【Tutorial & Setting up】Bitcoin Miner Antminer S4 2TH Btc ...

A minimum of 1470 Bitcoins has to be dumped on the market just to cover electricity cost

Unpleasant Truth...
3975 BTC are mined every day 24x60/9.06x25=3974 (24 hours x 60 minutes / ~9.06 average time between blocks x 25 BTC block reward)
Assuming that the mining farms in China are using the most efficient ASIC miner available on the market, that is to say the Antminer S4, it would cost about 37%* of their mined Bitcoins just to cover the electricity cost at a rate of $0.08/kWh which is the average electricity price in China and India.
So everyday, a minimum of 37% of the newly created coins has to be dumped on the market. Which is 1470.75 BTC or 423,576 USD.
In an ideal world where everyone uses the most efficient ASIC miner, lives in China or India, and holds all their mined coins (and only dump as much as they need to cover the electricity), a minimum of $423,576 worth of Bitcoins has to be bought everyday on the market to maintain a stable price (no price drops). Which in fact is more likely to be double $423,576 as miners also want to make a profit (by dumping more of their BTC for $). Also, miners are located all around the world (higher electricity rates) and not everyone uses the most efficient Bitcoin miners (Bitcoin miners have to cover for the hardware cost too!).
* S4 specs are 2TH/s for 1.38kW/h at a rate of $0.08/kWh, BTC price at $288, difficulty at 40,640,955,016.58 and block reward of 25BTC: (1.38*0.08*24)/(86400/(40640955016.58*2^32/(2*10^12))*25*288) ~ 37%
submitted by Thireus to Bitcoin [link] [comments]

Antminer S4s for sale

I'm selling my Antminer S4 bitcoin miners.
I have two for sale. I'm asking the R2000 each (or the equivalent in bitcoin) for them. The price is negotiable.
I'm based in Alberton. You will have to collect them.
I've been running the miners since November 2014. They running stably at 10% overclocked (2.2Th/s) since I got them. They are running the lastest firmware provided at Bitman. Everything is already setup, just plug the miners into your router and give them power.
I'm moving to an apartment and can't take them with me.
Warning: Bitcoin miners are extremely noisy and produce a lot of heat.
submitted by earthlingmikey to BitcoinSouthAfrica [link] [comments]

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4 x Antminer S4 and 3 x Antminer S5 Mining Rig

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