Bitcoin mining software to make money

It adjusts to hashrate to ensure that blocks are found roughly every 10 minutes. Note how closely Difficulty matches Hashrate in the 2 charts above. When total hashrate rises, the Difficulty of POW hashing adjusts upwards — and the inverse also applies. Difficulty auto-adjusts every two weeks or blocks. The current fiat price of Bitcoin ; critical for calculating profitability.

Watts per hashrate per second. Electricity is the major on-going cost of Bitcoin mining.

The Meaning of Bitcoin Mining Software

The price paid per Watt will greatly influence profitability. Unless you command a tremendous hashrate, your odds of solving a block by yourself i. Whenever they solve blocks, pools reward individual miners according to their contributed hashrate minus commissions and the like.

The future profitability of mining cannot be reliably predicted. This is due to the ever-changing nature of the Difficulty modifier and the BTC price, in particular. To begin, we must select a suitable ASIC mining rig.

Description

To aid in selection, the Bitcoin Wiki provides a handy mining hardware comparison: The AntMiner S9 is a modern mining rig which offers a good hashrate for its power consumption.

Note that the Hardware Costs field does not seem to influence the final calculation. Big Chinese Miners We are using the default power cost of 5c USDa likely rate for a Chinese industrial area or one in which electricity is subsidized.

To determine your own power cost, check worldwide electricity prices or your utility bill for the exact price. Smaller pools will generally offer lower or even no fees, but keep in mind they will seldom find blocks.

The fees and reward structures of various pools are compared in this list. Once all the necessary info is entered, hit Calculate for the profitability result: In other words, the unit will pay for itself within a year. This is a dangerous assumption! Therefore, any calculations should be regarded skeptically, as likely best-case scenarios.

From past experience it usually goes up as time goes by. You still have to take into account the cost of your mining hardware and the electricity to run it and cool it down if needed. If you want to know more about Bitcoin mining profitability check out this page.