Mining Poker Machine

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The world is still primarily reliant on fossil fuels for energy generation.

Poker machine definition: 1. A slot machine 2. Excitement of the casino to the comfort of your home! 756-8248 International / Local: 513-469-6486 100 Office Park Drive, Fairfield (Cincinnati) OH 45014. According to the Bureau of Labor Statistics, the mining industry consists of five major segments: coal mining, gas and oil extracting, metal ore mining, non-metal mineral mining and supporting activities such as resource transportation. Bitcoin ATM (abbreviated as BATM) is a kiosk that allows a person to buy Bitcoin using an automatic teller machine. Some Bitcoin ATMs offer bi-directional functionality enabling both the purchase of Bitcoin as well as the sale of Bitcoin for cash. Bitcoin machines are not exactly the same as traditional ATMs but work in a similar fashion. Draglines are enormous earth moving machines that miners use to drag away dirt and expose underlying coal or mineral deposits. Draglines are some of the largest machines on the planet, and can remove several hundred tons of material in a single pass, according to Kentucky Coal Education.

With billions of people across the globe, this means the demands that are placed on the mining industry are huge. Extracting these fossil fuels as efficiently as humanly possible is of utmost importance, and for best efficiency and ability to meet this demand, you need scale. And the five machines featured across the next six paragraphs definitely fit the bill scale.

This is huge-scale engineering that you can barely get your head around. It’s difficult to get your head around just how vast these massive tools are – not to mention the sheer amount of fossil fuels they extract each and every day, around the clock.

They may cost tens of millions of pounds, and last for decades, but when it comes down to it they are still controlled by a human being. The principles they use will be familiar to those who have driven past roadworks or looked closely at a building site. It’s just that they are enlarged to dimensions to take your breath away. Read on to find out how they work.

Biggest Dragline – Bucyrus 8750

This massive dragline can clear football pitch-sized spaces right before your eyes.

The Bucyrus Dragline 8750 will run 24 hours a day, seven days a week, and excavate up to 116m3 per scoop – that’s the equivalent of 58,000 two-liter water bottles. It will do this for an average of 40 years, which is why it’s used in surface mining operations worldwide. There are 45 different specifications of dragline, each with its very own on-staff application engineer.

The 8750 series has multiple bucket capacities, and a boom length of up to 132.5m. It can reach depths of up to 79.8m. It is among the largest of all mobile equipment in the world; but when we say mobile, we do not mean fast! Moving a dragline is not the work of a moment, particularly the Bucyrus. It has a rated suspended load of up to 344,736kg and its approximate working weight is more than 7.5 tons.

It is powered by Siemens AC drives throughout. The 8750 series comes in various guises, with the range-topper being the 8750D3. This uses gearless AC direct drive for hoist and drag – the advantages here are in efficiency. It allows fast bucket fills, and the lack of hoist and drag gearing also reduces maintenance.

Power is provided to the AC drives by utility lines -the enormous power consumption means that connection directly to the electrical grid is often the most efficient solution.

Biggest haul truck – Liebherr T282C

The word ‘supertruck’ is not enough to describe the ‘ultratruck’ behemoth that is the Liebherr T282C, which is used in mining operations worldwide. Its sheer scale can be judged by its empty weight of 266 tons – or more than 150 Ford Focus hatchbacks piled together. Not only that, but it’s also capable of carrying a 400 ton payload on top of this, giving it a weight of over 600 tons when full!

Powering it is a diesel engine that comes in either fuel-optimised or emissions-optimised setup. As with passenger cars, achieving lowest-possible exhaust emissions carries a fuel usage penalty. It has up to 20 cylinders and a 95.4-litre capacity; maximum power is 4,023bhp! The engine alone weighs 12 tons. It delivers energy to an alternator, which powers a liquid-cooled control box – this converts it into three-phase AC current.

