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What to Expect from Mining Crypto 2018
The first time Bitcoin was Introduced, we were simply careless. We were alarmed by its’ complexity and innovation. People thought Bitcoin would be just a flight of fancy. Bitcoin is all over the news and all over our minds, but until this day people tend to avoid it. People avoid engaging in Bitcoin Economy because of their insufficient knowledge of this field and the current market downtrend.
Day by day, the interest in Cryptocurrency is rising. Everyone knows something about Bitcoin, altcoins, Blockchain, mining operations and so on. The terminology is widespread and theoretical knowledge is growing its’ borderlines.
Bitcoin mining gained its’ popularity over the years. Even today, people are looking for a way to mine their own Bitcoin. For this, different ways were introduced to us. We will be talking about mining Bitcoin and altcoins. We will mention miners that mine Bitcoin, litecoin and several other cryptocurrencies.
There are also cryptocurrencies that you can’t mine. For example, Ripple. You can obtain Ripple by buying the currency from various exchanges. There is no option to generate XRP by mining. When the coin first launched, founders created 100 Billion XRP. Nowadays, making a transaction means destroying few coins. Coins like NXT, WAVES, FACTOM, and MAIDSAFE continue this list.
Options of mining cryptocurrency include mining with ASIC miner (for example, Antminer S9, Antminer R4), GPU and a CPU.
Starting from these forms of mining, I want to give you an approximate view of what your income might be if you really get into Cryptocurrency mining.
ASIC Mining
As for the ASIC miners. I think I can safely say that ASIC miners, to this day, are the most popular way of mining Bitcoin.
There’s two option for using ASIC miners.
1) You buy an ASIC miner(s) for yourself, put it in your house, garage, balcony. Or, find a company that rents some space for personal mining rig. Start mining bitcoin yourself.
2) You find a reliable Cloud Mining company. Buy a mining contract (hash rates) from the Company and start mining bitcoin with them.
Both have their benefits and drawbacks. But today, we are talking about the estimated earnings. Payouts can differ by countries. This is because of the Electricity costs. Due to the downtrend of the current Market, in the Countries where Electricity cost is 0.15 $/kwh, mining is not profitable. On the other hand, countries where electricity costs 0.10 $/kwh, for example, Georgia, are still profitable in Cryptocurrency mining. So be sure to do a little bit of research. I want to underline the fact that, if the cloud mining service provider is chosen correctly, both personal and cloud mining will get you about the same amount of Bitcoin.
The Internet is an amazing tool for research. The Internet is also a place where you can look for mining calculators. But be cautious. Not every calculator is accurate. Some of them, tend to show the optimistic image and serve as a promotion for the services the website is providing. Best way to calculate your earnings is to calculate it yourself.
How to calculate your daily, weekly, monthly or yearly payouts
There is an amazing platform, called WhatToMine. This is what we will be using to calculate our earnings. This Calculation method works for both, personal and cloud mining. The difference that you might get in the results depends on the cost of Electricity.
First, we need to learn about the specifications of the miner itself. I will explain this with one specific miner, Antminer S9 (13.5Th). This is the miner, Bitforx uses to mine Bitcoin. The specifications that we use, according to WhatToMine’s Bitcoin mining Calculator, are the Hash rate, Power (W), Cost of Electricity ($/kWh), Pool fee and Hardware cost. All the information provided in this article is based on Georgian prices and data.
First, we type in the Hash rate of Antminer S9 (13.5Th). The hash rate is 13 500 Gh/s (13.5 Th). The power, according to specifications, is 1323W, although this figure is subject to about 7% of variance.
Now, this is the part, where you need to conduct a little research. And if you already know the exact cost of the Electricity you pay, then feel free to fill in the blank called cost. That goes for the fee of the Mining Pool (Group of Cryptocurrency miners, who join their computational resources over a network, in order to achieve a better result) you choose to connect to, and the Hardware cost. BTC value is filled in automatically. If you wish to calculate your earnings in case the price goes up or down you can click the disable button and type in the value you want.
