Category : Mining

Bitcoin Guide Mining

How to Mine Bitcoin – What is Bitcoin Mining?

how-to-do-bitcoin-mining

What is Bitcoin Mining?

Before you begin mining Bitcoin, it is beneficial to know what Bitcoin mining actually means. Bitcoin mining is lawful and can be accomplished by conducting SHA256 dual round hash confirmation. They are procedures so as to confirm Bitcoin trades, in other words user transactions.

The mining process also offer the required safety for the public block-chain ledger of their Bitcoin network. The rate where you mine Bitcoins is quantified in hashes per minute.

Even the Bitcoin eco-system rewards the Bitcoin miners; by paying them in bitcoin to people who donate the required computational ability.

This is given in the kind of both newly issued bitcoins and by the trade fees; contained in the trades verified when mining bitcoins. The greater computing power you donate; then the larger the share of the payoff.

how to mine bitcoin image

How to mine Bitcoin with ANTMINER S9

The Antminer S9 , the most efficient and effective miner to date was introduced maybe not so long ago. On account of the fact that it becomes even harder to produce a profit; because of a Bitcoin miner due to the increasing problem to mine Bitcoins.

Thus, it created the belief that just this Bitcoin miner remains currently generating a positive return on investment in the current situation.

There are a great deal of positive feedbacks about this product but there are still others that have doubts. CoinsIQ has put together list of all of the pros and cons about ANTMINER S9

Most Powerful Mining Hardware

Apart from the electricity cost, the mining pool believes, the Antminer S9 can create around 0.5 Bitcoins monthly as it has a hash speed of whopping 12.93TH/s -+ 7% (not actually 14 TH/s as marketed).

To find out more about the profitability, three distinct Bitcoin mining calculators have been used to compute and all showed the very same results. With this verification, you’ll have pure earnings of 330 dollars per month. That is approximately equal to 0.08 BTC in the present exchange rate.

A least amount of energy has been expended compared to all other miners out there. Therefore making it the most efficient miner too.

Adding the energy cost otherwise will produce around 0.33 BTC that’s a little lesser.

The Cost of the Mining Hardware

The price of this Antminer S9 differs based on what store you purchase it from. Cheapest among the others is selling around $2000. It is possible to already get it from eBay or Amazon. Just a tiny bit expensive from Bitmain’s website that you’ll be able to purchase the Antminer S9 for $2400.

So I guess you now know which shop you will begin to look.

This miner has exceptional mining skills hence making it the most expensive miner available on the industry nowadays. Considering just an ordinary price of power equivalent to $0.1/ $KW; it is possible to already reevaluate your investment should you mine for approximately ten months. That can be considered a very long time at the Bitcoin eco-system.

A lot will change within this time period that re not limited to; mining issue may grow, exchange rate may fluctuate and so on. Thus making it difficult to expect; how much time it might take to even regain your expenses within this particular investment.

As you might have guessed, you would still need a power supply unit to run. Adding a PSU to the miner could cost you a little more. You may need purchase, APW3-12-1600-B2 – as it is compatible with Antminer S9 and cost around $150.

As an alternative, using a power supply unit from an old Bitcoin miner may also do the job.

Nonetheless, it’s ideal to get APW3-12-1600-B2 whenyou do not have any PSU with you. Adding this for the original investment price and because the purchase price is little more than every other old PSU available in the market.

Check the miner specification before purchase

Never neglect to look at the specifications of the specific miner; before purchasing because not all the Bitcoin miners are sent in one single batch.

It’s always safe to believe that each and every batch are not created equal. It could be highly possible, you will purchase an Antminer S9 which has a hash speed of just 11.85 TH/s rather than 12.93 TH/s.

For an example in Bitmain, the present batch of Antminer S9 are accessible in just 11.85 TH/s; even the stronger models are offered.

Please notice that the 11.85 TH/s versions are also more economical. In contrast to their larger brother it’s not much of a problem; because the purchase price of this miner is comparative to the hash pace.

The most significant point would be to inspect the correct specifications of this miner; you have shortlisted to buy. This step is actually crucial to figure out, the precise ROI and when you’ll break even.

Bitcoin Mining Calculator

The amount of bitcoin blocks mined daily from the Bitcoin eco-system decides the potency of the procedure.

In each second, tens of thousands of computers from all around the world are leading to the production of bitcoins, raising the amount of feasible trades available on the marketplace.

It’s very important to miners to figure the amount of block chains generated daily, in addition to the time required to produce a block.

The worth of a bitcoin block would be 25 BTC, also after 210 000 blocks would be produced at this respect; the amount of BTC/block are also halved.

Additionally, by demonstrating just the number of bitcoin blocks are created daily, the miners have the ability to compare the potency of the computer using the different mining pools and computers implicated in precisely the exact same procedure.

Where to Find Bitcoin Mining Calculators?

It’s possible to discover several websites offering mining programs. Nearly all those being linked directly to the principal hub of Bitcoin, therefore all of these are correct.

The distinction is produced by the port of these sites, and also by other unique features which can be found alongside the bitcoin mining calculators.

We have shortlisted these three calculators for you. Hope this helps.

If you liked this blog post, please follow us on Twitter @coins_iq and also make sure to subscribe to our e-newsletter to receive the best and latest information on bitcoin, cryptocurrency, crypto trading and bitcoin investment!

Image Source

Read More
Guide Mining

How to mine Bitcoins? A beginner’s guide to bitcoin mining

bitcoin-mining

So, you know a little bit about Bitcoins (also check this article if you are looking for vendors who accepts bitcoin), but how exactly are they “mined” into existence, and how can you get in on some of the action?

At its core, Bitcoin mining is simply the process of verifying other Bitcoin transactions by solving complicated mathematical hashing equations. The Bitcoin network compensates those who successfully validate a transaction with newly created Bitcoins as a reward. Given the collective number of miners around the globe; the sheer number of attempts at solving each transaction today; a Bitcoin reward, is given out around every 10 minutes.

Get started mining Bitcoins at home. Given below are a few simple steps you can do to start mining your first Bitcoin.

Read More
Introduction Mining

What is Bitcoin Mining? A Quick Guide on Mining

Bitcoin Mining

Beginner’s Guide to Mining

If уоu’vе еvеr wоndеrеd where Bitсоin comes frоm аnd how it goes into circulation, thе аnѕwеr is that it gеtѕ “minеd” intо еxiѕtеnсе. Bitсоin mining ѕеrvеѕ to bоth add transactions tо thе blосk сhаin аnd tо rеlеаѕе new Bitcoin. Thе mining рrосеѕѕ involves compiling rесеnt transactions into blосkѕ аnd trуing tо solve a соmрutаtiоnаllу difficult рuzzlе. The first раrtiсiраnt whо ѕоlvеѕ thе рuzzlе gеtѕ to рlасе thе nеxt blосk оn thе blockchain and claim thе rеwаrdѕ. The rеwаrdѕ incentivize mining and inсludе bоth thе trаnѕасtiоn fееѕ (paid tо thе minеr in thе fоrm of Bitcoin) аѕ wеll аѕ thе nеwlу rеlеаѕеd Bitсоin.

Read More