Mining can be an excellent way to generate some extra cash, but many factors can affect mining profitability. And before you are ready to invest your money, you should understand what exactly you are getting yourself into. Nevertheless, if you play your cards right, you can count on a handsome passive income.
To understand if and when you are going to break even and start making money, you need to take into account numerous factors. And there is nothing more appropriate for the task than a crypto mining calculator.
There are lots of calculators out there, and most of them can help you choose the right cryptocurrency. But no matter which calculator you are going to use, to calculate mining profitability, you need to know several things: the models of your devices and their hash rates, the algorithm of the coins, the exchange you plan to use for selling coins. Also, make sure you know your electricity cost. Every mining calculator has its pros and cons, so let’s see what the most popular platforms have to offer:
WhatToMine
WhatToMine is one of the most popular calculators among miners. Some use it to calculate the profitability of the specific coins. Others try to find the best coin to mine. But even if you own a rig or a farm, consisting of graphics cards and ASIC miners, it will get the job done. The platform has the hash rates of probably all the popular graphics cards and supports a large number of algorithms. So all you need to do is to specify the model and the number of GPUs, select exchanges, set the difficulty for revenue, enter your electricity cost, and you will get your results.
Rubin Mining Calculator
Rubin mining calculator features 29 coins, including popular ones like ETH, ETC, and lesser-known like SnowGem or ZelCash. As a result, you will see the exchange rates, block reward, profitability, and even Nicehash power rental cost. The Rubin calculator also shows average block creation time, so if your value is above 10 hours, you can’t be mining alone.
CoinWarz
Another popular calculator is CoinWarz. It has a simple, intuitive interface that is very easy to use. You need to enter your hash rate, choose an algorithm, add estimated power consumption and kilowatt per hour cost, and boom. In your results, you will see information on your coins, difficulty, revenue, and profitability.
CryptoZone
CryptoZone looks pretty similar to the WhatToMine calculator, at least at first glance. You can select your devices – CPUs, GPUs, or ASICs and enter their number. Then you choose the algorithms you need, your energy cost, pool fee, and press “Calculate.” You will get the result right away.
Conclusion
With these tools, you can make a much more informed decision. Nevertheless, you should keep track of the crypto news, because if your coin “gets in trouble,” it will immediately affect the profitability of your mining, and may even prevent you from selling the coins you already have. Yes, mining is a competitive business: if you want to see profits, you can’t think of it as just a hobby. But if you invest your time and money in all the right choices, your odds of turning a profit will increase considerably.
