In recent years, the income from the mining of cryptocurrencies has decreased significantly, so you need a strategy to make money. In this case, mining calculators are very useful. With their help, miners receive information about profitability using various algorithms and cryptocurrencies.
Mining profitability calculators act as an advisor to determine whether to invest in the mining business. Notice that they report lucrative coins for the current time, but not for the future. Thus, they give a starting point for work.
Before using the calculator, make sure that you know your GPU model and hashrate speed along with the cryptocurrency algorithm. In addition, you will need electricity tariffs in your region.
Any incorrect information will affect your profitability. It is important to note that the values specified in the calculator are based on the current hashrate of the network .
Whattomine
Whattimine is one of the best mining calculators due to a variety of features. The platform is characterized by a friendly user interface that is quite easy to use.
To determine the profitability of your mining equipment , Whattomine combines a variety of data provided by you and the miner. The site determines the profitability of hundreds of coins, including Bitcoin, Ethereum, Beam and Monero.
Go to whattomine.com, enter the video card model, or select from a list of popular graphics processors. Specify their number, after which the hashrate of your card will appear on the site. Fill up your energy bills, if you don’t know them, the WhatToMine system automatically averages electricity consumption.
In addition, the system checks the numbers, current prices and complexity and, based on this information, recommends the best cryptocurrency for you. WhatToMine supports a number of algorithms, you can also choose a stock exchange, apply filters, and set the complexity for generating income.
Using the information provided, WhatToMine will report the most profitable coin for mining, along with the income it will bring. WhatToMine’s unique feature is that it allows you to sort cryptocurrencies by complexity, NetHash, market capitalization, exchange volume, current income and long-term profitability.
Cryptocompare
The CryptoCompare calculator supports Bitcoin , Ethereum, Ethereum Classic, Litecoin, XMR, ZEC, PASC, Dash and Decred cryptocurrency. Go to the CryptoCompare website and click Calculators, then click on the cryptocurrency you would like to use (Bitcoin is opened by default).
In determining the profitability of the platform, it is necessary to take into account energy consumption, hashrate and cost per kWh. If you practice GPU mining , you need to find your map in the search bar. Having found it, go back to the calculator and enter the data, after which you will receive a profit calculation.
Do not forget that incorrect information will lead to inaccurate information about profitability. Among the useful features offered by CryptoCompare are the ratio of profit from mining to profit in terms of money. After you have entered the hashrate, the cost of electricity, the cost per kilowatt-hour and the pool commission, the data is updated automatically.
Coinwarz
Coinwarz is one of the easiest to use mining calculators with a user-friendly interface. This calculator allows you to determine the profitability of many cryptocurrencies. To get started, select an algorithm to enter the hashrate, enter the electricity tariffs and click the "Calculate" button.
You will see a table of mining data, complexity and profitability. In the table there is an additional function that allows you to know how many days you have to spend to earn an amount equivalent to 1 Bitcoin. The calculation is based on the parameters set. Please note that profitability varies depending on rate fluctuations, the effectiveness of the pool and its commissions.
CoinWarz also provides an analysis of the raw data on the mining profitability of certain coins. To use this service, the user must provide more information about their equipment.
Nicehash
NiceHash – the service provides cloud mining services, it has its own calculator. The platform is an online marketplace that allows you to buy and sell hash power. This service is ideal for people who want to participate in mining, but cannot afford to buy equipment.
The buyer can choose which cryptocurrency to use for mining with NiceHash, which supports 34 different algorithms. All payments are made in bitcoins.
Before mining you can use the NiceHash mining mining calculator. To do this, add the type of your equipment and the cost of electricity. NiceHash also allows you to find out how much profit you can get during a certain period of time.
In addition, NiceHash shows equipment that allows you to earn more. The profitability of the available equipment may vary depending on the volatility of the cryptocurrency market.
Conclusion
Mining cryptocurrency is a rather complicated process. Its profitability has decreased due to various factors, including the high cost of electricity and market volatility. Nevertheless, mining calculators are a good tool for maximizing your profits.
Most miners are eager to figure out which coin to get and how long it will be profitable, but relying only on calculators is not enough. You must be aware of developments in the cryptocurrency market, especially regarding the level of volatility that may affect your profitability.
Publication date 20/05/2019
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