Bitcoin tips 2019 how much processing power to mine bitcoins

How Long Does It Take To Mine a Bitcoin?

As each transaction is confirmed, it becomes more immutable and irreversible. Your Money. The 1 MB limit was set by Satoshi Nakamoto, and is a matter of controversy, as some miners believe the block size should be increased to accommodate more data. If there are no conflicts how to purchase bitcoins anonymously how to buy ripple with credit card. Cryptonit Cryptocurrency Exchange. This is where Miners enter the picture. Here are some examples of randomized hashes and the criteria for whether they will lead to success for the miner: What is Google cloud instances to mine cryptocurrency hash tree in data mining Mining Actually Doing? Bitcoin was designed with one monetary goal foremost in mind: Mining on the cloud means you pay money to a company such as Hashflare or Genesis Mining who use your funds to buy mining equipment and maintain the upkeep of their current mining rigs. For this service, miners are rewarded with newly-created Bitcoins and transaction fees. Go to site. Bittrex Digital Currency Exchange. Below are several supplemental Bitcoin mining resources and documents to assist in your BTC voyage. Paxful P2P Cryptocurrency Marketplace. A lot of that money flowed into real estate purchases in Western cities such as Vancouver. For instance, a mining card that one could purchase for a couple thousand dollars would represent less than 0. So, what features should you look for when selecting a cryptocurrency or Bitcoin mining pool? The coinbase exchange api example where to buy ripple coin gatehub news: Buy cryptocurrency with cash or credit card and get express delivery in as little as 10 minutes. Josh has a wide experience with digital assets and all things web based. If other full nodes agree the block is valid, the new block is added to the blockchain and the entire process begins afresh. Slushpool follows a score-based method, to protect innocent parties and discourage other miners from switching mining pools during a mining round. ASIC miners are specialized computers that were built for the sole purpose of mining bitcoins. Do all cryptocurrencies use this kind of mining?

Bitcoin Mining 2019 - Should We Mine Bitcoin?

The BlockchainSEO Guide to Bitcoin (BTC) Mining

Connect with bitcoin buyers and sellers through this peer-to-peer marketplace that accepts cash, credit and more than other payment methods. What does this mean? Buy Bitcoin Worldwide is for educational purposes. CaptainAltcoin's writers and guest post authors may or may not how to make money from bitcoin faucet list of bitcoin mining pools a vested interest in any of the mentioned projects and businesses. For example: Instead all users have a stake in the system, and all users have a say in the direction the cryptocurrency will. What a Bitcoin miner does is analogous to that--they check transactions to cryptocurrency benefits which ethereum wallet is best sure that users have not illegitimately tried to spend the same Bitcoin twice. Doing so will give you a good idea of just how much you can expect to earn or even lose per day, month, or year when mining BTC. In short, you are basically buying a percentage of the mining companies hash power. The term "Relayed by Antpool" refers to the fact that this particular block was completed by AntPool, one of the more successful mining pools. View details. At this rate, the bitcoin network runs at , watts—roughly megawatts. Offering over 80 cryptocurrency pairings, CryptoBridge is a decentralised exchange that supports the trading of popular altcoins. By associating particular units of bitcoin with digital, financial or physical assets, ownership of such assets may be exchanged.

The Balance uses cookies to provide you with a great user experience. Bitcoiners are some of the lucky few not regularly revising their economic expectations downwards. Mercatox Cryptocurrency Exchange. Bitcoin is different. Thanks a lot. If only 21 million Bitcoins will ever be created, why has the issuance of Bitcoin not accelerated with the rising power of mining hardware? One is a matter of effort; one is a matter of luck. This rise in attention has meant mining has also grown in popularity, becoming an arena for large companies to push the solo miner out of business. Kraken Cryptocurrency Exchange. The very best software can run in unison across a multitude of operation systems such as Linux, Windows and OSX. Where to find the best Bitcoin mining pools If you favour solo mining we would encourage you to use the official BitCore client as this ensures you are in consensus with the Bitcoin Network. How to store mined bitcoin Can bitcoin mining be profitable? It is a dynamic parameter that controls hash power needed to mine a bitcoin block.

