Calculate Bitcoins Mined Per Day - page 2.

jonnybravo0311

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Mine at Jonny's Pool

Quote from: ukzerosniper on August 07, 2014, 10:29:44 AM

Thanks Guys,

I am working out bills for us and the best way to optimise our power usage.

It is actually to aid my father and make a bullet proof calculator that given the correct variables can provide accurate data on power usage, electricity cost, BTC earned per day, value of BTC earned in £ and so on all in one form.

It’s optimised for the information he cares most about.

Once I have the formula updated, Ill post a copy on here so you can see where I’m at and provide any input / advice on modifications I should make to increase accuracy.

Thanks again.

Be sure to explain to your father that there is no "bullet proof" calculator because there are too many changing variables. Even the formula I posted provides nothing more than "expected" earnings per day in an ideal world under perfect circumstances. It does not take into account pool luck, transaction fees associated to blocks, etc. Everything is luck, and as such the best we can provide are probabilistic calculations.

The calculations become less and less accurate over time because they take more and more guesses. For example, nobody can tell you what the next difficultly will be. You can guess that it will increase 5% or 10% or 20%. Do you keep that same increase for every jump from now until the last block is mined? Do you put in variable jumps? Whatever you do, you're just making a guess

What about BTC->fiat? That changes every second. Electricity rates are variable. Power usage depends on the efficiency of the power supply, the power delivery, the miners themselves. All variables.

TLDR: it's guess work. Make sure dad gets that.

ukzerosniper

newbie

Activity: 43

Merit: 0

Thanks Guys,

I am working out bills for us and the best way to optimise our power usage.

It is actually to aid my father and make a bullet proof calculator that given the correct variables can provide accurate data on power usage, electricity cost, BTC earned per day, value of BTC earned in £ and so on all in one form.

It’s optimised for the information he cares most about.

Once I have the formula updated, Ill post a copy on here so you can see where I’m at and provide any input / advice on modifications I should make to increase accuracy.

Thanks again.

jonnybravo0311

legendary

Activity: 1344

Merit: 1024

Mine at Jonny's Pool

The formula is very simple:

Code:

BTC earned per day = Block Reward / (Difficulty * 2**32 / hash rate / seconds in a day)

So, if in Excel, just put each value in a cell:
25 is block reward
18,736,441,558 is difficulty
2**32 is constant
your hash rate (or whatever hash rate you want)
86400
% increase in difficulty
days between increases
total days to consider

As has been pointed out, you can fetch the difficulty from calls to blockchain.info, or you can just change it manually for when you want to do the calculation. Then, you'd just run the formula over and over again having it change the difficulty and recalculating earnings per day for the time period you specified.

There are any number of calculators online that already provide this level of information. For example, bitcoinwisdom.com has a mining calculator to show ROI with any number of editable inputs, including conversion from BTC->USD, pool fees, power costs, etc. Not sure why you're looking to reinvent the wheel, but given the formula above and the values for the cells, you certainly can.

odolvlobo

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Quote from: ukzerosniper on August 07, 2014, 08:05:42 AM

Quote from: odolvlobo on August 06, 2014, 05:37:56 PM

Daily revenue = H x 25 x 600 x 65535 / 2⁴⁸ / D x 6 x 24
where H is the hash rate (H/s) and D is the difficulty

In this example, can you clarify a couple of items so that I can fully understand the calculation?

65535 / 2⁴⁸ / D is the probability of a single hash solving a block
600 x 6 x 24 is the number of seconds in a day

cp1

hero member

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Stop using branwallets

Yep that's it

ukzerosniper

newbie

Activity: 43

Merit: 0

Quote from: cp1 on August 06, 2014, 01:04:18 PM

Code:

Mining start date (fill in)
Difficulty (fill in)
Hash Rate / GHsec^1 (fill in)
BTC/hr = 25/((B2/(B3*1e9))*2^32/3600)
days at this difficulty (fill in)
BTC at this difficulty level = B4*24*B5

Fill right with difficulty increasing by whatever you predict and you can set the days at this difficulty to be 12, 14 whatever you predict.

Could you clarify this for me. If I were to use this in excel, for your formula to work, would it be as follows.

Cell B1 Mining start date
Cell B2 Difficulty
Cell B3 Hash rate of my gear
Cell B4 BTC Per Hour
Cell B5 Days at this difficulty level

In order to be as accurate and clear as possible, could you attach a sheet with the formula working?

Thanks.

ukzerosniper

newbie

Activity: 43

Merit: 0

Quote from: odolvlobo on August 06, 2014, 05:37:56 PM

The network hash rate is not known. The value is estimated based on the rate at which blocks are being found.

You must determine the rate at which bitcoins are being generated by looking at the rate in the recent past and extrapolating that into the future.

Bitcoincharts.com says that blocks have been produced at the rate of 6.7 per hour. That translates to 4020 BTC per day.

If you want to know how much a miner will mine per day at the current difficulty, use this formula:

Daily revenue = H x 25 x 600 x 65535 / 2⁴⁸ / D x 6 x 24

where H is the hash rate (H/s) and D is the difficulty

In this example, can you clarify a couple of items so that I can fully understand the calculation?

Is H = the hash rate of my miners?
25 = the number of BTC per block
600 = ?
65535 = ?
2^48 = ?
D = network difficulty
6 = ?
24 = ?

