Cryptocurrency Mining Calculators and Profit ... - CoinWarz
Cryptocurrency Mining Calculators and Profit ... - CoinWarz
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New people please read this. [upvote for visibility please]
I am seeing too many new people come and and getting confused. Litecoin wiki isn't the greatest when it comes to summing up things so I will try to do things as best as I can. I will attempt to explain from what I have learned and answer some questions. Hopefully people smarter than me will also chime in. I will keep this post updated as much as I can. Preface Litecoin is a type to electronic currency. It is just like Bitcoin but it there are differences. Difference explained here. If you are starting to mine now chances are that you have missed the Bitcoin mining train. If you really want your time and processing power to not go to waste you should mine LTC because the access to BTC from there is much easier. Mining. What is it? Let's get this straight. When making any financial commitment to this be prepared to do it with "throw away" money. Mining is all about the hashrate and is measured in KH/s (KiloHash/sec). Unlike the powerful ASICs (Application Specific Integrated Circuit) that are used to mine bitcoins using hashrates in the GH/s and even TH/s, litecoin mining has only been able to achieve at the very best MH/s. I think the highest I've seen is 130 MH/s so far. Which leads us to our next section. Mining Hardware While CPU mining is still a thing it is not as powerful as GPU mining. Your laptop might be able to get 1 a month. However, I encourage you to consult this list first. List of hardware comparison You will find the highest of processors can maybe pull 100 KH/s and if we put this into a litecoin mining calculator it doesn't give us much. Another reason why you don't want to mine with your CPU is pretty simple. You are going to destroy it. So this leaves us with GPUs. Over the past few months (and years) the HD 7950 has been the favourite because it drains less power and has a pretty good hashrate. But recently the introduction of the R9 290 (not the x) has changed the game a bit. People are getting 850 KH/s - 900 KH/s with that card. It's crazy. Should I mine? Honestly given the current difficulty you can make a solid rig for about $1100 with a hashrate of 1700 KH/s which would give you your investment back in about a month and a half. I am sure people out there can create something for much cheaper. Here is a good example of a setup as suggested by dystopiats PCPartPicker part list / Price breakdown by merchant / Benchmarks
Prices include shipping, taxes, and discounts when available.
Generated by PCPartPicker 2013-11-29 00:52 EST-0500
Estimated Hashrate (with GPU overclocking) : 1900 KH/s Hardware Fundamentals CPU - Do you need a powerful CPU? No but make sure it is a decent one. AMD CPUs are cheap to buy right now with tons of power. Feel free to use a Sempron or Celeron depending on what Motherboard you go with. RAM - Try to get at least 4 GB so as to not run into any trouble. Memory is cheap these days. I am saying 4 GB only because of Windoze. If you are plan to run this on Linux you can even get away with less memory. HDD Any good ol 7200 RPM hard drive will do. Make sure it is appropriate. No point in buying a 1TB hard drive. Since, this is a newbie's guide I assumed most won't know how to run linux, but incase you do you can get a USB flash drive and run linux from it thus removing the need for hard drive all toghether. (thanks dystopiats) GPU - Consult the list of hardware of hardware I posted above. Make sure you consider the KH/s/W ratio. To me the 290 is the best option but you can skimp down to 7950 if you like. PSU - THIS IS BLOODY IMPORTANT. Most modern GPUs are power hungry so please make sure you are well within the limits of your power consumption. MOTHERBOARD - Ok, so a pretty popular board right now is Gigabyte GA-990FXA-UD3 and the ASRock 970 Extreme4. Some people are even going for Gigabyte GA-990FXA-UD5 and even the mighty Gigabyte GA-990FXA-UD7 because it has more PCI-E slots. 6 to be exact. However you may not need that much. With risers you can get more shoved into less. PCI-E RISERS - These are called risers. They come in x16 to x16 and x1 to x16 connections. Here is the general rule of thumb. This is very important. Always get a POWERED riser otherwise you will burn a hole in your MoBo. A powered rise as a molex connector so that additional power from PSU can be supplied. When it comes to hardware I've provided the most basic knowledge you need. Also, take a look at cryptobader's website. This is very helpful. Please visit the mining section of Litecoin Forums and the litecoinmining subreddit for more indepth info. Mining Software Now that you have assembled your hardware now you need to get into a pool. But before you do that you need a mining software. There are many different ones but the one that is most popular is cgminer. Download it and make sure you read the README. It is a very robust piece of software. Please read this if you want to know more. (thanks BalzOnYer4Head) Mining Pools Now that your hardware and software is ready. I know nothing about solo mining other than the fact that you have to be very lucky and respectable amount of hashing power to decrypt a block. So it is better to join pools. I have been pool hopping for a bit and really liked give-me-coin previously known to the community as give-me-ltc. They have a nice mobile app and 0% pool fees. This is really a personal preference. Take a look at this list and try some yourself. How do I connect to a pool? Most pools will give you a tutorial on how to but the basics are as follows:
Signup for a pool
Create a worker for your account. Usually one worker per rig (Yes people have multiple rigs) is generally a good idea.
Create a .run file. Open up notepad and type cgminer.exe -o (address_to_the_miningpool:port_number) -u (yourusername.workername) -p (your_worker_password_if_you_made_one). Then File>Save As>runcgminer.run (Make sure the drop down is set to "All Files" and .txt document.) and save in the same folder as cgminer. That's it.
Double click on runcgminer.run (or whatever you named it) and have fun mining.
