Bitcoin mining can be a profitable endeavor. However, fluctuations in Bitcoin’s price, mining difficulty, and hash rate mean that there are also times when you could lose money. The problems are magnified after you factor in the cost of hardware, electricity, and decreasing block rewards.
To make sense of it all, you need to turn to a Bitcoin mining calculator. You can input certain parameters to fit your situation and see whether you’d be in the red or black.
Here are five Bitcoin mining profitability calculators for you to check out right now.
BTC.com originally grew its reputation as a web-based crypto wallet, but it has since expanded to offer an array of blockchain analytics tools.
Some of the website’s tools include:
- Mining pools’ real-time hash rate.
- The latest blocks mined by individual pools.
- Future predictions about block difficulty.
- Address rich lists.
- Transaction decoding tools.
- Historical data about block size and Tx count.
The Bitcoin mining profit calculator lets you choose your currency, hash rate, power use in watts, electric costs, Bitcoin price, starting difficulty, and difficulty increase.
Once you’ve entered all the data, you’ll see results for your total profit, total revenue, price per TH, return on investment, days to payback, and mining days.
(Not sure which is the best Bitcoin mining pool? Read out our article!)
If you’re new to Bitcoin mining, the complexity of BTC.com’s Bitcoin calculator will probably leave you scratching your head.
Thankfully, the site also offers a second, simplified Bitcoin mining calculator. If you just want to see a quick estimate of Bitcoin mining profitability, it’s the better of the two tools.
It has far fewer fields that you need to populate. 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 on Show More, there are a few more fields you can tweak. They include your preferred currency, current Bitcoin price, and current block difficulty.
CryptoCompare offers several crypto mining calculators. You will find tools available for Bitcoin, Litecoin, Ethereum, Ethereum Classic, Monero, Zcash, and DASH.
Like the mini BTC.com calculator, the CryptoCompare Bitcoin mining profit calculator also takes a simplistic approach.
You need to enter your hashing power, power consumption, electric costs per KWh, and the mining pool fee, and the calculator will take of the rest.
The output will show your profit ratio per day and per month, how much Bitcoin you’ll have mined over a period, and your ongoing electricity power costs.
BitcoinWisdom Bitcoin Calculator is a mining profit calculator of medium complexity.
The parameters you can customize (in the left-hand panel) include difficulty increments, electricity price, pool fee, hash rate, hardware price, hardware power, start date, delivery cost, setup cost, and maintenance cost. Many of those options are not found on other mining calculators.
As you’d expect, you can also set the exchange rate, current difficulty, and block reward. There’s even an option to adjust the block generation speed.
We particularly like the list of hardware options on the right-hand side of the screen. You can see how your profit would change based on some of the most popular mining equipment.
In addition to its Bitcoin calculator, BitcoinWisdom also offers a Litecoin mining calculator.
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 because Bitcoin is the most well-known token and has the highest US dollar value, it is going to make them the greatest amount of profit.
Nothing could be further from the truth. Often, the most profitable coins to mine are smaller altcoins that few people have heard of.
What to Mine helps you decide where to place your focus. There’s a standard Bitcoin mining calculator that includes many of the same features as the profit calculators we’ve already looked at, but there’s also mining calculators for more than 70 altcoins. Tokens such as Vertcoin, Hanacoin, Ryo, Masari, Grin, Dubaicoin, Vivo, Gincoin, and Luxcoin are all supported.
You can also perform different mining calculations based on whether you’re using GPU or ASIC equipment and decide which hardware manufacturers and exchanges you want to include in the results.
We’ve written about the differences between ASIC mining and GPU mining if you’d like to learn more.
Are Bitcoin Mining Calculators Accurate?
If you’ve been playing with a few of these Bitcoin mining calculators as you’ve been reading the article, you might have noticed that they occasionally give very different results for the same set of input parameters.
So, because the math calculations going on behind the scenes are specific to the calculator you’re using, you should never treat their results as gospel.
The most sensible solutions would be:
- Work out an average based on the combined results of several calculators.
- Undertake some Bitcoin mining, establish how much profit/loss you made, then backtest the calculators and see which one best matches your real-world results.
Learn More About Bitcoin Mining
Don’t get swept away with dreams of making tens of thousands of dollars per month. To make that kind of money, you need to invest millions of dollars in equipment. For beginners with little understanding, it’s all too easy to get burned.
If you are new to the Bitcoin mining, make sure you do plenty of research before you part with your cash. If you would like some help, make sure you check out our other articles on the pros and cons of Bitcoin mining and how to find the best Bitcoin mining GPU.
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