It is moved by an AC electronic drive system called IGBT – insulated gate bipolar transistor. This uses in-wheel induction motors to move the monster truck. They allow the diesel to run independently of travel speed, therefore generating drive in the most efficient way possible. This gives better fuel economy.

The IGBT drive system can also slow the big truck down instead of using the back-up disc brakes. This regenerates electrical energy, which is used to power the truck’s auxiliary systems – it is hybrid-style ecological awareness!

Road construction dumper truck drivers will find the cabin of this beast fairly familiar: it has a traditional steering wheel and pedals, and the left-hand-drive set-up includes a 30-cm colour touch screen for diagnostics. Its top speed is 64km/h (40mph) and the clever drive system even aids handling. In corners, drive to the outside rear wheels is increased and eased off on the inside wheels, helping it turn in better.

The T282C is constructed using a vertical integration process. On the cast truck frame sits the massive dump body, superstructure and drive train. Liebherr has optimised it using computer aided design, so reinforcements are only added in high stress areas. This has cut weight and also improved the maximum payload. The dump system is controlled using a joystick and completes a lift cycle in under 50 seconds. Fully lifted, the dump body stands nearly 15m high.

Biggest wheel loader – LeTourneau L-2350

These ‘worker ants’ are often seen on building sites – but it’s not often you see one on this scale!

To clear large spaces fast, you need a LeTourneau L-2350. It’s the world’s biggest wheel loader, and is more than 20m long. The wheelbase alone is the length of two large executive cars, and the bucket is so big it is nearly a metre wider than the wheel loader truck itself. It is driven by a choice of several diesel engines, depending on the type of material to be excavated – it is highly flexible but used mainly in coal mining. The largest engine is 45 litres and puts out 2,300hp.

Maximum speed is 17km/h (10.5mph), both forwards and backwards; an AC-DC traction drive uses four traction motors with infinitely variable speed. Braking is electronic and the

L-2350 is steered by a joystick. Excavation operations use an electrohydraulic hoist and bucket; the best-match truck capacity is 400 tons and larger! As it operates in mines, all air is filtered and supplied to the engine, drive system cooling and also a pressurised cabin. Operators have a colour-coded warning light system that alerts them to engine, hydraulic, electrical and electronic problems.

The operating payload is vast, up to 72,574kg in standard form, and only slightly reduced at 68,039kg in high-light form. As standard, it has a reach of 3.18m, with the high-lift increasing this to 3.49m (and a total height of 13.89m).

Biggest hydraulic loaders – Terex RH400

Everything about the Bucyrus hydraulic excavator is huge – as you’d imagine of something that weighs nearly 1,000 tons!

In front of you is the world’s largest hydraulic excavator – an USD 11m machine that stands a full ten metres (33 feet) high and 8.6 metres wide. The record-breaking Bucyrus is used for many mining operations, including coal, copper, iron ore and oil sands; it is commonly found in Canada, but also has an underground coal mining specification.

The Terex RH400 weighs an incredible 980 tons and is powered by two turbodiesel engines with a maximum output of 4,500bhp at 1,900rpm. Each is 60.2 litres in capacity and has 16 cylinders; they use two-stage turbocharging, aftercooling and intercooling.

The engines power hydraulic pumps, which generate very high pressure oil for driving the track motors and moving the excavator rams. There are eight main pumps and six swing pumps. Forward drive is via axial piston motors on each side; each track is two metres wide and three metres high. The total hydraulic oil volume is 13,000 litres; an electronic Pump Managing System oversees the hydraulics and incorporates flow-on-demand control.

Excavators are built of two distinct constructions – the undercarriage and the house, where the operator cab and boom reside. They fit to the undercarriage using a centre pin, meaning they can rotate 360 degrees. A torsion-resistant 9.5m-long boom and 56m-long stick provides the excavation shoveling duties; the bucket is attached on the end. The RH400 has a bucket capacity of 50m3, and various specifications are available, depending on shoveling duties: iron ore, heavy rock, oil sand and standard rock configurations are offered. Up to 3,300kN of digging force can be generated.

