August 18, 2017 • • • • Here is the brutal truth about Bitcoin mining: There are WAY too many people around cryptocurrency market today that think few ASIC miners in a garage can make them a living. They say “I have free electricity. I will mine a Bitcoin per day and become a US dollar millionaire”. If only it were that easy If you’re serious about generating steady profit every month from mining bitcoins, you need to understand three simple things: • How long does it actually take to mine 1 bitcoin in 2017 • How much power are ASIC miners consuming per hour • It bitcoin mining profitable And today we will reveal the exact numbers (they are sweet). What is bitcoin mining In simple words: Transactions on the Bitcoin network get confirmed by computers that rival to solve cryptographic puzzles. This process is called mining alike the expression of gold miners that digging the ground because whoever solves the problem gets a reward.

At today's hashrate and prices, an investment of 2,223 (about $836,300 or 1467 BTC worth of) S3 miners would net you a block a day. All you need is ~16 cubic meters to house them, and 756 kilowatts of energy (more of each, for cooling, etc.).

With Minergate it´s not possible to mine Bitcoin in specific but you can. How many bitcoins can a basic computer produce per day? How can I earn 3 Bitcoins. Hi Guys, I am starting out to mine Bitcoins, I want to mine 1 Bitcoin per day. What/ how many equipment s will i need to mine 1 Bitcoin a day? What is the best mining. Apr 12, 2013 That ends up costing about $150,000 in power costs each day to mine the currency. [Hat tip to Bloomberg for reporting on the data.] That may sound like a lot, but miners on average are making money. According to Blockchain, miners are generating $470,000 in Bitcoin-related revenue per day.

To explain bitcoin mining think about it like playing in Minecraft: you have to get rid of blocks of data by solving math equations. The faster you do the better. The problem is that today mining became an extremely competitive industry, that individuals have very little chance of doing well in it. To acquire some of those sweat rewards people are willing to invest a lot to get machinery and expertise. If that’s you, here are some places to go for it. All the places you’d go to learn about Bitcoin also have areas where people talk specifically about mining, and a good place to find them all is on.

Just go to Resources, and click Community, then go to the Forums. For example, here’s the mining forum on bitcointalk.org. As usual, the knowledge and intelligence levels vary tremendously, so don’t take anything as absolute truth. There are also some good calculators for miners. Mining calculator Here we provide a great mining calculator that’ll show you how long it will take to get back your money after you buy the equipment. So for example, let’s say that we have an ASIC miner, the block erupter USB, and these are all the things that we’re paying for, the shipping cost, the electricity, and so forth. According to this calculator, we can actually not just make back our money in just a month (data from 2017), but generate a steady profit.

You can find more details on the page of. Notice: JavaScript is required for this content. One important thing to note for each piece of hardware is the hash rate. It’s measured in gigahashes per second. A gigahash is a billion calculations that the computer runs through for every second, and in this case, it runs through about 336 million calculations per second. One thing that that makes absolutely clear, is that an ordinary computer, like the one on your desk, has virtually no chance of competing.

If you just use the CPU or central processing unit you’d be lucky to get about one tenth of a gigahash per second. Some of the mining hardware available today gets thousands of gigahashes per second. Even specialized graphics processors, which are especially good at math can’t compete against mining chips. And the thing is, it’s an all or nothing situation.

You only get a block reward if you’re the first to solve the entire block. So, small players usually get nothing. That’s why miners band together in mining pools. They split up the problem, solve it cooperatively to win the race, and then divide the reward. This page at blockchain.info/pools shows you which mining pools are getting the most block rewards. The original Bitcoin paper was brilliant in so many ways, but I think its writer really missed the point with regards to mining.

The paper implies that mining would always be done by empowered individuals on their desktop computers, and it even mentions CPU power several times. The paper’s author also didn’t realize how quickly and completely mining would become the work of specialists.

Fortunately, there are resources available if you want to become one of them. What is an ASIC Bitcoin Miner? Back in the days it was possible to mine a bitcoin with a desktop computer or even laptop.

