Is it easy to calculate mining profitability?

 

When choosing equipment for cryptocurrency mining, it is necessary to determine its effectiveness and how quickly the investment will pay off. This is done by specialized services.

There are many different mining equipments that are used to obtain digital assets. For example, these can be ASIC miners from different manufacturers, varying in cost and technical parameters.

How to start mining bitcoin now?

There are a few basic concepts to be aware of when calculating equipment profitability. Let’s examine them in more detail in the following maps.

Hash rate refers to the units of measurement of the power of minors. The higher it is, the more powerful the device. If you know the exact computing power of the equipment, you can calculate how much you can get a cryptocurrency for a certain period of time.

Mining difficulty indicates how difficult it is to release a new block to the network and receive a reward for it. It is directly related to the hashrate. The higher the hashrate, the higher the difficulty and vice versa. This is necessary to maintain the emission of cryptocurrency at the same level.

  • Energy consumption and energy efficiency

Two important factors for cryptocurrency mining appliances are energy consumption and energy efficiency. The first value shows the amount of energy consumed by the equipment, the second shows how efficiently it is spent, that is, what is the relationship between energy consumption and performance.

Check the profitability of mining various crypto coins.

The main parameter for the miner is the period during which the equipment will recover its own costs, including electricity costs, and start making a profit.

  • Mining Profitability Calculators

There are various calculators that allow you to calculate the profitability of mining. Some of them are saturated with many elements that put off beginners. Others require specialist input. However, there are services that are easier to use.

  • How to use the calculator

On the minerstat Data Systems website, it is enough to select a device, set the conditions for its placement (hosting at one of the Intelion Data Systems sites or a third-party site with its own electricity costs and other expenses) and the cost of purchase of equipment.

The service provides the ability to track the historical profitability of any model in the period of interest to the user – for the last month, 3 months, 6 months, 1 and 2 years.

  • Accuracy of calculations

Every 5 minutes, a special bot compares the calculation results of the minerstat Data systems calculator with data from other reliable resources and, if there is a significant discrepancy, informs the technical service of a possible problem. Unreliable data will not be displayed to the user until discarded.

The website can help you calculate the profitability of mining:

Bitcoin mining calculator and profitability since 2013. Calculate mining revenue for #Bitcoins, #Litecoin, #Ethereumand more.

Founded in 2014, CryptoCompare is a global provider of cryptocurrency market data, enabling institutional and retail investors to access reliable, real-time, high-quality market and price data on over 5,300 coins and over 240,000 currency pairs.

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