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Discussion based on cloud mining specifically using HashFlare.

Hi, I've been reading up on Hashcash and the precursors to Bitcoin's proof-of-work system. One thing that I'm having trouble finding is the relationship between calculated difficulty and hash function bit digests.

To use MD5 as an example: it has a 128 bit output. Theoretically each of these bits has a 50% chance of being 1 or 0; therefore, the odds of a given output having some k leading bits set to 0 is 1/2^{k.} Is this correct, or am I missing something fundamental about the way this works?

Also, I know that MD5 is broken, but this is assuming the pseudo-randomness of crypto hash functions is working as intended.

submitted by sexPekes to Bitcoin [link] [comments]
To use MD5 as an example: it has a 128 bit output. Theoretically each of these bits has a 50% chance of being 1 or 0; therefore, the odds of a given output having some k leading bits set to 0 is 1/2

Also, I know that MD5 is broken, but this is assuming the pseudo-randomness of crypto hash functions is working as intended.

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Using the Wisdom Bitcoin difficulty calculator, I put in the specs of 1 s9, and assumed the us average of .10 cents per kilowatt hour, and 2% slushpool fee. On even optimistic assumptions, it shows that by Feb. 2018, you are already will be loosing money.

I've attached screenshots here, if you don't want to do the math yourself.

https://imgur.com/a/80GID

On the second screenshot, we see that assuming even zero electricity cost, and zero startup cost, that by Jan or Feb 2018, your S9 will only be making 80$ a month or less.

Lets assume you buy 1 s9 and set it up for 1300$ (0.24BTC) (extremely optimistic), and then run it somewhere with free electricity. IT WILL NEVER MAKE YOU BACK YOUR ROI. You can see from the chart it maxes out at 0.203, that is all you will ever make. Even if bitcoin price rises and you covered your ROI, you would have made twice as much just holding 1300$ in BTC to begin with.

Because of this, I dont understand how all batches of s9's are sold out at bitmains website. I know people who just bought 5 of them in the last order.

What is their reasoning? How do you think this is viable? I would love to be proved wrong.

submitted by senile_robot to BitcoinMining [link] [comments]
I've attached screenshots here, if you don't want to do the math yourself.

https://imgur.com/a/80GID

On the second screenshot, we see that assuming even zero electricity cost, and zero startup cost, that by Jan or Feb 2018, your S9 will only be making 80$ a month or less.

Lets assume you buy 1 s9 and set it up for 1300$ (0.24BTC) (extremely optimistic), and then run it somewhere with free electricity. IT WILL NEVER MAKE YOU BACK YOUR ROI. You can see from the chart it maxes out at 0.203, that is all you will ever make. Even if bitcoin price rises and you covered your ROI, you would have made twice as much just holding 1300$ in BTC to begin with.

Because of this, I dont understand how all batches of s9's are sold out at bitmains website. I know people who just bought 5 of them in the last order.

What is their reasoning? How do you think this is viable? I would love to be proved wrong.

We may notice that the second 2-year cycle (6500%) is at 38% of the first 2-year cycle (16982%). Therefore if this pattern continues, we might see another parabolic increase which could again be expressed as 38% of the last cycle, which would translate into 2470%. escalation. If we choose variable x to be 3933 dollars and we know it will experience shift in price by whopping 2470%, then that means that the price could potentially reach… Well, you do the math :) submitted by TheAnchor_io to Bitcoin [link] [comments] https://preview.redd.it/916edpwtz4n31.png?width=768&format=png&auto=webp&s=d34dc8a04ac9528bafbd7444b68cd66910db7a93 |

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submitted by Maximus020202 to Bitcoin [link] [comments] |

Lets say I buy one antminer s9, and run it somewhere I can get free electricity. A typical bitcoin mining profitability calculator will say that at 1300watts, I'll make around 500$ a month. Thats a projected 6k per year which is an amazing ROI, but I want to know how I can accurately account for increasing difficulty costs.

I know that we can never fully predict the fluctuation of bitcoin prices and mining costs, but I want to hear from people who have been in the game a while, what they think. When does mining difficulty increase to a point where the s9 is no longer viable with a typical american electricity cost of 8cents per kilowatt hour? When is it no longer viable for hobbyists at all?

submitted by senile_robot to BitcoinMining [link] [comments]
I know that we can never fully predict the fluctuation of bitcoin prices and mining costs, but I want to hear from people who have been in the game a while, what they think. When does mining difficulty increase to a point where the s9 is no longer viable with a typical american electricity cost of 8cents per kilowatt hour? When is it no longer viable for hobbyists at all?

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c34d6b0e7d4f724b98569170cd0d14b03a4339e3c99deb5d237dc783d7c05506, thank you Bitcoin Cash, for your easily exploited difficulty calculation

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Author: Amperture

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c34d6b0e7d4f724b98569170cd0d14b03a4339e3c99deb5d237dc783d7c05506, thank you Bitcoin Cash, for your easily exploited difficulty calculation

Go1dfish undelete link

unreddit undelete link

Author: Amperture

submitted by BitcoinAllBot to BitcoinAll [link] [comments] |

Bitcoin difficulty is an estimate about how difficult it is to mine (find) a new bitcoin block. Bitcoin mining has two main purposes. One is adding transactions to the bitcoin block chain. The other purpose is to create new bitcoins. 3. Conclusion: A Bitcoin Mining Calculator Predicts the Future. To conclude, a Bitcoin mining calculator can give you a much better idea about your potential to run a profitable mining operation. Remember, however, that some factors such as Bitcoin’s price and mining difficulty, change every day and can have dramatic effects on profitability ... Bitcoin Difficulty Estimator (by /u/archaeal) Come chat with us in our new Telegram group! (page refreshes automatically) (all times local) copy stats to clipboard. FUN FACT: Due to a longstanding bug in the Bitcoin source code, the time spent mining the first block in each difficulty epoch actually has no effect on the next difficulty calculation. Even if this block somehow took an entire ... difficulty_1_target can be different for various ways to measure difficulty. Traditionally, it represents a hash where the leading 32 bits are zero and the rest are one (this is known as "pool difficulty" or "pdiff"). The Bitcoin protocol represents targets as a custom floating point type with limited precision; as a result, Bitcoin clients often approximate difficulty based on this (this is ... Bitcoin difficulty is a value used to show how hard is it to find a hash that will be lower than target defined by system. Bitcoin mining difficulty is changed every 2016 blocks. The difficulty charts show that it has increased significantly.

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