Best Mining Calculators – How To See If Crypto Mining Is Profitable
Mining revenues have declined over the years and you need a strategy to earn significant profits. This is where mining calculators come in handy. With mining calculators, miners get information on profitability for various algorithms and cryptocurrencies to mine. Mining calculators also act as a guide before venturing into the mining business. Note that calculators tell the profitable coins of the moment but not the future. Sometimes mining calculators cannot account for the volatility of supported cryptocurrencies. However, calculators offer miners a starting point to work with.
Before using a calculator, ensure you know your GPU model and the hash rate alongside the algorithm of the cryptocurrency. Additionally, ensure you know your electricity cost. Note that any wrong information will affect your profitability at the end of the day. With this information, you are able to make up your mind on whether to mine or not. Note that the values indicated in a mining calculator are based on the current network hashrate. The market has different tools for determining profitability but here is a collection of the best mining calculators to get you started.
The CryptoCompare calculator supports Bitcoin, Ethereum, Ethereum Classic, Litecoin. XMR, ZEC, PASC, Dash and Decred cryptocurrencies. To get started you need to visit the CryptoCompare website and click on ‘Calculators’. You will then click on the cryptocurrency you would like to mine, although Bitcoin opens by default. In determining profitability, the platform needs your power consumption, hashing power, and cost per KW/h. In case you are using GPU mining, you will have to search your card on the search bar displayed on the CryptoCompare mining website. Once you have the card, head back to the calculator and input all the details and your profitability will be displayed.
Note that any wrong information will result in inaccurate profitability details. Among useful features offered by CryptoCompare are mining profit ratio and profit in monetary terms. Once you have entered your hash rate, power consumption, kilowatt-hour cost, and pool commission, everything updates automatically.
Whattimine ranks high among the best mining calculators due to a number of features. The platform comes with a friendly user interface that is easy to operate. To determine the profitability of your mining rig, Whattomine combines a lot of data provided by you and the miner. The website determines the profitability of hundreds of coins including Bitcoin, Ethereum, Beam, and Monero.
To use the miner, visit whattomine.com and input your graphics card and choose from a list of popular GPUs. Provide the number of GPU and the website will display your card hash rates. Enter your electricity costs if you know them. However, WhatToMine system can automatically average your electricity consumption. The system runs the numbers, checks current prices and difficulties, then uses that information to recommend the best cryptocurrency for you to mine. WhatToMine also supports a number of algorithms. Furthermore, you can choose an exchange, apply filters and set the difficulty for revenue.
With the information provided, WhatToMine will let you know about the most profitable coin to mine alongside the revenue it will generate. A unique feature about WhatToMine is that it allows miners to sort cryptocurrencies by difficulty, NetHash, market cap, exchange volume, current revenue, and long-term profitability.
Coinwarz is one of the easiest mining calculators to use backed with a simple interface. This calculator enables you to determine the profitability of major cryptocurrencies and the smaller ones. To use the platform, visit the website and choose an algorithm to enter your hash power and electricity rates then hit the calculate button. An output table is then displayed with mining information on coins, difficulty, revenue, and profitability. The table has an additional feature that lets you know the number of days you would have to spend to earn an amount equivalent to 1 Bitcoin. The calculation is based on established parameters. Note that profitability varies depending on exchange rate fluctuations, a pool’s efficiency, and pool fees.
CoinWarz also provides raw data analysis on the profitability of mining certain coins. To use this service, a user needs to provide more information on their mining hardware. The analysis by CoinWarz can be general comparisons to more detailed ones.
NiceHash is a leading cloud mining service provider that comes with its own calculator. The platform is an online marketplace that allows buying and selling hashing power. The service is ideal for individuals who want to take part in miming but can’t afford mining hardware. A buyer is in a position to select which cryptocurrency to mine with NiceHash supporting 34 different algorithms. All the payments are made in Bitcoin.
Before mining, you can take advantage of the NiceHash free mining calculator. To use the calculator, plug in the type of hardware you have and your electricity cost. NiceHash then lets you know the profit you can make within a specified period of time. Furthermore, NiceHash also displays the hardware that earns more. The profitability of the available hardware can change based on the volatility of the cryptocurrency market.
Mining cryptocurrencies are complex. Profitability has declined due to various factors such as the high cost of power and volatility of the market. However, mining calculators are a good option to enable you to maximize your profits. Most miners usually want to know which coin to mine and for how long will it be profitability and the highlighted calculators come in handy based on their good reputation. However, relying on calculators is not enough. You need to keep in touch with the happenings in the cryptocurrency market especially the volatility rate which can affect your profitability at the end of the day.
Image Source Gigabitmagazine
Subscribe to our Newsletter to be a part of our future $1,000 per month contests.
The post appeared first on Zerocrypted