Calculating the profitability of cryptocurrency mining involves taking into account various factors, such as the initial investment, mining capacity of the equipment, electricity consumption and mining difficulty. Obviously, this is not an easy task. However, there are tools that make our life easier, such as Whattomine, a platform that allows you to calculate how profitable it is to mine cryptocurrencies such as bitcoin (BTC) and ethereum (ETH)taking into account most of the above factors.
With Whattomine, you will not only be able to know how much you will earn according to your mining rig, but it also lets you know details such as the best cryptocurrency mining algorithm according to your hashrate, What is the approximate cost per electricity consumption of your equipment and how does this affect the bottom line?along with a lot of other data that we will break down throughout this guide.
Now, Whattomine can become your best ally for calculating cryptocurrency mining profitability, as it allows you a good long-term projection. This is vital when investing in the purchase of equipment. This platform helps you make average estimates on aspects such as mining difficulty, along with comparison tables of different mining rigs on the market.
Inside Whattomine you can find a list with the power and profitability of ASIC miners and graphics cards or GPUs. However, the values we will see are averages, as sometimes software or BIOS modifications allow the final hash rate to increase. However, This platform also makes it easy for you to manually calculate your profit levels. That is, you can be the one to indicate exactly what the hash rate and final electricity consumption of your equipment or mining equipment is.
Points to consider in this guide
First of all, it is worth noting that we will learn how to use the Whattomine web portal, but we will not focus on which equipment is more profitable for the mine, as it can vary greatly depending on various factors, as we explained at the beginning. That’s why we’re going to show you how you can use this web tool, so you can decide for yourself whether it’s profitable or not to mine cryptocurrencies.
Getting to know Whattomine
The first thing will be to go to the main portal Whattomine.
Whattomine home page. Source: whattomine.com
What we see here is a section from where we can calculate profitability in the area of GPUs or graphics cards. But for now let’s focus on how Whattomine is divided.
Whattomine main menu. Updated prices according to CoinMarketCap of the most important cryptocurrencies. Source: whattomine.com
At the top we will see the current market value of the main cryptocurrencies in circulation.
Whattomine main menu. Choosing the type of equipment and cryptocurrency. Source: whattomine.com
In the middle section we will see a menu of different areas that allow us to calculate the profitability of cryptocurrency mining with Whattomine, where we will find the following:
- GPU: This section allows us to calculate the approximate profitability in the field of GPU mining.
- ASIC: From here we can estimate the profitability based on the hash rate of the ASIC miner you choose.
- Coins: This section allows you to find out in more detail the profitability you can achieve depending on the cryptocurrency you choose.
- ETH+: In this section, Whattomine allows you to know the profitability when we do double mining with Ethereum and other cryptocurrencies.
- ETC+: Like the previous one, this section allows us to calculate profitability based on double mining with Ethereum Classic.
- Miners: This section offers us a fairly complete list of the various miners on the market, along with their current profitability.
Calculate the profitability of cryptocurrency mining with GPU
When you first enter Whattomine, this will be the first section we come across.
As you can see, this section is divided into three parts:
- The first is where we will choose the graphics card or hash rate depending on the mining algorithm we choose.
- Second, we will find options that allow us to organize the list of cryptocurrencies, along with the price per kWh, in order to calculate profitability according to consumption.
- Finally, we will see a list of cryptocurrencies.
Now let’s get started we will select the graphics card as desiredso we’ll move on to the next section.
As shown in the image above, we have divided the section into two parts. In the red field we will put the appropriate number of graphics cards we have, and in the green hash stop and the total electricity consumption of our equipment.
For example: If I have an AMD RX570 GPU and an NVIDIA GTX 1660, I have to put the amount in the corresponding box and check the option according to the model of the graphics card, as shown in the following image.
The colors marked on the series of graphics cards, red and green, correspond to the brand of each graphics card, so don’t be afraid.
When the number of GPUs is set, we will see how the lower part is automatically filled, according to each mining algorithm. Also, remember that the value we see is approximate and can be changed manually, so, If you know both the exact hash rate and the actual electricity consumption of your equipment, don’t hesitate to change it.
