Over the past few years, mining profitability has declined significantly. There are several reasons for this - a general decline in the market, an increase in the difficulty of mining cryptocurrencies such as Bitcoin, Litecoin, Ethereum and others, as well as constant fluctuations in the exchange rate.
All this significantly complicates the calculation of future profits, especially for different levels of equipment - from one mining card to ASIC miners. It is for this purpose that special mining calculators were invented, allowing you to roughly calculate the income from a particular system.
In this article we will look at what a mining calculator is, how to correctly calculate profit and what data is required for the calculation, and also explain step by step how to use it.
- What you need to know about mining calculators
- Popular calculators for mining WhatToMine
- NiceHash – detailed instructions for use
- Rubin Mining Profitability Calculator
- CryptoCompare
- CoinWarz
- CoinDuck
About the unit
The Bitcoin system was created by a programmer who called himself Satoshi Nakamoto. There is no reliable information about this person. Now representatives of the crypto industry adhere to several versions:
- It was a Japanese programmer who took over the development and launched the network.
- The person could live in any country in the world, and the name is a pseudonym to avoid persecution by the authorities.
- The development was carried out by a group of programmers who own part of the coins.
If a person implemented a project alone, then he must be a genius and spent enough time creating the system. This option cannot be denied; the likelihood of talented programmers appearing in the world is very high.
But many are of the opinion that Bitcoin was created by a group of people. With a high probability, the world will never know the truth.
The smallest unit in the system, the satoshi, was named in honor of the creator. This is a component of Bitcoin that can be compared to pennies or cents. That is, an electronic coin consists of them.
It is important that Bitcoin and Satoshi are not backed by anything. The value of a cryptocurrency is determined solely by the level of demand for it. That is, as long as someone is ready to sell and buy coins and pay with them, the crypt can exist.
But it’s worth noting an interesting fact: regular currency is also not backed by anything! Previously, there was a Gold Standard system, under which the government could print as much money as it had gold.
But later this option was abandoned. Now the country can start the printing press at any time. The currency is backed exclusively by the obligations of the state. Therefore, it is strictly tied to the economic situation in the country and the level of demand.
Pros and cons of mining using ASICs and video cards
There is no ideal mining option. Each method has its pros and cons.
Pros of ASICs:
- More powerful than graphics cards
- Consume less energy
- It works on the principle of set it once and forget it
- Simple device
Minuses:
- Price. Significantly more expensive than video cards
- Mines a limited number of cryptocurrencies
- Suitable for mining only, so cannot be sold on the secondary market after it becomes unprofitable
- Unrepairable
- Makes a loud noise
Pros of video cards:
- Cheaper than ASICs
- Allows you to mine almost any cryptocurrency
- Can be sold on the secondary market
- Spare parts for repairs available
- Less noisy
Minuses:
- Less powerful. It is no longer possible to mine Bitcoins and Litecons.
- More complex assembly and configuration process.
- It is necessary to constantly monitor the difficulty of mining and update the software
- They break more often
How to calculate?
To carry out various operations, there is a small coin in the system. Bitcoin is directly formed from it. How many satoshi does it include?
There are one hundred million of these coins in one Bitcoin.
That is, a satoshi is 1/100,000,000 of this unit, or in other words 1btc = 100,000,000 satoshi. Taking this fact into account, a calculation can be made.
How to mine Bitcoin using video cards?
As we said earlier in the article, Bitcoin mining on video cards is impossible. However, you can still receive Bitcoins using video cards in several ways.
GPUs are much cheaper than ASICs and therefore many can afford them. Here are 2 ways by which you can mine Bitcoins on Video Cards:
- Pseudo mining
- NiceHash program
The first type, “pseudo mining,” implies that you will mine any cryptocurrency that is profitable for GPU mining (for example, Ether) and sell it in exchange for Bitcoin. Thereby accumulating it.
The second method of “NiceHash” is a special program. You mine through it with your video card, and Bitcoins are immediately transferred to your account, without any conversions or exchanges on the Exchange.
Calculation rules
It is enough to use a regular calculator to calculate. We know that Satoshi is part of Bitcoin, so their rates are directly related. The calculation is carried out according to the following formula:
Bitcoin rate/100,000,000xNumber of sat.
All you need to know is the current price of Bitcoin, for example I follow the cryptocurrency rate here. Then we divide it by the number of coins in one unit and multiply it by the number of satoshi available.
