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Author Topic: My Noob mining so far  (Read 1228 times)
organofcorti
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January 27, 2013, 10:32:55 AM
 #21

You know, there's a whole thread listing mining pools with hashrate, fees and other variables:

https://bitcointalk.org/index.php?topic=104664.0

On the whole, you'll earn on average 25btc/(current difficulty)*(share*difficulty at which share was submitted)*(1-fee), unless you're at a pool which pays proportionally (Slush's pool and DeepBit) where you'll earn a bit less due to pool hopping.

There's a bunch of information you might find handy at http://organofcorti.blogspot.com

I've seen similar comparisons, I'm just learning all the terms and math involved. Though, on a layman's term level, I'm looking for a rough estimate of bitcoin per 8 hours. Is this hard to determine with the randomness of the system, such as the luck factor? I would like to know this because I am planning on running my miner(s) when I am asleep (8 hours) or at work (8 hours). So that would be my real world shift. Right now, from the last week 50BTC was giving me somewhere around BTC.01-BTC.02 a real world shift (8 hours). This was done on my crossfire 2x Redwood 5xxx cards. I have a Radeon 7970 in the mail (finally an excuse to upgrade my 3 year old graphics cards). When that comes in the mail I want to have the perfect setup to mine. Thanks.

What's your current average hashrate according to your mining software?

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maunderingcabal
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January 27, 2013, 11:10:19 AM
 #22

You know, there's a whole thread listing mining pools with hashrate, fees and other variables:

https://bitcointalk.org/index.php?topic=104664.0

On the whole, you'll earn on average 25btc/(current difficulty)*(share*difficulty at which share was submitted)*(1-fee), unless you're at a pool which pays proportionally (Slush's pool and DeepBit) where you'll earn a bit less due to pool hopping.

There's a bunch of information you might find handy at http://organofcorti.blogspot.com

I've seen similar comparisons, I'm just learning all the terms and math involved. Though, on a layman's term level, I'm looking for a rough estimate of bitcoin per 8 hours. Is this hard to determine with the randomness of the system, such as the luck factor? I would like to know this because I am planning on running my miner(s) when I am asleep (8 hours) or at work (8 hours). So that would be my real world shift. Right now, from the last week 50BTC was giving me somewhere around BTC.01-BTC.02 a real world shift (8 hours). This was done on my crossfire 2x Redwood 5xxx cards. I have a Radeon 7970 in the mail (finally an excuse to upgrade my 3 year old graphics cards). When that comes in the mail I want to have the perfect setup to mine. Thanks.

What's your current average hashrate (ccording to your mining software?

My rate usually goes between 180 and 270 due to my laptop being in use (adding hash rate), my wife playing WOW (lowering it a little), and me browsing the internet inbetween. So a good average would be 200.

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organofcorti
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January 27, 2013, 12:50:03 PM
 #23

My rate usually goes between 180 and 270 due to my laptop being in use (adding hash rate), my wife playing WOW (lowering it a little), and me browsing the internet inbetween. So a good average would be 200.

Code:
Pooled mining earnings = hashes / 2^32 * B / D * (1 - f)
Pooled mining earnings per day  =  hashrate * 24 * 3600 / 2^32 * B / D * (1 - f)           
B = current block reward
D = current mining difficulty
f = Pool fee

So, your expected earnings per day will be (at current difficulty = 2968775) and a pool fee of 2%:

200e06 * 3600*24  / 2^32 * 25 / 2968775 * (1 - 0.03) = 0.03286384 btc

There's going to be a lot of variance in this figure. First, you have a low hashrate, so the variance in difficulty 1 shares produced per day will be more than for other miners, at about +/- 3%.

More importantly, if you mine at a pool that doesn't provide PPS, you're going to have to factor in the luck of the pool which will increase the variance in payout much more significantly. In this case, I'd average the earnings over a week or so (more for small pools).




 

Bitcoin network and pool analysis 12QxPHEuxDrs7mCyGSx1iVSozTwtquDB3r
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maunderingcabal
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January 27, 2013, 02:11:37 PM
 #24

My rate usually goes between 180 and 270 due to my laptop being in use (adding hash rate), my wife playing WOW (lowering it a little), and me browsing the internet inbetween. So a good average would be 200.

Code:
Pooled mining earnings = hashes / 2^32 * B / D * (1 - f)
Pooled mining earnings per day  =  hashrate * 24 * 3600 / 2^32 * B / D * (1 - f)           
B = current block reward
D = current mining difficulty
f = Pool fee

So, your expected earnings per day will be (at current difficulty = 2968775) and a pool fee of 2%:

200e06 * 3600*24  / 2^32 * 25 / 2968775 * (1 - 0.03) = 0.03286384 btc

There's going to be a lot of variance in this figure. First, you have a low hashrate, so the variance in difficulty 1 shares produced per day will be more than for other miners, at about +/- 3%.

More importantly, if you mine at a pool that doesn't provide PPS, you're going to have to factor in the luck of the pool which will increase the variance in payout much more significantly. In this case, I'd average the earnings over a week or so (more for small pools).


Thanks man, that really sheds some light on things.

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