreads, producing a total of about 38hashes/min.
5 instances cost: 5 x $0.0641/hr = $0.3205/hr
5 instances produce a total hash rate: 5 x 38hashes/min = 190 hashes/min
Time to generate one valid block with 5 instances:
Number of hashes the instances should solve to generate 1 valid block: Difficulty x 2^32 = 0.00003015 x 4294967296 = 129493.2639744hashes/block
Time to generate 1 valid block on the 5 instances: 129493.2639744hashes/block / 190 hashes/min = 681.54min/block = 11.36hr/block
Cost per valid block: 11.36hr/block x $0.3205/hr = $3.64
Current reward per block is 400 SHC.
Cost per 1 SHC: $3.64 / 400SHC = 0,0091 $/SHC
Assuming the current USD/BTC exchange rate of 608, the cost of 1 SHC in BTC should be:
1 SHC = $0,0091 / 608 = 0.00001497 BTC ~ 1500 sat
PS1: Again corrections are welcome. Mining 1 SHC on physical boxes at home would probably cost less.
PS2:
This should not be considered a price for trading the coin. It is the cost at miner level at the time of writing. 1 SHC will cost you more/less to buy depending on supply and demand.
Nice work. Good to have some kind of comparison.