32

One of the most common reasons for which miners go offline is when their profitability drops below the cost of electricity - this could either be the result of the BTC price dropping, or their local operating costs (costs including air conditioning, power, networking, hardware depreciation, etc.) rising, or the total network hashrate rising faster than they ...


28

A device that consumes N watts of power (and doesn't output electricity or some other form of energy) will eventually produce N joules of heat per second. Thus, if your goal is converting electricity to heat, every piece of hardware that consumes electricity is 100% efficient. It's completely irrelevant what happens with that electricity before it becomes ...


26

A typical USB block erupter will get 333MH/s under realistic conditions. Today, a share is worth about 1/156 of a penny and 333MH/s will get you a share every 13 seconds. That comes out to 43 cents per day per erupter, not counting the cost of electricity. Difficulty is going up, and thus profitability going down, around 25% per month. So you can figure ...


26

Every time I have asked Bitcoin experts about buying a "cloud mining" account, that is, paying fiat money to a company for them to mine Bitcoin for me, I get the response that it's a scam. Most of them are scams because it's almost impossible to verify that your money is used for mining. You need to trust a company that can do anything with the ...


23

First a bit of perspective on FPGA mining. ​ Around 2011 some miners started switching from GPUs to FPGAs, (Field Programmable Gate Arrays), after the first implementation of Bitcoin mining came out in Verilog, (a hardware design language that’s used to program FPGAs). The general rationale behind FPGAs is to try to get as close as possible to the ...


22

It means that there will be no significant speedup by implementing the algorithm in an ASIC, as compared to a CPU based implementation. This is usually achieved by requiring a lot of memory, which when implementing this on an ASIC, translates to needing lots of physical area on the chip. ASIC implementations derive their power from having many physically ...


19

The difference is that with cloud mining, all you are doing is lending the company money. And you are expecting them, for no rational reason, to pay you back an interest rate higher than they would have to pay if they took out the worst loans in existence. In the case of cloud mining, literally everything is done by the company. All they are doing is ...


15

An ASIC is another way of running a program or calculation or what have you (in our case mining) using a PCB/Hardware instead of Software running on a general purpose computer. GPUs are technically ASICs, their application being graphics processing and output. ASIC resistance means your crypto is more fairly distributed because their is no centralization ...


11

Any CPU can still be used to mine Litecoin, although much less effectively as a modern AMD GPU could. Mining with a CPU gives you very bad hashrate therefore I wouldn't recommend it. Even a high end CPU will not give you the hashrate of a mid range GPU. You should use a graphics card (GPU) to mine litecoins or switch to another coin Additional Information:...


11

Keep in mind that difficulty also evolves over time: the more hashes the network produces, the higher the difficulty becomes. As of this writing the difficulty is 148,819,199. By my computation, each additional 275GH/s rig that joins the network will increase the difficulty by about 40,000; if 4,000 of them are sold, the difficulty will more than double (...


11

It may be practical to use a miner to provide some of the heat for your home, bringing some miners into your home during the cooler months and moving them elsewhere during summer. It's pretty much 100% efficient at converting electric energy into heat energy. (vs. a heat pump being about 300% efficient1, moving existing heat from outdoors as well). Even a ...


9

There are memory intensive mining algorithms, but usually the "memory" being discussed is not of the DDR3 variety. That 64 GB of DDR3 RAM you have is an excellent resource for many computing tasks (and enough to make me jealous), but is also dramatically slower than the L1 and L2 cache physically on the chip with your CPU. This is the memory we're talking ...


9

TL;DR: ASIC input/output is the bold text below. No, the ASIC does not assemble a block. The block is assembled by a mining pool server. If you are solo mining you could let bitcoind assemble the block but you'd still need mining pool or proxy software in between to make a modern ASIC machine (stratum only) and bitcoind (getblocktemplate only) communicate. ...


9

The answer is constantly changing, but this is something you can calculate yourself. Look up the current Bitcoin difficulty value. Right now it is 460,769,358,091. Let's use scientific notation: 4.6e11. The difficulty determines the average number of hashes needed to mine one block. A minimum difficulty of 1 corresponds to 2^32 = 4.3e9 hashes, so we need ...


9

There's a couple of reasons I can think of: They might not think mining is profitable and are simply looking to sell hardware and treat BTC miners as a good target market, media attention probably means there's a lot of naive users that believe they can make huge profits by mining themselves. Once you scale up mining beyond a certain limit there can be ...