Omikifuse

legendary

Activity: 1834

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There are some online calculators for that, for example:

http://www.bitcoinx.com/profit/

Not sure if it helps, or if it is wht you want

odolvlobo

legendary

Activity: 4466

Merit: 3391

The network hash rate is not known. The value is estimated based on the rate at which blocks are being found.

You must determine the rate at which bitcoins are being generated by looking at the rate in the recent past and extrapolating that into the future.

Bitcoincharts.com says that blocks have been produced at the rate of 6.7 per hour. That translates to 4020 BTC per day.

If you want to know how much a miner will mine per day at the current difficulty, use this formula:

Daily revenue = H x 25 x 600 x 65535 / 2⁴⁸ / D x 6 x 24

where H is the hash rate (H/s) and D is the difficulty

FUR11

sr. member

Activity: 378

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FURring bitcoin up since 1762

Quote from: ensurance982 on August 06, 2014, 01:28:06 PM

Quote from: ukzerosniper on August 06, 2014, 11:57:56 AM

Hi Guys,

I am trying to create an excel formula to calculate bitcoins earned per day.

I would like to incorporate the following factors.

Current Difficulty
Current Network Hash Rate
Current Block Reward
Current Block Frequency

Once I have got the base formula working for bitcoins per day, I would then like to calculate bitcoins earned over a 12month period with a Difficulty increase which I can input. For example, I would input 5% increase per month, I would then see the result of that.

I know this is not anything other than a vague guide, but I would like to get it worked out.

Any help on this would be fantastic.

Do you want to calculate the bitcoins you would mine given a specific hash rate? Or do you want to calculate the bitcoins that will probably be mined in that amount of time? To calculate the latter would be really simple, since you'd only have to divide the time by 10 minutes and multiply that number by 25 (current reward). Since 25 BTC are being created every 10 minutes (mean)

yeah exactly. The amount of bitcoins that's being generated or distributed as a block reward is designed to stay the same, at least approximately. If the hash rate is rising, the amount of bitcoin that are being generated, is actually higher than 25 per 10 minutes.

ensurance982

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Trust me!

Quote from: ukzerosniper on August 06, 2014, 11:57:56 AM

Hi Guys,

I am trying to create an excel formula to calculate bitcoins earned per day.

I would like to incorporate the following factors.

Current Difficulty
Current Network Hash Rate
Current Block Reward
Current Block Frequency

Once I have got the base formula working for bitcoins per day, I would then like to calculate bitcoins earned over a 12month period with a Difficulty increase which I can input. For example, I would input 5% increase per month, I would then see the result of that.

I know this is not anything other than a vague guide, but I would like to get it worked out.

Any help on this would be fantastic.

Do you want to calculate the bitcoins you would mine given a specific hash rate? Or do you want to calculate the bitcoins that will probably be mined in that amount of time? To calculate the latter would be really simple, since you'd only have to divide the time by 10 minutes and multiply that number by 25 (current reward). Since 25 BTC are being created every 10 minutes (mean)

cp1

hero member

Activity: 616

Merit: 500

Stop using branwallets

Code:

Mining start date (fill in)
Difficulty (fill in)
Hash Rate / GHsec^1 (fill in)
BTC/hr = 25/((B2/(B3*1e9))*2^32/3600)
days at this difficulty (fill in)
BTC at this difficulty level = B4*24*B5

Fill right with difficulty increasing by whatever you predict and you can set the days at this difficulty to be 12, 14 whatever you predict.

ukzerosniper

newbie

Activity: 43

Merit: 0

Thanks juju,

I would really like to sort the formula out so that I can incorporate it into my spreadsheet.

If anyone can help, I'd be really grateful.

Thanks

juju

sr. member

Activity: 381

Merit: 250

Quote from: ukzerosniper on August 06, 2014, 11:57:56 AM

Hi Guys,

I am trying to create an excel formula to calculate bitcoins earned per day.

I would like to incorporate the following factors.

Current Difficulty
Current Network Hash Rate
Current Block Reward
Current Block Frequency

Once I have got the base formula working for bitcoins per day, I would then like to calculate bitcoins earned over a 12month period with a Difficulty increase which I can input. For example, I would input 5% increase per month, I would then see the result of that.

I know this is not anything other than a vague guide, but I would like to get it worked out.

Any help on this would be fantastic.

https://blockchain.info/stats

The above stats are for each 24 hour period

You can utilize the API that Blockchain.info and other sites have to calculate this stuff in other applications. Alternatively you could just run bitcoin-d and get information from it periodically.

ukzerosniper

newbie

Activity: 43

Merit: 0

Hi Guys,

I am trying to create an excel formula to calculate bitcoins earned per day.

I would like to incorporate the following factors.

Current Difficulty
Current Network Hash Rate
Current Block Reward
Current Block Frequency

Once I have got the base formula working for bitcoins per day, I would then like to calculate bitcoins earned over a 12month period with a Difficulty increase which I can input. For example, I would input 5% increase per month, I would then see the result of that.

I know this is not anything other than a vague guide, but I would like to get it worked out.

Any help on this would be fantastic.

Topic: Calculate Bitcoins Mined Per Day - page 2. (Read 6997 times)