When you decide to start your career in any field the first thing you do is, pre-calculate the outcome of this work. Bitcoin mining is not apart from this approach. Bitcoin mining is a business today with real money and wide opportunities.
But, just like other businesses, before starting Bitcoin mining you should always calculate the profit and loss ratio.
There is a simple rule of any business. Without any profit, you shouldn’t invest a penny in a business.
So, you should calculate how much capital you are investing in your mining rig and what income you could earn from this within a particular time period.
Now come to the topic.
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In earlier days when anybody was able to mine Bitcoin by their home pc even with their turtle Celeron processor, it was just a fun and not took seriously by many’s. Though, It’s another matter that today they are bumping up their head on the wall.
Now come to present. The reality of today is, without a decent mining rig you can’t mine Bitcoin even satoshi’s. You have to buy good performance Bitcoin mining rigs before diving into Bitcoin business.
What is Bitcoin Mining Rig (Bitcoin Mining Hardware)
Bitcoin mining rig is a dedicated ASIC hardware specially designed for mining Bitcoins. In old days, when the bitcoin mining was not as hard as today, we could mine them with the help of a computer and GPU processors only.
But today solving a Bitcoin block is much harder and painful for us. Today is no longer possible to mine Bitcoins with Home pc or Gaming GPU. The hash rate of a normal GPU is much less than the hash rate required for Bitcoin mining.
Although there are many other Cryptocurrencies which we can mine with normal gaming GPU, they are no longer applicable for mining Bitcoin.
If you want to mine a Bitcoins and don’t wait for the era to mind just 1 Bitcoin, you have to go with ASIC chips called Bitcoin mining rigs. They are specially designed for Bitcoin mining and have much hash power.
The second thing is to remember, you should always join a mining pool for better results. If you wanna fight like a one-man army in Bitcoin mining game, you will come back to home with an empty pocket.
Bitcoin Mining Difficulty
As I told above, Bitcoin mining is now much harder than old days. Today, solving a block can take years with your available hash rate, no matter how strong is your mining rig. So, in my suggestion always join mining pool where many other miners work together and give enough hash rate to solve a block.
When a block solved by a mining pool, everybody rewarded with a part of Bitcoins the pools achieved. The amount of reward depends on the hash rate you provide to the mining pool.
Now, maybe a question will be arising in your mind, How much money to invest in a Bitcoin Mining Rig to get a decent outcome?
The answer is, it depends. You should ask yourself, how much you wanna earn by Bitcoin Mining? The more you wanna earn, the more you will have to invest in your ASIC Mining Rigs.
I know, one more question is coming in your mind. How to pre-calculate the outcome from your mining rigs?
Just try one of these Bitcoin mining calculators described below and calculate the profit of the mining rigs you wanna buy.
#1 CryptoCompare – Best Bitcoin Mining Calculator
Cryptocomapre is a multi-tasking Cryptocurrency website. There are many facilities they provide in Cryptocurrency world.
Business opportunities they provide
- Cryptocurrency trading
- Crypto-currency exchange
- Cryptocurrency mining
Tools they Provide (for a better understanding of Cryptocurrency market)
- Cryptocurrency Wallet (All major Cryptocurrencies)
- Latest Cryptocurrency news
- Cryptocurrency graph (Current and Historical graphs)
- Cryptocurrency mining calculator
I love it for its multitasking features. There are many features of Cryptocompare.com which I am eager to describe here but today I am talking about Bitcoin mining calculator, so I will only cover here its Cryptocurrency mining calculator tool.
How to use Cryptocompare mining calculator
If you see the interface of Cryptocompare mining calculator page, you can see that apart from Bitcoin there are other currencies too. You can choose your desired currency.
Then provide your hashing power and electric power consumption as well as the cost of electricity per KWh and the fee of your mining pool.
Then press enter and this tool gives you the exact profit and loss in dollars.
The only thing is, there is no option of mining rig lists. So you have to obtain the hashing power before calculating the profit-loss of mining. Although it’s easy to obtain hashing power details before purchasing a rig. Every mining rig reseller provides this information with a product catalog. You can check out Amazon for mining rigs and obtain the hashing power from its catalogue.
