Successful cryptocurrency mining is not only about purchasing efficient equipment, its proper assembling, and timely payments of electricity and Internet bills. In some way, mining can be compared to accounting because a miner who doesn’t want to operate at a deficit, needs to constantly calculate the profitability of mining using specific mining profitability calculators, the online software that compute the efficiency of coin acquisition using the latest data about the complexity of algorithmic calculations, the cost of electricity, and the information regarding the capacity of miner’s equipment which is measured in HS/sec.
We offer you a list of the most renowned and practical mining profitability calculators that will help you find out which cryptocurrency is currently the most profitable.
The best cryptocurrency mining calculators in 2018
CryptoCompare is one of the most user-friendly and convenient online calculators around. It allows calculating the cost-effectiveness of mining of such cryptocurrencies as Bitcoin, Ethereum, Ethereum Classic, Monero, Zcash, Pascal, Dash, and Litecoin. In order to calculate the mining profitability of any of these coins, you will have to provide the hash rate of your mining equipment as well as the information about electricity consumption (W/h), and the price per kilowatt of energy in your region is USD.
This mining profitability calculator will instantly tell you the expected profit per day/week/month/year. CryptoCompare’s main problem is that it doesn’t take into account the changes in computation complexity which occurs approximately once every month due to the influx of new miners. As a result, this calculator may not provide accurate data, which can negatively affect your earnings, especially if you are engaged in solo-mining.
My Crypto Buddy is a more useful mining profitability calculator because it plays such factors as changes of mining complexity into calculations. It means that it can increase/lower the monthly profitability indexes, depending on the expected increase of mining complexity for any given coin.
For example, should the complexity of Ethereum mining rise by 50 GH/s in a month, the calculator will take that information into consideration and lower the expected earnings for all upcoming months.
The main problem with My Crypto Buddy is that it is not sensible to the unexpected influxes of miners to the network, as the result of a spike of exchange rate of certain coins, which affects the complexity of mining in a negative way, as well as the introduction of a more powerful mining equipment to the market, all of which lead to the abnormal increase of mining complexity. Instead, this calculator just adopts these spike as a constant and calculates the profitability on the basis on these anomalous indexes.
It that case, the profitability calculations by My Crypto Buddy can be regarded as unreliable. It should be noted that this online calculator also takes into consideration the mining commissions imposed on various pools, which is also a very important factor.
What to Mine is undoubtedly the best mining profitability calculator, as of now. It determines the profitability of Bitcoin, Ethereum, and other cryptocurrencies with the greatest precision. In order to carry out the calculations, you will have to enter the name of your GPU, or other mining equipment, in the corresponding field in the menu. What to Mine will instantly calculate not only the expected profitability of mining, but also the amount of consumed electricity as well as the hash rate, and, most importantly, the coin which is the easiest and the most profitable to mine at the given moment of time.
Moreover, What to Mine makes allowance for the overclock range which makes its calculations even more accurate. The only drawback of this Bitcoin mining calculator is that it utilizes data from only a dozen or so graphics cards, as well as the commission of mining pools.