It achieves considerable bucket load without significant counterweights at the rear. This means it is relatively compact, which is an important consideration for use in space-restricted areas. The operator also has a comfy cabin with pneumatic seat and ergonomic joystick control system. The windscreen is armour plated and a safety switch is embedded inside the seat: when it senses it is unoccupied, all the hydraulic controls are automatically neutralized.

Biggest rope shovel – P&H 4100XPC

Rope shovels are the heavy-duty attackers of the mining industry – and none eat away the earth faster than the P&H 4100XPC. This is the supercharged high-performance pinnacle of the rope shovel world!

A rope shovel is used for digging out surfaces such as vertical coal faces. They consist of a rotating deck where the driver cabin lies, along with the engine and a heavy counterweight. To the front of the deck a boom is attached, which carries a swing arm and a bucket.

The bucket is controlled by a series of ropes. When facing a surface to be excavated, the wire ropes are dug into the surface using a crowd arm, then pulled up through filling it with material. Once raised clear, it swings to one side and can be released into a dumper truck. P&H has cut seconds from this entire cycle with its ultra shovel. How? Through speeding up the hoist cycle by extending the shovel’s speed range.

This has come at no penalty to capacity or payload, though. The nominal payload is 115 tons, and it can cut up to 16.8m high, through a radius of 23.9m. This is why the operator sits a full ten metres off the ground; the rope shovel itself is 14.7m high, and 15m long. The wire hoist rope alone is 73mm thick!

There are two hoist motors, rated at a peak 3,990hp, three swing motors, two propel motors and a single crowd motor. The operator controls it via an armrest-mounted pistol-grip joystick.

The short answer is yes. The long answer… it’s complicated.

Bitcoin mining began as a well paid hobby for early adopters who had the chance to earn 50 BTC every 10 minutes, mining from their bedrooms. Successfully mining just one Bitcoin block, and holding onto it since 2010 would mean you have $450,000 worth of bitcoin in your wallet in 2020.

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Unless you have access to very cheap electricity, and modern mining hardware then mining isn’t the most efficient way to stack sats. Buying bitcoin with a debit card is the simplest way

Ten years ago, all you needed was a reasonably powerful computer, a stable internet connection and the foresight of Nostradamus. These days, thanks to industrial bitcoin mining operations, it’s not such a level playing field and for a lot of people it makes more sense to simply buy some bitcoin on an exchange like Coinbase.

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If you’re motivated to learn, and you want to get a semi-passive income of bitcoin, then there are a few basics to get your head round, before working out if it’s even possible for you to profit from bitcoin mining.

Mining is the backbone of all proof-of-work blockchains and can be described with three key concepts:

Transaction Records

The verification and addition of transactions to the public blockchain ledger. This is where you can view every single transaction that has ever occured in the history of the blockchain.

Proof-of-Work Calculations

The energy-intensive puzzle that each Bitcoin mining machine solves every ten minutes. The miner that completes the puzzle before anything else adds the new block to the blockchain.

Bitcoin Block Reward

Rewarded with 6.25 bitcoins. This number will reduce to 6.25 bitcoins after the halving in May 2020. The reward (plus transaction fees) are paid to the miner who solved the puzzle first.

This process repeats approximately every 10 minutes for every mining machine on the network. The difficulty of the puzzle (Network Difficulty) adjusts every 2016 blocks (~14 days) to ensure that on average one machine will solve the puzzle in a 10 minute period.

Network difficulty is calculated by the amount of hashrate contributing to the Bitcoin network.

What is Hashrate?

Hashrate is a measure of a miner’s computational power.

In other words, the more miners (and therefore computing power) mining bitcoin and hoping for a reward, the harder it becomes to solve the puzzle. It is a computational arms race, where the individuals or organizations with the most computing power (hashrate) will be able to mine the most bitcoin.