Mining Profitability This game is not easy. If it was, practically everyone would be doing it. This is strictly a numbers game and there are calculations available that can help you determine your risk on your investments. 4 variables you need to consider when you are starting to mine: Hardware cost: The cost of your physical hardware to run this whole operation. Power: Measured in $/KwH is also known as the operating cost. Difficulty rate: To put it in layman's terms the increase in difficulty is inversely proportional to amount of coin you can mine. The harder the difficulty the harder it is to mine coin. Right now difficulty is rising at about 18% per 3 days. This can and will change since all you miners are soon going to jump on the band wagon. Your sanity: I am not going to tell you to keep calm and chive on because quiet frankly that is stupid. What I will tell you not to get too carried away. You will pull you hair out. Seriously. Next thing you will need is a simple tool. A mining profitability calculator. I have two favourite ones. coinwarz I like this one cause it is simple. The fields are self explanatory. Try it. bitcoinwisdom I like this one because it is a more real life scenario calculator and more complicated one (not really). It also takes increasing difficulty into account. Please note: This is the absolute basic info you need. If you have more questions feel free to ask and or google it! More Below.
I understand that BC mining isn't exactly lucrative when done on a small scale, but I do have a more practical question. It seems that one of the biggest costs is A/C. Well I live in Northern Canada, and it sometimes gets to be -50 here in the winter. Would it be reasonable that profit, or ROI could be greatly increased by running a 6 month operation, by opening a window? edit: forgot to mention that we pay about 100-150 in heating per month; so I was thinking of a two birds one stone. The idea would be to invest maybe 2-5k in equipment, and even if I don't have to heat and don't mine a single BC, I would be saving about 800 a year in electricity due to no longer needing to heat. edit2: here's the calcs I came up with for this product https://www.amazon.ca/AntMiner-T9-11-5TH-0-126W-Bitcoin/dp/B01NCX6ZPO/ref=sr_1_7?ie=UTF8&qid=1485137997&sr=8-7&keywords=antminer http://www.coinwarz.com/calculators/bitcoin-mining-calculato?h=11500.00&p=1450.00&pc=0.09&pf=0.00&d=392963262344.37000000&r=12.50000000&er=927.60000000&hc=0.00 Total estimated profit : $1,348.33 USD: or about 1.8 years; however, add the about 800 CAD I spend on heating my place, this becomes about 1900 USD, or about 1.4 years (estimated). That'd be like buying a stock with a 75% dividend yield. Any thoughts? edit 3: forgot that I could only reasonably run this for 6-8 months out of the year, so approximately a 2 year ROI. Still, that's pretty damn good if you ask me, no?
How do you keep the bitcoin wallet on a flash drive when the program is currently over 20 GB in size? Do you need a giant flash drive or...what? And is keeping your wallet out of reach of the internet a sure fire way to keep it from getting hacked, or is there another way to get the info? Secondly, a question about LiteCoin- originally posted to bitcointalk: I recently took an interest in mining but the standard Bitcoin profit calculators told me the sad news: that my PC would produce such a pitiful number of coins (like $20 worth a year, even with some simple gear) that it wasn't worth it (especially when considering electricity costs). But I happened upon a litecoin calculator and put in the same values (20 GHs/s, current difficulty, my computer's wattage, power costs, etc.) and the calc told me I could mine around $500k worth of LiteCoin (after exchanging to BTC then to USD at the current rates). I'm assuming something's very off. Here's the calculator: http://www.coinwarz.com/calculators/litecoin-mining-calculator I'd be getting two Butterfly Labs 10 GH/s USB blocks ($50 each) and run my AMD Radeon 7700 GPU for a little more. I have a 250 watt PC and power's about 0.12 a kW. What's broken here, or can I really get rich on this alt currency?
I'm looking to raise some money to develop a advanced Bitcoin shopping cart system. I'm trying to raise some money so I've compiled a list of helpful links for those of you who use or plan on using Bitcoins. Please donate to my Bitcoin address if you find this list helpful and to help the development of my projects Bitcoin address 18e2MbUAbH7jNpYtY9Qt2WFUZpagCCEaVs
http://wtcr.ca/ -Number one because the ship almost instantly. Rates do tend to me a lot more but you know for sure you are getting what you ordered in a week and a half of less. No BS preordering and mess
http://cointerra.com/ -2th miner for 14k. Best deal, has the most reputable staff, and is more for the customers then themselves
Not sure if anyone else saw this, but Dogecoin erupted today and hit over 1million% against bitcoin on the mining calc at coinwarz.com at a price of 0.01 at approximately 13:00 uk time There are probably alot of reasons for this, glitches and so forth needless to say I had preorders on cryptsy.com to sell at that price however at the moment no transactions have moved. Did anyone else see this, any ideas?
The Bitcoin price and the total network hash rate. The Bitcoin network hash rate is growing at a rate of 0.4527678% per day. This means if you buy 50 TH/s of mining hardware your total share of the network will go DOWN every day compared to the total network hash rate. Our calculator assumes the 0.4527678% daily increase in network hash rate that has been the average daily increase over the ... he CoinDesk Bitcoin Calculator converts bitcoin into any world currency using the Bitcoin Price Index, including USD, GBP, EUR, CNY, JPY, and more. You wanna know what to mine? With our crypto profitability calculator you'll easily calculate profit with cards you own. Simply enter number of your cards and press 'calculate' Accurate Bitcoin mining calculator trusted by millions of cryptocurrency miners since May 2013 - developed by an OG Bitcoin miner looking to maximize on mining profits and calculate ROI for new ASIC miners. Updated in 2020, the newest version of the Bitcoin mining calculator makes it simple and easy to quickly calculate mining profitability for your Bitcoin mining hardware. *Please note that values are only estimations based on past performance - real values can be lower or higher. Exchange rate of 1 BTC = 12982.45 USD was used.
How to calculate EARNINGS and PROFITABILITY on Gensis Mining! (Easy)
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