Syng ethereum reddit
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 or through this list. Power consumption is measured in Watts. 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.
Profitability decline per year — This 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. 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.
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. In order to calculate all of these parameters and get an answer to our question we will use a mining profitability calculator. Today one of the most advanced miners out there is the Antminer S9. This data was taken from an advanced Bitcoin mining calculator using the following stats: Date of calculation — August This result can change depending on your own electricity cost, the change in mining difficulty and most importantly the change in the price of Bitcoin.
So even though home mining is an expensive business there are still other option that may be relevant for you to get into the mining game at a lower cost. This means that you do not buy a physical mining rig but rather rent computing power from a different company and get paid according to how much power you own.
However, when you do the math it seems that none of these cloud mining sites are profitable in the long run. But make sure to do the math before putting your money into any of these plans. One more option you can consider is mining Altcoins instead of Bitcions. Today there are hundreds of Altcoins available on the market and some of them are still real easy to mine. Some good examples for Altcoins are Litecoin, Dogecoin and Peercoin. In order to understand which Altcoins are profitable you can find website indexes such as CoinChoose that give you a complete Altcoin breakdown.
On CoinChoose you can see the difficulty for each Altocoin, where can you exchange them and what are the chances to profit Bitcoins by mining each specific Altcoin. My guess is that in the long run you could make a profit from Bitcoin mining but only if you invest a considerable amount of money in a good mining rig e. Thanks a lot for concerning our site in searching for "Reddit Siacoin Mining Guide" online. Hi Everyone, A little background i completed a Bachelor of Design in Multimedia from the Royal Melbourne Institute of Technology RMIT a few years ago, however strayed from the field for personal reasons until a few weeks ago when i started investigating bitcoin and other cryptocurrencies.
I am still learning and and experimenting with the software and apps involved with cryptocurrencies, so please forgive my ignorance. I guess i started by looking into Bitcoin, i read about bitcoin on reddit, which seems to have a bit of a mixed community, alot of opinions on their are complete trash yet others quite insightful.
As with any forum you need to form your own opinion and not just blindly follow random peoples advice. Once i gathered a minuscule understanding of bitcoin from reading lots of manuals and watching lots of videos, i decided to buy some bitcoins. First transaction complete Woohoo!!!! Now i want to mess around and try transferring the bitcoins around a little so make some transactions i sent some coins to my little brother as a test, see if he gets interested in it.
I ended up downloading a few apps and trying out their software, to date these are the apps i have on my phone: Google Authenticator - Good for two step authentication Electrum - One of the wallets i am trying out Ethereum - A wallet that looks to be from somehwere callet freewallet.
Jaxx - another wallet which can hold BTC or ETH these guys seem to be anti ETC from what i can see as they have no offer for that or maybe its because it still new Uberpay - This one seems to have the most promise as a wallet as it allows me to trade between alot of altcoins and BTC, thus giving me something to do with the bitcoins i have bought, they use shapeshift.
Syng - Not sure about this one yet very limited functionality it does say its in beta testing and will crash alot, but it claims to be a mist browser for your android device, now that sounds awesome if it gets up and running, i'm being extra careful with this app as it could be malicious i don't know?
I am keen to try out Ethereum, but i am struggling to figure out how to get it set up and running i tried downloading the browser but it wont sync with the block chain, it might have something to do with the fact it gave me the choice to join the hard fork or not and i chose not to fork.
I have been monitoring the price of bitcoin and other crypto's now and i cant stop thinking about what this could all potentially mean.