The more computing power a machine has, the more solutions (and hence, block rewards) a miner is likely to find.

In 2009, hashrate was initially measured in hash per second (H/s) - Due to the exponential growth of mining, H/s was soon commonly pre-fixed with the following SI units:

To try and put this into perspective, let’s look at how much revenue 1 TH of power can earn mining bitcoin. As the global hashrate is usually growing the revenue per TH for each miner is usually falling, - and the revenue chart for 1 TH/s looks like this:

When you consider how many TH/s there are in the entire Bitcoin network though, you get a true sense of the scale of the industry:

85 Exahash = 85,000,000 Terahash

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That means in May 2020 the daily revenue, globally, for Bitcoin mining is: $8.45M

How do Bitcoin miners calculate their earnings?

You’ve probably heard the scare stories about Bitcoin mining’s energy consumption.

Regardless of whether the impact is overblown by the media, it’s a fact that the underlying cost of mining is the energy consumed. The revenue from mining has to outweigh those costs, plus the original investment into mining hardware, in order to be profitable.

Mining Revenue

In 2020, one modern Bitcoin mining machine (commonly known as an ASIC), like the Whatsminer M20S, generates around $8 in Bitcoin revenue every day. If you compare this to the revenue of mining a different crypto currency, like Ethereum, which is mined with graphics cards, you can see that the revenue from Bitcoin mining is twice that of mining with the same amount GPUs you could buy for one ASIC. Thirteen AMD RX graphics cards cost around the same as one Whatsminer M20s.

WARNING

This graph shows you the daily revenue of mining Bitcoin. It does not take into account the daily electricity costs of running a mining machine. Your baseline costs will be the difference between mining profitably or losing money. GPU mining for Ethereum is more efficient than mining with Bitcoin with an ASIC machine

You can think of it as though the miners are a decentralized Paypal. Allowing all the transactions to be recorded accurately and making a bit of money for running the system.

Bitcoin miners earn bitcoin by collecting something called the block reward plus the fees bitcoin users pay the miners for safely and securely recording their bitcoin transactions onto the blockchain.

What is the Block Reward?

Roughly every ten minutes a specific number of newly-minted bitcoin is awarded to the person with a mining machine that is quickest to discover the new block.

Originally, in 2009, Satoshi Nakamoto set the mining reward at 50 BTC, as well as encoding the future reductions to the reward.

The Bitcoin code is predetermined to halve this payout roughly every four years. It was reduced to 25 BTC in late-2012, and halved again to 12.5 BTC in the middle of 2016.

Most recently, in May 2020, the third Bitcoin halving reduced the block reward to 6.25 BTC.

What about transaction fees?

The second source of revenue for Bitcoin miners is the transaction fees that Bitcoiners have to pay when they transfer BTC to one another.

This is the beauty of Bitcoin. Every transaction is recorded in an unchangeable blockchain that is copied to every mining machine.

Bitcoin doesn’t rely on a central bank to keep records, it’s the miners themselves that keep the records, and they get to keep a share of the transaction fees as well.

Taxes on Bitcoin Mining Profits

Of course, while profiting on Bitcoin mining isn’t certain, paying taxes on your mining rewards is. Every miner needs to know the relevant tax laws for Bitcoin mining in his area, which is why it is so important to use a crypto tax software that helps you keep track of everything and make sure you are still making enough money after you account for taxes.

How do you know if you can profit from Bitcoin mining?

First of all, Bitcoin mining has a lot of variables. This is why buying bitcoin on an exchange can be a simpler way to make a profit. However, when done efficiently it is possible to end up with more bitcoin from mining than from simply hodling.

One of the most important variables for miners is the price of Bitcoin itself. If, like most people, you are paying for your mining hardware, and your electricity,- in dollars, then you will need to earn enough bitcoin from mining to cover your ongoing costs; and make back your original investment into the machine itself.