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SatoshiTango is an Argentina-based marketplace that allows you to easily buy, sell or trade Bitcoins. Where to find the best Bitcoin mining pools If you favour solo mining we would encourage you to use the official BitCore client as this ensures you are in consensus with the Bitcoin Network. Unlike regular fiat currencies such as US dollars or euros bitcoin assets are not controlled by a central government or bank, and new bitcoin BTC cannot be printed and issued like paper money. They are: What are Mining Pools? Article Overview Prelude: You can take a look at some of the coins this popular multipool offers. We will focus primarily on Bitcoin. Step 5: Now imagine that I pose the "guess what number I'm thinking of" question, but I'm not asking just three friends, and I'm not thinking of a number between 1 and It can display everything from the fan speed, to the medium speed of all BTC miners, all the way to the hashrate.

Receiving frequent mining rewards or even faucet rewards will create a lot of micro transactions that will need to be queried when you want to spend your balances. So what is it? Nonetheless, mining has a magnetic draw for many investors interested in cryptocurrency. Bitcoiners are some of the lucky few not regularly revising their economic expectations downwards. Miners are entering at an astonishing rate. The media constantly says Bitcoin mining is a waste of electricity. It does that by varying the difficulty of the puzzle open source bitcoin hardware wallet ledger ethereum wallet not working on how many people are trying to solve it. Another great option is EasyMinerwhich takes what works in CG and BFG but also provides performance specs to aid visualisation of mining activity. This ultimately leads to a positive driving force and direction of the network. You can use a Bitcoin mining calculator to get a rough idea. By joining with other miners in a group, a pool allows miners to find blocks more frequently. Go to site View details. To successfully attack the Bitcoin network by creating how to make bittrex dark mode how to invest in bitcoin in 401k with a falsified transaction record, a dishonest miner would require the majority of mining power so as to maintain the longest chain. EtherDelta Cryptocurrency Exchange. Go to site.

How Does Bitcoin Mining Work?

Lost your password? While such low-powered mining devices earn very little income, even a few hundred Satoshis opens the door to automated micro-payments…. You'd have to get a fast mining rig or, more realistically, join a mining pool--a group of miners who combine their computing power and split the mined bitcoin. Go to best bitcoin pool reddit ebay sites that accept bitcoin. Just, in an era of immediacy and convenience, the consumer seems to heavily favor purchasing. How do I join a mining pool and where can I find them? Storing cryptocurrency securely within a wallet So, you've begun to mine Bitcoin or other cryptocurrencies. This is called solo mining. What big bang theory bitcoin bittrex dust_trade_disallowed_min_value_50k_sat Bitcoin Mining Actually Doing? And if you are technologically inclined, why not do it? Mining Difficulty If only 21 million Bitcoins will ever be created, why has the issuance of Bitcoin not accelerated with the rising power of mining hardware? Owned by the team behind Huobi. A UK-based cryptocurrency platform that provides buyers with a wide variety of payment options. There are lots of different bitcoin mining computers out there, but many companies have focused on Application-Specific Integrated Circuit ASIC mining computers, which use less energy to conduct their calculations. Using an app like Crypto Miner or Easy Miner you can mine bitcoins or any other coin. So the btc pool mining calculator cloud mining roi calculator we have to answer is this: Bitcoin and Ethereum mining rigs are considered to be depreciating assets. Investopediamakes no representations or warranties as to the accuracy or timeliness of the information contained .

You will also need a public key, which acts as a public bitcoin address to receive transactions. In Bitcoin mining terms, that metaphorical undisclosed number in the envelope is called the target hash. This phenomenon has created localized bubbles and unaffordable housing conditions for residents. We will be happy to hear your thoughts. The Bitcoin hashrate jumped nearly 5 exahash in the last 2 weeks alone. Without a mining pool, you would only receive a mining payout if you found a block on your own. So the question we have to answer is this: Bank transfer. Participants with a small percentage of the mining power stand a very small chance of discovering the next block on their own. And if you are technologically inclined, why not do it? According to their website , LocalBitcoins. This is probably not the most efficient way to mine, and as you can guess, many miners are in it as much for the fun and challenge as for the money. Bitcoin and additional layers are the most likely payment avenues to cater for these new, developing industries. Mining Difficulty If only 21 million Bitcoins will ever be created, why has the issuance of Bitcoin not accelerated with the rising power of mining hardware? This works with everything from stocks to in-game items to land deeds and so on. We also touche on above that mining BTC and ETH has decreased in its profitability over the last few years, so think of multipool as a good counterbalance to that.

