A hash is the output of a hash function and, as it relates to
Bitcoin, the Hash Rate is the speed at which a compute is completing an
operation in the Bitcoin code. A higher hash rate is better when mining
as it increases your opportunity of finding the next block and receiving
Bitcoin per Block
The block reward started at 50
BTC in block #1 and halves every 210,000 blocks. This means every block
up until block #210,000 rewards 50 BTC, while block 210,001 rewards 25.
Since blocks are mined on average every 10 minutes, 144 blocks are mined
per day on average.
Since the Bitcoin
network is designed to produce a constant amount of Bitcoins every 10
minutes, the difficulty of solving the mathematical problems has to
increase in order to adjust to the network’s Hash Rate increase.
Basically this means that the more miners that join, the harder it gets
to actually mine Bitcoins.
Operating a Bitcoin
miner consumes a lot of electricity. You’ll need to find out your
electricity rate in order to calculate profitability. This can usually
be found on your monthly electricity bill.
Each miner consumes a different amount of energy. Make
sure to find out the exact power consumption of your miner before
calculating profitability. This can be found easily with a quick search
on the Internet.
In order to mine you’ll need to join
a Miners that have grouped together in order to mine more efficiently
with their mining power combined. After they successfully mine a block
they split the reward between them. A mining pool is a group of miners
that join together in order to mine more effectively. The platform that
brings them together is called a mining pool and it deducts some sort of
a fee in order to maintain its operations. Once the pool manages to
mine Bitcoins the profits are divided between the pool members depending
on how much work each miner has done (i.e. Arkonix miner’s hash rate).
When calculating if Bitcoin mining is profitable you’ll have to
define a time frame to relate to. Since the more time you mine, the
more Bitcoins you’ll earn.
Profitability decline per year
is probably the most important and elusive variable of them all. The
idea is that since no one can actually predict the rate of miners
joining the network no one can also predict how difficult it will be to
mine in 6 weeks, 6 months or 6 years from now. This is one of the two
reasons no one will ever be able to answer you once and for all “is
Bitcoin mining profitable ?”. The second reason is the conversion rate.
In the case below, you can insert an annual profitability decline factor
that will help you estimate the growing difficulty.
Since no one knows what the BTC/USD exchange rate will be in the
future it’s hard to predict if Bitcoin mining will be profitable. If
you’re into mining in order to accumulate Bitcoins only then this
doesn’t need to bother you. But if you are planning to convert these
Bitcoins in the future to any other currency this factor will have a
major impact of course.
Knowing this terms will keep you informed
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