Aditional information: If you wanna mine other currencies which are possible to mine with your normal pc and GPU you have to obtain the hashing power of your GPU and computer.
To do this you can use any offline or online hash power calculator software.
You can also download a dedicated software from MinerGate website to get your computers hash rate
99Bitcoins is a Bitcoin informational website where you can get great information about Bitcoin. They provide 3 main services related to Bitcoin and other cryptocurrencies. Let’s have a look on them.
- Bitcoin Faucet – You can earn free satoshi’s via there Bitcoin faucet. They give satoshi rewards to their users in every 5 minutes by their Bitcoin faucet feature
- Bitcoin News
- Bitcoin mining calculator
Just like Cryptocompareyou can calculate your hardware’s mining capacity with 99Bitcoins mining calculator. They have a simple interface in their mining calculator.
Go to this link https://99bitcoins.com/bitcoin-mining-calculator/
Fill the hash rate of your mining hardware. You can also fill the electricity cost and wattage of your mining hardware.
As soon as you fill the required fields, you will get the profit and loss calculations immediately below.
It is a Bitcoin mining calculator with a different type of User interface. If you open this website and search their navigation menu, you will see that there are many options to calculate the profit and loss of mining. If you are looking for a dedicated mining calculator then WhatToMine is the right website for you.
They have GPU, ASIC, and Coins based mining calculator. They have also Cryptocurrency calculator with which you can convert all major Cryptocurrencies respectively.
Give a try to their mining calculator as they give a detailed analysis of calculations.
To try their mining calculator, go to this link https://whattomine.com/calculators
Select your desired coin from the list and fill out the hash rate of your mining rig, power consumption, power cost, pool fee and mining hardware cost then press calculate and you will get the detail information of profit-loss just below.
As this is a website dedicated to mining calculations, you would like this.
#4 HashFlare Profit
Particularly HashFlare.io is a cloud mining platform and mining pool for cryptocurrencies. Mining calculator is a part of its tools under another domain called https://hashflareprofit.com/. Apart from calculating your mining profits, you can also join their mining platform to earn an automated income.
Now a question could be flashing in your mind,
What is cloud mining
I can give you a brief introduction to cloud mining right here but as we are talking about mining calculators today, it is not best time to go into details. Nor this article will go too long. I don’t want you to feel bored reading such a long article. So, I am just writing here a short intro to cloud mining.
Cloud mining is an online service through which you can hire mining hardware to work for you. The best thing about cloud mining platform, it works 24/7 for you. You don’t need to worry about the power failure or something else. You don’t even need to take care of cloud mining hardware.
Just leave all tensions to your provider’s. You only have to spend dollars on renting mining hardware and watch your pockets poured with Cryptocurrencies.
But, to watch a decent income you have to invest a large amount on cloud mining and sometimes the rent exceeds a price of mining rig of same hash power.
It’s another topic that you should invest in cloud mining or not which I will cover in upcoming articles.
However, as a part of cloud mining platform, HashFlare’s mining calculator is designed to calculate cloud mining earning but we can also use it for our mining rig.
Go to this link https://hashflareprofit.com/ and open Hashflare’s mining calculator.
Now fill up the hash-rate form field with your mining rig’s hash power, in strategy field choose “never reinvest” and keep all other fields same. Then click on calculate profitability.
It can give you the results which are so close to your mining calculator’s original performance.
#5 Bitcoin Chain
Bitcoin chain is a Bitcoin trading platform which gives us Bitcoin wallet facility also. As by the name of this platform, it is a dedicated trading platform for Bitcoins. If you are interested in Bitcoin trading, you should try their trading platform too.
Thier Bitcoin mining calculator is also a useful tool when it comes to making money from Bitcoin mining. This tool is available just below the Bitcoin charts on their homepage.
To access this feature you have to locate Mining profitability calculator and click on it or go to this link.
