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Bitcoin Mining / Is Bitcoin Mining Still Viable?
« on: April 30, 2019, 06:13:59 PM »
Calculating Your Bitcoin Hash Rate
As described in our previous Bitcoin mining article, miners get rewarded every time the “hash puzzle” is solved. The speed at which you are able to solve this puzzle is based on the hardware that you are using. This speed measurement is referred to as the Hash rate.
The Hash rate refers to the number of calculations that your hardware can perform every second as it tries to solve each hash puzzle to complete a transaction block. Hash rates are measured in megahashes, gigahashes, and terahashes per second (MH/sec, GH/sec, and TH/sec). The higher your hash rate (compared to the current average hash rate), the more likely you are to solve the “hash puzzle” and complete a transaction block.
This of course means that the more hardware resources you dedicate towards Bitcoin mining, the more likely you are to earn Bitcoin. This can get very expensive.
Calculating Your Energy Consumption
All electrical and electronic devices require energy in order to function. This energy comes in the form of electricity – and (for the time being) electricity is not free. In order to profit, you need to ensure that your electrical costs are not higher than the value of the actual Bitcoin that you’ve mined.
Your electrical consumption can be measured in watts. With these factors in mind, you can calculate how many hashes you’ll be getting for every watt of electricity that you’ve used. To do this, divide your hash count by the number of watts.
Here’s an example. Let’s say that your rig’s output is 700 GH/sec and this rig consumes 400 watts of electricity, your end result would be 1.75 GH/sec per watt.
SOURCE: BitCrypt.co
As described in our previous Bitcoin mining article, miners get rewarded every time the “hash puzzle” is solved. The speed at which you are able to solve this puzzle is based on the hardware that you are using. This speed measurement is referred to as the Hash rate.
The Hash rate refers to the number of calculations that your hardware can perform every second as it tries to solve each hash puzzle to complete a transaction block. Hash rates are measured in megahashes, gigahashes, and terahashes per second (MH/sec, GH/sec, and TH/sec). The higher your hash rate (compared to the current average hash rate), the more likely you are to solve the “hash puzzle” and complete a transaction block.
This of course means that the more hardware resources you dedicate towards Bitcoin mining, the more likely you are to earn Bitcoin. This can get very expensive.
Calculating Your Energy Consumption
All electrical and electronic devices require energy in order to function. This energy comes in the form of electricity – and (for the time being) electricity is not free. In order to profit, you need to ensure that your electrical costs are not higher than the value of the actual Bitcoin that you’ve mined.
Your electrical consumption can be measured in watts. With these factors in mind, you can calculate how many hashes you’ll be getting for every watt of electricity that you’ve used. To do this, divide your hash count by the number of watts.
Here’s an example. Let’s say that your rig’s output is 700 GH/sec and this rig consumes 400 watts of electricity, your end result would be 1.75 GH/sec per watt.
SOURCE: BitCrypt.co