Mining hardware comparison - Bitcoin Wiki

Very new, and still figuring things out. Please read and let me know what you think. I'm thinking about getting into mining.

First of all, let me tell you that electricity is included in my rent. So the cost factor is already taken care of.
My understanding is that there are many people out there that have built rigs that are using graphics cards, each capable of ~800 Mhash/sec, to successfully mine bitcoins. There is a hardware revolution on the horizon called Asics, which will bring the cost of hardware per hash WAY down. There's a gizmo called a "Jalapeno" that sells for about $165, that's capable of doing the same amount of work as as 5 or 6 graphic cards, but it's a chunk of hardware that's pretty much useless for doing anything but bitcoin mining, unlike a graphics card that can play games, etc.
This hardware advance is groundbreaking, and threatening to make the GPU approach obsolete.
As well, very soon, the reward for creating a block of bitcoins will be cut in half, from 50 to 25 coins.
There are just so many variables, and it's all just a little overwhelming. So I am asking for a bit of advice....
Does it make any sense to invest ~$400 in two Jalapenos, hook up with a pool, and let the bitch run 24/7? What pool should I go with? What returns can I expect?
What's a good pool for a newbie to play into, thinking pretty much a "fire and forget" approach?
And lastly, I am having trouble wrapping my head around the creation of bitcoins themselves. In economic terms, value is usually created as the result of work performed. It seems to me that bitcoins are created as a result of processor cycles devised to arbitrarily "discover" a block of coins. To whom does this work, or processor cycles, have value? It looks to me that bitcoins are literally being created out of thin air. Help me to understand how this works.
submitted by PJMurphy to Bitcoin [link] [comments]

Questions from someone who is new to Bitcoin

Hello, I am very interested in trying bitcoin or litecoin to make a few extra dollars here or there. I've done some research, and I have a few questions.
Right now, I'm looking at the Butterfly Labs Jalapeno. https://products.butterflylabs.com/homepage/5-gh-s-bitcoin-miner.html. It costs $275, and it processes 5GH/S. I ran that through the Bitcoin Calculator (https://bitclockers.com/calc) and it estimated that it would return $15,000 a year at bitcoin's current price of 148.00. (Click this link to see my settings: http://bitclockers.com/calc/mining_difficulty/7673000/difficulty_change/2/btc_per_block/25/value_per_btc/148.8/mhash_rate/5000/cost_per_kwh/0.12/watts_consumption/750/total_days/90/hardware_cost/250)
I'm pretty sure I'm missing something here. I figure there's no way I should expect that kind of return. What am I missing? How much should I expect to make? What advice would you offer to a noob like me? Right now, I'm mostly in the research phase, I don't want to dive in until I'm sure it's the right decision.
submitted by johndavismit to Bitcoin [link] [comments]

$10K and 15+Mhash Worth of Litecoin Mining Rigs How Much Can You Make Mining Bitcoin With 6X 1080 Ti ... How To Mine 1 Bitcoin in 10 Minutes - Blockchain BTC Miner ... Btcmining, Bestbitcoin values, Free Bitcoin Mining Probability in Bitcoin Mining: The Hashing Function

Das Pool Mining ist die treibende Kraft hinter dem Bitcoin Mining. Aber welche sind die größten Mining Pools im Ökosystem? BTC-ECHO. Krypto handeln $ $ $ $ $ 401.09 B $ BTC 13,040.23 $-0.58%. ETH 408.03 $-1.16% ... Hashrate (Hash per second, h/s) is an SI-derived unit representing the number of double SHA-256 computations performed in one second in the bitcoin network for cryptocurrency mining. Hashrate is also called as hashing power. It is usually symbolized as h/s (with an appropriate SI prefix). Below are statistics about the Bitcoin Mining performance of ASIC hardware and only includes specialized equipment that has been shipped. GPUs, CPUs and other hardware not specifically designed for Bitcoin mining can be found in the Non-specialized_hardware_comparison. Notes: Mhash/s = millions hashes per second (double sha256 raw speed performance; may not be very energy efficient with some ... Nevertheless, Bitcoin’s maintained support for ASICs means that miners are more likely to have to pay more per mining rig. Mining Difficulty and Competition. Even in bear markets, there is some good news. Generally, lower BTC prices lead to less competition among Bitcoin miners. The bad news is that people wanting to immediately convert back ... Bitcoin mining is based on cryptography, with a "hash function" that converts a block of data into an essentially random hash value. The hash algorithm is designed to be simple to implement, but cryptographically secure: there's no known short cut to finding a successful hash other than trying zillions of hashes through brute force. In particular, Bitcoin uses a standard cryptographic hash ...

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$10K and 15+Mhash Worth of Litecoin Mining Rigs

A brief and simple introduction to the hash function and how blockchain solutions use it for proof of work (mining) and data integrity (Merkle Trees). How does the hash function work in the world of Bitcoin mining? Peter Van Valkenburgh of the Coin Center explains how the hash function in Bitcoin uses entropy to select Bitcoin miners. As always ... th/s bitcoin mhash/s bitcoin 5 gh/s bitcoin miner th/s bitcoin miner gh s bitcoin miner bitcoin to sek bitcoin to usd bitcointalk bitcoin trading Make money easily 850$ to 5k per week with Bitcoin ... SUBSCRIBE FOR MORE HOW MUCH - http://shorturl.at/arBHL Nviddia GTX 1080 Ti - https://amzn.to/2Hiw5xp 6X GPU Mining Rig Case - https://bitcoinmerch.com/produc... Btcmining, Bestbitcoin values, Free Bitcoin Mining -Register : https://btcmining.best/bitcoin-values/reference/125238/ -SUBSCRIBE HERE http://bit.ly/2vAarn...

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