Key facts:
Calculating profitability is a vital step before starting to mine cryptocurrencies.
In Whattomine you can get a list of the most profitable equipment for crypto mining.
Calculating the profitability of cryptocurrency mining implies taking into account different factors such as initial investment, equipment mining capacity, electricity consumption and mining difficulties. Obviously, it is not a simple task. However, there are tools that make life easier for us like Whattomine , a platform that allows us to calculate how profitable it is to mine cryptocurrencies , taking into account most of the factors described above.
With Whattomine (https://whattomine.com) , not only will you be able to know how much you will earn according to your mining equipment , but it also allows you to know details such as what is the best mining algorithm according to your hashrate , how much is the cost per electricity consumption that approximately your equipment has and how this affects the final profitability , along with many more data that we will be breaking down throughout this tutorial.
Now, with respect to the usefulness of Whattomine, this can become your best ally, since, as obvious as it may seem, having a good calculation on profitability and its long-term projection is vital when investing in the purchase of equipment. This platform allows you to make average estimates in aspects such as mining difficulties, together with comparative tables of the different mining equipment on the market.
With respect to the latter, within Whattomine you can find a list with the power and profitability of both ASIC miners, and video cards. However, the values that we will see are averages, since sometimes, modifications in terms of software or BIOS allow to increase the final hashrate . However, this platform also makes it easy for you to calculate the gain levels manually , that is, you can indicate exactly what the hashrate and final power consumption is.
Points to consider in this tutorial
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 to mine , since this can vary greatly depending on different factors, as we discussed at the beginning. That is why we will show you how you can use this web tool, so that it is you who makes the decision whether it is profitable or not to undermine cryptocurrencies.
Table of Contents
Knowing Whattomine.
Calculate mining profitability with GPU.
Results List
Calculate profitability of mining with ASIC equipment.
Calculate profitability according to the hashrate of the ASIC miner.
Tips when calculating profitability.
The role played by the difficulty of mining in the calculation of profitability.
Conclusions
Knowing Whattomine
The first thing will be to go to the main Whattomine portal .
What we see here is the section from where we can calculate the profitability in the GPU area. But for now let's focus our attention on how Whattomine is divided .
In the upper part we will see the current market value of the main cryptocurrencies in circulation.
In the intermediate part we will see the menu of the different areas that allow us to calculate the profitability of mining with Whattomine, where we will find:
GPU : This section allows us to calculate the approximate profitability in the mining area with GPU.
ASIC : From here we can estimate the profitability based on the hashrate of the ASIC miner you choose.
Coins (Coins) : This section allows you to know in greater detail the profitability you can obtain depending on the cryptocurrency you choose.
ETH + : In this section Whattomine allows to know the profitability when we do dual mining with Ethereum and other cryptocurrencies.
ETC + : Like the previous one, this section allows us to calculate profitability based on dual mining with Ethereum Classic.
Miners : This section offers a fairly complete list of the different miners in the market along with their current profitability.
Calculate mining profitability with GPU
When entering Whattomine for the first time this will be the first section we will encounter.
As you can see, this section is divided into three parts:
The first is where you select the graphics card or the hashrate depending on the mining algorithm that we choose .
Secondly, we will find options that allow us to organize the cryptocurrency list, along with the cost per kWh in order to calculate the profitability according to consumption.
Finally, we will see the list of cryptocurrencies.
Now, to start we will select the graphics card of our preference , so we will go to the next section.
As shown in the previous image, we have divided the section into two parts. In the red box we will place the amount of graphic cards that we have as appropriate and in the green the hashrate and total electricity consumption of our equipment.
For example: If I have an AMD RX570 GPU and an NVIDIA GTX 1660 I must place the amount on the corresponding box, and check the option with respect to the serial of the graphic card as seen in the following image.
The colors that are marked on the series of the graphics card, both red and green, simply correspond to the brand of each graphics card, so do not panic.
Once the amount of GPU is placed, we will see how the lower section is filled in automatically, according to each mining algorithm. Similarly, remember that the value we see is approximate, and can be modified manually, so, in case you know both the exact hashrate and the actual electrical consumption of your equipment, do not hesitate to modify it .
The unit of measure for the hashrate may vary according to the selected mining algorithm, either Th / s, Gh / s, Mh / s, H / s.
Likewise, you can choose which mining algorithm you want to be taken into account when calculating total profitability. By default all are enabled, although to uncheck them, you must click on its name and voila.
After that we will go to the next section.
The values that we will place here will be:
Cost (Cost) : This is the cost, expressed in US dollars per kWh of consumption.
Sort by (Sort by) : Herewe select the value for whichwant the list of criptomonedas be organized at the bottom. By default I recommend that you leave it in 24h Profitability (24 hour Profitability).
Volume filter : (Filter volume) : Here leavedefault Any Volume , as Whattomine not clear thatserves this filter.
Difficulty revenue for (Difficulty revenue) : This filter corresponds to the average over the difficulty mining. It is advisable to select Average last 7 days .
Selected Exchange : In this box we will choose the exchange houses from which Whattomine will take the reference prices, to calculate the value in both dollars and BTC with respect to profitability.
