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Does Bitcoin Mining Make Money

Bitcoin mining was a hot topic in 2017 when cryptocurrency soared. Many people scrambled to buy mining machines and join the bitcoin mining army. At that time, it was "difficult to find one machine". With the deterioration of the market, it has recently burst out that the mining machine is sold by Jin. Today, let's talk about whether bitcoin mining makes money or not? Why is there a situation of "on Jin sale" of mining machines?

1. How many bitcoins can be dug up a day?

Let's first introduce the reward mechanism of bitcoin system. Bitcoin is basically stable through system settings, digging out a block every 10 minutes on average. Every time a block is dug out, the reward is given to the miners who dig out the block. A miner who digs out a block is called a block miner. The out of block miner will record the legal transactions in the bitcoin network on the blockchain, so that the miner can receive the bookkeeping fee.

The reward for miners out of the block includes two parts: one is the system reward, which is called coinbase reward (also known as system issuance reward), and the other is the bookkeeping reward, which is called miner's fee.

Coinbase reward starts with 50 bitcoins. For every integral multiple of 210000 block height, the coinbase reward will be halved. This is the bitcoin mining reward we often hear about halving in four years. At present, the coinbase reward is 12.5 bitcoins.

At the present stage, the average transaction fee received by miners for digging up a block is about 0.1 bitcoins (not fixed), that is, the average reward received by miners for digging up a block is about 12.6 bitcoins. About 99% of the reward for miners comes from the coinbase reward of the system.

According to the bitcoin system, one block can be excavated every 10 minutes. The number of new blocks that can be excavated in a day is 144 (60 * 24 / 10 = 144). At present, the number of bitcoins that can be excavated every day is 1800btc (144 * 12.5btc = 1800btc). In addition to the miner's fee of about 0.1btc in each block, the total reward for all miners in one day is about 1814.4btc.

2. The proportion of your computing power determines the mining probability

Bitcoin mining competition is computing power, that is, the number of hash operations of mining machines per unit time. The greater the computing power, the greater the probability of digging bitcoin. At present, the computing power of bitcoin in the whole network exceeds 39eh / s, that is, 39 times 10 to the 18th power. What is this concept? If an ordinary computer is used to mine, its computing power is about 1000h / s, and it can make 1000 random number attempts per second on average. There are 7 billion people in the world, and everyone has a computer used to dig bitcoin. Then it takes 5.6 million earth to reach the current network computing power of bitcoin.

The probability of miners digging bitcoin is equal to the proportion of their computing power in the whole network. Mining with ordinary home computers, the probability of digging bitcoin is far less than the probability of winning the first prize in the two-color ball. Therefore, at present, miners use professional mining machines - ASIC mining machines to dig bitcoin. If the miner "xiaoleng" has computing power, accounting for 1% of the computing power of the whole network, in the long run, his probability of digging bitcoin is 1%.

3. What is the daily profit of miners?

Miners can roughly calculate the number of bitcoins they dig according to their proportion of computing power, and calculate the income according to the current market price. The computing power of the miner "xiaoleng" accounts for 1% of the computing power of the whole network. In the long run, the average bitcoin he digs every day is about 18 (1800 * 1% = 18). According to the current bitcoin price of 25000 yuan, the average daily income is about 450000 yuan.

Whether the miners are profitable depends not only on the income, but also on whether the mining income can cover the mining cost. The cost of mining mainly includes: the cost of purchasing mining machines, electricity cost, site cost, labor cost, etc.

The price, computing power and power consumption of different mining machines are different, and the electricity and labor costs are also different. Therefore, how much money bitcoin can make a day of mining needs to be calculated according to the actual situation.

It should be noted that bitcoin mining is not a business that can make no loss. The mining machines that broke out some time ago were sold by catty. It is precisely because the price of bitcoin fell sharply that the miners' mining income could not cover the cost and were forced to sell off the mining machines.

Knowing the key parameters such as mining machine price, computing power, power consumption and electricity charge, you can calculate the mining income with the help of mining calculator. The big white treasure chest calculation force calculator on the official website of the vernacular blockchain can calculate mining revenue and current cycle data according to the parameters of the mining machine.

4. Summary

The probability of bitcoin miner digging bitcoin depends on the ratio of his computing power to the computing power of the whole network. Bitcoin mining is not a sure business. Whether you can make money depends not only on the income of mining, but also on the quantity and price of bitcoin; It also depends on the cost of mining, including mining machine cost, mining machine computing power, power consumption, electricity and other operating costs.

When you know the specific parameters of the miner, you can find the mining calculator through the big white treasure chest to calculate the mining income.

Does Bitcoin Mining Make Money 1

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