I recently watched an excellent panel discussion on Bitcoin Mining that I’d like to share with you. This was filmed a little over 1 month ago at the CoinSummit conference.
The video provides tremendous insight into the current state of Bitcoin mining and trends that we will see emerge in the not-so-distant future.
Leading the panel discussion on ‘What’s next for Bitcoin mining?‘ is Tuur Demeester of Macrotrends.
Thanks to Devu of BixBite for the link to the video.
I’ve discovered three really great Bitcoin mining profitability calculators that I’d like to share with you.
These handy tools will help you estimate your potential profits before investing in mining hardware. In my experience returns for the industry’s leading hardware are approximately 3 -4 months.
Give the profit calculators below a try to see how your rig should be performing or estimate a future investment.
One of the most advanced profitability calculators can be found at TradeBlock. This calculator allows you to factor in electricity, shipping and other costs as well as predicted difficulty increases.
The calculator results display a nice breakdown of monthly earnings over the next 12 months. Some of the data, particularly the default hardware information and difficulty increase seems to be old.
Coin Warz is geared towards comparisons of Bitcoin revenue to various altcoins. It can also be used to very quickly estimate revenue per day. The Coin Warz calculator has options for all of the various Scrypt mining platforms. While you’re there check out the many useful charts.
The standalone Bitcoin mining calculator at Bitcoin X generates a detailed report of 24 hour earnings, energy costs and expected break even time. An easily readable result describes revenue less power costs and you are able to set the time frame to any number of months.
Some pools will provide 24 hour earnings information for you. It’s an important metric to keep an eye on in addition to your hardware GH/s. Earnings data can fluctuate on a day-to-day basis.
I have my machines working at GHash.io and I’m able to quickly estimate 24 hour earnings by copying and pasting block reward data from a 24 hour period into Excel. Now it’s just a matter of summing up the block reward column to calculate your 24 hour earnings.
Be sure to use mining profitability calculators only as a rough estimate! There are dozens of variables and factors that can influence profitability. Never invest more than you’re willing to lose.
If you’re mining Bitcoins at this point you may want to consider the potential for Bitcoin value to stay on the rise. As Bitcoin value increases we will start to see more promising results from the profitability calculators.
I’ve been interested in Bitcoin for awhile now, to the point where I’ve got a full mining operation up and running and have just launched this brand new blog. I still have trouble explaining how Bitcoin works and it’s revolutionary benefits.
A beautifully animated video produced and published today by The Guardian offers a great explanation of how Bitcoin works in one easy to understand short video.
As it’s title implies, Bitcoin Made Simple provides a quick back story of the anonymous Cryptography paper that started it all as well as the many benefits of using Bitcoin over traditional financial instituions and payment methods.
If you’ve been looking to easily explain the benefits and promise of Bitcoin to your friends and family, head on over to The Guardian and watch Bitcoin made simple. The video has been embedded below for your convenience.
This post originally appeared on MarkFulton.com.
I’ve recently started a Bitcoin mining venture and have received a lot of interest from friends wanting to know how it works. I hope these tools and resources help you find your way around the current state of the Bitcoin mining world.
If you have any questions about Bitcoin or Bitcoin mining, please leave a comment below.
I will be posting some photos of my mining rig and sharing some of my experience with Bitcoin mining soon. Stay tuned.