Now, we can only click on Calculate to see the results.
Results List
In this list we can see the results of the profitability that Whattomine has calculated for us. In our case we have organized it, from highest to lowest, according to daily profitability.
Before continuing, keep in mind that this platform not only calculates the individual profitability per cryptocurrency, but also, as you can see in the list, Whattomine shows how profitable it is to mine with the NiceHash platform, with respect to our mining power and particular algorithm.
Regarding the details of the list we have:
Name (tag) / Algorithm : Here we will see the name of the cryptocurrency along with the mining algorithm. In the case of NiceHash, we will see only the platform tag along with the corresponding algorithm.
Block time (BT) / Block Reward (BR) / Last Block (LB) : BT corresponds to the average time it takes to generate a new block within the blockchain of this particular cryptocurrency. BR is the reward for each new block discovered. LB is number, or height, of the last mined block.
Difficulty (Difficulty ) / NetHash : In this column we can see the difficulty along with the hashrate that has the network of this cryptocurrency. In addition, we will see a percentage that marks the change in the last 24 hours of the network hashrate.
Rewards / Est rewards 24h (Estimated rewards ) : These are the approximate rewards that we will obtain in 24 hours, expressed in the corresponding cryptocurrency.
Exchange rate (Exchange Rate ) : the exchange rate is expressed in BTC, highest of all exchange houses previously selected.
Market cap / Volume : Here we will see the market capitalization of that cryptocurrency along with the exchange volume in the last 24 hours.
Rev BTC / Rev 24h : This column corresponds to the estimate that we will mine on a 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 subtracts the approximate electricity consumption, according to the cost per kWh that we indicate.
Profitability Current | 24h | 3 days | 7 days : This column is quite interesting, as it shows a box with the possibilities of maintaining profitability in certain periods, taking into account the difficulty of the network in the last 7 days. But beware, this profitability is established on the basis of what is generated in the cryptocurrency itself , since, if the price of a cryptocurrency plummets, profitability in both USD and BTC will be affected, but not the daily generation of the cryptoactive that We are mining.
Finally, with all this data, we can already get an idea of whether it is really profitable for us to start mining cryptocurrencies.
Calculate profitability of mining with ASIC equipment
In the case of ASIC miners, Whattomine provides us with a list of the most current mining equipment along with the option to calculate profitability in terms of a specific amount of hashrate . To see this list, we will have to go to the Miners option of the main menu.
As you can see, the steps to follow are the same as we did when calculating profitability with graphics cards . Here we will have to enter the hashrate according to the algorithm selected next to the total electricity consumption.
Next, we will place the kilowatt cost per hour, as we did in the previous step, along with the filters corresponding to the organization of the list.
Now we can only press on Calculate to get the results.
Tips when calculating profitability
The first thing that you should keep in mind when calculating profitability, and more when you try to calculate the return on investment before buying mining equipment, is that we are talking about cryptocurrencies, and their exchange prices are usually very volatile, something that can totally change our expectations, for better or for worse .
On the other hand, it also considers that the values that Whattomine offers you are clearly referential and that, when taking them to the real world, there may be many external factors that affect profitability. Whether it is the payment method of the mining pool that we use , alterations in software that make the most of the equipment or any other, are valuations that may not be reflected when reviewing the results within Whattomine.
The role played by the difficulty of mining in the calculation of profitability
The difficulty of mining is a variable that allows estimates of the approximate production of a cryptocurrency, since this will determine the overall production that our equipment will have against a particular cryptocurrency. And it is established from the total hashpower that the network owns.
In the same way, we can find different difficulties between the different cryptocurrencies that have the same mining algorithm, making it possible to produce more or less amount of crypto assets with mining.
That is why, when making a calculation on profitability, it is vital to take this variable into account. In the event that our expectations are to accumulate in the long term a cryptocurrency that we are undermining, knowing how much you generate based on the difficulty can give you the best benefits .
As we could see, Whattomine is likely to keep the difficulty stable in a period of time not exceeding 7 days. However, there are factors that can vary the difficulty abruptly, which is difficult to determine. For example, the migration of hashpower to a cryptocurrency with the same algorithm as ours, also the exit to the market of ASIC equipment for that algorithm, which makes obsolete the GPU mining for said cryptoactive, and which also translates into steep increases in the hashpower , causing the difficulty to be triggered and therefore profitability reduced.
That is why you must take into account factors of the general field of mining, related to the cryptocurrencies that you want to mine, and not only those shown by Whattomine.
Conclusions
In my personal opinion, Whattomine is one of the most complete tools that currently exist when calculating profitability. Whatever your level in the field of mining, the data you'll find here is never too much .
Something that draws attention is that it allows not only to calculate the reward for mining a cryptocurrency, but also, you can calculate the approximate cost of electricity consumption, something vital when it comes to knowing if it is profitable or not to mine cryptocurrencies.
To conclude, Whattomine is a tool for any miner, who also always keeps up to date with the latest data from the crypto world. That is why I have only to invite you to try this great tool and tell us your experience.
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