How to estimate Mining Results?

[criptogeek]

Hi guys!
I have been asking my self for a while a way to find out what would be mi mining results BEFORE committing my rig to a specific coin.

What I want to know is, given my mining power, given the algorithm, given the difficulty that the pool states on that specific coin, given the pool hash rate (and given whatever data you can get); how to estimate how may coin would I be able to mine in lets say 24 hours.

Am I clear of what I want to do?

For the sake of the example lets say this is the data:

Coin: Sparks
Mining Power: 4 MH/s
Pool Difficulty: 512,47
Pool HashRate: 18,2GH/s

How many SPKS will I mine in 24 hs?

Can someone help me with this one?

Thanks in advance!!!

[leonix007]

Hi guys!
I have been asking my self for a while a way to find out what would be mi mining results BEFORE committing my rig to a specific coin.

What I want to know is, given my mining power, given the algorithm, given the difficulty that the pool states on that specific coin, given the pool hash rate (and given whatever data you can get); how to estimate how may coin would I be able to mine in lets say 24 hours.

Am I clear of what I want to do?

For the sake of the example lets say this is the data:

Coin: Sparks
Mining Power: 4 MH/s
Pool Difficulty: 512,47
Pool HashRate: 18,2GH/s

How many SPKS will I mine in 24 hs?

Can someone help me with this one?

Thanks in advance!!!

You are using pool, it means the rewards are relied with them, better check how they pay miners, they have different styles on doing payouts.

these are the rewards calculations on mining BTC, ETH, Zcash and Monero, you might get an idea how they works and not sure if same with sparks.

Bitcoin : userHash/(difficulty*(2^32))*blockReward*3600*1000000000(hashFactor)
ETH: (userHash/difficulty)*blockReward*3600*hashFactor
Zcash:  userHash/((difficulty)*solsPerDiff)*blockReward*3600*hashFactor (sollsPerDiff = 8192)
Monero: userHash/(difficulty*1e9)*blockReward*3600

https://bitcointalk.org/index.php?topic=1732808.0

[ronnylov]

I use google and searc for "ANN Sparks" and get the link to the coin announcement:
https://bitcointalk.org/index.php?topic=2634042.0

Here is info about coin:
Sparks Coin Specs

Symbol: SPK
Algo: Neoscrypt
Block time: 120 Seconds
Difficulty adjustment: each block (Dark Gravity Wave)
Block Reward: 18 per block
Masternode Reward: 50% Block reward
Mining Reward: 50% Block reward
Darksend: Yes, TX obfuscation
InstantX: Yes
RPC port: 8890
P2P port: 8893
Max Supply: 36,800,000
Premine: 650.000*
**Premine is for things such as listings and dev fees

So now you know that it is Neoscrypt, 120 seconds/block and miners get 50% of 18 Sparks per block. So all miners get 9 sparks on every block. 120 seconds per block means 30 blocks per hour which means 720 blocks per day. Total rewards to miners is 9*720=6480 Sparks/day.

Then you can check total network hashrate with a block Explorer. It say it is around 16.2 GH/s right now
http://explorer.sparks.gold/

So that means in order to get 6480 Sparks/day you need to own the total network hashrate of 16.2 GH/s.
Now you need to check your own mining hashrate. I understand that you have 4 MH/s
Nethash (according to block Explorer): 16.2 GH/s = 16200 MH/s

Your part of total nethash is 4/16200.
So one day you get your part of total mining reward:
6480 * 4/16200 = 1.6 SPK/day

With your example nethash is 18.2 GH/s would give 1.42 SPK / 24 h

This is a rough approximation.


Another way is checking what the mining pool say.
Altminer.net say reward 9SPK, pool hash rate 819.3 MH/s and TTF=42 min (right now when I check).
So with 819 MH/s you win one block reward of 9 SPK each 42 minutes.
Your part of pool hashrate is 4/819. So your TTF is 819/4 * 42 minutes = 8600 minutes
You need 8600 minutes to get 9 SPK on the pool. 8600/(24*60) Days = 5.97 Days

So you get 9/5.97 SPKS per day which is 1.5 SPK/day
But you have a pool fee of 0.9% but that is so small that you don't have to take into account in this rough estimation.

The values change all the time but a rough estimation is 1.5 SPK/day.
1 SPK = $14.87 so that would make it $22.3 / 24 h.

[criptogeek]

leonix007, ronnylov

Thanks a lot for your answers. It clarifies a lot!

I'm very new in the crypto world, and I started mining well-established coins. But I'm starting to check on new developments, like Cerberus, GIRO and other new coins that seems very promising.
So It was crucial to me to get an idea of my possible mining results.

Thanks again!

[ronnylov]

leonix007, ronnylov

Thanks a lot for your answers. It clarifies a lot!

I'm very new in the crypto world, and I started mining well-established coins. But I'm starting to check on new developments, like Cerberus, GIRO and other new coins that seems very promising.
So It was crucial to me to get an idea of my possible mining results.

Thanks again!

Yes this is the way to do it! If you follow whattomine.com top results all other people do that also. You get average profit by doing so. To get better than average mining profit you have to find profitable coins that most other people don't know about yet.

I use to browse mining pools and check what coins they have. These coins are minable.
Then I choose between the lesser known coins and do the calculations. Sometimes I found a nice one and mine it for a while.
For instance I found PlusOneCoin a few weeks ago. Very nice profit for one week until some big miner found it too so I had to stop.
Mostly this calculation method gives a good estimation of profit even Before I start mining.
Real profit is often a bit lower than calculated but still you can find some good coins this way.

But best thing is too not change coins too often. Give each one at least one week of mining Before switching. If good then stay for longer.

[criptogeek]

Good advice.

I have been switching after a day or so, it is hard to fight impatience

At my beginnings I was checking at whattomine, then I switched to crypto-coinz.net, and lately, I was checking on the "24 hours Actual" column of the pools.

With this tips, you gave me I'm gonna try to get as much as I can pool data to a google spreadsheet (using the API-calls, or just the importxml function) so I can have an updated profitability status of my favourite coins.

[ronnylov]

Main reason to not switch too often is that difficulty varies a lot so you might just hit an unlucky period. Another reason is that pools use PPLNS and similar systems that makes pool hopping unprofitable. The mining pools are rewarding the miners that stays longer on a pool.