Now it’s became impossible simply because costs of energy consumed will be WAY more than the profit generated from mining. The help came from hardware developers, who created specialized products called Application Specific Integrated Circuits. What it basically does is utilizing much more hashing power from graphic cards per 1 hour. Modern ASIC miner is a computer, dedicated specifically for mining bitcoins, and consisting its own processors, memory and other blocks. Best Bitcoin miners comparison There are few important factors that take place when you want to find the best ASIC hardware to mine a bitcoin. Hash rate (or Capacity), we talked about it earlier, specifies the speed at which a compute is completing an operation in the Bitcoin code, measured in hashes per second. A higher hash rate therefore is better for overall performance. Efficiency – how efficient the miner is at utilizing electricity into bitcoin.

And the price – cheap miners are in general bad in power efficiency and therefore not the best choice for profitable mining. There are three main hardware suppliers for Bitcoin mining on the market: • Bitmain () – Chinese manufacturer that produces the line of Antminer models of Bitcoin miners. Founded in 2013 in Beijing, today Bitmain is staying among the world’s most known Bitcoin brands. • Spondoolies Tech – The company produced user-friendly Bitcoin devices – “just plug in and mine”.

Unfortunately, Spondoolies has ceased operations. • Canaan Creative ( ) – another Chinese manufacturer from Beijing that produce the second most efficient Bitcoin miner on the market – Avalon6. In 2017 Canaan announced Series A investment round of a $43 million to become market leader and get involved in artificial intelligence technology. Capacity: 13.5 Th/s Power Efficiency: 0.098 W/Gh Weight: 8.1 pounds Price: $1987 Appx.

BTC Earned per month: 0.36 Capacity: 4.73 Th/s Power Efficiency: 0.25 W/Gh Weight: 8.8 pounds Price: $479 Appx. BTC earned per month: 0.16 Avalon6 Bitcoin Miner Capacity: 3.5 Th/s Power Efficiency: 0.29 W/Gh Weight: 9.5 pounds Price: $499.95 Appx. BTC earned per month: 0.12 Conclusion Yes, you can’t mine a bitcoin per day. The cryptocurrency market today is way more competitive that it was back in the days. But still even in 2017 mining can be profitable.

Many small and big miners are contribute their power to a pool, which does the actual job, and then reward miners with a profit. How long does it take to mine 1 bitcoin will be depend on various factors. For example, Bitcoin difficulty rate, which is constantly increasing and requires more computing power, Power efficiency and Capacity of the ASIC miner. You can expect to mine around 0.1 – 0.4 BTC per 1 month with 1 ASIC miner, which is yet a great hassle free profit.

How much MHash does it take to mine 1 BTC A great question and it was asked on the Bitcointalk forum today. Here is the response I provided, which I think about sums it up: It depends on where the difficulty is. Today’s Total Network hash rate is: about 25 TH/s Difficulty is: 3,249,550 So about 7 GH/s would net you about 1 BTC per day.

However, once ASIC’s are delivered in a week or three, the hash rate will go up. If Avalon delivers next week they will be adding about 30 TH, some of the GPU will fall off. So lets assume the total Network has rate doubles, then the difficulty will also double. That means it will take double the hashing power. So it will take 14 GH/s to make 1 BTC. Butterfly labs is estimated to be delivering about 300 TH to the network. How Do People Mine Litecoin LTC. So if you figure 300 for BFL and 30 for Avalon and then figure many more ASIC orders will pour in, a safe next estimate will be at 500 TH.

Since that’s 20 times the current hash rate, you will need 140 GH to earn 1 BTC per day. Another way to look at it this there is a fixed rate of BTC that enter the market per day 25 BTC per Block * 6 blocks per hour * 24 hours per day = 3600 BTC per day. So you would need 1/3,600 of the current average hash rate to earn 1 BTC per day. Remember that the average hash rate for the previous two weeks, which is what determines the current difficulty. The difficult changes every 2016 blocks. The difficulty is used to steady the rate of Blocks found to about 1 every 10 minutes. So that works out to about a change in difficulty every 14 days.

There is an excellent calculator that you can here: For more information on Bitcoin Mining check out my new book: Bitcoin Mining Step by Step.