The theory is that "Transaction fees" will cover the cost of the infrastructure that processes the block chain. Those fees are embedded in each block and are presently dwarfed by the current block reward of 25BTC.
We'll have to see if that actually pans out, though we won't know for at least a decade or more.
Topic: HOW MUCH TIME DOWS IT TAKES TO MINE A BLOCK SOLO??? (Read 5097 times)
You will need about 2,625 TH/h in order to mine one block in a day. Now keep in mind, this does not calculate in the electricity you have to use along with whatever down time you are looking at. Mining solo is no use anymore unless you have a large bankroll sitting somewhere. Once the difficulty gets greater, it will take a lot more in order for you to mine profitably.
With difficulty rising will it result into end of bitcoin at some point?
Because mining will no longer profitable for miners which will tend to end to bitcoin mining at some point and will ultimately result to no longer confirmation of bitcoin blocks or mining of blocks.. So is bitcoin going to end??? Or will it be like difficulty will be resetted??
If am wrong correct me please
You will need about 2,625 TH/h in order to mine one block in a day. Now keep in mind, this does not calculate in the electricity you have to use along with whatever down time you are looking at. Mining solo is no use anymore unless you have a large bankroll sitting somewhere. Once the difficulty gets greater, it will take a lot more in order for you to mine profitably.
hello i am eager to know how much time it takes to mine a block solo???and at what rate 
please post related to topic...off -topic posts will be deleted
Thank You
please post related to topic...off -topic posts will be deleted
Thank You
You need some serious equipment for this mate! You need your own mining farm. We are talking about 50 BTCs reward here daily. That's hell of a lot money. Like Amph has said, electricity costs here are negligible compared to how much you need invested in the asics.
wrong.one block rewards 25 BTC not 50 BTC!
And soon it will be only 12.5 BTC per block
Mining a block is basically your computer receiving an unfinished number sequence, which is also given out to all the other miners, too. The blank spaces are called nonces, and people "hash" nonces (aka guessing them). When they get them correct, they unlock the "coinbase" which stores all the newly minted coins.
So basically, it could take a few days, or can be near-instant. It depends on if your device guesses the correct nonce combination.
The more hashing power your device has, the more it can guess. Therefore the higher chance you have.
Tl;Dr: it can take a hilariously long time, or can take less than a second. It depends on how lucky you are. But solo, it'll take a few days, usually.
So basically, it could take a few days, or can be near-instant. It depends on if your device guesses the correct nonce combination.
The more hashing power your device has, the more it can guess. Therefore the higher chance you have.
Tl;Dr: it can take a hilariously long time, or can take less than a second. It depends on how lucky you are. But solo, it'll take a few days, usually.
We are talking about 50 BTCs reward here daily.
That's two blocks
sorry but didnt knew that much about mining......can asiic miners do vanitygen???
They can't. Basically, maths used to compute addresses is different from maths used to mine.
It should be noted that while improbable, it is technically possible for any miner to solve a block. There are miners out there that solo mine with low-end miners (ub, etc) as "lottery miners" in the hopes that one day, their little low-power asic miner will solve a block.
Precisely...
any source you have that proofs your above statement....if yes please post here...will love to see it
Here you have it
It can take from some minuts, to a lot of years or never. It depends on hash power and how lucky are you. There are users with only 500 ghs that found more than 1 block in a month and if you look with actual difficulty how much time will it take to solve 2 blocks with this amount of ghs, will see that its a lot of time.
it depend on your hash power, if you want , for example, to mine it in one day you need about 3 peta
which is 0.75% of the network total hash
which is 0.75% of the network total hash
I wonder how long it would take to find a block by guessing the numbers with a pen and paper and somehow uploading it in time to the network to obtain your shares.
Anyone wanna do the math at current difficulty?
lol it will take your life guessing out with pen and paper.
it depend on your hash power, if you want , for example, to mine it in one day you need about 3 peta
which is 0.75% of the network total hash
which is 0.75% of the network total hash
I wonder how long it would take to find a block by guessing the numbers with a pen and paper and somehow uploading it in time to the network to obtain your shares.
Anyone wanna do the math at current difficulty?
I've already worn out the hard drive on two laptops mining...
I also have one laptop that is running extremely slowly xD
I cry tears of joy when it hits 10 mH/S...
I also have one laptop that is running extremely slowly xD
I cry tears of joy when it hits 10 mH/S...
lol tears of joy @ 10Mh/s
I've already worn out the hard drive on two laptops mining...
