is bitcoin mining worth it reddit

Check out his other work here. Bitcoin and its ecosystem. I never expected to solve a block with my minimuscular resources. For example, /r/CryptoCurrency is a good place to discuss all cryptocurrencies. The price paid per Watt will greatly influence profitability. It's just below the submission or comment share4you forex body. Everybody who mines is significant. Do you believe in Bitcoin? More than that, they contribute to the betterment of themselves. Satoshi Nakomotos invention of, bitcoin, a peer-to-peer electronic cash system, opened up an entirely new frontier, not just of freedom but of occasionally outrageous profits. Recently I've been seeing a lot of posts here that ask the same question: "Is mining worth it? If you are blinded by your ROI, then you might be in it for the wrong reasons.

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Such downside risks must always be factored into any sound business plan. Do not post your Bitcoin address unless someone explicitly asks you. They have a different outlook than my own, and their prowess is admirable. Even those who lose money, like myself. If so, then is bitcoin mining worth it reddit is for you! When total hashrate rises, the Difficulty of POW hashing adjusts upwards and the inverse also applies. Created by a community for 7 years Rendered by PID 10015 on r2-app-0fab2191db9f3c446 at 16:37:23.02986600:00 running 129ca28 country code:. H/s was soon commonly pre-fixed with SI units as follows: Kilohash KH/s (thousands of H/s), then Megahash MH/s (millions of H/s), then Gigahash GH/s (billions of H/s), then Terahash TH/s (trillions of H/s), and even Petahash PH/s (quadrillions of H/s). In the same way that reading a book is worth. No Amazon/eBay referral is bitcoin mining worth it reddit links. When I bought my 300 MH/S Block Erupter, I knew nothing about bitcoin or the blockchain, and even less about mining and the benefits miners provide. The world has split into two camps.


I expected to gain knowledge and experience - a goal that I accomplished. W/xHash/s: Watts per hashrate per second. Related communities Sorted roughly by decreasing popularity. You can also use Bitcoin Core as a very secure Bitcoin wallet. Remember, we were all newbies once. To begin, we must select a suitable asic mining rig. And welcome to /r/BitcoinMining! However, the small guys are still important. Knowledge is often its own reward. But the (fractions of) pennies I've made are more than enough of a reward for the experience I've gained. This halving process will continue in this fashion, halving the block reward approximately every four years / 210,000 blocks, until all 21 million bitcoins are created. In the beginning is bitcoin mining worth it reddit were raw and contradictory.


The result: Its not looking so great now. If you don't have anything nice to say, it's best not to say anything at all. Block Reward: The number of newly-created bitcoins, awarded to whichever miner creates a block. The 0 Pool Fee assumes a mining farm large enough to run its own pool. The funds already donated will be spent on some sort of advertising, as intended. I've accepted the fact that I will never solve a block. Indeed, in mid-2016, Swedish Bitcoin mining firm KnCMiner declared bankruptcy.


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M offers a good mining profitability calculator, which automatically fills in the current BTC price, Difficulty and block reward info. Electricity is the major on-going cost of Bitcoin mining. AutoModerator will clean it up in no time! Sure I haven't made any money. Power supply units will add another 120 or so to the price. Jordan Tuwiner, last updated January 29, 2019, the early days. But is there still gold in them thar hills? No mining contract referral links. Can I mine using this old hardware? Bitcoin, wiki : Community guidelines, do not use URL shortening services: always submit the real link.


Feel free to hawk your wares in our sister subreddit /r/BitMarket - this means no goup buys as well. This represents a tremendous investment into mining hardware, the R D of such hardware, and electrical expenditure. Bitcoin s total hashrate and thus its difficulty, has been consistently rising since the early years, sometimes jumping by double digit percentages within a month! Bitcoin mining are often described as a gold rush. No "FOR sale" posts. /u/subcypher /r/ Bitcoin is aimed towards general Bitcoin related discussion. Bitcoin, you can be your own bank. Both camps use is bitcoin mining worth it reddit in their own interests, changing the direction of the bitcoin market in a matter of days or even in a few hours from positive to negative or vice versa. In other words, the unit will pay for itself within a year. New merchants are welcome to announce their services for. Don't know which asic miner to buy? And this popularity is changing with varying success.


