Mining profitability formula

[QuantumTrading]

Hey Guys,

This may seem like a dumb question but honestly, I am stuck on this and finding various answers from all over, however, I am not finding what I need.

I need the formula for calculating bitcoin mining profitability based on block difficulty and hash rate, power costs and equipt costs will obviously be subtracted.

Few more questions, does the formula change with different coins?

I'm looking at a model like this, however, I also found out that it could change based on what payout scheme the pool is using, whether its PPLNS or PPS.

Reward = ((hashrate * block_reward) / current_difficulty) * (1 - pool_fee) * 3600

I have found tons of profitability calculators, however, I can't find the actual base formula or model they are using to calculate it.

What I need is basically the profit per Terahash given the current difficulty.

Thanks!

[fanatic26]

You realize that the profitability changes second to second with the price of bitcoin right? You cant use this information to forecast, it just doesnt work like that.

[QuantumTrading]

You realize that the profitability changes second to second with the price of bitcoin right? You cant use this information to forecast, it just doesnt work like that.

I do yes, the data from the miners will also be used with exchange price data. I will be using this to create a dataset that can be used to forecast using a neural network and other statistical analysis.

[itzazkrit]

I look at it differently than most.  I suppose I could be wrong, but makes sense to me for a realtime calculation....

BTC total daily payout is 12.5BTC * 6 times per hour * 24hours...on average = 1800BTC mined every day.  That has to be spread out, on average, evenly across then ENTIRE network.  Granted, luck is involved, so it isn't exactly even, but on average, it should be.

If network is running at 17,608,758 TH/s, and every TH gets an even share of the reward, then that would be 1800BTC / 17,608,758 TH/s = .00010222 BTC/(TH/s).  I then take that figure and multiply by number of TH for miner, and then I get daily BTC revenue.


I know all calculators use diff variable for calculation, but by using network hashrate, I think you should get roughly the same answer, and be more accurate by the day, than by just using difficulty variable as it only gets adjusted every two weeks, where-as with my method, its calculated at current network rate.  idk, maybe I'm completely wrong....Cheers!

Itza

https://imgur.com/a/wuPDj

[QuantumTrading]

I look at it differently than most.  I suppose I could be wrong, but makes sense to me for a realtime calculation....

BTC total daily payout is 12.5BTC * 6 times per hour * 24hours...on average = 1800BTC mined every day.  That has to be spread out, on average, evenly across then ENTIRE network.  Granted, luck is involved, so it isn't exactly even, but on average, it should be.

If network is running at 17,608,758 TH/s, and every TH gets an even share of the reward, then that would be 1800BTC / 17,608,758 TH/s = .00010222 BTC/(TH/s).  I then take that figure and multiply by number of TH for miner, and then I get daily BTC revenue.


I know all calculators use diff variable for calculation, but by using network hashrate, I think you should get roughly the same answer, and be more accurate by the day, than by just using difficulty variable as it only gets adjusted every two weeks, where-as with my method, its calculated at current network rate.  idk, maybe I'm completely wrong....Cheers!

Itza

https://imgur.com/a/wuPDj

Thanks a lot, that helps point me in the right direction.

I was thinking. The only way right now to get data for developers and data scientists on most coins is either run nodes and directly get stats by querying the blockchain directly, or use bitinfocharts and scrape data using a python web spider, its a major pain.

What would you guys think of a service that provides a json api for this type of data? I have been thinking about doing this for quite some time, just need to get the servers for hosting nodes and getting data. Would help us data scientists a lot when trying to get stats.

Keep an eye out, we are developing a pretty awesome new mining software for commercial-scale mines.

[itzazkrit]

Not sure if this is what you are talking about, but something like blockchain.info has? but for all coins?

https://blockchain.info/api

I dont know where the calculator sites get their info, but lots of times, it seems outdated.  I would guess running own node would be only way to get realtime realtime without going through service like blockchain.info

[QuantumTrading]

Not sure if this is what you are talking about, but something like blockchain.info has? but for all coins?

https://blockchain.info/api

I dont know where the calculator sites get their info, but lots of times, it seems outdated.  I would guess running own node would be only way to get realtime realtime without going through service like blockchain.info

Yeah its a major pain in the ass, I'm needing it for all SHA-256 coins that are currently being mined.

I resorted to writing a wrapper to pull statistics from bitinfocharts using Beautiful Soup and then parsing the html for the data. It works but I really did not want to do that as it adds to my coding load lol.

[Raymond_B]

Not sure if this is what you are talking about, but something like blockchain.info has? but for all coins?

https://blockchain.info/api

I dont know where the calculator sites get their info, but lots of times, it seems outdated.  I would guess running own node would be only way to get realtime realtime without going through service like blockchain.info

Yeah its a major pain in the ass, I'm needing it for all SHA-256 coins that are currently being mined.

I resorted to writing a wrapper to pull statistics from bitinfocharts using Beautiful Soup and then parsing the html for the data. It works but I really did not want to do that as it adds to my coding load lol.

Have you looked at coinwarz and whattomine's APIs? Easy enough to pull down JSON and play with the data.