This is how much you can earn per day, with mining Monero!

This is how much you can earn per day, with mining Monero!

Just wanted to share some knowledge. I did some calculation for the past 24 hours to determine various statistic of blocks. I hope below helps all to get some perspective on how the calculations are done.

There are 1440 minutes a day (duh!). Every 2 minutes, a block is mined. So, ~720 blocks are mined per day. Every block fills in a number of transactions. And it is the job of miners, to validate a block & add it to the Monero blockchain and they are rewarded:

WHEN MINER MINES A BLOCK (he gets..) = Base block reward (0.6 XMR/block) + (total fee of every transaction in that block)

In the last 24 hours, Monero miners earned:

  • ~435.5 XMR (~$73,000) for validating 26,376 transactions
  • Added 63 MB to blockchain.

Rewards:

  • Fees alone: ~3.5 XMR
  • Block reward: ~432 XMR (this will remain constant forever, due to tail emission of 0.6 XMR/block)

Users pay for space (in kB), not really for a transaction. Each transaction is ~1.5 KB – ~101 KB (depending on "how many" outputs it has combined for spending. On average a transaction is ~2.4 KB.

63743049 bytes / 26,404 transactions = ~2.4 KB (last 24 hrs)

Example:

You combine "multiple outputs" when say, you spend 1 XMR, but you have 10 outputs of 0.1 XMR in your wallet. These are combined to provide a transaction. Thereby, making the transaction 10 times the smallest size possible (in kB), making it more expensive for the user. OR lets you send all your balances in your wallet – back to your own wallet or another wallet address (here, all outputs in your sender's wallet will be combined into one and sent to destination wallet, thus making transaction heavier).

Block stats of past 24 hours

Dynamic Block Sizing:

Normal situation: Up to 300kB per block [ Total reward: 0.6 XMR/block + total fee earned for all transactions in this block ]. If miner tries smart by adding more transactions to a block, then he is penalized by reducing the base block reward (0.6 XMR), unless he can compensate this reduction by greater transaction fee (he can't act too smart).

Normally, miners don't extend the block beyond 300kB (unless transaction fees are REALLY JUICY). Currently, you see the average of past 720 blocks is 88 KB.

When the average of the past 100 blocks becomes ~300kB, then something called "dynamic block sizing" kicks in. In dynamic block sizing, miners can sweetly extend beyond 300kB until 600kB, without incurring any penalty of base block reward (0.6 XMR). Thereby, adding more transactions/block. This also helps miners earn more. Adoption is thus, the key for miner earnings!

Amazing right?

submitted by /u/aFungible
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