undefined | Better HN

0 pointslifthrasiir10y ago0 comments

Right at the moment the current hashrate is 723 Phash/s, so BitFury hashing at 200 Phash/s rate would get ~28% [1] of the newly generated bitcoin in average, i.e. 0.277 * 144 [block/day] * 25 [BTC/block] ~= 996 [BTC/day]. (Assumes that the difficulty approximately keeps up with the hashrate, which seems to be fine to me.) That translates to more than 400,000 USD per day if BitFury manages to sell them at the current price (highly unlikely) without disrupting the market (impossible at all), but yeah, that gives the rough order of magnitude.

[1] This also means that putting 650 Phash/s gigs into the network is not as profitable as it seems, since it will double (55%) the ratio while three times more expensive (if it linearly scales).

0 comments

sireat10y ago

Since the amount of Bitcoins introduced into world daily is near constant (except for the scheduled halving of the rewards every few years), SOMEBODY is selling most of the freshly mined coins without disrupting the market.

It doesn't really matter how high the difficulty is or who the miner is the coins are mined and most of them sold.

There might be a small fraction of coins which are still mined in pools using outdated miners and those people don't bother selling them coins(fractions of coins that is).

It has been accepted wisdom that most mining operations sell most/all of their mined coins.

j / k navigate · click thread line to collapse