you could offer an 8 block fee estimate and a longer 2016 block one.
but your short term choice is good. If i used your calculator I would only use the shorter one.
Topic: How to calculate bitcoin earnings in FPPS (Read 188 times)
Thank you for your replies guys, you have been very helpful.
In case someone else may be interested you can see my updated formula below:
bitcoinPerDay = ((minerHashrate * (blockReward + avgRewardFee) * numberOfSecondsPerDay) / (estimatedNextDifficulty * 2^32)) * poolFeeMultiplier;
For reference:
I have used the API from BTC.com to calculate the average block fee reward of the last 8 mined blocks.
The results of my FPPS calculation are now also pretty close to the results of the mining calculator at https://btc.com/tools/mini-mining-calculator.
The accuracy may be improved by including more than 8 blocks into the average block reward fee calculation. I will be testing this, but for now I am quite happy with the performance.
In case someone else may be interested you can see my updated formula below:
bitcoinPerDay = ((minerHashrate * (blockReward + avgRewardFee) * numberOfSecondsPerDay) / (estimatedNextDifficulty * 2^32)) * poolFeeMultiplier;
For reference:
I have used the API from BTC.com to calculate the average block fee reward of the last 8 mined blocks.
- Documentation: https://btc.com/api-doc#Block
- Endpoint that I have used to get all blocks of a given date: https://chain.api.btc.com/v3/block/date/20200730
The results of my FPPS calculation are now also pretty close to the results of the mining calculator at https://btc.com/tools/mini-mining-calculator.
The accuracy may be improved by including more than 8 blocks into the average block reward fee calculation. I will be testing this, but for now I am quite happy with the performance.
As mikeywith has said no one knows what the next days tx fees will be for each block.
I have seen block fees over 3btc back in 2017
I have seen block fees over 1.5 btc this july.
you simply do not know the future when it comes to tx block fees.
last six blocks 641383 to 641388 were 1.39 to 2.03 btc
and that merely indicates the next six blocks
641389 to 641394 may be over 1 and less then 3 btc.
lets see what they are.
641389 fee was 1.76 btc
641390 fee was 1.54 btc
641391 fee was 1.59 btc
641392 fee was 1.55 btc
641393 fee was 1.97 btc
641394 fee was 1.57 btc
next six blocks should range from 1 to 3 btc
this is pretty much all you can do is short term predictions based on prior ones with no true accuracy but general trends would be okay.
In Howell New Jersey on Sept 1 it will be 99f with thunderstorms is a shot in the dark who knows.
In Howell New Jersey on July 30th if will be 91 f with thunderstorms a much better chance of being correct.
that is what you are up against.
I have seen block fees over 3btc back in 2017
I have seen block fees over 1.5 btc this july.
you simply do not know the future when it comes to tx block fees.
last six blocks 641383 to 641388 were 1.39 to 2.03 btc
and that merely indicates the next six blocks
641389 to 641394 may be over 1 and less then 3 btc.
lets see what they are.
641389 fee was 1.76 btc
641390 fee was 1.54 btc
641391 fee was 1.59 btc
641392 fee was 1.55 btc
641393 fee was 1.97 btc
641394 fee was 1.57 btc
next six blocks should range from 1 to 3 btc
this is pretty much all you can do is short term predictions based on prior ones with no true accuracy but general trends would be okay.
In Howell New Jersey on Sept 1 it will be 99f with thunderstorms is a shot in the dark who knows.
In Howell New Jersey on July 30th if will be 91 f with thunderstorms a much better chance of being correct.
that is what you are up against.
It is easy to calculate the block rewards because it is static (6.25 btc/block), the rest comes from the transaction fees which varies greatly and there is no way to figure out future blocks rewards, you could do something like taking the average block fees for the past month/year and get the average in %, if block fees are 10% then simply multiply your number by 1.1, but again all of these are rough estimations as long as you can't predict the future accurately.
I am currently working on a formula to calculate my bitcoin earnings for a 24h timeframe on BTC.com pool.
The formula I have come up with so far is the following:
bitcoinPerDay = ((minerHashrate * blockReward * numberOfSecondsPerDay) / (difficulty * 2^32)) * poolFeeMultiplier
The results I am getting are pretty good. They are very close to the results that the mining calculator at https://btc.com/tools/mini-mining-calculator is giving me.
At the moment my formula only works for PPS payout. Using the calculator I can see that in FPPS earnings are about 10-15% higher. I would like to know how I can include the FPPS-Reward/Transaction-Fee into this calculation.
Any hints are appreciated!
The formula I have come up with so far is the following:
bitcoinPerDay = ((minerHashrate * blockReward * numberOfSecondsPerDay) / (difficulty * 2^32)) * poolFeeMultiplier
The results I am getting are pretty good. They are very close to the results that the mining calculator at https://btc.com/tools/mini-mining-calculator is giving me.
At the moment my formula only works for PPS payout. Using the calculator I can see that in FPPS earnings are about 10-15% higher. I would like to know how I can include the FPPS-Reward/Transaction-Fee into this calculation.
Any hints are appreciated!
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