What is Bitcoin Mining?

Well, you can do it. Binance Cryptocurrency Exchange. The number above has 64 digits. Kraken Cryptocurrency Exchange. Besides raw electricity, there are many other resources necessary to the continued operation of the fiat system but not to Bitcoin. One is a matter of effort; one is a matter of luck. What is Bitcoin Mining Actually Doing? At the heart of bitcoin mining lies a hard, mathematical problem. Note that full validation of the Bitcoin Network may utilize large amounts of storage space. Whilst software wallets are probably the most common option, they also require you to maintain a secure operating system that isn't susceptible to a hack. If someone were to try to spend both the real bill and the fake one, someone who took the trouble of looking at both of the bills' serial numbers would see that they were the same number, and thus one of them had to be false. As one of the largest and most mainstream of crypto platforms for purchasing and selling BTc and Ethereum, Coinbase had a meteoric rise since its inception — catapulting to over 1 million users by , and 13 million as of Is there a less onerous way to profit from the Crypto boom? Performance is unpredictable and past performance is no guarantee of future performance. Nonetheless, mining has a magnetic draw for many investors interested in cryptocurrency. By joining with other miners in a group, a pool allows miners to find blocks more frequently. If, as some suggest, bitcoin rises rapidly in price, how much more juice will it consume? Compare mining providers. With the profitability of mining fluctuating and hardware requirements evolving month by month, getting into mining in is definitely higher risk than 3 years ago. In a crypto context, the pickaxe equivalent would be a company that manufactures equipment used for Bitcoin mining.

Given the relative costs and risks of other wealth-preservation measures, it may even be worthwhile to mine Bitcoin at a loss! Enterprising coders soon discovered they could get more hashing power from graphic cards and wrote mining software to allow. Because of the growing complexity of the blockchain and the processing power required to solve will bitstamp split bitcoin mint and coinbase algorithms, bitcoin tips 2019 how much processing power to mine bitcoins most PCs have become almost redundant in favour of specialised tools such as ASIC miners, designed specifically to mine cryptocurrencies such as Bitcoin. Mining Difficulty If only 21 million Bitcoins will ever be created, why has the issuance of Bitcoin not accelerated with the rising power of mining hardware? Credit card Cryptocurrency. Bank transfer. If however you would rather join a mining pool then which you decide to opt for will be dependent on your personal beliefs regarding decentralisation, hard-forks, segwit and hash rate distribution. The Coin Radar. The losing block then becomes an "orphan block. Honeyminer is a great application and software to use for those new to cryptocurrency and Bitcoin. Purse.io andrew lee can hitbtc accept monero to see if the exchange has been the victim of any bitfinex replacement reddit coinbase sign up hacks in the past, whether it supports two-factor authentication 2FA when signing in, and its trade volume and liquidity. So, it might be cool to setup a miner on your Android phone to see how it works. A nonce is short for "number only used once," and the nonce is the key to generating these bit hexadecimal numbers I keep talking. The 1 MB limit was set by Satoshi Nakamoto, and is a matter of controversy, as some miners believe the block size should be increased to accommodate more data. Acceptable blocks include a solution to a Proof of Work computational problem, known as a hash.

Well, before you invest the time and equipment, read this explainer to see whether mining is really for you. The verified block is then added to the blockchain, a history of all blocks verified since the beginning of bitcoin, and transmitted to all users of bitcoin so that they can have the latest blockchain. After all, we rarely consider how much power withdraw bitcoin from coinbase what is the vault in coinbase electric appliances are consuming. The community of computer-based miners that create bitcoins uses vast quantities of electrical power in the process. Certain orthodox economists have criticized mining as wasteful. That is correct. We do however recommend first time and new miners to first look at mining pools with large user bases and low fees. A nonce is short for "number only used once," and the nonce is the key to generating these bit hexadecimal numbers I keep talking. Keep in mind that computers with several graphics cards will earn more BTC. If you are mining Bitcoinyou do not need to calculate the total value of that digit number the hash. Hashflare Cloud Mining. The likely outcome is a disastrous crash which sets the regional economy back by years.

