Cryptocurrency mining is an integral part of the functioning of many blockchain systems and, moreover, it is a profitable business that allows the miner to earn a good income. However, in order to build a business plan, determine the investment required for the purchase of equipment and its contents, and calculate the final profit, a large number of calculations are required. To speed up this process, I created mining calculators.
What is a mining calculator?
The mining calculator is a complex calculation algorithm that takes into account a large number of dynamic parameters. High-quality services must constantly update data about the complexity of the cryptocurrency's Cryptocurrency algorithm and the exchange rate of a specific currency; in addition, a calculator for mining various cryptocurrencies should display performance indicators for equipment with a certain algorithm.
In order to get correct results of profitability and mining costs, the algorithm takes into account:
- mining complexity
As you know, all coins that exist at the moment tend to a gradual complication of mining, but not all of them occur at the same rate. For example, if a large number of ASICs simultaneously switch to one currency, their production will become much more difficult, which means that it will require large resources and could become unprofitable.
- Exchange rate
The main reason for using calculators is the unpredictable and ever-changing rate of cryptocurrencies. If the value of an asset drops below a certain level, its mining will become unprofitable and the miner will have to look for a new, more profitable coin, which means they will use the calculator again.
- related expenses
Perhaps the biggest block, which includes information on the maintenance costs of ASIC devices or farms (which may differ in configuration, used video card models, etc.), the cost of electricity, and even the cost of repairing the equipment.
Popular mining calculators
WhatToMine
WhatToMine is the most complete and sophisticated calculator of the moment. Allows you to perform mining calculations for more than 200 coins (even the lesser-known ones) using various devices, including graphics cards and ASICs.
Calculations are performed taking into account a large number of parameters, including electricity rates, the number of video processors on the farm and their efficiency for a given algorithm. As a result, the mining company receives a complete profitability report for a certain period.
my profit
Profit Mine works with an informative cryptocurrency resource. As in the first case, it offers opportunities to calculate profitability for many cryptocurrencies and algorithms using specific devices. After specifying the graphics card or miner model, the calculator will display the coins that enter the profit zone and withdraw unprofitable assets from it, which allows you to immediately determine the most profitable coin for mining.
Ethereum mining calculator
In addition to universal calculators that work with multiple currencies and algorithms, special services that calculate the profitability of mining a specific currency remain in demand. As a rule, these sites are used by owners of ASICs, honed for a specific algorithm, or by miners who want to get a more accurate result for that asset.
One of the most popular Ethereum calculators is https://eth.pp.ua/ru/calc/. The user only needs to indicate the hash rate of his equipment. The calculator gives the result of profitability in dollars, taking into account the parameters at the time of calculation (after an hour, the numbers may change) and for a certain period (for example, for the next week, month or year) but only if market trends remain.
bitcoin mining calculator
Bitcoin has not been a gold mine for miners for a long time – to profit from your mining you need a lot of investments and powerful equipment that not everyone can afford. The 99Bitcoins.com mining calculator will clearly demonstrate how profitable mining the first cryptocurrency will be. The service has a simple and intuitive interface and requires minimal information for calculations.
A feature of the calculator is the ability to perform calculations taking into account the user's forecasts for exchange rate growth or depreciation, as well as changes in electricity costs. The program provides profitability results for different time periods.
conclusions
We have reviewed the top mining profitability calculators. Modern services take into account a large number of parameters and allow you to obtain results for several currencies at the same time and for a specific asset. All calculations are performed automatically and, if the correct parameters are specified, they provide an accurate estimate of the profitability of mining a coin. However, the displayed result is only relevant for the conditions in effect at the time of the calculation, and if they change, a recalculation is required.
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