Bitcoin price, naturally, impacts all miners. However, there are three factors that separate profitable miners from the rest: cheap electricity, low cost and efficient hardware and a good mining pool.

1. Cheap Electricity

Electricity prices vary from country to country. Many countries also charge a lower price for industrial electricity in order to encourage economic growth. This means that a mining farm in Russia will pay half as much for the electricity you would mining at home in the USA. In places like Germany, well as you can see from the chart, that’s another story…

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In practical terms. Running a Whatsminer M20S for one month will cost around $110 a month if your electricity is $0.045 kWh in somewhere like China, Russia or Kazakhstan. You can see from the table below that you would make $45 a month in May 2020 with those electricity prices.

Profitability with $0.045 kWh electricity

However, with the typical home electricity price in the USA, of $0.12 kWh, you would be running the machines at a loss from the start and it would not make sense to mine under these conditions:

Profitability with $0.12 kWh electricity

2. Efficient Hardware

So far in this article I’ve used the Whatsminer M20S as an example of the kind of machine you will need to mine bitcoin. These days there are several hardware manufacturers to choose from.

The price of hardware varies from manufacturer to manufacturer and depends largely on how low the energy use is for the machine vs the amount of computing power it produces. The more computing power, the more bitcoin you will mine. The lower the energy consumption the lower your monthly costs.

When choosing which machine to invest in, miners should think about the machine’s profitability and longevity.

Profitability is determined by the machine’s price per TH, how many watts the machine uses per TH, and your hosting costs.
Longevity is determined by the production quality of the machine. It makes no sense to buy cheaper or seemingly more efficient machines if they break down after a few months of running.

If the hosting cost is low enough, it often makes sense to prioritize the ‘price per TH’ over ‘watts per TH’, as your lower operational expenses (OpEx) will make up for the loss in your machine’s efficiency - and vice versa if your hosting costs are high.

The manufacturer with the lowest failure rate right now is MicroBT, who make the Whatsminer M20S and other Whatsminer models.

Bitcoin Mining Hardware Turnoff Prices

One useful way to think about hardware is to consider what price BTC would have to fall to in order for the machines to stop being profitable. You want your machine to stay profitable for several years in order for you to earn more bitcoin from mining than you could have got by simply buying the cryptocurrency itself.

The following table shows that the majority of the most modern machines could remain profitable at a bitcoin price between $5000 and $6000. Some machines could handle a drop below $5k, if they are being run with electricity that costs under $0.05 kWh.

Unfortunately most older machines are now no longer profitable even in China. The Bitmain S9 has been operational since 2016 and interestingly enough they are still being used in Venezuela and Iran where electricity is so cheap that it outweighs the risk of confiscation. There may, eventually, be more reputable sources of sub 2 cents electricity as the access to solar and wind improves in North America.

For the individual miner, the only hope of competing with operations that have access to such cheap electricity is to send your machines to those farms themselves. Not many farms offer this as a service though.

3. Reliable Mining Pool

These days, every miner needs to mine through a mining pool. Whether you are mining with one machine, or several thousand, the network of Bitcoin mining machines is so large that your chances of regularly finding a block (and therefore earning the block reward and transaction fees) is very low.

If the Bitcoin Network Hashrate is 100 EH/s (100,000,000 TH/s), a WhatsMiner M20S ASIC miner with 68 TH/s, has approximately a 1 in 1,470,588 chance of mining a Bitcoin block. With one block per 10 mins they may have to wait 16 years to mine that one block.

The oldest two pools are Slush Pool and F2Pool. F2Pool is now the largest Bitcoin mining pool and they support around 20% of the entire Bitcoin network.

F2Pool’s payout method is called PPS+. PPS+ pools take the risk away from miners, as they pay out block rewards and transaction fees to miners regardless of whether the pool itself successfully mines each block. Typically, PPS+ pools pay the miners at the end of each day.

