Topic: A Personal Computer Mined How Many Bitcoin Per Day In 2009? 100? 250? 1700? - page 2. (Read 384 times)

I learned from bitcointalk by senior members that if you want to take profit, take profit like 90% of what you have and reserve 10% for something you even don't imagine will happen. It is like a lottery ticket and no risk because you already take profit includes your initial capital.

So it's worth to make a bet with 10% rest for something that can change your life. If it won't happen, you won't lose anything. In contrast, if you take profit with 100% coins you have, you will no longer have a life-changing ticket. I very agree with this advice and glad to learn it here.

Below strategy from JayJuanGee and bitmover is different but it's good one too.

• [ANN] JJG Sustainable Bitcoin Withdrawal Strategy
• https://bitcoindata.science/withdrawal-strategy

Neat!  This is the kind of stuff I've wondered about in the back of my head but never really sought out the answers to, and I appreciate the detailed explanation.

And here we are in 2024, where a bunch of shitcoins can still be mined using CPUs, GPUs, ASICs, and even hard drives but nothing comes close to bitcoin in terms of popularity or market domination.  If only I'd heard about it in the very early days and understood its significance (because as it stands, there was a disconnect between the two the way it happened for me anyhow), I'd be living a much different life right now.  In any case, it's wild to think about how easy it was to mine BTC then as opposed to now--the evolution from using a PC to high-dollar ASICs seems like something that would have taken place over decades instead of 15 years (in my mind at least).

Even the early faucets paid out what in hindsight was an incredible amount of bitcoin.  Even if you'd saved everything you received from faucets from back in 2015, you'd probably have a decent stash.  I hate thinking about this stuff.   

And imagine a guy staring at an old harddrive with a 10 000 Bitcoins on it, but he forgot the seed phrase of the wallet.....

Although the OP asked an interesting question, it is also very interesting to me that during the first 4 years as much as 50% of all Bitcoins were mined, and of that as much as 2.625 million in the first year.

Therefore, we can conclude that the first users were really privileged in some way, because not only could they mine with their personal computers, but they also had the opportunity to mine blocks with the highest rewards. It was, without any doubt, perhaps the most interesting time in the short history of Bitcoin, and the most fruitful period in someone's life if by any chance he saved the mined BTC for the future.

in 2009 each computer mined a block(solo mining, one cpu=one vote)

you can look at the first 1000 blocks (jan 9- jan19) so average 100 blocks a day
you can look at the next 2016 blocks (upto 3016) (jan19- feb4) is 17 days so average 118 blocks a day
and so on
and so on

then you can look at the "patoshi extranonce pattern" data, or just get extranonce from your own blockchain data
to see which blocks got solved in sequences (meaning same computer, progressing one block to next)
and you can see how many computers were involved over time via seeing how many different sequences were operating

for instance in the first 79 blocks, block 12 and block 65 was out of sequence, suggesting 1 computer mined 77 of the first 79 blocks which was 2 days so 39 blocks a day max mining in first couple days

you can then extrapolate more data for other days after it using the patoshi data/extranonce to kind of guess how many different systems were operating in 2009

---

for instance
i just thought of random block 5000.. and looked at the what day it appeared(feb20th)
 and found first block of that day 4932 and last block of day 5048 (uk time)
meaning 116blocks that one day

there were 5 separate sequences happening that day(5 computers)
where the best sequence solved 89 of the 116 blocks

so that random day i picked, had one computer getting 89*50=4450 coin

heres a screen shot of part of that days sequences of extranonce(red is blocknumber) to show 5 columns(computers) of different sequences

The man who bought pizzas with bitcoins stopped such trade because he was no longer able to mine thousands of bitcoin per day.

He opened for pizzas x bitcoins trade in May 2010 but stopped it in August 2010, just three months later. If we check Bitcoin network hashrate and difficulty, I believe there was sharp increase within three months from May to August 2010.