For example, 7683$/100,000,000*400000=30.7$, or even simpler, 7683$*0.004btc=30.7$
Usually the Bitcoin exchange rate is indicated in dollars. If you want to find out how much a certain amount of Satoshi costs in rubles, then multiply the original unit by the current exchange rate for the ruble/dollar pair. The scheme changes slightly:
Bitcoin exchange rate in dollars x per ruble to dollar exchange rate/100,000,000xNumber of sat. Or simply multiply the previous result of $30.7 by 60 rubles and get about 1842 rubles at the current exchange rate of btc and dollar.
Basic terms and definitions used in calculations
Hashrate is the computing power of the hardware. How many hashes can a given video card or miner calculate per second. The bigger, the better
Mining difficulty is a value determined by the network. It grows over time. When calculating Ether's profitability, the difficulty is taken as the average per day .
A miner is a device on which cryptocurrency mining occurs. By default, any computing device: video card, Asic miner, simple processor
Mining farm - many servers for mining cryptocurrencies
Energy consumption - how much electricity does this equipment consume?
Data now
At the moment, 1 bitcoin is worth $7,683.77. But you need to remember that cryptocurrency is unstable. Its rate is determined by the level of demand and processes occurring on the exchanges.
Therefore, it is worth checking the current data on the Internet. This is easy to do:
- Open Yandex.
- Enter the query “Bitcoin exchange rate to dollar or ruble.”
- A new page will open.
- It contains a converter from Yandex with current data.
- The search engine uses the course on coindesk.com as a basis.
Mining equipment rating
Many mining calculators provide hardware ratings to make it easier for users to choose. Below are current data as of May 6, 2022:
Top 5 equipment currently on NiceHash
ASIC:
- BITMAIN AntMiner S17+ (73Th)
- MicroBT Whatsminer M20S
- BITMAIN AntMiner T17+ (64Th)
- BITMAIN AntMiner S17e (64Th)
- FusionSilicon X2
Video cards:
- AMD Radeon VII
- NVIDIA TITAN RTX
- NVIDIA RTX 2080 Ti
- NVIDIA TITAN V
- NVIDIA RTX 2080 Super
Processors:
- AMD CPU Threadripper 3990X (threadripper 3990x)
- AMD CPU EPYC 7742
- AMD CPU EPYC 7551
- AMD CPU EPYC 7601
- AMD CPU EPYC 7302
Rating of ASICs and video cards on WhatToMine
ASIC:
- Todek Toddminer C1 Pro
- Bitmain Antminer S19 Pro (just announced)
- BlackMiner F1-Ultra
- Bitmain Antminer S19 95Th (just announced)
- Todek Toddminer C1
Video cards:
- NVIDIA GeForce RTX 2080 Ti
- AMD Radeon VII
- AMD Radeon RX 5700XT
- NVIDIA GeForce RTX 2080
- AMD Radeon RX 5700
ASIC rating on AsicMinerValue
According to this calculator, the list of the most profitable ASICs looks like this:
- Bitmain Antminer S19 Pro (110Th)
- Innosilicon A10 ETHMaster (500Mh)
- Innosilicon A10 ETHMaster (485Mh)
- Innosilicon A10 ETHMaster (432Mh)
- Bitmain Antminer S19 (95Th)
Information on all listed sites is updated daily based on exchange rates and mining difficulty, so it is relevant at any time.
Converters are a convenient tool for quick calculations
To avoid using a calculator and carry out calculations yourself, you can use converters. These are special programs that are based on data from official sources.
You can specify the parameters, the system will automatically convert Bitcoins or Satoshi to the desired currency.
Advantages of converters:
- They are usually embedded in the browser page. You don't have to download different programs.
- There are special applications. But there is no need to use them.
- The converters operate stably and there are no failures.
- The calculation occurs almost instantly.
- The likelihood of errors is extremely low.
- Data is constantly updated to achieve high accuracy.
- The converter is easy to use and is really very convenient.
Are you already looking for the right application to use? When choosing, consider a number of nuances:
- Use only reliable converters from large sites.
- Find out what system the program is connected to. Usually the source is indicated.
- Check how often the data is updated. Many systems change parameters every day, others several times a day.
Websites for calculating Bitcoin mining profitability
At the moment, there are 2 very convenient services that show how much you will receive from this or that Asik.
The most popular one is whattomine. Here you can calculate how much you can earn by mining Bitcoin.
The disadvantage of this site is that you must know the ASIC hashrate in order to calculate the profitability. For example, we know that the Bitmain Antminer T19 ASIC has a hashrate of 84 TH/s and consumption of 3150 Wh.
However, the advantage of this site is that it has many additional features.
