Bitcoin(altcoin)-Mining can be a lucrative business. However, price fluctuations Bitcoin and other cryptocurrencies, mining difficulties and hashing speeds mean that there are times when you can lose profit. Problems are compounded after you take into account the cost of equipment, electricity and a reduction in block rewards.
To figure all this out, you need to turn to a mining calculator. You can enter certain parameters according to your situation and see if you will be in the red zone or not.
Here are five Bitcoin mining and altcoin profitability calculators that you can use right now.
1. BTC.com
Initially, BTC.com gained a reputation as a web crypto wallet, but since then it has expanded, offering a set of tools for analyzing the situation on the blockchain.
Some of the site’s tools include:
- Real time hashing mining.
- The last blocks mined by different pools.
- Future predictions about block complexity.
- Addresses of rich wallets.
- Transaction Decoding Tools.
- Historical data on block size and Tx number.
The Bitcoin mining calculator allows you to choose a currency, a hash coefficient, power consumption in watts, energy costs, Bitcoin price, initial complexity and complexity increase.
After you have entered all the data, you will see the results for your total profit, total income, price per TH, return on investment, payback days and mining days.
2. BTC.com Mini Calculator
If you are new to bitcoin mining, the complexity of the full version of the BTC.com bitcoin calculator is likely to make you scratch your head.
Fortunately, the site also offers a second simplified Bitcoin mining calculator. If you just want to quickly gauge the profitability of mining, this is the best of the two.
It has much fewer fields to fill out. For a very simple calculation, enter the hash rate and the calculator will tell you how much profit you can expect (or vice versa).
If you click Show More, you can customize a few more fields. These include your preferred currency, the current Bitcoin price, and the current block difficulty.
3. CryptoCompare Calculator
CryptoCompare offers several crypto mining calculators. You will find tools available for Bitcoin, Litecoin, Ethereum, Ethereum Classic, Monero, Zcash, and DASH.
Like the BTC.com mini-calculator, the mining profit calculator CryptoCompare also uses a simplified approach.
You need to enter your hashing power, power consumption, energy costs per kilowatt hour and pool commission.
The output will display the ratio of profit for the day and month, how many bitcoins you would mine for a certain period, and the current cost of electricity.
4. BitcoinWisdom
BitcoinWisdom Bitcoin Calculator is a medium difficulty mining profit calculator.
The options you can tweak (on the left panel) include difficulty build-up, electricity price, pool commission, hash rate, hardware price, hardware capacity, start date, shipping cost, setup cost, and maintenance cost. Many of these options are not found in other mining calculators.
As you would expect, you can also set the exchange rate, current difficulty, and block reward. There is even an option to adjust the block generation rate.
We especially like the list of hardware options on the right side of the screen. You can see how your profit will change based on the most popular mining hardware.
In addition to its calculator, BitcoinWisdom also offers a mining calculator Litecoin.
5.What to mine
One of the biggest questions when entering the world of crypto mining is deciding which coin to dedicate your resources to.
Inexperienced people automatically assume that since Bitcoin is the most famous and has the highest value in US dollars, it will bring them the greatest profit.
Nothing is further from the truth. Often the most profitable coins to mine are small altcoins that few people have heard of.
What to Mine will help you decide where to direct your attention. There is a standard Bitcoin mining calculator that includes many of the same features as the profit calculators we looked at, but there are also mining calculators for over 70 altcoins. Tokens such as Vertcoin, Hanacoin, Ryo, Masari, Grin, Dubaicoin, Vivo, Gincoin, and Luxcoin are supported.
You can also perform various mining calculations depending on whether you use equipment based on GPU or ASIC, and decide which equipment manufacturers and exchanges you want to include in the results.
We wrote about differences between ASIC mining and GPU mining.
Are these calculators accurate?
If you played with some of these mining calculators when you read the article, you might notice that they sometimes give very different results for the same set of input parameters.
Thus, since the mathematical calculations performed behind the scenes are specific to the calculator you are using, you should never perceive their results as true.
The most reasonable solutions would be:
- Calculate the average based on the results of several calculators.
- Carry out a mining test, determine what profit / loss you received, then test the calculators and see which one best suits your real results.
Learn more about mining.
Do not get carried away with dreams of making tens of thousands of dollars a month. To make that kind of money, you need to invest millions in equipment. Beginners can easily burn themselves.
If you are new to bitcoin mining, make sure you do a lot of research before parting with your money. If you need help, be sure to check out our other articles in the “Mining"And"Guides"