Mining is not everyone's decision.
First you have to decide what you should mine.
http://www.whattomine.com is the first source of comparision about mining gains.
- You have to decide how much you want to invest in hardware.
Professional miners like Bitmain or Baikal are excellent but quite expensive. - Technical skilled people can construct their own mining RIG and mine everything they want (See algo below).
- And last but not least there is also the possibility to buy mining power by some mining companies.
Every coin has it's own Algorythm (algo) therefor I want to write some examples here:
SHA256 - Bitcoin, Peercoin, Digibyte SHA256
X11 - Dash, Smartcoin, Influx,
Scrypt - Litecoin, Gamecredits, Verge-Scrypt
Ethash - Ethereum, Ethereum Classic, Musicoin
Equihash - Zcash, Zclassic,
Cryptonight - Monero
Groestl - Groestlcoin
Qubit - Digibyte-Qubit, Geocoin
Sia - Siacoin
Neoscrypt - Feathercoin
and others
- Mining hardware like Baikal (they mine X11 coins) or Bitmain ( SHA256 or Scrypt), or other exotical hardware is made for special algo's and work only for this. Latest SHA256 miner form Bitmain - the S9 - mines with 13.5 TH/s, which is quite fast, nevertheless a short look at http://www.whattomine.com shows that at the moment the best coin to mine is Digibyte-SHA, as it brings 189% more gain than 100% Bitcoin.
There you can also see how much you can mine per day with your speed. In this example you can see that with 1 Bitmain S9 Miner you can mine 0.0080 Bitcoins per day, corresponding to almost 10 US$, including power consumption of the device.
In my next example I like to screenshot the latest Scrypt miner also from Bitmain, the L3+ mining with 500 MH/s coparing to the S9 from before: The mining of DGC scrypt brings actually 653% more than Bitcoin a profit of 42.88 US$ per day, revenue of 0.0275 BTC per day !
Baikal Miner:
Antminer from Bitmain
The actual problem here is that this devices are out of stock and only end of September deliverable.
You can compare all kind of Algo's on this site.
I can tell from my own experience, that the Antminer (Bitmain) and also the A4 Dominator (Scrypt) from Inosillicon are extremly loud ( you need extra room), produce a lot of heat (problem in the summer) and consume a lot of energy (ca. 1300W/h non stop, means ca. 180 - 230 US$ per month for electricity ).
Let's come to Nr.2 - The RIG :
Rig's are self made devices mining with GPU (Graphic Processor Unit). Selfmade because all components must be bought separately and assembled on a chassis. Here is't quite important what GPU you buy. The minimum nowadays are GPU's with 4 GB RAM or better 8GB RAM, as the minimum size of the Eteherum DAG (the file needed to mine ) is 2.4 GB.
There are special mainboards which can handle up to 8 GPU's parallel.
Mostly you get about 70-120 MH/s (for ETH mining) and ca. 1700h/s with Equihash Algo with a single 6-8 GPU RIG. The power consumption is ca. 1000-1200W per RIG.
Here you can see a comparison between Ethash and Equihash (ETH/ETC and Zcash) mining: Whereby Zcash brings more profit than ETH mining.
In the next session I will come to Nr.3 about mining on mining provider, and will also explain how much you have to invest to get some profit.
See you soon on my next session ! And for the German Community: bitte schreibt mir Eure Kommentare, Repiles, etc. auch auf Deutsch, ich beantworte sie gerne :-), und falls ihr den Blog auf deutsch haben wollt, bitte Bescheid geben. Grüsse, 