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Bitcoin Mining Calculator - Updated with 2020 Miners
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Why is the RandomX algorithm being hyped to the moon?
TL;DR: don't assume the average return from mining RandomX will be higher than the current CryptonightR algorithm. Hold back your excitement for now. I think we all need to bring something to our attention. Over the last month, there have been so many topics and comments here on MoneroMining about the new 'RandomX' algorithm. This algorithm is supposed to be launched a couple of months from now. There are many questions like "is this a good hashrate for my CPU"? "What's your power usage on RandomX"? "How can I tune my CPU for RandomX"? "How would the algorithm perform on this hardware"? I think these are great constructive comments that are at the heart of what miners stand for. We miners love optimizing our rigs and educating ourselves on technological trends. But I've noticed many questions such as "what parts should I buy for a RandomX mining rig"? "Is an AMD Ryzen 9 3900x a good investment"? "What parts will give me the most profit when RandomX launches"? Many of these questions are asked with very little research. I think there's a gold fever brewing behind some of these comments. The kind of motives that have bankrupted many miners in the past bubbles. As we have seen in 2014 and 2018, anybody who enters the crypto industry with an 'I want easy profit' attitude almost always goes bankrupt. They buy coins or hardware at the peak of the bubble. Sometimes they get lucky and sell their coins or rigs right before the crash (only to get burned in a future bubble later). But most of the time, these new users lose most of their investment. As a veteran miner, a lot of alarm bells ring in my head when I read these kinds of RandomX hype posts. I have no reason to think CPU mining will be more profitable on RandomX than on the current CryptonightR.
If the new AMD CPUs are very efficient on RandomX, that just means more people will buy them, driving up the difficulty. Your shiny R9 3900x's profit will start falling because it's no longer as competitive against the other hardware on the network.
If the profits on day 1 of the RandomX launch are indeed high, more people will start adding rigs to the network. If the average miner's profit is above the equilibrium of the market, it will start going down. That equilibrium is largely set by botnets, large scale farms in China/Russia/Niagara Falls/Georgia, and datacenters with spare capacity. So if your R9 3900x earns $10/day on day 1, you can count on that golden streak ending soon.
CPU mining as a market is never stable. Your CPU rig is limited tojust 1 or 2 coins: Monero and Veruscoin. Edit: there are a few more CPU coins than these. AMD GPUs can at least mine 3 or 4 coins well, while nVidia GPUs are the best at 5-10 different algorithms. GPU mining is a safer, less risky investment. GPU mining is like playing blackjack. Building a rig specifically for CPU mining is like tossing a coin. You're locked into one coin by building a CPU rig. Yes, it has resale value to gamers, but it's much harder to resell a MOBO combo than a bunch of GPUs at any price. Trust me, I've sold hundreds of GPUs and dozens of MOBOs before!
I don't know what the market share of CPUs vs. GPUs on CryptonightR is right now. But if most of the current nethash is made up of CPUs, these CPUs will have no choice but to switch to RandomX when it is out. There's no other coin for them to mine, unless they have some work to do outside of mining. So almost all of them will get onto the RandomX network, too, along with your expensive new CPU rig. I think this'll be the biggest factor driving up difficulty. Yes, the older CPUs might not be as efficient as the new Ryzens, but many of them are already paid for in terms of capital (like in a datacenter) or have free power (like in a botnet or apartment with free power).
You might say that Monero will always be profitable enough because it has survived so long, or the developers are better, or they're taking action against ASICs. But that doesn't necessarily guarantee profit. Monero might be a successful coin and overtake ETH, but that has nothing to do with profit on the network. Even though Bitcoin's really successful, you're guaranteed to lose money if you buy the latest Antminer and run it at residential power rates. Meanwhile, Dogecoin back in the day had awesome profits even though it was a blatant fork of LTC with few improvements.
Your new RandomX rig might look like it has decent "ROI" to you, but that doesn't mean it was the best investment. You might have been better off building a GPU rig and mining Grincoin or Ravencoin. I.E. if you build a RandomX rig, you're earning less profit for the same amount of capital invested. And even if you earn the same return, you still took a higher risk than if you built a GPU rig (see the point above).
