Additional -
After week 6, the reward is 1 Z/block, the blocktime is app. 30s so the total Zeit/day is 2*60*24 = 2,880
Thus your reward will be 2,880 / network hashrate * your hashrate per day.
The current net rate is 1.16 Gh/s so if you have 1.45 Mh/s (I do) that's 2,880/1,160,000,000*1,450,000 = 3.6 Zeit/day
Compare that with what you get from minting!
That's the bit I was trying to work out, how much you'd get from mining rather than minting. Thanks for the maths!
So If I left 1MH/s mining Zeit with the current 1.16GH/s network hashrate I'd be 2,880/1,160,000,000*1,000,000 = 2.5 Zeit/day?
But I'm going to guess the network hashrate will drop to something much smaller than 1.16GH/s won't it?
Yes, but even if you are the only one mining ZEIT, then you only get 2,880 ZEIT per day. I think you would be better off mining something else then and buying into ZEIT.
No doubt it would be better to mine something else, but do you not need some network has power? I know I'd lose out mining Zeit, but if you need some net hashpower then some people need to aim a miner at it just to keep it going.
I think by people leaving their wallets open for minting, that's what keeps the network going.
Ahh right, I thought it had to have some network hashrate. Well that solves the question of whether or not to leave 1MH/s on it. Cheers everyone, much appreciated.
Now, I need to go buy some more Zeit...
what to sell...
Yeah, that's one of the key questions - what will the net hash be after week 6.
Here's an optimistic way of looking at it. Actually I still find the numbers pretty bloody scary & wonder if I'm missing something major by thinking that a lot of people are total ignorant morons thinking that planning on selling at 6, 12, 18 satoshi ... is a good idea.
IF the coin is to become an 'accepted' mainstream crypto, then it HAS TO BE around the same daily profitability as say litecoin, dogecoin etc to maintain a healthy hashrate.
That's currently between 3 - 5 GBP/day/1.5Mh/s for any of the 'top thirty' on CoinWarz.
Rounding up the numbers A LOT, that means the price of a single Zeit needs to be around ONE GBP
That's .0027 BTC each.
If you're not shitting yourself at this point, go back and read it again.
Think that's over-optimistic do you?
Lets take a look at how the cryptos that have low rewards/block are doing right now, shall we?
NAME REWARD PRICE
MinCoin 2 .0004
AnonCoin 5 .00235
RonPaulCoin 1 .00091
Diamond 1 .00019
I honestly believe that these are the kind of levels we should by flying at in a month or two.
If I'm out by a factor of 100, that is still .00002 or, 2,000 satoshi each.
Still wanna sell when it hits 6?
Not me, baby!
