Bitcoin Forum
November 19, 2017, 03:29:00 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Beginners guide: actual maximum mining earnings + best paying pools  (Read 6330 times)
ronny2014
Newbie
*
Offline Offline

Activity: 8


View Profile
December 17, 2014, 01:03:46 AM
 #1

Hi Bitcoin-Vets and Newcomer,

i do bitcoin mining myself for 4 weeks and have written a review of my experiences, how much you can earn actually with bitcoin mining, and a pool comparison with live payout results of the last 14 days to find the actual best paying mining pool for bitcoins.

I want to share my experiences and know-how with you and also added some information which can be useful especially for people like me beeing new to bitcoin mining with own hardware, i hope it helps you to earn more and avoid some failures i made.

https://bitcoinsfaq.wordpress.com/2014/12/17/bitcoin-mining-howto-best-paying-pool/

Thank you for reading! If you have any suggestions or find something wrong in my review, please let me know.

regards,
ronny

Coinlancer is Disrupting the Freelance marketplace!
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1511062140
Hero Member
*
Offline Offline

Posts: 1511062140

View Profile Personal Message (Offline)

Ignore
1511062140
Reply with quote  #2

1511062140
Report to moderator
1511062140
Hero Member
*
Offline Offline

Posts: 1511062140

View Profile Personal Message (Offline)

Ignore
1511062140
Reply with quote  #2

1511062140
Report to moderator
digicoinuser
Legendary
*
Offline Offline

Activity: 1036



View Profile WWW
December 17, 2014, 02:24:40 AM
 #2

Nice article.


▄██████████████████
███████████████████
███████████████████
█████████████████
███████████████
████████████████
████████████████
█████████████████
███████████████████
████████████████████
█████████████████████
▀████████████████████
Bazista®
██ █  ██ ██
██   ██  ██
██  ██   ██
██ ██  █ ██
██ █  ██ ██
██   ██  ██
██  ██   ██
██ ██  █ ██
██ █  ██ ██
██   ██  ██
██  ██   ██
██ ██  █ ██

██ █  ██ ██
██   ██  ██
██  ██   ██
██ ██  █ ██
██ █  ██ ██
██   ██  ██
██  ██   ██
██ ██  █ ██
██ █  ██ ██
██   ██  ██
██  ██   ██
██ ██  █ ██
|||
Hoff_87
Newbie
*
Offline Offline

Activity: 3


View Profile
December 17, 2014, 09:36:19 AM
 #3

Cheers mate, very helpful info  Smiley
cheekychap
Full Member
***
Offline Offline

Activity: 182


View Profile
December 17, 2014, 01:13:48 PM
 #4

Hi Bitcoin-Vets and Newcomer,

i do bitcoin mining myself for 4 weeks and have written a review of my experiences, how much you can earn actually with bitcoin mining, and a pool comparison with live payout results of the last 14 days to find the actual best paying mining pool for bitcoins.

I want to share my experiences and know-how with you and also added some information which can be useful especially for people like me beeing new to bitcoin mining with own hardware, i hope it helps you to earn more and avoid some failures i made.

https://bitcoinsfaq.wordpress.com/2014/12/17/bitcoin-mining-howto-best-paying-pool/

Thank you for reading! If you have any suggestions or find something wrong in my review, please let me know.

regards,
ronny



Nice article. To add to it, I have been on Mutipool, I think its a great mining pool to get into Smiley
You could also look into getting a cloudmining service, if you dont want to mine.

ronny2014
Newbie
*
Offline Offline

Activity: 8


View Profile
December 17, 2014, 10:05:16 PM
 #5

Rehi,

thanks for your comments Wink

@cheekychap:

do you mean multipool.us ? i cant find them here:

https://blockchain.info/en/pools

so i just added pools who contribute direct shares to bitcoin network, maybe multipool.us is a hidden contributor or a sub-pool of one of the bigger pools. but i will send some GH/s there and look whats in for me in earning bitcoins.

i just figured out i got a share of 0.002 btc in p2p.antpool.com (the p2pool version of antpool i send for 1 hour 2 TH/s to as a mistake) and i will switch tonight at 0:00 a.m. for 24hours 2 TH/s to p2p.antpool.com and see what the result is. actually i mine for 7 days with a local (amsterdam) p2pool node but i didnt get a share yet (i reduced power there to 180gh/s)

maybe i'll write a seperate post about scrypt mining pools, but actually my impressions are that its even harder there to earn money.

i made already some experiences (also for 4 weeks) in cloud mining with cloudminr.io, hashprofit.com and cloud.zenminer - the payouts from cloudminr.io and hasprofits are very good (a bit too good for me to last very long), zenminer has a maintenance fee which erases almost all of my earnings. so with cloudminr.io and hashprofit i am not sure if it is scam. and with all 3 i am not sure they will have a very long life. internet is a world where you have to be careful if it is all true - as i said i dont trust anything i cannot touch or see with my own eyes. cloudmining can be a virtual world because you never see and touch the hardware. so be careful to not invest too much there.

i invested a sum of about 1 BTC in these cloudmining tests, but i won't invest more - if the payouts last for another 6 month i am breakeven, if longer than i am happy, but for me its not something i would bet big.

regards,
ronny
kano
Legendary
*
Offline Offline

Activity: 2268


Linux since 1997 RedHat 4


View Profile
December 17, 2014, 11:22:23 PM
 #6

Sigh, yet another pool review that doesn't understand statistics.

