Mining of bitcoin – it is a process in which cryptocurrency is produced. To use bitcoin, you should try to complete the “block” containing recent transactions. They are recorded in a digital Ledger called the blockchain. Once the block is completed, a certain number of bitcoins will be given as awards.
The transaction history of bitcoins is recorded in a digital Ledger, called the block chain. Because the block chain is public, anyone can access it. Data is stored online, so they are not vulnerable to attack by hackers or a Central failure. Each record or series of records in a block chain called a block. He goes to the network and is added to the block chain after the chain is accepted as a valid transfer.
Is it Possible to earn significant funds on the Bitcoin farm? According to experts, it depends on how much you want to spend initially. The profitability of bitcoin mining depends on many different factors.
In order to find out the prospects of earnings, has developed a special calculator. They calculate various parameters, for example, the cost of electricity and your equipment, as well as other variables, and then with this in mind, evaluate your projected income (respectively, allow you to estimate your possible earnings in bitcoin). Before you examine a brief example of how this is calculated, you should get acquainted with the basic parameters.
Hash – a mathematical problem, which should solve the computer miner. The hash rate – the rate at which resolved these problems. The more miners-miners are working in the Bitcoin network, the greater the level of Hash Rate. This value can also measure the productivity of your farm for Bitcoin mining. Today bilinska miners (super-computers) have different parameters. Their performance is indicated in the MH/s (mega-hash per second), GH/s (Giga), TH/s (Terra) and even PH/s (Peta).
Each time solved the above math problem, created a certain number of bitcoins. Their number one unit started with 50 and was gradually decreased by half every 210 000 blocks (for four years). More recently, the number of bitcoins generated each of them was equal 25. Recently, however, there was a decrease this numbers by half, and the reward was reduced to 12.5 bitcoins.
Since the Bitcoin network is designed to receive a certain number of bitcoins every ten minutes, the complexity of this task should increase, to make it possible to adjust to the increase in network Hash Rate. In fact, it boils down to one thing: the more miners join the mining, the harder it becomes earnings on cryptocurrency.
This is one of the main costs in the mining process. The operation of generating a Bitcoin farm consumes a lot of electricity. You need to find out your rate to calculate profitability. This can usually be determined on your monthly bill for electricity.
Each miner consumes different amounts of energy. Before the calculation of profitability will ensure that you know the parameters of their equipment. It is easy to find on the Internet. Power consumption is measured in Watts.
In order to get the currency you need to join the extractive pool. A group of miners that are combined for more efficient generate bitcoins. A platform that integrates them, is called a pool of production and requires certain fees for the maintenance of its activities. The pool manages the mining of bitcoins, and the income is distributed among team members depending on how much work was done by each miner.
When evaluating whether a mining farm for Bitcoin is profitable, you will need to determine the time frame. This means that the more time you use, the more cryptocurrency you earn.
This is Probably the most illusory and important variable of all. Its essence is that, because no one can really predict how the miners join the network, it is impossible to predict how difficult this will be in a few weeks, and especially months or years. In fact, it is one of the main reasons because of which nobody can guarantee, is beneficial to bitcoin mining.
The Second main reason – it is the conversion rate. The following is an example of how you can calculate the annual rate of decline of profitability and to evaluate seriously the increasing complexity. These calculations and reviews are based on Bitcoin farms.
Because nobody knows what the rate of BTC/USD in the future, it is difficult to predict whether bitcoin mining is profitable. If you are involved in generatingonly to be spent once earned, it does not cause great difficulties. But if you plan to convert earned bitcoins in the future to any other currency this factor will be of great value.
Today, one of the most advanced devices-miners – Antminer S9. This is what is known as setting the ASIC. It has a rate of production equal to 14 TH/s. If you use a simple calculator for bitcoins, you will see that in this case you will earn about 1 PTS per month. But of course, this calculation does not include the cost of equipment, electricity, paying for the pool etc. which are inevitably included in the costs Bitcoin farm. Step by step guide to forecasting the earnings requires to calculate all this data together. This can be done using the following statistics:
So, after 12 months, you will be able to get about $ 5,000. However, if you subtract the cost of the equipment, this figure will amount to about 3400 $. Of course, this result may be different depending on the cost of your electricity, changes in the complexity of production and, most importantly, changes in the price of bitcoin. Thus, you will probably be able to get rich mining bitcoin at home, if you buy some heavy duty equipment, but with very low energy costs. Performance and price farm for Bitcoin seriously intertwined, and to save money on plants you can't. Despite the fact that the home cryptocurrency mining – this is a costly business, there is another option that may be appropriate for you. It will help to get into the game at a lower rate.
Not so long ago a new concept called ‘cloud development”. This means that you are not buying physical equipment, but rather rent computing power from another company, and receive payment depending on how much energy you can use. This looks like a very good idea, as you don't have all the problems with buying equipment, storing it, cooling, etc.
However, when you do the calculation, it turns out it's not very profitable in the long term. If you offer unusually favorable conditions, it is probably a fraudulent proposal.
If you want to try out a real cloud-based development, you can use Genesis Mining – this is today the only company offering Bitcoin farm online which exists long enough and managed to prove that its actions are not a Scam.
Assume that you can get in the end, the profits from mining to Bitcoin farm, but only if you invest a lot of money in a good mining station (e.g. Antminer s9). If you don't have a lot of money and a lot of time, stay away from mining and just invest in the acquisition of bitcoins for the long term.
Another option that you may want to consider – is to develop Altcoin instead of Bitcoin. On the market today there are hundreds of varieties of this cryptocurrency, and some of them are still very easy to catch. The problem is that, because its types are many, it is hard to say which of them are worth to spend your time. According to specialists, a good Altcoin category – Litecoin, Dogecoin and Peercoin.
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