In the GPU mining community, I have the feeling that there's a lot of resentment over the 2018 crypto recession and the whole 'ASIC miner invasion'. I think people here are feeling burned over their losses last year and the evil ASIC takeover, and want an opportunity for the little guy to start mining again. So we're falsely seeing the RandomX ray of hope as a floodlight, and getting overexcited. And in general, the ordinary person cannot make a significant, steady profit in the crypto mining industry. The guy who wrote that thread is very rich and even 100 GTX 1080 Ti's cost nothing to him. The reason he became wealthy is because he avoided get-rich-quick gimmicks back in the day (like the dotcom sites) and focused on learning technology for the future. Mining will not make you rich, and especially not RandomX coin tossing. If you love RandomX, build your rig now, keep benchmarking and undervolting and have fun at it. But if you just want profit, wait until RandomX is up and running. And consider all the risks involved with a new algorithm and commercial mining in general. So I hope we can all reconsider whether we're excited about RandomX for the right reasons. Let's try to avoid jumping to conclusions about profitability and hold off on the Newegg 'checkout' button. Even though 12 cores at 70 watts sounds awesome. Happy mining!
Clearing up some confusion about cryptocurrencies, mining and when prices will go down.
I spend my last 6 months in a lot of cryptocurrency Reddits and informed myself about the topic. I read a lot of misinformation in the non crypto Reddits every day and because of that I am making this post to clear some things up and explain everything. Sorry for the wall of text, there will be a tldr; at the end
How do mining profits work?
The Ethereum network pays out people who mine for them in Ethereum. The total daily amount of Ethereum giving out is more or less constant for now which means that if only a single person mines he gets everything, if a million person mine with the same hash power behind them everyone gets 1/1,000,000 of the reward, the reward itself does NOT increase, only the price of the ETH can increase. Normally people would buy more GPUs until they reach a point of only a small profit compared to the energy costs and it would a reach a point of balance between total network hashrate and profit in USD (like it was in the last 3-4 years). The problem is that the price spiked multiple times way too fast and GPU manufacturing can't keep up which causes GPU prices to spike and delays this point of balance which results in MASSIVE profits for everyone who mines because the hashing power "supply" is capped. We are talking about 100$ a month with a SINGLE RX 480 right now (80$+ with power cost included).
When will it stop?
Actually quite soon (yay). This is sadly a truth that not many miners know of (not to mention some are delusional... you will find them in the comments) and very few people think about. Even the popular Youtube channels have no idea about this. Before I come to the end of GPU mining first there are some numbers.
How many GPUs are out there and how much are the total profits?
The current network hashrate is about 191TH/s and a total daily reward paid of 31,239,969$ in the last 24 hours. Because a single RX 480 gets about 28MH/s (pretty much average), we have about 6,821,428 GPUs mining ONLY Ethereum right now. If you every wondered how much money you need for a global GPU shortage the answer is about 30 million dollar daily.
Can you finally tell us when and how it stops? I want to play pubg!
Ok ok... the thing is the Ethereum network doesn't need your GPU power. It only uses it as a spam filter to make it harder to manipulate the network. You would need over 50% of the total hashrate to reliably fake transactions, think of it as a giant google captcha. You can easily replace that captcha with another one and this is exactly what Ethereum does in the near future. Proof of stake means instead of wasting GPU power you just stake your Ethereum and the more of your Ethereum you invest the more voting rights and rewards you get. If you are caught trying to cheat your whole money gets confiscated and donated to everyone else depending on their voting rights. Full proof of stake will probably be implemented late 2018 but just to be fair it already got delayed multiple times so there is no clear 100% date for it yet.
So... Ethereum fires all the miners, wont miners just mine something else?
This is where the misconception starts. There is actually a second point of balance in all of this. All cryptocurrencies will always divide all the hashing power between them until they all reach about the same profit (people always switch to what gives the most profit). It may seem like there are a lot of profitable cryptocurrencies to mine but that is actually an illusion. Many of the smaller coins would be unprofitable after a few thousand GPUs because their total $ reward giving out daily is pretty small. The thing is nobody mines something that gives less profit so they switch. To sum it up Ethereum is basically the minimum payment job and everyone who goes below that wont find anyone willing to do the job until they get more profitable than Ethereum. Now what happens if 6.8 MILLION RX 480 are jobless after a single update? They will all start mining something else. The problem is Ethereum has a GIANT majority in hashrate and all other mineable cryptocurrencies combined can't be profitable after Ethereum switches even if their prices spike by 10x.
It can't be that bad...
