Got your shiny new ASIC miner?Wondering when it will pay off?If you enter your hash rate below, this page will calculate your expected earnings in both Bitcoins and dollars over various time periods (day, week, and month).It will not attempt to extrapolate difficulty or price changes -- it provides only instantaneous calculations (how much you'd make if all conditions remained as they were right now).Next difficulty retarget occurs at block 473759.0 (eta 7.7 days): 6.95852747098e+11 / -2.2% [est.] Has this service helped you?Why do folks ask this question?More often than not, the question pops up in times when Bitcoin’s price is rising, and they may see mining as the cheapest way to get their hands on some.“Why buy bitcoin at $1,000/BTC when I could just buy a graphics card and get some for free, right?”It is not as simple as this though, and in most cases not at all feasible.Here’s a breakdown of why that is, and of the very specific cases where mining may still be a feasible venture.The basic premise of mining is that persons from around the world can contribute their processing cycles (CPU or otherwise) to the bitcoin network.

In return they get paid for the number of cycles they contribute.These cycles are used to secure the entire Bitcoin network.Payment is made in proportion to the number of “effective CPUs” a person can contribute.These contributions are relative to the current size of the mining network.The payment, better known as the ‘block reward’, is the thing that we’re interested in looking at.Bitcoin’s original vision as laid out in its whitepaper was ‘one CPU one vote’.Persons would contribute their CPU cycles to vie for the chance to ‘add the next block of transactions to the network’.In turn they would be paid for each block that they get to add.In the early days folks did go the route of CPU mining as was the original design.This however, quickly accelerated through the ever evolving and creative use of more advanced pieces of hardware.The progression of mining in Bitcoin went as follows:It is important to note that the absolute rate at which bitcoin is paid out globally does not change based on the number of miners.

It is actually determined by a fixed supply schedule.In the early days it was 50 BTC every 10 mins and today it is 12.5 BTC every 10 mins.This equates to about 1800 BTC per day, and this is constant whether there is just 1 person mining or 10 million people mining.Today, the bitcoin network has grown to the equivalent of 2,460 PHash/s which is just shy of 1 billion effective GPUs (if you’re a gamer) or 17.6 billion effective CPUs (if you’ve built a high end desktop computer).For perspective on just how large these numbers are, let’s consider the odds of winning the US$149 million Powerball.Winning is roughly a 1 in 175 million chance.This translates into average payouts that look something like the following:I’ve seen this myself with a little mining rig that I set up just about a year ago.My rig was as powerful as using 2 of the highest end GPUs you could probably find today.Even then, daily payouts looked like what you see in the following image.That’s not to say mining is entirely dead though.

Instead, it has evolved into a global energy arbitrage game of sorts, where feasibility is determined by two factors:Fortunately for us in Trinidad, we have some of the lowest power costs in the world.A friend of mine and I have taken advantage of this and we’ve been experimenting with some Antminer ASICs to see just how feasible mining is locally.What we’ve found is that if you can access industrial rates (US$0.02 - $0.03 per kWh) and you can avoid having to liquidate the mined BTC regularly to meet daily costs, then mining may be feasible.redeem bitcoin for cashThis of course assumes that you’ve bought into the overall Bitcoin value proposition and expect its value to continue growing over time.With our own operation, and based on 200 days of data, we’ve found that we can expect to eventually come out with ~70% cheaper coins after 2.5 years than if we would have bought those coins outright.bitcoin nyse ticker

This is a very optimistic projection though, based on a number of uncertain assumptions.Mining with non-ASIC equipment may also be feasible if you get a little creative.Altcoins (alternative blockchains) usually have much smaller mining networks and different mining algorithms.These properties make them far more attractive for CPU or GPU mining.One can also take the proceeds from mining on these alternative blockchains and convert them back to bitcoin on a regular basis.This is a more technical route though and the trick with this method is keeping a close eye on which altcoins to mine.beyond the bitcoin hypeThis is so because the specific altcoin mining network sizes and exchange rates can fluctuate very rapidly.Fortunately, there are sites like the following that take the various factors into account and provide comprehensive tables on the altcoins that are worth mining at any point in time.To get back to the original question of ‘should I mine?’, people usually ask because they’re thinking of what’s the best way to get their hands on some bitcoin.100 mh/s bitcoin

In most cases the answer is usually that they should simply buy them outright on an exchange as this will afford you all the benefits of any future price increases without the headaches of having to manage a small mining operation.What you end up gaining by taking on this task of mining is a route to maybe marginally cheaper bitcoins.That being said, there are cases where mining does make sense even after taking the above factors into account.It might be preferable if you have:It is also preferable in countries where accessing bitcoin is difficult because of lack of exchanges or currency controls.bitcoin litecoin vertcoinMiners are a great way to convert local power to a liquid asset and they effectively serve as direct foreign exchange earners for the owners of the operation in these sorts of locations.earn bitcoin ptcBitcoin Profitability Calculator – BTC Mining Profit Calculator Enter your set up information in the form below.

Do not enter commas, only dots for decimal separator.Bitcoin difficulty Bitcoins per Block (BTC/block) Conversion rate (USD/BTC) Hash rate TH/s GH/s MH/s Electricity rate (USD/kWh) Power consumption (W) Time frame (months) Cost of mining hardware (USD) Profitability decline per year Nothing guaranteed, of course this is only a rough estimate!You can also calculate rented mining by setting “Power consumption” to 0 and “Cost of mining hardware” to the rent per time frame.Default values are for a system of four 6870s.Estimate Strategy Extrapolating bitcoin difficulty or price is pure voodoo.It is much easier to predict the relationship of the two parameters in form of the Mining Factor.The Mining Factor 100 is the value in USD of the bitcoins you can generate if you let a 100MHash/s miner run for 24 hours.If the Mining Factor 100 rises above $2 or so everybody buys mining equipment and thus increases difficulty.If it falls people will stop mining eventually.

The estimate starts with the current Mining Factor and decreases it exponentially such that the decrease accounts for the factor decline per year.Please note that a profit/loss by holding the coins is not accounted for in this estimate.Things to consider that might eat into your profit: The values above are only a snapshot.The network and markets are moving quickly.Check out these diagrams to get a feeling for it.Looks like if your mining operation is not profitable now, it probably will not be in the future.With rising bitcoin exchange rates it might be more profitable to buy bitcoins than to mine.There are spreadsheets available in this thread or this one (with some FPGA data) for a more custom calculation.Bitcoin exchanges: LocalBitcoins, BitQuick.The calculation is based on average block generation time.The closer the average generation time is to the time frame the more the resulting revenue depends on luck.You will have to pay mining pool fees from close to nothing up to 3% depending on the pool.

Unless you want to do pool hopping you should go to a pool with hopping protection.I recommend Arsbitcoin and EclipseMC (with namecoin merged mining).P2Pool is a new completely decentralized alternative.You will get somewhere from 1% to 3% of “stale shares”.The Bitcoin block mining reward halves every 210,000 blocks, the coin reward will decrease from 25 to 12.5 coins; Reward-Drop ETA date: 09 Jul 2016.This might partly be compensated by falling difficulty, raising prices, higher transfer fees, etc. A mining computer generates a lot of heat as a byproduct.This can impact your heating/airconditioning costs depending on outside temperatures.Other byproducts could be noise and an angry wife.Do you have lots of experience with and like working with computers during lonesome nights?You have to spend quite some time to set up the system (easily several days!)You will not get a 100% uptime.You will probably not be able to reach the highest values in the Mining Hardware Comparison.Some bragging / measuring error and extensive overclocking of the cards is involved here.