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Although it is technically possible to mine Bitcoin on your current computer hardware - using your CPU or GPU - this will almost certainly not generate a positive return on your investment and you may end up damaging your device. Because of this, only hardware compatible with this algorithm can be used to mine Bitcoin.
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Since the amount of hashing power you can dedicate to the mining process is directly correlated with how much Bitcoin you will mine per day, it is wise to ensure your hardware is still competitive in 2019.īitcoin uses SHA256 as its mining algorithm. The mining hardware you choose will mostly depend on your circumstances - in terms of budget, location and electricity costs. In previous years, Bitcoin mining proved to be a lucrative investment option - netting miners with several fold returns on their investment with relatively little effort. The limited supply of Bitcoin is also one of the reasons why Bitcoin mining has become so popular. This property makes Bitcoin deflationary, something which many argue will inevitably increase the value of each Bitcoin unit as it becomes more scarce due to increased global adoption. Once the maximum supply of 21 million Bitcoins has been mined, no further Bitcoins will ever come into existence. Once a block is discovered, new transactions are recorded and verified within the block and the block discoverer receives the block rewards - currently set at 12.5 BTC - as well as the transactions fees for the transactions included within the block. When you participate in Bitcoin mining, you are essentially searching for blocks by crunching complex cryptographic challenges using your mining hardware. In return, participants receive compensation in bitcoins (BTC). When it comes to Bitcoin (BTC) mining, the major questions on people’s minds are “how profitable is Bitcoin mining” and “how long would it take to mine one Bitcoin?” To answer these questions, we need to take an in-depth look at the current state of the Bitcoin mining industry - and how it has changed - over the last several years.īitcoin mining is, essentially, the process of participating in Bitcoin’s underlying security mechanism - known as proof-of-work - to help secure the Bitcoin blockchain. Submitted by CrashOverride93 to tasker Bitcoin Mining Profitability Submitted by CrashOverride93 to taskernet Bitcoin Mining Profitability Calculator
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To download the latest version of the project you can go here. You can also get the taxes, if applicable. (**) To get the electricity cost check your own bills, since they usually have it well detailed on the reverse. (*) To get the power consumption (watts) of your device/mining rig, you can check on-line references, specialized web services ( OuterVision PSC, as an example), forums, or use a digital power meter ( HiDANCE, as an example). But it can be used with absolutely any other type of currency, if needed. The project was based on bitcoin cryptocurreny type, that's why 'Bitcoin' appears on its name.
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So, to get current and software based values for your devices, check appropriate web platforms. But at least, you won't need internet access to make a quick calculation for approximate values. It just makes calculations based on pre-defined entered user data. This project won't provide you the current hashrates and/or possible earnings for your devices based on an on-line database. This project includes an Initial Setup task that needs to be executed when it is imported from TaskerNet, or when the dev considers it is needed even not imported from TaskerNet. This project will help you to calculate the earnings of your mining hardware, providing you the total earnings (approximate) based on: power consumption (*), electricity cost (**), per-device income and the time it will be mining.