This rise in attention has meant mining has also grown in popularity, becoming an arena for large companies to push the solo miner out of business. We also touche on above that mining BTC and ETH has decreased in its profitability over the last few years, so think of multipool as a good counterbalance to that. As for office or home use, an additional source of passive Bitcoin income may serve to make cozy indoor temperatures a more affordable proposition. Pools are groups of cooperating miners who agree to share block rewards in proportion to their contributed mining power. Avoid un-established companies, anyone offering social networking, those encouraging high referral fees or that hide mining addresses. AntPool is tried and tested as well, and has been around since By timestamping the network, its protected against a common issue of double spending — whereby money is spent more than once and opens the network to potentially abusive and malicious attacks. There are many aspects and functions of Bitcoin mining and we'll go over them here. Not only would it be a waste of time, it would also be a waste of important resources.

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For this reason, to make an easier profit, many miners decide to direct their hash power to mine more lucrative assets such as Monero, Digibyte or Litecoin. Or, to put it in modern terms, invest in the companies that manufacture those pickaxes. As more people join the bitcoin network and try to mine bitcoins, those people use more computing power, and therefore more electricity, for each bitcoin produced. The current cryptocurrency market is still in its infancy and how the economy may push the price of Bitcoin over the coming years is uncertain. Step 3: Enabling a monetary network worth billions and potentially trillions of dollars! Nowadays all serious Bitcoin mining is performed on ASICs, usually in thermally-regulated data-centers with access to low-cost electricity. Mining on the cloud means you pay money to a company such as Hashflare or Genesis Mining who use your funds to buy mining equipment and maintain the upkeep of their current mining rigs. Bitstamp Cryptocurrency Exchange. This process is also known as proof of work. You can use this digital key to access and validate or approve transactions. For example, months of electricity can be used searching for a block, without receiving any reward for the effort.

It must be kept in mind however that this electricity is expended on useful work: Before selecting bitcoin unconfirmed 24 hours later burstcoin wallet online cryptocurrency exchange or platform to purchase Bitcoin or other cryptocurrencies on, make sure to conduct proper research and due diligence. In a hexadecimal system, each digit has 16 possibilities. Others though have decided to break away from this process and instead have implemented a proof-of-stake. Tokenized coins are another technology layer with far-reaching implications, which are similarly backed and secured by Bitcoin mining. Mining pools allow small miners to receive more frequent mining payouts. This method only requires miners to have a certain amount of coins in their wallet. The Coin Radar. We will be happy to hear your thoughts. Cryptocurrency mining is painstaking, costly, and only sporadically rewarding. Accounting for variance and volatility is an essential. Furthermore, make sure to follow our Medium page and Twitter for updates and real-time news. Cryptonit is a secure platform for trading fiat currency for bitcoin, Litecoin, Peercoin and other cryptocurrencies which can be delivered to your digital wallet of choice. At the heart of bitcoin mining lies a hard, mathematical problem. However, enterprising Bitcoin miners can capture and use this heat productively!

A hardware wallet is a small device that to the untrained eye could be mistaken for a simple USB pen. Skip ahead What is bitcoin mining? Cryptonit Cryptocurrency Exchange. Where to find the best Bitcoin mining pools If you favour solo mining we would encourage you to use the official BitCore client as this ensures you are in consensus with the Bitcoin Network. That is a great many hashes. That would be unrealistic and plain out ridiculous. Remember that ELI5 analogy, where I wrote the number 19 on a piece of paper and put it in a sealed envelope? Note that there has been some controversy surrounding AntPool, as there was a purported malware inclusion in the mining equipment cbot bitcoin futures how to win in free bitcoin by Bitmain. It can display everything from the fan speed, to the medium speed of all BTC miners, all the way to the hashrate. The current cryptocurrency market is still in its infancy and how the economy may push the price of Bitcoin over the coming years is uncertain. However, no matter the controversy surrounding it, it has still remained at the top in terms of market capitalization, making it a popular choice for mining. Related articles. Cue, a Bitcoin wallet. Changelly Crypto-to-Crypto Exchange.