Now enter the hash rate of your mining rig, the power your mining rig consumes and the power cost.
As soon as you fill up the form you will get the profit and loss calculations for your mining hardware.
#6 My CryptoBuddy
MyCryptoBuddy fully dedicated website to mining calculators. It provides a separate menu to choose your Cryptocurrency for mining calculations. It’s so simple to navigate. Just open their homepage and click on your desired Cryptocurrency. You will be redirected to a page related to the mining calculator of this currency.
Fillup the form with desired information like your hash rate, power consumption, pool fee and power cost etc. And the results will be shown below.
The cool thing is that you can also calculate your mining profitability in terms of hardware cost, recurring costs, price forecasting, and other inputs.
They have 2 types of profitability comparers feature.
- GPU Profitability Comparison
- SHA256 Profitability Comparison
where you can compare major mining hardware. It will be helpful if you wanna compare the performance of mining hardware before purchasing them.
Apart from mining calculators, they have one another cool feature. Currency converter. With the help of this feature, you can get the exchange rate of any Cryptocurrency with respect to another one.
AllosComp is specially designed to calculate Bitcoin mining profitability. I don’t much like it because it has only Bitcoin mining calculator. It is not helpful if you wanna calculate profitability for other cryptocurrencies.
But its simplicity is just awesome. You have to only enter the hash rate of your mining hardware and results will be on your screen. They show day, week and month wise estimated results. Also, they provide an forecasting for next mining difficulty level.
You can use this mining calculator to go to this link,
NiceHash is big. They claim they are the largest Crypto-mining Marketplace on earth. They provide many features. Some of them are,
- Sell computing power of your PC, server, ASIC farm etc. (They pay you for the hash power)
- Cloud mining platform (You can buy cloud hash power from them to mine Bitcoins, Zcash, Ethurium etc.
- They provide information about Miners.
- They provide Mining pools.
- And Obviously, Mining profitability calculator.
I like them because they buy the computational power of a normal PC, though. If you wanna sell your computational power you should start with ASIC chip, nor you won’t earn a lot of money.
Now come to their mining calculator. This calculator is different from other profitability calculators.
They have a list of GPU, CPU and ASIC hardware you have to choose from. Choose your desired hardware and click on calculate button.
You will get daily, weekly and monthly profitability results.
To use their mining calculator click on the following link
VnBitcoin is a reference website where you get Bitcoin News, Bitcoin charts, Bitcoin-related websites information, major mining software information and Bitcoin and Litecoin mining calculator.
When you click on Bitcoin calculator menu on the header of this website, you will be redirected to a simple mining calculator where you have to put your hash rate, power consumption and power costing. When you provide this information to the calculator form you will get the exact profit and loss results.
They have also a list of Bitcoin mining hardware which you can buy from Amazon.
To calculate Bitcoin mining profits you can follow this link,
Our Last and not least mining calculator is Bitcoinx. They have a wide variety of Bitcoin features in their navigation.
They have a list of all ICOs, Token Sales, and Crowd Sales. Also, they provide us very useful Bitcoin charts. You can get updated Cryptocurrency news with them. They have an inventory of mining hardware and software.
As well as they have a good Mining calculator.
Fill up all the necessary fields on the form and get precise results on mining profitability.
Click this link to use their mining calculator,
We all know the fact that Cryptocurrencies are acquiring the market with time. The latest news Switzerland government is going to launch his own Cryptocurrency. This is the power of Cryptocurrencies. I bet in upcoming 20 years Cryptocurrencies acquire most of the online and traditional market.
With the demand of Cryptocurrencies, the demand for mining also increases. Many others are getting a decent income from Cryptocurrency mining. And as the king of cryptocurrencies, the demand for Bitcoin will also be increased and the mining difficulty too. So the basic idea is to invest best mining hardware to get best results.
Before Buying any Bitcoin ASIC miner go one of the above Bitcoin mining calculators and get a basic idea, is your desired ASIC miner beneficial or not?
If you have any queries related to this article, comment below and share this article on social media as sharing and commenting really inspires me to write more.
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