The unit of measure for hash rate can vary depending on the chosen mining algorithm, be it Th/s, Gh/s, Mh/s, H/s.
Likewise, you can choose which mining algorithm you want Whattomine to take into account when calculating the overall profitability for cryptocurrency mining. By default, they are all on, but to unselect them, you have to click on their name and that’s it.
Then we’ll move on to the next section.
Cost of electricity. Source: whattomine.com
The values we will set here will be:
- price (cost): This is the cost, expressed in US dollars, per kWh of consumption.
- Sort by: Here we will select the value by which we want the list of cryptocurrencies to be organized at the bottom. By default, I recommend leaving it at 24h Profitability.
- Volume filter: (Filter strength): We’ll leave any volume as the default here, since Whattomine doesn’t make it clear what this filter is for.
- Income difficulties (income difficulties): This filter corresponds to the average in terms of mining difficulty. It is recommended to select Average of the last 7 days.
- Selected exchange: In this field we will select the exchanges from which Whattomine will take reference prices, in order to calculate the value in dollars and BTC in relation to profitability.
Now we just have to click on Calculate to see the results.
List of results
The most profitable cryptocurrency results. Source: whattomine.com
In this list, we can see the cryptocurrency mining profitability results calculated for us by Whattomine. In our case, we organized it from highest to lowest, according to daily profitability.
Before proceeding, please note that this platform not only calculates individual profitability per cryptocurrency, but also how profitable it is to mine on the NiceHash platform, according to the mining power we have and a certain algorithm. If you want to know how to mine NiceHash, don’t hesitate to consult this guide made by CriptoNoticias
As for the details of the list we have:
- Name (label) / Algorithm: Here we will see the cryptocurrency name along with the mining algorithm. In the case of NiceHash, we will only see the platform tag along with the corresponding algorithm.
- Block Time (BT) / Block Reward (BR) / Last Block (LB): BT corresponds to the average time required for a new block to be generated within the blockchain of this particular cryptocurrency. BR is the reward for each new block discovered. LB is the number or height of the last mined block.
- Difficulty (Difficulty) / NetHash: In this column we can see the difficulty along with the hash rate that the network of this cryptocurrency has. In addition, we will see a percentage indicating the change in the hash rate of the network in the last 24 hours.
- Awards / Evaluation of awards 24h (Estimated awards): These are the approximate rewards we will receive in 24 hours, expressed in the corresponding cryptocurrency.
- Course): It is the exchange rate, expressed in BTC, the highest of all the exchanges we have previously selected.
- Market capitalization / volume: Here we will see the market cap of that cryptocurrency along with the exchange volume in the last 24 hours.
- Rev BTC / Rev 24h: This column corresponds to the estimate we will mine in one day expressed in BTC.
- $ / Profit: Here we will see both the total mined and the profitability, expressed in dollars, taking into account that the latter is subtracted from the approximate consumption of electricity, according to the price per kWh that we specify.
- Profitability Current (Rentabilidad Actual) | 24h | 3 days | 7 days: This column is quite interesting, because it shows us a box with the possibilities of maintaining profitability in certain periods, taking into account the weight of the network in the last 7 days. But be careful, This profitability is determined based on what is generated in the cryptocurrency itselfsince if the price of a cryptocurrency goes down, it will affect the profitability of both USD and BTC, but not the daily generation of the cryptocurrencies we mine.
Finally, with all this data we can now get an idea if it is really profitable for us to start mining cryptocurrencies.
Calculate the profitability of cryptocurrency mining with ASIC equipment
In the case of ASIC miners, Whattomine gives us a list of state-of-the-art cryptocurrency mining equipment, along with the ability to calculate your profitability by a certain amount of hash rate. To see this list, we will need to go to the Miners option from the main menu.
This is what the list of the most profitable ASIC miners on Whattomine looks like. Source: whattomine.com
In this list, we will see the different ASIC miners on the market, organized from highest to lowest according to their profitability. At the top, in the Energy costs box, we can enter the price per consumed kWh depending on our case, so that Whattomine can show us the approximate profitability for cryptocurrency mining.