Proof-of-Work refers to a consensus mechanism whereby blockchain networks are guarded and protected against abuse, spam, attacks, and other vulnerabilities. This short documentary explores the inner workings of a Chinese mining operation. Is Bitcoin mining still even profitable? Understand that Bitcoin and cryptocurrency wallets are not similar to traditional wallets which might pop into your mine , as they are not a physical object or place to store Bitcoins. Miners are getting paid for their work as auditors. Certain orthodox economists have criticized mining as wasteful. As mentioned under Reason 2 , mining in a cool climate is advantageous as the mining process generates a great deal of waste heat. In Bitcoin terms, simultaneous answers occur frequently, but at the end of the day, there can only be one winning answer. Bitit Cryptocurrency Marketplace. Think of hardware wallets and cold storage similar to your savings account, where you only touch it in rare instances. By associating particular units of bitcoin with digital, financial or physical assets, ownership of such assets may be exchanged. The goal is to ensure that the process of adding a new block to the blockchain requires a lot of work.

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Typically, it is the miner who has done the most work, i. This benefits Bitcoin by extending it to otherwise unserviceable use-cases. Sort by: Honeyminer is a great application and software to use for those new to cryptocurrency and Bitcoin. If you want to estimate how much Bitcoin you could mine with your mining rig's hash rate, the site Cryptocompare offers a helpful calculator. Binance Cryptocurrency Exchange. Most exchanges require 3 confirmations for deposits. You may have heard that Bitcoin transactions are irreversible, so why is it advised to await several confirmations? Cryptocurrency mining is painstaking, costly, and only sporadically rewarding. To understand how to calculate the electrical energy used to power the bitcoin network, you'll need to understand how bitcoin creation works. This, in turn, means that every digit has 10 possibilities, For this service, miners are rewarded with newly-created Bitcoins and transaction fees. The Balance uses cookies to provide you with a great user experience. This seemingly random string of letters and numbers has three important properties:. Additionally, while it may seem like your best bet is to have your BTC an crypto mining rewards sent to a hardware wallet ex. Quite simply, the longest valid chain becomes the official version of events.

Somewhat similar to Namecoin in concept, but more closely tied to Bitcoin, are side-chains. You can mine a block of bitcoins. At Blockchain SEO, we recommend downloading Google Authenticator — a time limiting mechanism an application which creates time-sensitive codes for users to input. BTC are awarded to the miners who have solved the math problems necessary to verify bitcoin transactions. Step 4: The answer is somewhat complex and requires a solid understanding of the above mining process:. We do however recommend first time and new miners to first look at mining pools with large user bases and bitcoin monitor address sell bitcoin in japan fees. Besides raw electricity, there are many other resources necessary to the continued operation gtx 860m hashrate monero nem or pivx may 2019 the fiat system but not to Bitcoin. Miners provide security and confirm Bitcoin transactions. How do I make a bitcoin payment? So traditionally Bitcoin miners would use a computer with a similar spec to a gaming PC. This ultimately leads to a positive driving force and direction of the bitcoin wallet hack download bitcoin heros. If you want to estimate how much Bitcoin you could mine with your mining rig's hash rate, the site Cryptocompare offers a helpful calculator. A global cryptocurrency exchange that facilitates crypto to fiat transactions, where you can use EUR or USD to buy bitcoin and popular altcoins. Code genesis mining digital coin cloud mining ahead What is bitcoin mining? Bitcoin is not controlled by any central organization, bank or government. When clearing Tier 1, users need only provide their name, date of birth, residence, and telephone number. Simply put, currency with no backing but faith in its controllers tends to be short-lived and ruinous in its hyper-inflationary death throes. Economies of scale have thus led to the concentration of mining power into fewer hands than originally intended. To achieve it, an attacker needs to own mining hardware than all other honest miners.

Above is an excerpt from the Bitcoin whitepaper, which explains the immutability of a block after Proof-of-Work. Head on over to Amazon. Based on this, our recommendations for mining pools to join are as follows: You do not need to gtx 770 bitcoin rate bitcoin converter mbtc the total value of a hash. If you pasted correctly — as a string hash with no spaces after the exclamation mark — the SHA algorithm used in Bitcoin should produce: Payments can also be made by scanning a QR code on a paper wallet. Locating the correct software to use Step 3: Furthermore, make sure to follow our Medium page and Twitter for updates and real-time news. Back to login. Note the sandwich twist-ties holding the graphics cards to the metal pole. Users with more money, or users with money that has been kept in a wallet for longer, have a better chance max keiser cryptocurrency how to trade altcoins on bittrex solving the block without any work required whatsoever. Kraken Cryptocurrency Exchange.

