With respect to what impact greater hash rate moving to Ocean has on the mining centralization problem, I think it depends on whether that hash rate is connecting via Stratum or Datum. If large amounts are going into Stratum, that increases centralization (because Ocean is the one creating the block templates). While not ideal, this actually still benificial to Bitcoin in another way, since Ocean runs Bitcoin Knots for their template creation on the Stratum protocol, and therefore as their pool hash rate takes a greater share of Bitcoin’s global hash rate, the greater the resistence it adds to spammers getting their garbage into blocks.
If the hash rate moving to Ocean is connecting via the Datum gateway, however, then that is actually a decentralizing force. This is because Datum requires the member to build their own block templates. The more miners who move from other pools to Ocean, the greater the percentage of Bitcoin’s global hashrate is being moved away from the highly centralized entities that are building most of the block templates for the network today.
I asked Ocean were my miners’ block reward numbers going down b/c of the increase in the pool’s hash rate, and they said more blocks = smaller payouts. I’m now waiting to see if they are hitting 3 times as many blocks. The last 8 blocks found have been Datum blocks. The last Ocean block was 20/06.
Hmm, I know I should have paid more attention in math class. Makes no sense but then I don’t know enough about their algo’s but it does kinda fall inline with what I conjured about less pool percentage, smaller increment payouts but more payouts.
I think the increasing hash to the pool also improves our collective chances of hitting a block more frequently which should equate to more payouts even it the sats per payout is reducing. Also it might be worth bringing a bit more hash online. I’m thinking of adding a few more bitaxes to my swarm. I’ve also noticed 5 Th has no impact on my monthly electricity bill
All BitAxe’s? What …18watts each or so…That is around 2.16 kWh per day times whatever your energy costs are per kW. At 0.10 per kWh that’s around $6.50 USD a month. Easy enough to handle for sure…the real impact comes into play when you are in the 1000+ kWh a month.
Of course…run Knots and you should point one Bitaxe at solo mining. Strengthen the network. Decentralize - That is what Satoshi wanted.
I’ve taken a closer look at my leccy bills and the details of the agreement. I pay a fixed sum per month £48 based on an estimated annual usage of 1800kWh as a single man in a 1 bed apartment. Been with them 12 months and the actual usage is 2462kWh. kWh are 23.5p with an additional daily standing charge set at 40.5p… This is Rip-Off Britain!
I’ll have to dive in again to figure my increased usage since bringing the swarm online which was done in stages, 3 then a couple of months late I added 2.
Yep…sounds like @Fletcher 's experience. He did mention something though about tier pay programs. He’d have to elaborate more on that though as I’m in America. My electric cost are $0.07749 kWh…which is profitable but if it jumps to the 2nd and 3rd tiers it is 0.143 per kWh (1pm-3pm) and .209 per kWh (3pm-7pm) respectively . Both are not profitable at all and I don’t mine during those times. Simple as that.
Just knowing math I’d say you are losing money in the short term and you wont see profits from them high energy cost until Bitcoin gets above 160,000$ USD and stays there.
I feel your pain though…your country is deceiving you just like our country does to us and every other country does to their citizens. Evil ass world. Hopefully you can get them costs down. Maybe Fletcher comes along and shares his knowledge of FREE energy there (The electric company pays you during certain times of use from what I gather)
… do you pay VAT as well?
How to Calculate Electricity Costs
To calculate the cost of electricity in Britain, you need to know:
Energy Usage (in kWh): This is measured by your electricity meter.
Unit Rate (per kWh): This is the price you pay for each kWh of electricity. As of mid-2025, the average unit rate is around 27.03p per kWh.
Standing Charge: This is a fixed daily fee, typically around 53.80p per day, which covers the cost of maintaining the electricity supply.
Calculation Formula
The total cost of your electricity bill can be calculated using the following formula:
Total Cost = (kWh Used × Unit Rate) + Standing Charge + VAT
Where VAT is 5% of the total cost.
So…for you that is £567.13 + Standing Charge + VAT. Without Standing charge and VAT that is equal to $1,260.46. WOW! That my friend is HIGH dollar!! But wait…that’s for a year right? 12 months? That’s not bad at all. Certainly I did my math right??
PS - I use north of 14,000 kWh a year (before I started mining)…that’s like $4000.00 USD a year…punch in the gut
Respect G, tbh I’m not watching profit. I’m in because bitcoin is the right thing and better a few sats than a bag of fiat so long as I can pay my way.
VAT on utilities here is 5%. I like your math… it gives me hope. Bro you’re usage is serious!
Yes it is. It was actually an eye opener for me. The usage before mining is because I have 160 gallon salt water reef tank. Was out of sight out of mind…but now I’m close to retiring I’m discovering where my money is going.
I too am in it for the long hall that’s why I don’t worry about electric costs (yet). It’s all about the sats. Sure I could just buy sats from the exchange and come out way ahead but I’m in it to secure the network and be sovereign. Sometimes I think…“Silly wrabbit, tricks are for kids”.
Yep, mining as such is very difficult to do in the UK at current prices. Unless you have access to solar power, or have an electric vehicle which gives you access to better tariffs (such as wholesale price plans where you pay a reduced rate off-peak) mining via devices of 30 Th/s or more is not profitable. Lottery miners such as the Bitaxe etc are fine, and you’re only losing pennies. I think the ideal set-up is to have solar panels hooked up to larger miners and to a storage battery, giving you the chance to mine for more hours per day.
I hear you re figuring out where the money goes. I’ve really honed in on what I spend and why. Some things I’m simply not giving up but other have simply got to go. I like earning sats. It’s the whole putting in the work thing
I’m with you on the solar…wish I could go independent solar but State regulations say that all solar/wind power excess needs to feed back into the grid. That means an inverter to regulate voltage on the side of your house…10 thousand dollars + Tesla power walls plus 30 some odd panels…North of 50K!! Take forever to break even if ever.
Might be able to team up with an EV driving friend or 2 and stick to the 5 x Gamma style rigs. I’m planning for another 5 in the apartment which will keep me below 30Th/s threshold you’ve stated.
You ever thought about a Nano S3…6Th/s at 130 watts for around 300$ I think…is cheaper than 5 Gamma’s unless your getting those gamma’s for like 60$ USD each. Just a thought. I have a NerdQAxe…I think $520 or so…at 80watts. The nano’s eat a lot more power than the QAxe but the price difference is pretty big per tH/s