READ
Whattomine profitability calculator: how to calculate farm income
Thus, we can calculate the profitability from this ASIC on whattomine.
We enter the data, click on the “Calculate” button and see Asik’s income per day (with and without deduction for electricity):
The second site is asicminervalue, it is more convenient than the first, but it has fewer functions.
This site immediately lists all the most popular and profitable ASICs. All you need to do is scroll down the page and enter the price for electricity. The site will automatically show you income from 1 ASIC per day:
How can you earn satoshi?
There are several ways to get electronic coins:
- Use a verified, paying Bitcoin faucet. A person visits the portal with a certain frequency and receives from 5 to 200 satoshi. This is how sites increase traffic and activity.
- Follow the links. Manual surfing will also not bring you significant income, but it does not require special knowledge.
- Captcha decryption. On some services, payment is made using Satoshi, for example, here you can register.
- Mining. You can assemble a farm and help create electronic currency. As a reward, the miner receives a commission. Earnings depend on the performance of the equipment and the current exchange rate.
What you need to know about mining calculators
Mining calculator
– it’s like an advisor that helps determine whether it’s worth starting mining a particular coin using a certain cryptocurrency algorithm, how profitable it is, and even over what period of time it will take to recoup the cost of purchasing the equipment.
At the same time, you need to understand that using a mining calculator you can calculate exactly the current income at the moment, but not for the future. That is, if you purchased equipment, let’s say, for mining Ethereum, and the coin’s rate has seriously dropped, you can remain in the red.
At the same time, the mining calculator itself is built on an algorithm that calculates profit based on several parameters at once - network complexity, exchange rate and associated costs, such as electricity. Most services constantly update data, calculating the efficiency of equipment using various algorithms.
Typically, services are divided into two types: in the first, you just need to select the name of the equipment and the calculation will be made automatically, and in the second, you need to independently enter the hashrate, the amount of electricity consumed, the cost of electricity, and only then the calculation will take place.
And if with ASIC everything is clear, when you buy such equipment you know its power in advance, then with video cards and processors it is a little more complicated - not everyone knows what hashrate the GPU or CPU produces.
conclusions
Satoshi is a universal payment coin. Considering that the cost of Bitcoin is very high, most transactions take place using it. Satoshis are generated on wallets automatically during transfers. The cost is tied to the Bitcoin exchange rate.
Now you have learned what they are and how to calculate their cost. With this I would like to say goodbye to the readers. If you liked the article, then share it on social networks, there are special buttons below.
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Best regards, Ruslan Miftakhov
Advanced mode
This calculator is also valuable in that you can set the percentage level of increase in difficulty over the next year, as well as the rate of change in the exchange rate.
Advanced mode
You can enter anything: the cost of electricity, the price of Bitcoin (estimated), the block reward, which is currently 6.25 BTC, in general it will help you find your break-even point.
You can estimate all the risks in advance if you want to start mining. You will see what kind of profitability the ASIC will bring when these basic indicators change.
After filling out the filter, you will see the ROI (return on investment) under various future scenarios in the cryptocurrency market:
subscribe
Cryptomining.tools also provides a platform for connecting buyers and sellers and all kinds of equipment for ASIC mining.
Additionally, the company has a variety of resources dedicated to connecting ASICs to staking companies, essentially allowing miners to use some of the world's cheapest forms of electricity for their operations.
“Less than a year has passed since the release of the CryptoMining.Tools online Bitcoin profitability calculator and interactive ASIC comparison chart,”
— said Scott Offord, the creator of the project.
“I had a desire to provide realistic profit forecasts for my clients who have been buying ASIC miners for a couple of years now. With a background in online marketing and web development, it was easy for me to use my skills to help fellow mining professionals and enthusiasts make more accurate predictions and make business decisions.”
Profitability in modern conditions
Bitcoin mining may still make sense and be profitable for some people. Equipment is easier to buy these days, and a variety of effective ASICs are available, both budget and quite expensive.
For example, some ASICs allow users to change settings to reduce power consumption, which reduces overall costs. Potential miners should perform a cost/benefit analysis to understand their break-even price before committing to ASIC purchases. Variables needed for this calculation:
- Electricity Cost: What is your electricity cost? You can find this information on your electricity bills in kilowatt hours. The smaller it is, the more profitable mining is for you.
- Efficiency: how much energy does the ASIC (or video card) consume, measured in watts?
- Time: How long will you spend mining (long-term or temporary)?
- Bitcoin Value: What is the value of Bitcoin in your Fiat currency?