I also have one laptop that is running extremely slowly xD
I cry tears of joy when it hits 10 mH/S...
I also have one laptop that is running extremely slowly xD
I cry tears of joy when it hits 10 mH/S...
LOL i was mining with my notebook with 31 MH/s lolol ....thanks guys for helping me out....
....thanks guys for helping me out.... You'll destroy your notebook mining.
ASIC mining hardware has made GPU mining obsolete just like GPU mining had made CPU mining obsolete about 4 years ago.
sorry but didnt knew that much about mining......can asiic miners do vanitygen???
no but you can try to mine alt-coin, which are sha256, that have probably a low diff, because they are launched few days ago
but the profit might still be not that good
LOL i was mining with my notebook with 31 MH/s lolol ....thanks guys for helping me out....
....thanks guys for helping me out.... u cant be serious !!!
It should be noted that while improbable, it is technically possible for any miner to solve a block. There are miners out there that solo mine with low-end miners (ub, etc) as "lottery miners" in the hopes that one day, their little low-power asic miner will solve a block.
any source you have that proofs your above statement....if yes please post here...will love to see it
Well I'm one of them running either 27 BE's or one Jalapeno solo mining in the hopes that they may one day solve a block. Don't know if that counts as proof? Still I don't expect to find a block and I still wouldn't recommend anyone CPU or GPU mining. It takes too much electricity and too much wear and tear on a machine. BE's take to much electricity too but at least they are made for the purpose of mining.
Have fun,
Sam
There's plenty of proof. Just take a look at ck's solo pool thread: https://bitcointalksearch.org/topic/yh-solockpoolorg-1-fee-solo-mining-usade-251-blocks-solved-763510. 112 blocks found by solo miners. Some with high hash rates, others with low.
It's also exceptionally easy to figure out how long you would expect it to take to find a block. Realize that it is not a guarantee that you will find a block in that time, but that it is probable. As has been mentioned, you could theoretically find a block mining with your CPU, or never find a block at all mining with 1PH/s of hardware. However, it is exceptionally unlikely you will ever find a block mining with a CPU, and extremely likely that you will find a block if you had 1PH/s.
Here's the simplified version of the formula for you:
So, an example. The current network difficulty is 60883825480. Therefore, from the above formula we can deduce the following:
31MH/s (the speed you were getting with your laptop) would take approximately 267,481 years to find a block
1PH/s would take approximately 3 days.
It's also exceptionally easy to figure out how long you would expect it to take to find a block. Realize that it is not a guarantee that you will find a block in that time, but that it is probable. As has been mentioned, you could theoretically find a block mining with your CPU, or never find a block at all mining with 1PH/s of hardware. However, it is exceptionally unlikely you will ever find a block mining with a CPU, and extremely likely that you will find a block if you had 1PH/s.
Here's the simplified version of the formula for you:
Code:
Difficulty * 2^32 / hashrate = number of seconds to find a block
So, an example. The current network difficulty is 60883825480. Therefore, from the above formula we can deduce the following:
31MH/s (the speed you were getting with your laptop) would take approximately 267,481 years to find a block
1PH/s would take approximately 3 days.
It should be noted that while improbable, it is technically possible for any miner to solve a block. There are miners out there that solo mine with low-end miners (ub, etc) as "lottery miners" in the hopes that one day, their little low-power asic miner will solve a block.
any source you have that proofs your above statement....if yes please post here...will love to see it
It should be noted that while improbable, it is technically possible for any miner to solve a block. There are miners out there that solo mine with low-end miners (ub, etc) as "lottery miners" in the hopes that one day, their little low-power asic miner will solve a block.
LOL i was mining with my notebook with 31 MH/s lolol ....thanks guys for helping me out....
....thanks guys for helping me out.... You'll destroy your notebook mining.
ASIC mining hardware has made GPU mining obsolete just like GPU mining had made CPU mining obsolete about 4 years ago.
sorry but didnt knew that much about mining......can asiic miners do vanitygen???
LOL i was mining with my notebook with 31 MH/s lolol ....thanks guys for helping me out....
....thanks guys for helping me out.... You'll destroy your notebook mining.
ASIC mining hardware has made GPU mining obsolete just like GPU mining had made CPU mining obsolete about 4 years ago.
LOL i was mining with my notebook with 31 MH/s lolol ....thanks guys for helping me out....
....thanks guys for helping me out.... Jump to: