My Bitcoin Mining Experience

A follow up to a previous blog about PB Mining from last week. I recieved my first payout from my 100GH/s contract last night and it came up to 0.01557916 BTC. Technically it ran for about 3 days (give or take a couple hours). So let's do a little estimation, if that was my payout after 3 days; let's say my average weekly payout at this difficulty is approximately 0.0363513733331 BTC. Any calculation with bitcoin mining is subject to a lot of variation because of "pool luck", but this is just an estimate.   Last week I speculated the yield of a 100GH/s contract with a profitability calculator to be 0.0336 BTC per payout (once a week). It could be that my pool luck was just high during this period of mining, or the rate that i'm receiving is a little but higher than the GH/s contract that I've purchased. So far the PB Mining contract has been an interesting side project. More updates to come on the progress and payouts of the contract as mining difficult...

I've recently purchased a cloud mining contract with PB Mining, the cloud mining service. They market their service as (currently) 0.0044 BTC per GH/s which comparative to other similar services, is quite inexpensive. The current going rate for a GH/s on CEX.io is somewhere around 0.0072 BTC per GH/s. Now, the prices on CEX.io do fluctuate constantly so you can profit off of them differently in that regard. However, the GH/s on CEX.io have a maintenance cost unlike PB Mining. PB Mining contracts are for 5 years at whatever hash rate you select. Payouts are automatic each week, which obviously is a bit of a disadvantage for some miners, but as long as you're fine with getting your payouts in chunks every 7 days, there shouldn't be much of a problem. I purchased a contract from them at a flat rate of 100GH/s (for 5 years), each week the payout should be approximately be 0.0336 BTC (depending on pool luck of course), and with no overhead from needing space...