As for the list below, it is organized as follows:
- Model: Team name.
- Date of issue: The date the miner was or will be released to the market.
- Hash rates: Standard mining power of equipment.
- Power: Electricity consumption.
- Something: Mining algorithm.
- Income 24h: Total profit made in one day. It depends on the value and current mining difficulty.
- Profit 24h: Profitability based on profit, minus the cost of electricity consumption.
- Top coin: Current cryptocurrency with which we will achieve higher profitability.
Please note that this table is for reference only and values may vary. Also, you have to consider the cost-effectiveness shown by some equipment that has not yet been released to the market, since the benefits are set based on what the manufacturer announces in terms of mining power and current weight. However, when this equipment starts working, the difficulty will be affected by the increase in mining power in the network, which will lead to a decrease in profitability.
Calculate the profitability according to the hash rate of ASIC miners
Another option we will have on Whattomine, in the area of mining with ASIC equipment, consists of directly calculate the hash rate and electricity consumption, regardless of the equipment model. To do this, we will need to go to the ASIC option in the menu.
Directly calculate hash rate and electricity consumption Source: whattomine.com
As you can see, The steps to follow are the same as those we did when calculating profitability with graphics cards. Here we will have to enter the hash rate according to the selected algorithm along with the total electricity consumption.
Next, we will enter the cost of kilowatts per hour, as we did in the previous step, along with filters that match the organization of the list.
Now we just need to click on Calculate to get the results.
And that’s it, we will have profitability results.
As for the details of this list, They will be the same ones we saw in the section List of results from is a tutorial.
Tips for calculating cryptocurrency mining profitability
The first thing you should keep in mind when calculating profitability, and even more so when trying to calculate return on investment before buying mining equipment, is that we are talking about cryptocurrencies, and their exchange prices are usually very volatile, things it can completely change our expectations, either for better or for worse.
On the other hand, also consider that the values that Whattomine offers you are purely for reference and that when you transfer them to the real world, there can be many external factors that affect the profitability of cryptocurrency mining. Whether due to the mining pool payment method we use, software changes that manage to get more out of the rig, or any other factor, there are estimates that may not be reflected when viewing the results within Whattomine.
The role that mining difficulty plays in calculating profitability
Mining difficulty is a variable that allows you to make estimates of how much work you can do with your cryptocurrency mining rig. A is determined from the total hash power that the network has.
In the same way, we can find different difficulties between different cryptocurrencies that have the same mining algorithm, which makes it possible to get more or less amount of cryptocurrencies by mining.
Therefore, when calculating profitability, it is vital to take this variable into account. In the event that our expectation is to accumulate the cryptocurrency we mine for the long term, knowing how much you generate based on weight can give you the best advantages.
As we could see, Whattomine offers you the option of calculating according to a stable mining weight for a period of time not longer than 7 days. However, there are factors that can suddenly change the difficulty. For example, migration of hash power to another cryptocurrency with the same algorithm as ours. It also doesn’t take into account factors such as market sales of ASIC equipment (or more powerful GPU cards) that make our current equipment obsolete. The latter usually translates into a sudden increase in hashing power, which causes difficulty to skyrocket and thus profitability to decrease.
That’s why you need to consider factors in the general field of mining, related to the cryptocurrencies you want to mine, not just the ones that Whattomine shows you.
In my personal opinion, Whattomine is one of the most complete tools out there when it comes to calculating profitability. Regardless of your level in the field of cryptocurrency mining, the data you will find here never hurts.
Something that draws strong attention is that it allows you to not only calculate the reward for mining cryptocurrency, but you can also calculate the approximate cost of electricity consumption, something vital when it comes to knowing whether it is profitable to mine cryptocurrency or not.
To conclude, Whattomine is a tool for every miner, which also always stays updated with the latest ecosystem data. So I have no choice but to invite you to try this great tool and tell us about your experience.