Total money produced by mining annually

Stephen Gornick

legendary

Activity: 2506

Merit: 1010

Quote from: geffaxiv-532 on June 06, 2012, 06:40:07 PM

How much money does it produce?

I just did some math and came up to about 18 million USD just by mining, is this right?

Well, target of 1 block every 10 minutes, 6 blocks per hour, 24 hours per day gives 144 blocks per day.
Current price is $5.46. 50 BTC per block. 144 blocks. So using that for the past day, that is 144 X 50 X $5.46 = $39,312.

So that's about $1.1 million per months, and $14 million per year. Of course, since we can't know the future price, predicting total revenue going forward is pure speculation..

- http://blockchain.info/charts/miners-revenue

Another good chart:
- http://blockchain.info/charts/miners-operating-profit-margin

Gladamas

sr. member

Activity: 294

Merit: 250

Bitcoin today is what the internet was in 1998.

Plus, as more Bitcoins are produced, the cost-effectiveness of your equipment goes down. There are never going to be more than 21 million Bitcoins, so unless the price shoots up a lot, there is never going to be over USD$200 million worth.

geffaxiv-532

newbie

Activity: 40

Merit: 0

I will be using BFL mini rigs or supercomputers, so I can't say.

John (John K.)

legendary

Activity: 1288

Merit: 1227

Away on an extended break

Quote from: geffaxiv-532 on June 07, 2012, 01:05:48 AM

hardware cost is a 1 time cost, electricity cost is negligble 90k for the whole year, storage cost is 0, maintenance is 0(wtf lol most people don't know how to maintain these things).

but yeah total profits per year should be 12-18 million uSD

I've had to replace worn out GPU's and MB's a couple times this year so far. So no, heardware cost isn't a 1 time cost. Go see those mining profit calculators; it'll show you that the on average a GPU takes around 3-4 month to recoup the hardware costs alone, and barely factoring the electricity costs in. And you'll have to factor in that ASIC's and FPGA's are taking the market, and the rise in difficulty. Electricity costs are not negligible unless you use ASIC's or FPGA's.

Maintenance is the amount of time spent to set those machines up and keep it going, and time is money. Mining was wildly profitable last year when the prices was $20~.

geffaxiv-532

newbie

Activity: 40

Merit: 0

hardware cost is a 1 time cost, electricity cost is negligble 90k for the whole year, storage cost is 0, maintenance is 0(wtf lol most people don't know how to maintain these things).

but yeah total profits per year should be 12-18 million uSD

John (John K.)

legendary

Activity: 1288

Merit: 1227

Away on an extended break

Quote from: geffaxiv-532 on June 06, 2012, 06:40:07 PM

How much money does it produce?

I just did some math and came up to about 18 million USD just by mining, is this right?

You forgot to take away the amount of money lost in producing the money. Hardware costs, electricity costs, storage costs, maintenance costs...

geffaxiv-532

newbie

Activity: 40

Merit: 0

How much money does it produce?

I just did some math and came up to about 18 million USD just by mining, is this right?

Topic: Total money produced by mining annually (Read 814 times)