Hi all,
I have a few questions I'd love for your input in:
1 - Mining Difficulty - What does this mean when you look up a particular coin in explorer? I'm comparing two coins; one is a cheap coin but the difficulty for POW is '444594'; on the flip side, an expensive coin's difficulty is '503'? The first doesn't list anything in 'Network', whereas the second does?
2 - Return - How can you work out how many coins you can mine, depending on the difficulty?
3 - Renting Hashpower and how many coins it mines - If you rented, say '0.05 PH/s' from nicehash and pointed it do a coin, how do you know how many coins you'll get? I know each coin could be different, but how do you work out if it's worth renting the hashpower for a particular coin?
Thank you SO much in advance for any input; really appreciate it.
-Knightly
I have a few questions I'd love for your input in:
1 - Mining Difficulty - What does this mean when you look up a particular coin in explorer? I'm comparing two coins; one is a cheap coin but the difficulty for POW is '444594'; on the flip side, an expensive coin's difficulty is '503'? The first doesn't list anything in 'Network', whereas the second does?
2 - Return - How can you work out how many coins you can mine, depending on the difficulty?
3 - Renting Hashpower and how many coins it mines - If you rented, say '0.05 PH/s' from nicehash and pointed it do a coin, how do you know how many coins you'll get? I know each coin could be different, but how do you work out if it's worth renting the hashpower for a particular coin?
Thank you SO much in advance for any input; really appreciate it.
-Knightly
I can tell your thinking deep about this so I will try to help you.
Mining Difficulty- First you have to understand that every hash to you computer makes is a solution for that block. Now the system check you answer for a rare leading format like 00000 and so on. If you look at a bitcoin block you can see this in recent blocks. The odds of you answer having the right leading bytes is rare and determined by the difficulty.
Now as to why you see different POW diff on different coins: This would depend on the hashing algo, something like SHA256 used in bitcoin is very fast, resulting in a high diff, where as some of the new algos that use less power are much slower, resulting in a lower diff.
Figuring out how many coins you can mine will give you a headache if I lay it out here, best way is to look at something caller PPS on the pools. Thay's Pay Per Share, this will give you an ides of how much you can make.
Now to renting and pointing: Yes you can do this, I'm doing this right now with Bitcoin cash. Look at this site it will show you whats most profitable right now. coinwarz.com
Hope this helps.