OH HELL YEAH IT IS THAT BAD! Every heard of Monero? It is the cryptocurrency that caused the RX Vega shortage. Any idea on how much daily rewards they give out? A giant 1,504,249$ in the last 24 hours. Yes that is 20.7 times less and we are talking about the second biggest mineable coin out there. As soon as Ethereum fires all the miners everything will collapse and profit will turn NEGATIVE for a while unless you have free power. Q4 2018 is the end of mining for probably ever. Because the Ethereum code is open source and everyone can use it there will most likely be more coins that follow proof of stake after that (there already are some that already have it) so mining will most likely never come back.
Why the switch to proof of stake?
There are many benefits. It consumes A LOT less power, it is most likely faster and people who hodl Ethereum get more Ethereum for just having it. Free interest rate hype! But the most important thing about this is that miners control the currency and every update to it. Sadly they don't have the same interests as people who want the crypto to succeed and improve. For example Bitcoin's block size is kept at 1mb even though increasing it was always the plan since 2009. Why? It's very simple. You can only fit X amount of transactions in 1mb and if it gets more than that only people who pay more get their transactions in faster which means more fews are being paid to the miners. While they make a fortune the currency suffers with spikes to 50$ for a SINGLE transaction (currently it's 18$). If the power goes to the ones having the currency they are directly interested in the well being of the currency which is better for everyone.
So... what does all of this actually mean?
We will get the biggest GPU mass sell off in the history of the technology itself. I wouldn't be surprised to find a RX 480 for 100$ in December. Miners already made the price of the GPU back multiple times, they don't care about the price if they get at least something. This will be a GREAT time for buying GPUs. It already happened once in 2013? when ASIC miners got introduced for Bitcoin mining and all R9 290(x) got dumped on the market because they went from awesome miners to completely useless overnight. This time will be much bigger though because of the sheer amount of GPUs used for mining.
AMD's and Nvidia's part in this
AMD did ramp up production last time with the r9 290(x) and got completely rekt. They couldn't sell the GPUs anymore and the used r9 290(x) were way too cheap to compete with. This time they are smarter and they just make as much as they can without investing too much while basically selling everything they produce for almost a whole year. Nvidia is about the same right now, they are just making bank without risking much. If you ever wondered why the 1070ti exists, it is basically a mining only GPU. The 1080 is horrible for Ethereum mining because of GDDR5X timings but the 1070ti has the same GPU power with GDDR5 non x. They only made this for more profit when selling to miners.... yet no reviewer called them out for this to my knowledge.
GPU prices will crash hard and the used market will have laughable low prices. These GPUs actually run undervolted, underclocked and at a low temperature the whole time because the bottleneck is the memory speed which means they are in EXCELLENT condition. Maybe their BIOS got flashed for better memory timing but you can just switch to the second BIOS or flash it back to normals. These will the GREAT to buy. Note that r9 290(x) and 390(x) GPUs should be avoided because they have such an overkill memory setup that their GPU core is the bottleneck (-> overclocked, overvolted and run at 90c+).
How will Nvidia react?
Well they will have a problem. Nobody will buy a 1180 if they can get a GTX 1080 for 200$ compared to something like 600$. Especially if Nvidia releases the 1180 while mining is still a thing. I guess they will wait with the 1180 or release a 1280 shortly after mining died with a really competitive price (if AMD can't compete they will just compete with themself...). Just think of the GTX 970 which got released with a 299$ MSRP and got actually sold at that price!
