Topic: My own mining machine would be faster than professional miners? (Read 250 times)

There is no such thing as 'incoming transaction speed'. Transactions are broadcasted trougout the network in a matter of seconds.

If your fee (in sat/byte) is in the top 1 mb in the current mempool, you have a decent chance your tx will end up in the next block. I'm on my phone right now, if somebody didn't give you a full explanation by tomorrow morning, i'll try to explain in detail when i get in at work tomorrow morning..

The only condition is to develop chip that can solve sha256 faster (more effectively) than any other competitors chip. But this area was already explored by huge companies. Prepare couple of millions USDs for development and manufacture. Also be able to bear the risk you will not succeed.




I assume (based on your questions) that you do not understand how all this works.
Your transaction needs to be confirmed ( included in block ).
New block is found every ten minutes (in average) ... this timeframe is hardcoded in source code. There is also hardcoded formula which adjusts mining difficulty every 2016 blocks. So e.g. in case last 2016 blocks were found too quickly  (let's say 5 minutes average time beteween each block) the difficulty going to rise. And vice versa (if it took to much time to find those 2016 block the mining difficulty drops).
By this I wanted to say it does not matter how powerfull your miner is because bitcoin protocol is "self-adjusting" to keep the block time 10 minutes (in average).
find more info here: https://en.bitcoin.it/wiki/Difficulty


As LoyceV said. You would need to use higher ( above average ) tx fee so mires would include your transaction asap (in first block they find) ... but still you are limited by above said (10 minutes between blocks).

What you can do to measure speed?
Measure how long (in seconds) you transaction was in mempool (is't the place where all unconfirmed transactions are stored)
Snapshot:
A)-timestamp you receive transaction
B)-timestamp tx was confirmed (included in block)
Then: B - A = your transation time in seconds
 
or

use block heights:
Make snapshot:
C)-current blockheight (at time the transaction was sent)
D)-height of block where that transaction is included
Then: D - C  = number of blocks it took to confirm

 
 

Thank you for your update.
Is there any way I can track my current bitcoin incoming transaction speed?

Short answer: no.
If you want faster transactions, you'll have to increase the fees you use. If you want blocks to be found faster, running your own mining hardware isn't going to change that at all.

Hi,

Actually, we are running a ledger bitcoin servers for our bitcoin transactions. So I am looking for if we implement a bitcoin mining device can increase our transaction speed?. Right now we are not running any mining at the moment.

It's quite hard to understand what you're asking exactly.
Do you want to know wether or not you'll be able to make the ASIC you purchased run faster? In this case, you can experiment with the alternative firmware that's available for some of the bitmain products. You can also overclock your ASIC and/or make sure it runs in an optimal environment (heat, moisture, dust, fast network, low latency pool connection,...).

This being said, using alternative firmware and overclocking *might* harm your hardware... So do it at your own risk.
Also, overclocking *might* result in more hashes per second, however, the amount of Joules per Terrahash that's being used might also rise (costing you a lot more in power). It's perfectly possible that your ASIC running at 13.5 Th/s draws 1300 Watt, while the same ASIC running at 13.7 Th/s draws 1600 Watts (imaginary numbers)

Whether or not and under what circumstances my own mining machine would be faster than professional miners?