8

TL;DR. Bitcoin profitability is about choosing between buying BTC outright (Coinbase, or Bitstamp) or buying hardware ASIC miners and paying the ongoing electrical fees. Edit: To keep mining expenses low, you will need the cheapest form of electricity. This usually means coal in most regions. "Clean coal" doesn't exist. 10 years from now is a long time, ...


8

The part you are missing is that it is a preorder and the current estimate is that if you ordered now, you would likely not receive your mining hardware until April 2014. This site shows a good calculator and I have configured it to show the (lack of) profits you would make if you started mining with this miner starting in April: http://mining....


7

The mining difficulty is going up very fast. You are correct. But the mining industry is also stimulating the Bitcoin economy significantly. See this news story, for instance: KnCminer sells $3M of bitcoin mining equipment in 4 days My best answer to your chart is another chart: From: https://blockchain.info/charts/miners-revenue Even with the bitcoin ...


7

For anyone coming across this and wondering if USB miners are still profitable. Try this site. But short answer is not anymore. Bitcoin mining has become a big game for big players. Rather invest in big group buys, or convert to scrypt. Scrypt mining is mining alt-coins (Litecoin, Feathercoin, WorldCoin, etc). You cant scrypt mine with the Bitcoin Asic ...


7

Litecoin uses a different proof of work than Bitcoin, so that hardware won't be compatible(it won't be solving the right problems). One of the motivations of Litecoin was to make CPU mining viable by making it difficult to create efficient GPU/FPGA/ASIC miners, so it's unlikely that you can find specialized hardware for this purpose. I think that some GPUs ...


7

No, you can't. And this has nothing to do with the operating system. Your hardware has a bitcoin ASIC chip made only for doing Sha-256 calculations. Litecoin uses the Scrypt algorithm. Sha-256 and Scrypt are not the same, so what you are suggesting is impossible. You can mine other Sha-256 coins instead of Bitcoin.


7

Let's try to make a rough estimate. Intel's article Intel SHA Extensions gives some details on these instructions as well as sample code. The main feature is the sha256rnds2 instruction, which performs two rounds of SHA256, out of the 64 rounds that are needed to hash one 64-byte block. A Bitcoin header is 80 bytes long, so that's 2 blocks, and because ...


7

I set up my rasp pi b+ and U3 mining rig using the instructions in this forum post, with screen and cgminer. The command relevant to over clocking the raspi that I used is the following: sudo ./cgminer --bmsc-options 115200:0.57 -o POOL -u USERNAME -p PASSWORD --bmsc-voltage 0800 --bmsc-freq 1286 Those last two options (bmsc-voltage and bmsc-freq) are ...


7

The AntMiner S9i 13.5 TH/sec model requires 101.5 Amps DC. Since power (watts) is equal to voltage multiplied by amps, the total power consumed by the AntMiner is 1218 watts (+/- 10%). Note, this is regardless of whether that's AC or DC, and regardless of voltage. 1218 watts is 1218 watts, or if you run it for an hour, 1.218 KW/hr. In my case, that works ...


7

bitcoin had more power than the top 500 supercomputers This is a nonsensical comparison. Sure, nothing compares to the aggregate of all Bitcoin miners in quickly computing the last 32 bits of the double-SHA256 hash of particularly structured 80-byte inputs. But at the same time, Bitcoin mining hardware can also literally not do anything else. It can't ...


6

There are a few other GPUs that do a bit better according to this list: https://litecoin.info/Mining_hardware_comparison I think this is just based on user feedback to the Wiki. The ones with a lot more khash/s are multi-card setups. Really if you have free power you should mine with whatever you can afford, then add more cards after you have coins and ...


6

Lets see, following on from the other answer, you're going to need 6,400,000 TH/s. Currently you can buy the Antminer S9 which will give you about 13.5 TH/s, so you'll need a mere 475000 of them. If you are buying that many units I reckon you could negotiate a pretty good discount, if you don't cause an international shortage. Lets say you could get them ...


6

Heat Quality Not all heat is the same. The earth maintains a fairly constant average of 10 C near the surface, but you can't boil water with that. So the temperature of your heater makes a big difference for the uses you can apply it. If you want your hot water to get to 50 C, but your ASIC miner only generates 40 C of heat, then you are in for a tepid ...


5

For people reading through this in 2017+: Times have changed and a lot of higher end cards are now far more power efficient. I'm mining ethereum with a 1070 FTW card and I get a solid hashrate around 25-26 Mh/S and my temperatures never break 65 degrees (C) even with an 100 Mhz memory overclock and 75Mhz GPU overclock. As is common knowledge these days, ...


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