This got way longer than expected... well I hope you learned something. Just comment if you want to correct something or have a question. Most of these are assumptions based on thinking so none of this has to happen but is in my opinion very likely to happen. tldr; Because Ethereum has almost all of the GPU power behind it and will fire all the miners in around Q4 2018 with the switch to proof of stake there will be a huge excess of GPU power and prices will crash hard. edit: if you only care about numbers and facts and want a better distinction between assumptions and facts read my other comment https://www.reddit.com/pcmasterrace/comments/7rqkmo/clearing_up_some_confusion_about_cryptocurrencies/dsyzg6b/
Allowing ASICs favor big operations that cash out as soon as possible
There has been a lot of arguments for or against ASICs. I've became convinced that they are a bad thing for a few different reasons. The one I want to talk about here though is the multipool "problem". Changing proof of work algorithms will never prevent multipools from mining DOGE. However, I feel like ASICs favor multipools. If you want to predict the future, look at bitcoin. Bitcoin is basically impossible to mine now without huge investments in large scale ASICs. This usually requires external investment and huge amounts of risk. Because of this, the people with these huge ASIC farms owning more than 99% of the network are much more likely to cash out as soon as possible. Multipools especially favor ASICs because it's a chance for them to make more money in the short term, which is all their concerned about. If you look at dedicated DOGE miners a month or so ago, you didn't see huge investments. Maybe $10,000 or so from the crazier miners. Most miners had a modest stack of $300 GPUs. Now that ASICs are coming out though, we're seeing the equivalent of 22GHash/s from one miner. That's the equivalent of 24,444 R9 290s, a $500 card. So that's about $12,222,000 worth of hashing power without ASICs, not counting motherboards and power supplies and other infrastructure. On going costs for that amount of GPUs would also be ridiculous, with each card using 300W, that'd be over $17,000 a day in power. Not to mention maintance and space to put that many cards. Now, let's look at ASICs. There are some ASICs shipping soon costing $20,000 that deliver 250MHash/s @ 3200W.. That's only 88 of these fairly small, but expensive, boxes to get that 22GHash/s hashrate. The ongoing costs are a much more reasonable $700/day or so. At this kind of rate, people could invest $1M and have a quarter of our current hashing power. When people invest, they expect a return on investment. So, they expect money as soon as possible to break even and to make back money for their risk. No one with $1M in risk is going to want to hold the DOGE to see if it goes up or because they think it's a good currency. They're going to cash out as soon as possible. There are small ASICs as well, but these usually start at around $300. There will probably eventually be even smaller ASICs starting at $60, like how it use to be with bitcoin. But those small ASICs became unsustainable. By having larger scale the big and expensive ASICs could make the small ones not even make back the tiny amount of power they draw. This means if you want to try out mining the coin, you start out mining at a loss. No one will invest even a small amount in mining at this final point. This is where bitcoin is. No one but the huge players mine bitcoin because it's completely unprofitable without a huge intial investment. So, I ramble to come back to this: These bigger players usually have investors to satisfy and investors aren't going to want their money to be anywhere but in their hand if they can help it. Where as most small miners think it's neat to hold 100K or 1M of DOGE, because they are mining not just to make some profit, but because they believe in the currency. They aren't going to immediately cashout because they know the currency will rise or wish to speculate. This is why I think ASICs actually ARE bringing the price down and a bad thing for the DOGE economy.
As of Friday, July 17, 2020, it would take 1,231.8 days to mine 1 Bitcoin at the current Bitcoin difficulty level along with the mining hashrate and block reward; a Bitcoin mining hashrate of 112.00 TH/s consuming 3,472.00 watts of power at $0.10 per kWh, and a block reward of 6.25 BTC. bitcoin value,bitcoin price chart,bitcoin price today,bitcoin cash,bitcoin price usd,bitcoin to usd,btc to usd,bitcoin news,btc price,what is bitcoin,bitcoin converter,bitcoin today,bitcoin euro,bitcoin cost,bitcoin investment,bitcoin explained,bitcoin usd,bitcoin to euro,bitcoin chart,bitcoin calculator,bitcoin rate,bitcoin graph,buy bitcoin with credit card,bitcoin mining calculator,btc Yes, indeed. If you remember, the AMD Radeon R9 280X GPUs suffered from the same kind of hashrate drop past year. Looks like the RX 400 / RX 500 are next in the list. Now, the newer and more powerful cards such as Nvidia Pascal GPUs, as well as the R9 290(x) , / R9 390(x) that feature more video memory (6GB/8GB+) wont be significantly affected. Bitcoin Network Hashrate Chart and Graph. Hash rate.Details: Bitcoin Gold, Zhash, 74 Mh/s; Mining Bitcoin Gold with the GTX 1050 TI:. GPU Graphics In Bitcoin, transactions form a one-way linked list that allows tracing pre- vious accounts depends on luck and hardware, but, with a GPU, an acceptable pool hash is found every You should check out the second article for a host of details on that I The higher the hashrate of the entire Bitcoin network, the more machines there are in total and the more difficult it is to mine Bitcoin. Another way of looking at it, is that hashrate is a measure of how healthy the Bitcoin network is. It’s good for Bitcoin if the overall hashrate is high, because it makes the network more secure.
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