This is how PPS+ pools calculate how much to pay out to miners in their pool. Here comes the science part…

If the Bitcoin Network Hashrate is at 85 EH/s (85,000,000 TH/s), a WhatsMiner M20S ASIC miner with 68 TH/s, will earn around 0.000702 BTC per day before pool fees.

0.000702 BTC is calculated by 68 (miner hashrate) ÷ 85,000,000 (network hashrate) × 144 (number of blocks per day) × 6.25 (block reward).

Pool fees are normally 2.50–4.00%, so let’s use 2.50% for the example; the net mining revenue is therefore 0.00068445 BTC.

If BTC is priced at $9,000, then this M20S has a daily revenue of $6.16.

Choosing the right mining pool is very important, as you will receive your mined bitcoin sent from the pool payouts every day. It’s important to choose a pool that is reliable, transparent and offers the right suite of tools and services to help you optimize your mining operation.

4. Fees When Selling Bitcoin

An often overlooked facet of mining profitability is the fees one pays to sell the Bitcoin one mines. If you are a small time miner, you may have to sell your coins on a retail exchange like kraken or binance. Sometimes your fees are low but sometimes your fees are high - it really just depends on the fee structure of the exchange and the state of the orderbook at the moment.

However, if you are a professional miner like F2 or Bitmain, you likely have really advantageous deals with OTC desks to sell your coins at little to no fees - depending on the state of the market. Some miners are even paid above spot price for their coins. Either way, professional mining operations deal with Bitcoin at a large scale and so they have more leverage to get deals that are good for them, and this doesn’t just apply to electrcity purchases.

If you think you have what it takes be mine profitably, we suggest you make sure first by using our mining profitability calculator.

Professionals vs Amateurs

It’s common knowledge that it has become very difficult for individual miners to get access to the best machines and the cheapest electricity rates. Bitcoin farms that operate at scale use these advantages to maximize their returns.

As the difficulty of mining bitcoin increases, and the price lags behind, it is becoming harder and harder for small miners to make a profit.

It all comes down to scale and access to cheaper prices. When people enter the space, without prior relationships, they struggle to compete with established mining operations.

Bitcoin mining is starting to resemble similar industries as more money flows in and people start to suit up. With increased leverage, margins are lower across the whole sector. Soon, large scale miners will be able to hedge their operations with financial tooling to lock in profits, whilst bringing in USD denominated investments like loans or for equity.

As mining becomes more professional, it will make things even harder for DIY miners.

Can you Mine direct to an exchange?

If you have put in the effort to learn about mining, and you have found a location with low cost electricity for your machines, then you still need to consider where to store the bitcoin that you mine.

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It is possible to mine direct from the pool to an exchange, but we recommend you keep your bitcoin in a wallet where you have access to the private keys.

Here are our top picks for Bitcoin wallets:

COMPARISON

Ledger Nano X

• SCREEN:
• RELEASED: 2019
• PRICE: $119

Ledger Nano S

• SCREEN:
• RELEASED: 2016
• PRICE: $59

TREZOR T

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• SCREEN:
• RELEASED: 2018
• PRICE: $159

TREZOR One

• SCREEN:
• RELEASED: 2013
• PRICE: $59

Is CPU mining profitable?

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No, and in the case of Bitcoin, it almost never was. unless you were one of the very first people to mine Bitcoin, CPU mining has never been profitable. There was a time where one could profitably mine Bitcoin with GPUs, but again…today, you really must have an ASIC and a deal witha power company to make any money mining Bitcoin in 2020.

Final Thoughts

The average home miner is unlikely to recoup the cost of mining hardware and electricity. Profiting on your own is highly unlikely.

The situation may improve in the future once ASIC mining hardware innovation reaches the point of diminishing returns. That, coupled with cheap, hopefully sustainable power solutions that retail customers can access in some shape or form, may once again make Bitcoin mining profitable to small individual miners around the world.

If small miners can re-enter the network it greatly increases decentralization and supports the original intentions of Satoshi Nakamoto even further.