Luck is a measurement of the past, and doesn't affect the future.

Your non-pure-PPS stats are luck based.

Pool: https://kano.is Here on Bitcointalk: Forum BTC: 1KanoPb8cKYqNrswjaA8cRDk4FAS9eDMLU
FreeNode IRC: irc.freenode.net channel #kano.is Majority developer of the ckpool code
Help keep Bitcoin secure by mining on pools with full block verification on all blocks - and NO empty blocks!
ronny2014
Newbie
*
Offline Offline

Activity: 8


View Profile
December 17, 2014, 11:28:01 PM
 #7

ok so i read you agree with my maximum earnings per hash rate contribution to bitcoin network depending on actual difficulty.

you disagree with my pool earning results.

what would be your numbers ?

believe the fees the networks tell and multiply with statistical outcome ? i believe in real outcome. what is your statistical day range you would believe ?

regards,
ronny
kano
Legendary
*
Offline Offline

Activity: 2268


Linux since 1997 RedHat 4


View Profile
December 18, 2014, 01:35:05 AM
 #8

ok so i read you agree with my maximum earnings per hash rate contribution to bitcoin network depending on actual difficulty.

you disagree with my pool earning results.

what would be your numbers ?

believe the fees the networks tell and multiply with statistical outcome ? i believe in real outcome. what is your statistical day range you would believe ?

regards,
ronny
Your blog page is the real outcome based on luck for anything but true PPS.

You'd have to remove the luck factor to be able to provide anything but "yet another meaningless pool comparison"

Pool: https://kano.is Here on Bitcointalk: Forum BTC: 1KanoPb8cKYqNrswjaA8cRDk4FAS9eDMLU
FreeNode IRC: irc.freenode.net channel #kano.is Majority developer of the ckpool code
Help keep Bitcoin secure by mining on pools with full block verification on all blocks - and NO empty blocks!
ronny2014
Newbie
*
Offline Offline

Activity: 8


View Profile
December 19, 2014, 03:19:16 PM
 #9

good morning and thanks for your answer.

> Your blog page is the real outcome based on luck for anything but true PPS.

no. its not based on luck, but luck is a part to consider. of course luck plays a big role when i measure real outcome for 14 days, but lateron i will try another approach which i use longer time range and try to eliminate as much luck as possible. so you can always say pah it luck, it nothing worth. or you can try to get as close to the expected value as you can. so lets go.

sigh, okay i try to explain the difference between luck and expected value and what i want to tell with my review :

there is a good explanation of expected value at wikipedia:

"In probability theory, the expected value of a random variable is intuitively the long-run average value of repetitions of the experiment it represents. For example, the expected value of a die roll is 3.5 because, roughly speaking, the average of an extremely large number of dice rolls is practically always nearly equal to 3.5. Less roughly, the law of large numbers guarantees that the arithmetic mean of the values almost surely converges to the expected value as the number of repetitions goes to infinity. The expected value is also known as the expectation, mathematical expectation, EV, mean, or first moment."

so i stated at least 2 times in my review, that of course 14 days does not really fit the law of large numbers. thats why i asked you which date range you would suggest for being a large number where in my results the expected value would be more exact. that the expected value is always influenced by luck is true per definition, thats why expected value converges to a value, and cannot be exactly measured in this case.

so you cant say slush is better or antpool is better.

thats why i wrote that the trend is interesting. and the trend is, that slush and antpool have good earning values for bitcoin miners, and that ghash with a high probability is some pool which has hidden fees or some other things decreasing your output. i also sent my hashing power to GHASH when it was lucky and found 28 blocks (11th december) and when it was unlucky and only found 20 blocks (10th december).

so here is my approach for eliminating luck as much as possible, maybe you can add a suggestion for eliminating luck more, let me know and i will change the setup again.


since i only have 1 Antminer S4 i cant do this experiment with it, but i have 2 of my Antminer S3 with the same setup, kernel versions and an average almost identical hasrate of 454 GH/s so my experiment will be based on comparing 2 pools - if i had more identical machines i could add more pools, but by now we will compare the 2 pools GHash and Slush.

i now will use my continued numbers of average outcome per block after i sent 1 S3 for at least 4 hours to slush and when i sent the other S3 for at least 4 hours to GHASH at the same time.

experiment starts now, 18th december 11:54 am CET, as of 18th december 3:54 pm CET (when the full share power in both pools are build up) i will count all blocks, norm them to 25 BTC and state the normed outcome of Slush and GHASH and calculate the average earnings per day with these networks. you can see now, about 1 day after starting the experiment, the variation and luck factor is VERY high, but i think after 2 weeks or 2 month we will get a nice converging expectation value of the real outcome of both pools. i will also add a chart the next days that you can see the converging values better evolve with the law of large numbers.