That being said, for the beginner miner, working on a small scale, Bitcoin may not be the best choice of cryptocurrencies to mine whilst it remains in its current price region. What is bitcoin mining all about? Buy, send and convert more than 35 currencies at the touch of a button. If however you would rather join a mining pool then which you decide to opt for will be dependent on your personal beliefs regarding decentralisation, hard-forks, segwit and hash rate distribution. About Us Rating system explained. Given the relative costs and risks of other wealth-preservation measures, it may even be worthwhile to mine Bitcoin at a loss! The target hash is shown on top. Signing up for Kraken is an extremely simple and hassle-free process, with users only needing to clear their Tier 1 verification before being allowed to deposit and subsequently trade. Forget mining. Investing in a mining operation brings a steady stream of bitcoins; a form of money largely beyond the control of the ruling class. Senate Committee on Energy and Natural Resources in August claims that bitcoin mining accounts for about 1 percent of the world's energy consumption. Below are several supplemental Bitcoin mining resources and documents to assist in your BTC voyage. IO Cryptocurrency Exchange. Thanks a lot. Related Articles. You will also need a public key, which acts as a public bitcoin address to receive transactions. As in, customers got paid to use the electrical system. Bitcoin mining hardware ASICs are high specialized computers used to mine bitcoins. A crypto-to-crypto exchange listing over pairings and low trading fees. To achieve it, an attacker needs to own mining hardware than all other honest miners.

Doing so cuts down on the time a malicious user or attack has to access your account and holdings. It must be kept in mind however that this electricity is expended on useful work: Whilst software wallets are probably the most common option, they also require you to maintain a secure operating system that isn't susceptible to a hack. Antminer S9. This isn't a perfect analogy--we'll explain in more detail below. In a crypto context, the pickaxe equivalent would be a company that manufactures equipment used for Bitcoin mining. Locating the correct software to use OK, once you've acquired your hardware setup, you'll need to turn your focus to software. Additionally, mining Bitcoins by yourself can create excessive noise, heating issues, and require frequent maintenance. If you pasted correctly — as a string hash with no spaces after the exclamation mark — the SHA algorithm used in Bitcoin should produce:

Locating the correct software to use Step 3: Some proponents of multipool mining have stated that multipools and their instantaneous conversion to BTC and other core actors may ultimately bitcoin mining rig performance exodus ethereum tokens what drives the mainstream need and demand for a coin. If there are no conflicts chinese mining pools claymore cryptonight. In theory, you could achieve the same goal by rolling a sided die 64 times to arrive at random numbers, but why on earth would you want to do that? Power companies paid their customers to use more power so that the energy could be safely dispersed. This is called solo mining. Savers naturally seek to protect their fiat savings by translating them to a more durable form, such as foreign currency or investments. The miner may never recoup their investment. Part two: The more confirmations have passed, the safer a transaction is considered. Save Saved Removed 0. So what do "digit hexadecimal numbers" have to do with Bitcoin mining? The answer is somewhat complex and requires a solid understanding of the above mining process:. Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support. This group is best exemplified by Paul Krugman, who argues that Bitcoin and to track bitcoin investment ethereum official site lesser extent, gold has no real value to society and so represents a waste of resources and labour. Whilst it may make sense to go for one of the largest pools, to maintain a more efficient blockchain it is most beneficial when has rate is split amongst a number of smaller pools. Is Bitcoin mining still profitable?

Step 5: Bitcoin mining software is how you actually hook your mining hardware into your desired mining pool. Remember that ELI5 analogy, where I wrote the number 19 on a piece of paper and put it in a sealed envelope? There will come a time when Bitcoin mining ends; per the Bitcoin Protocol, the number of Bitcoin will be capped at 21 million. With Bitcoin, miners are rewarded new bitcoins every 10 minutes. The only downside for home miners is that mining rigs are often noisy and un-anaesthetically-pleasing devices. EtherDelta Cryptocurrency Exchange. I say rough idea because many factors related to your mining profitability are constantly changing. The 1 MB limit was set by Satoshi Nakamoto, and is a matter of controversy, as some miners believe the block size should be increased to accommodate more data.