It could take months or even years to break even on your initial investment. And because miners produce heat, you’ll also need to buy cooling fans to ensure your operation stays efficient (this also uses a lot of electricity). Setting up a proper mining rig with multiple ASIC miners can cost thousands of dollars.
In addition, some calculators don’t take into account upfront costs such as the price of your mining equipment. Each time your electricity costs change, you’ll also need to carry out a fresh calculation. This means it’s important to ensure you have up-to-date calculations and don’t rely on past results. It’s worth bearing in mind that factors like Bitcoin price and mining difficulty can change rapidly. Most display the results in US dollars.Īlthough certain values are pre-entered, such as the current Bitcoin price, some calculators let you change these to simulate potential future scenarios. Some calculators will show your likely profits on an hourly, daily, weekly, monthly, and yearly basis. Once you’ve entered all your mining information, click “calculate” and the results will appear automatically. Mining difficulty – in order to keep inflation under control, it gets harder to mine Bitcoin as more miners join the network. It is currently 12.5 Bitcoins per block but will fall to 6.25 in 2020. In 2012, the reward was cut from 50 Bitcoins per block to 25. The Bitcoin block reward – this is halved roughly every four years. The current Bitcoin price – the higher it is, the more profitable mining can be. The calculator will also have some pre-filled sections, which are continually updated. Pool fees – if you’re in a Bitcoin mining pool, it probably charges a small percentage-based fee. The lower the price of your electricity, the more profitable your mining operation will be. Mining Bitcoin uses a huge amount of power, depending on the size of your operation. If you take your mining hardware’s hash rate and divide it by its power consumption, this will give you an indication of how efficient it is. The amount of power your miner consumes (in watts). The higher the hash rate, the faster it can mine Bitcoin. This is usually measured in GigaHashes per second. The hash rate of your Bitcoin mining hardware. There are several parameters you can fill in, and the more information you provide, the more accurate it will be. You can find an array of Bitcoin mining calculators online. What details to enter into a Bitcoin mining calculator A Bitcoin mining calculator will help to provide the answer. Without the use of specialised, high-powered machinery, it can be hard to mine profitably on a small scale.Īs a result, it’s a good idea to work out what your likely profits will be before you get into Bitcoin mining. Some people are mining Bitcoin on an almost industrial scale, which makes it difficult for small miners to compete. Now, however, the process has become more complicated.
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