Are you looking to sell any of them? Electricity doesn't cost me a thing so I might be interested.

I just wanna know, how you manage to transfer BTC, without paying fees. Lets assume I have 1 BTC, which I received from my pool with one single transaction. What do I do (beside changing transaction fee to 0 in the wallet settings), to transfer 0.5 BTC without paying a fee? Will this be confirmed? When?

These questions bother me a lot, cause the way I understood the TX fee process, is that miners choose which TX to include in their blocks. And if someone is not paying the fee, the TX might not be confirmed at all...

Thank you.

Good info to know! Thanks for posting this 

I'm having trouble remembering if bitcoind/bitcoin-qt prioritized older coins (high coin age) or fewest inputs (least tx size).  I don't THINK it will automatically figure out the way to make one qualify for no fee.

Unfortunately, I'm not familiar enough with 3rd party wallets to identify which ones (if any) will let you pick which inputs to use for making your transaction, or if any of them have been designed to attempt to prioritize making a transaction qualify for no-fee.

If the difficulty goes up and u have 900 gh and receive .01 as reward per block found does the reward for your work drop as the difficulty goes up?

If your hash rate stays the same but the pool hash rate goes up then - your reward per round goes down

If slush's pool hash rate remains the same but the overall network hash rate goes up - your reward remains the same but slush finds less blocks

If your hash rate, the pool hash rate and the network hash rate ALL remain the same, but difficulty goes up - your reward remains the same but slush finds less block...

So as I understand it if you have say 1TH/s at the moment you should expect to receive say about .005 per block (excuse the crude figures but they are really for explanation purposes only), and if we currently gat an average of about 5 blocks a day, you earn about about .025BTC per day.

If the difficulty increases then as long as everything else stays the same you should expect about a 20% drop in revenue, this means that you will only see an average of 4 blocks a day, so now you are looking at about 0.20 btc a day.

Now what really happens is that as difficulty increases people invest in new hardware and push up their hash rates to continue to earn more than the electric costs. If you leave your has rate the same your share of the block will decrease in real terms. So what happens is that difficulty goes up and hash rate goes up leaving us still finding about 5 blocks a day but if you haven't increased your hash rate then your earnings will actually go down by 20% per block. In other words your reward per block will drop to .04 and we will still find about 5 blocks a day.

Your cloice is ever decreasing revenues until the revenue is less than the electric cost, at which point you need to retire your equipment (unless you expect BTC prices to increase dramatically), or an ever increasing spend on equipment in the hope that you can play the margins and make more than you spend.

If like me your doing it because its fun, and you hope to make your money back when BTC are worth $1,000,000 each then just keep your old kit and wait, if however this is a real money making exercise then you must increase your hash rate and keep an eye on energy prices if you want to turn a profit.

Correct

Slightly correct Not exactly.  You would assume if the difficulty is increasing, the pool hash rate is at least increasing slightly.


Assuming your hash rate does not grow:
1) Pool hash rate is growing at the same rate as the network => Same rate of block finds, but you get a smaller reward per block.
2) Pool hash rate is shrinking proportionally to the network (IE: Network grows 30%, pool only grows 20%) => Lower rate of block finds, you get a smaller reward per block.
3) Pool hash rate doesn't change => Lower rate of block finds, you get the same reward per block.
4) Pool hash rate is growing faster than network growth rate => Faster rate of block finds, but you get smaller rewards per block

In all 4 scenarios though, your expected earnings are decreasing since your hash rate is stagnant while the network difficulty continues to grow.


I've bolded the one that is most likely given the current mining climate.  Manufacturers are continuing to build up private mining farms which effectively shrink the share traditional pools have of the network, since Bitcoin is a zero-sum game.  For every large private farm that comes online, the amount which pools are able to obtain shrinks.



EDIT:  Edited to clarify what I was responding to.