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As common as it. Only requests for donations to is bitcoin mining worth it reddit large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. Official Reddit Rules as well as the informal Reddiquette guidelines. Just don't think you'll get rich from the knowledge you acquire. Note how closely Difficulty matches Hashrate in the 2 charts above.


Difficulty: With hashrate shooting up over the years, it would seem blocks would be found by miners ever more rapidly. Knowledge is always worth. Have a question or interesting post about Bitcoin mining in general? The sad truth is: Only those with specialised, high-powered machinery are able to profitably extract bitcoins nowadays. If you are interested in something new, there is no reason not to pursue. The home miner really has no chance to compete in such a challenging environment, unless they have access to free or extremely low-cost electricity Also bear in mind is bitcoin mining worth it reddit that the rate of obsolescence in Bitcoin mining hardware is quite fast! Its pretty much the cutting edge of mining tech so well select it for our example. I run small, outdated miners at a loss pointed at a P2Pool node because I like to. "Just buy coins" may be solid advice on /r/ bitcoin, but why is it acceptable here? Now I'm not saying that people who want to make money on mining are wrong.


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Code, proposals, whitepapers, hardware, questions) relating to Bitcoin. /r/BitMarket is where you go to buy and sell things for Bitcoin. No referral links, period. This subreddit is not about general financial news. Thanks /r/bitcoinmining for everything. In early 2017, Bitcoin s collective hashrate reached nearly 4 Exahash.


People who love tech and want to learn more about emerging ideas. Profitability is highly unlikely given the current circumstances. Submissions that are mostly about some other cryptocurrency belong elsewhere. Bitcoin protocol without overwhelming consensus is not permitted. Do not beg for donations simply for lending a helping hand. There are plenty of other things which can wrong, for example: hardware failures, power outages, network disconnections price crashes. They are more technological, more truthful and more close to reality. Almost everything I learned came from this subreddit. Once all the necessary info is entered, hit Calculate for the profitability result: An excellent result! Sources of Unexpected Profit Loss: Difficulty Spikes, Price Crashes, Equipment Failures, Power Cuts, Shipping Delays More! Therefore, any calculations should be regarded skeptically, as likely best-case scenarios.


Almost all Bitcoin wallets rely on Bitcoin Core in one way or another. News articles that do not contain the word ". Please avoid repetition /r/ bitcoin is a subreddit devoted to new information and discussion about. This happened in early 2016: Its quite possible that even some big, corporate miners found their profit margins under threat from the resulting steep spike in competition. Achieving the block reward is the only valid way in which new bitcoins can be created; by miners according to the codes rate and limit. Proof of Work Hashing: This is the cryptographic work which miners perform in order to find the solution which allows them to define a new block. Is full of impersonation. This place is a bastion for the self-educated. Mining Pool: Unless you command a tremendous hashrate, your odds of solving a block by yourself (i.e. While mining is still technically possible for anyone, those with underpowered setups will find more money is spent on electricity than is generated through mining. It is necessary to understand that if this market develops at the same pace, in the future is bitcoin mining worth it reddit will make another qualitative leap. Trades should usually not be advertised here. This number was initially set to 50, halved to 25 in late-2012, and halved again.5 in mid-2016.


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Bitcoin " are usually off-topic. New, more efficient mining hardware may be released at any time, although we are reaching the technological limits of improved efficiencies. It strikes me as strange that a community built upon mining education and knowledge has taken to telling newcomers to buy coins instead of mining. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. To aid in selection, the Bitcoin Wiki provides a handy mining hardware comparison : Although Bitcoin Wiki doesnt list many models as currently shipping on from their manufacturers, all these mining rigs (and more) are available for resale as new or used.


is bitcoin mining worth it reddit