As I understand, the S5 is on the order of 40 to 50% more efficient than the S3. The S3 is rated at around 360W at the wall and the S5 around 590W at the wall. Expect a 2 to 4% greater efficiency with Gold Vs Bronze supply.
Thanks for reply
I want to know exact unit to calculate electric bill. 1 unit = 1000 watts so how much time it will take for antminer s5/s3 to reach 1 unit of electricity with normal smps.
An example: My electricity cost is 14.5 cents per KWH (KiloWattHour). To run an S5 at 350MHz for one day costs me approximately (0.145USD)*(590W)*(24hours)/1KWH = 2.0532USD per S5 per day. I'd probably round it to 2 USD/day.
I have actually written up a commodity cost of production model for Bitcoin (You can download it here:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2580904) -- But anyway, the idea is if bitcoins are more similar to a produced commodity than a money currency, their marginal cost (say over a day) should equal their marginal product (say over a day).
If the daily cost to run an S5 = 2.0532 $/day and the expected daily production for 1.1 TH/s = 0.011188 BTC/day based on current difficulty
These two should be theoretically equivalent since marginal cost = marginal product .. so dividing one by the other simply gives you one because dividing anything by itself is one.
However -- since the numerator (cost) units are in $/day and the the denominator (product) units are in BTC/day the "1" is scaled up to accomodate the resulting dimensional space of $/BTC .
So: (2.0532 $/day) / (0.011188 BTC/day) = $183.52/BTC <-- this is your breakeven price (given the same difficulty) where below which you should stop mining.
Ok great! But, not everybody mining in the BTC network has a 0.51W efficient S5, the average mining efficiency across all miners seems to be closer to 0.775 J/GH right now - and the expected daily production for 1 GH/s is -- 0.01017 BTC/day. 14.5 cents per kWh is about the worldwide average.. so taking that into account the cost becomes .145 x .775 x 24 = $2.69 and $2.69/0.01017BTC = $264.50/BTC which is pretty close to the current market price.
And knowing is half the battle..
If I was an American I would never refer to btc as a commodity nor refer to trading it for cash. Refer to it as currency and when you exchange BTC Currency for US Currency it is not a trade. With civil forfeiture laws you are exposing yourself to confiscation of the assets of yourself, wife, and kids. Don't believe me? Its just happened because a dude did not get licensed to turn his btc into cash and vice-versa. According to the government, you must obtain a Federal trading license to trade with YOURSELF or you get SWATed, jailed, and destroyed financially.
NOTE: You will not get a letter from Uncle Sam saying you must get the license. You will just get a SWAT Team desceding on you exercising a no-knock warrant with guns in your face telling you to shut the fuck up, get your hands behind your head and lay down.