Your hash rate and the difficulty determine the rate at which you solve blocks even if you are the only one mining. A 3 MH/s miner will mine 60 blocks per day when the difficulty is 1, even if they are the only miner.

You will notice that in 2009 the average block time was higher than 10 minutes. Normally, the difficulty automatically adjusts in order to maintain a block time of 10 minutes, but there is a minimum difficulty of 1. In 2009, the total hash rate of the network was not high enough to find a block every 10 minutes at the minimum difficulty. In order to mine a block every 10 minutes with a difficulty of 1, you need a hash rate of about 7.2 MH/s.

If you are the only one mining like satoshi then it doesn’t matter what speed your processor is running at.

There is a block every 10 minutes on average so in a given day there is 144 blocks. Back then block reward was 50 so in total about 7200 should be produced daily.

If satoshi was the only person mining that’s how much he could mine max per day. If another person with a similar set up started to mine with satoshis, the rewards would be split between the two.

EDIT.

This is exactly where the "250 BTC/day" mentioned in my original post, was sourced. But that was Feb 16, 2010 and on that day the difficulty was 2.53. Which implies under the formula, even accounting for the fact he was only awake 16 hours per day, he should have been able to mine 790 BTC per waking day. Which is why I am confused. In theory, he should have mined the 250 BTC in just 5 hours. Maybe that is what he meant by "today?" Or perhaps he had an old computer that only had a hash rate of 1? The fact two blocks were mined within 2 minutes of each other but the other three blocks took the remainder of his waking day seems unusual.

Here is a famous quote from theymos from that time:


Since this was before the first halving, the block rewards were of course 50 BTC, so 5 blocks would yield 250 BTC. But, theymos also mentioned that his computer is turned off while sleeping...

Fascinating, thank you.

It sounds like you are saying that if someone used the same computer and their hash rate remained 3 MH/s, that when the difficulty was "2," they could mine 1/2 the amount, or 1,500 per day? And when it was 10, one could mine 300 per day? It's just a linear progression, if the hash rate remained constant?

If so, that is astounding. According to a website that tracks "difficulty" back to January, 2009, the difficulty rate remained "1" from inception until January, 2010. By my calculation, one person with a run of the mill Pentium II and a hash rate of 3, running 24 hours per day for 362 days (Jan 3 was the first block) would have mined 1,086,000 Bitcoin in 2009.

I don't know the exact amount they are eligible to mined as at then, but base on what we have today, there's a lot of development that has improved from the way mining used to be then to how it is today, starting from the devices used and the number of miner and the hash rate, competitive experience has made a wide margin from that time henceforth.

In 2009, the difficulty was 1. The number of blocks a computer could mine at the time varied depending on many factors, but a CPU miner had a hash rate of up to around 3 MH/s. With a difficulty of 1, that corresponded to a maximum of about 60 blocks per day, or 3000 BTC/day.

In 2010, the difficulty rose quickly as more people began mining, and so the number dropped. By the end of 2010, the difficulty was around 15000, so that same 3 MH/s CPU miner only mined 0.2 BTC/day.

BTW, the average time between blocks can be estimated with this:

time in seconds = difficulty * 2³² / hash rate

So, the average time to find a block for a 3 MH/s CPU at a difficulty of 1 is 1 * 2³² / 3000000 = 1432 seconds

I have always been interested in how difficult it was to mine BTC in 2009, but there seems to be no clear answer.

Various sources using various means of calculation come up with substantially different amounts. I've seen 100 BTC as a number, 150, 250, all supposedly from people who used regular home computers. The person who sold 10,000 BTC for $25 of pizza claimed in late 2010, twenty-two months after the Genesis Block, he was "no longer able to mine over 1,000 per day." One person online said 1,700 per day was possible with a Pentium II in 2009. There is a very big difference between 100 and 1,700 BTC per day.

Does anyone really know how many BTC someone could mine per day back in 2009 with a nice, personal home computer?

Was that same number per day still being mined in mid-2010 or had it become more difficult by that time?

Thanks!