GHASH has -because of his size - a fast PPLNS system where your power is fully build up in 4 hours, and slushs system is also building up your full power in 4 hours (maybe 3 hours would fit also, but i want to keep it as "unlucky" as possible, so 4 hours.)

wait! we also eliminate the additional transaction fees by setting each block value for this comparision only to 25 BTC, thats what i call "block value norm" and "my BTC norm" and "sum BTC norm". we also keep in mind, that slush has a 2% pool fee, and GHASH has 0% pool fee so we expect that the expected earning value of slush must be in the long run 2% below the expected earning value of GHASH.

so here is the live review:

https://bitcoinsfaq.wordpress.com/2014/12/19/bitcoin-mining-2-longtime-slush-and-ghash-mining-pool-race-started/

i will update my post at least once a day, so you can watch this experiment life.

regards,
ronny







zhiebot
Newbie
*
Offline Offline

Activity: 10


View Profile
December 25, 2014, 05:04:32 PM
 #10

nice article iam loveit iam newbie in this bitcoin but now i know which pool i will chose thx before for your article
Sam the Man
Newbie
*
Offline Offline

Activity: 28


View Profile
December 26, 2014, 09:25:47 PM
 #11

nice article some real interesting stuff
Sitarow
Legendary
*
Offline Offline

Activity: 1680



View Profile
December 27, 2014, 04:30:05 PM
 #12

Hi Bitcoin-Vets and Newcomer,

i do bitcoin mining myself for 4 weeks and have written a review of my experiences, how much you can earn actually with bitcoin mining, and a pool comparison with live payout results of the last 14 days to find the actual best paying mining pool for bitcoins.

I want to share my experiences and know-how with you and also added some information which can be useful especially for people like me beeing new to bitcoin mining with own hardware, i hope it helps you to earn more and avoid some failures i made.

https://bitcoinsfaq.wordpress.com/2014/12/17/bitcoin-mining-howto-best-paying-pool/

Thank you for reading! If you have any suggestions or find something wrong in my review, please let me know.

regards,
ronny



Thank you for participating in the community.

Keep it up.
AllTheBitz
Full Member
***
Offline Offline

Activity: 228



View Profile
December 27, 2014, 05:25:31 PM
 #13

very nice read thanks

▓▓▓▓   New Real-time Cryptocurrency Exchange            → CREATE  ACCOUNT ▓▓▓▓
▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅  BIT-X.com  ▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅
▓▓▓▓   Supported Currencies: BTC, LTC, USD, EUR, GBP → OFFICIAL THREAD ▓▓▓▓
BTC-TMXSTAR
Full Member
***
Offline Offline

Activity: 224

My English is very BAD, Sorry :<


View Profile
December 27, 2014, 05:27:43 PM
 #14

Hi Bitcoin-Vets and Newcomer,

i do bitcoin mining myself for 4 weeks and have written a review of my experiences, how much you can earn actually with bitcoin mining, and a pool comparison with live payout results of the last 14 days to find the actual best paying mining pool for bitcoins.

I want to share my experiences and know-how with you and also added some information which can be useful especially for people like me beeing new to bitcoin mining with own hardware, i hope it helps you to earn more and avoid some failures i made.

https://bitcoinsfaq.wordpress.com/2014/12/17/bitcoin-mining-howto-best-paying-pool/

Thank you for reading! If you have any suggestions or find something wrong in my review, please let me know.

regards,
ronny



Does Antpool is profitable than Discus Fish?
picolo
Hero Member
*****
Offline Offline

Activity: 756


🌟ATLANT ICO 24hr LEFT🌟


View Profile
December 27, 2014, 08:57:51 PM
 #15

Hi Bitcoin-Vets and Newcomer,

i do bitcoin mining myself for 4 weeks and have written a review of my experiences, how much you can earn actually with bitcoin mining, and a pool comparison with live payout results of the last 14 days to find the actual best paying mining pool for bitcoins.

I want to share my experiences and know-how with you and also added some information which can be useful especially for people like me beeing new to bitcoin mining with own hardware, i hope it helps you to earn more and avoid some failures i made.

https://bitcoinsfaq.wordpress.com/2014/12/17/bitcoin-mining-howto-best-paying-pool/

Thank you for reading! If you have any suggestions or find something wrong in my review, please let me know.

regards,
ronny



Nice calculations : So your expected daily income with 2TH/s is 25.05 (i use this average block value for miners) bitcoin * 0.00101980460 = 0.02554610523 Bitcoin.

You can get some accurate calculations here https://bitcoinwisdom.com/bitcoin/difficulty

lulu2003
Full Member
***
Offline Offline

Activity: 123


View Profile
December 28, 2014, 02:46:21 PM
 #16

nice blog!
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!