After filling all the blanks and typing the information we possess, we can click the calculate button and see the results down below. I used 13 500 for Hashrate, 1323 W for the power and 0.115 for the Electricity cost. The current value of BTC is 7353 USD (Aug 1, 2018).
According to the results, Antminer S9 (13.5 Th) will produce $3.65 daily. Our weekly payouts are going be $25.56. We are going to get $109.54 Monthly. And finally, after a whole year has passed we are going to have $1,332.79 to ourselves. This is how Bitforx Calculates its’ earnings for Bitcoin mining for every Customer.
For Litecoin lovers, Bitforx uses AntMiner L3 + for litecoin mining. You can repeat the steps given earlier. Remember to research the specifications for AntMiner L3. For Bitcoin Cash mining, we use AntMiner S9 (same as for Bitcoin).
But the most important strategy of getting involved in Cryptocurrency Economy is that, you shouldn’t sell your valuable coins like BTC, LTC, or other. Selling the coin means converting it to the fiat (for example, US dollar). This way, having a cryptocurrency loses its’ charm. If you want to see the real gain in the future, try holding on to your coin and investing it in something that will guarantee a regular income. Mining is one of the best solutions for this issue.
Note that these calculations are based on mean values, and the results may vary.
GPU Mining
GPU mining has been used in the mining process for many years now. Experts say that mining Bitcoin with GPU is losing its’ profitability. Still, it’s the second most popular way to mine a cryptocurrency. And there is still hope for altcoins. GPU stands for Graphics Processing Unit. GPU is responsible for handling display functions and video rendering system. Graphics card mining (easy way to say it) was popular in the early years of bitcoin mining adoption.
We will be using WhatToMine’s calculator for this one too. The principles are the same. You need to fill in the information, specification of your GPU (Graphics Processing Unit) and press the button called calculate.
The results are based on mean values. Best results will come if you fill in your hash rate and power consumption. There are also auto-filled boxes too, so you won’t have to research that too.
So let’s say we have a 1080 Ti GPU and we want to know what our earnings will be. Our coin of choosing will be Monero. In the first row, pick the 1080Ti. Type in the quantity of GPU (in this case 1) and Insert hash rates and powers. After that, press the button Calculate to see the results.
The results will show your earnings for several coins, compared to ETH. Scroll down to find Monero. Estimated rewards in 24h are 0.0055. You can see other data. Including Block time, Block rewards, etc. But for now, we want to know what our daily earnings will be.
CPU Mining
CPU mining, as you may already know, means mining a Cryptocurrency using a Processor (Central Processing Unit). CPU mining is actually how Bitcoin mining started. It was one of the easiest and cheapest ways to mine Bitcoin for a long time. Unfortunately, considering the Bitcoin difficulty, the CPU mining is not considered as profitable anymore. Bitcoin difficulty has grown monumentally since 2015 and it’s up to 5,949,437,371,610 GH/s from 520,569,941GH/s. It’s predicted that the Difficulty will grow by 9.23% and reach 6,498,428,244,757 at the end of 2018. You can still take your time to calculate your income by using CPU mining. The result will be a loss. Your electricity bills will outweigh the earnings and you will be losing money.
Bitcoin awareness is rising day-by-day, and no one wants to miss out on the fun. Mining is an easy way to be involved in the Bitcoin Economy. And this article was written to help you decide on how do you want to join this field. Now you know how to calculate your approximate earnings and what to expect while mining cryptocurrency.
Follow this outlines and instructions if you want to know what to expect from mining your favorite cryptocurrency.
Source: https://blog.bitforx.com/2018/08/07/what-to-expect-from-mining-crypto-2018/
Topic: [2018 - 08 - 07] What to Expect from Mining Crypto 2018 (Read 138 times)
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