Mining cryptocurrencies is an integral procedure for the operation of a variety of blockchain-based systems. In addition, it’s an extremely profitable business that permits miners to earn a substantial income. To create an enterprise plan, identify the equipment needed to purchase, as well as the contents, and then calculate the profits many calculations are required. To make this process faster mining calculators were designed.
Is there a calculator for mining?
Mining calculators are complex algorithm for calculation that considers many dynamic variables. Quality services must be updated regularly with data regarding their complexity encryption algorithm as well as the exchange rate for the particular cryptocurrency. A calculator that is used to mine various cryptocurrency coins should show performance indicators for machines that use a specific algorithm.
To get accurate results on mining profitability and costs the algorithm considers:
- Mining difficulty
As you are aware all the currencies in existence tend to slowly increase in complexity of mining, but not all occur at the same time. For instance, if a significant number of ASICs change to a single currency mining it will become more challenging and will require a lot of resources, and may eventually become unprofitable.
- change rate
The principal reason for using calculators is the unpredictability and constantly changing rate of cryptocurrency. When the price of an asset drops below a certain amount it will turn non-profitable, as the miner will need to look for a different better-performing currency which means making use of the calculator again.
- Similar costs
The most important block that contains information about the costs of maintaining equipment and ASIC farms (which could differ in their design, configuration, types of video cards, and so on. ) as well as electricity prices and even the costs of repair work on equipment.
Popular mining calculators
WhatToMine is the most comprehensive and advanced calculator to date. Allows you to perform calculations to mine over 200 currencies (even obscure ones) using various devices, including video cards and ASICs.
Calculations are made taking into account a large number of parameters, including electricity tariffs, the number of video processors on the farm and their efficiency for a single algorithm. As a result, the miner receives a full profitability report for a certain period of time.
Profit Mine operates on an informational cryptocurrency resource. As in the first case, it offers possibilities for calculating profitability for many cryptocurrencies and algorithms using specific devices. After specifying the model of a video card or miner, the calculator will display the coins included in the profit zone and remove unprofitable assets from it, which will allow you to immediately determine the most profitable currency for the mining.
Ethereum Mining Calculator
In addition to universal calculators that work with various coins and algorithms, special services that calculate the profitability of mining a particular currency remain in demand. Typically, these sites are used by owners of ASICs suitable for a specific algorithm or by miners who want to get a more accurate result for that asset.
The user only has to specify 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 (in an hour the figures can change) and for a certain period (for example, for the week, month, or year to come), but only if market trends remain the same.
Bitcoin Mining Calculator
Bitcoin has long ceased to be a gold mine for miners – to profit from its mining, you need huge investments and powerful equipment that not everyone can afford. The 99Bitcoins.com mining calculator will clearly demonstrate how profitable it will be to mine the first cryptocurrency. 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 forecasts of growth or depreciation of users, as well as changes in electricity costs. The program provides profitability results for different periods.
We have reviewed the main mining profitability calculators. Modern services take into account a large number of parameters and allow you to get results both for several currencies at once and for a specific asset. All calculations are performed automatically, and if the correct parameters are specified, they give an accurate estimate of the profitability of coin mining. However, the displayed result is only relevant for the conditions in effect at the time of the calculation, and if they change, a recalculation will be necessary.