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Topic: Personal Mining Log - Lots of Charts! (Updated: May 18) (Read 2226 times)

member
Activity: 96
Merit: 10
NOW
It all depends what "client" you're referring to - a pool miner or the vanilla Bitcoin client. When you mine in a pool you don't earn any of the transaction fees because the way they're all setup the owners keep that as part of their compensation. When you run the vanilla client or solo mine, then chances are (if you have port forwarding in place) you're also acting as a node.

I don't have a full grasp of how transaction fees are earned, but this is from the wiki:

Quote
Because nodes have no obligation to include transactions in the blocks they generate, Bitcoin senders may voluntarily pay a transaction fee. Doing so will speed up the transaction and provide incentive for users to run nodes, especially as the difficulty of generating bitcoins increases or the reward per block amount decreases over time. Nodes collect the transaction fees associated with all transactions included in their candidate block.

I've been running a pool miner and a Bitcoin client separately. My Bitcoin client isn't generating any blocks, it's simply acting as a p2p node. Here's a description of how a node plays a role in transactions:

Quote
Transfers are facilitated directly without the use of a financial processor between nodes. This type of transaction weakens consumer protection by making chargebacks impossible. The Bitcoin client broadcasts the transaction to surrounding nodes who propagate the payment across the network. Corrupted or invalid transactions are rejected by honest clients. Transactions are mostly free, however a fee may be paid to other nodes to prioritize transaction processing.

I wasn't sure what to expect doing this, but after about a week I had "Generated" .12 BTC. So I can only surmise that I earned transaction fees that propagated through my node?
legendary
Activity: 2618
Merit: 1007
I've also added a chart to track earnings generated from running a Bitcoin p2p node. My node maintains an average of about 50 connections.
Hm, how do you earn BTC just by running a node? I thought that's just what the client does (running as p2p node), but I didn't know you would get BTC for that?!
member
Activity: 96
Merit: 10
NOW
Some updates:

I've added in an analysis of energy cost. My energy meter is reporting an average of 225W for my whole rig, and at a cost of $0.075 per kWh that's about $0.40 per day spent on energy.

I've also added a chart to track earnings generated from running a Bitcoin p2p node. My node maintains an average of about 50 connections.

That's all for now!
member
Activity: 96
Merit: 10
NOW
The BTC-USD values are more or less arbitrary (and also from a single entity - maybe there will be another exchange coming up in a few weeks/months that is far more popular?!)

Well, they're not arbitrary in the sense that if I pulled out I could get that much for them using a given exchange. Also, bitcoin-otc seems to follow mtgox's prices fairly well. These numbers aren't just pulled out of thin air or randomly generated. So they have some meaning and help put things into context.

I think also if a new market comes along and the price is very different, then mtgox's market prices will change in response to that. No market is an island.  Roll Eyes


Edit:
Btw. the only interesting USD value is anyways the one of the current day - as you won't be able to get different exchange rates than the current ones... Wink

The USD value per day is interesting because it shows snapshots in time of the value of my bitcoins, and over time it shows the growth of my mining net worth.

Edit: Okay I added some combined charts, but I also left the individual ones in place. I also added annotations to each to indicate the difficulty change.
legendary
Activity: 2618
Merit: 1007
The BTC-USD values are more or less arbitrary (and also from a single entity - maybe there will be another exchange coming up in a few weeks/months that is far more popular?!)

You could take a value from http://bitcoincharts.com/t/weighted_prices.json instead - unfortunately they don't offer historical data afaik (then it would be easy to get these values automatically).

Edit:
Btw. the only interesting USD value is anyways the one of the current day - as you won't be able to get different exchange rates than the current ones... Wink

Also you could try to put 2 of these values in one chart (for example current worth BTC + current worth USD or "BTC mined per day + USD value of these mined BTC per day")
member
Activity: 96
Merit: 10
NOW
Mods: if this is the wrong forum, feel free to move it. It seemed most appropriate to a General Discussion. I see these kinds of "Logs" on other kinds of forums. I figured many of us here are in it for the long haul, and it would be interesting if individuals kept diaries like this to give people on the outside a better idea about the logistics of this enterprise, or those on the inside a point of comparison.

I've decided to dabble in Bitcoin mining as an experiment in the profitability of the enterprise. I am currently pool mining on bitcoinpool.com using a 5830 @ 248 MH/s, and will be upgrading to a Crossfire setup pretty soon. Now, with any experiment there needs to be data and analysis. So I've created time-line graphs beginning when I started mining on May 9th so I can track my progress. This will allow me to gauge in the future when I need to upgrade equipment and when it's no longer profitable. Currently, I am tracking progress in terms of the following:

  • BTC Mined
  • USD Earned from Mining
  • mtgox BTC USD Value
  • USD Earned Adjusted for Energy Cost
  • Bitcoin Difficulty
  • Net Worth in Bitcoins
  • Net Worth in USD
  • BTC Earned As P2P Node

You can view the charts here (hosted @ Google Docs): http://bit.ly/jA3zwY

I will be updating the charts on a daily basis, in the mornings, so please check back in.

If you find this useful at all, please feel free to donate to 12ReVTNmc2duqjMPZFJJBLz6VryWBCHhiP.  Wink

Edit: out of town for a few days, won't be updated during that time.
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