miners prepare to be blown away with maths

[franky1]

total hashpower average 67million ghash
total coins produced per day 3600

so you want to know how much hash power you need to earn 1BTC a day
18611Ghash (18Thash)

so you want to know how much hash power you need to make 1BTC in a week
2658.7 Ghash (2.7Tgash)

based on costs of electric and mining equipment and the income reduction every 2 weeks due to difficulty. i do not recommend anyone telling noobs they can make money mining.

the days of pickaxe gold mining are over! (usb miners) its now for the well invested professional miners to buy excavators (asics).

i have had so many noobs telling me they were recommended to start mining... by other miners.

so will you all please stop

[tzortz]

What about the next difficulty will be a single digit for first time after a whole year?



ps. Where did you see the current has power is 67 million? As per gray , is 62 million.

[o3u]

single digit difficulty is bitcoin's way to trick noobs into investing in hardware so it can stab em behind the back next month when difficulty goes up record amounts.

[crazyearner]

Mining can be good but now days mining is over unless you got some hardcore equipment and you have free energy or pay very little for energy consumption.

Only way to brake even with your equipment is turning over to alt coins and even now all alt coins are pretty much dried up and used up. Guess the waiting game begins once again for more new coins to come out that  is if any new sha coins come along as it only seems to be scrypt and other algos now and even their drying up now with the new asics for scrypt out.

The only way forward eventually with mining will be on the cloud from corporate company's to buy contracts of at a cheap rate.

[mwizard]

Two comments

1) While the economics of buying a new Bitcoin miner can be questioned it is still very profitable to run most existing ASIC miners.  Each 1,000 Gigabytes of hash power will earn more than $1.10 per hour.  All recent miners cost less that this for electricity for the equivalent of 1,000 Gigahash/Hour.  

The main cost of mining is the initial capital cost.  Typically the initial cost of a new miner has been several times greater than the electricity cost for 12 months.  

Unless your miner is in a very expensive data centre very few ASIC miners will be turned off this year.  Some may change hands on eBay or elsewhere but they are unlikely to be turned off.

2) The rate of difficulty increase is unlikely to ever again be over 20%.  That is currently equivalent to a 13 Petahash increase in 11 days which does not appear likely to happen.  The largest ever increase in hash rates was 8 Petahash at the end of March.  

At the end of 2013 there was a mammoth technology change when ASIC miners appeared.  But over the past 6 months improvements have become slow and incremental.

I would expect the difficulty rate increase to be between 5 and 15% for the next few months falling to 5% or so be the end of the year.  If you graph the rate of increase each period it is obvious it is falling.  I know some mining profitability calculators show 20% difficultly increase till the end of the year but they are way out of date.

[tzortz]

single digit difficulty is bitcoin's way to trick noobs into investing in hardware so it can stab em behind the back next month when difficulty goes up record amounts.

Really? What is yor source? Or you just made it up? Huh?