When we start a business or an enterprise, we do not firstly buy expensive equipment, rent a place, or hire employees. Our first step would be a written and detailed business plan. We need to take into account all the expenses before we start any business. It gives us a full picture if it is a profitable deal or not.
The same thing should miners do. There are many articles on what are the most profitable coins to mine. However, we can never be sure that precisely this coin will bring us the most significant revenue. Many factors influence the mining outlays, namely hardware price and its efficiency, cryptocurrency price, block reward, and time of block generation, the cost of electricity, pool charge, and hash rate.
Nevertheless, anyone who wants to mine crypto can count approximate income using a mining calculator. So, let’s overview the best ones in 2020.
WhatToMine is a popular service among miners, which is considered to be one of the best calculators. Someone uses it to calculate the potential mining profitability, while others determine cryptocurrencies that do not need to be mined.
The calculator has a simple, user-friendly interface, which makes it simple to work with. To identify the profitability of your mining rig, you need to provide all the details, after which the WhatToMine service combines all this data and gives you a result. The platform supports a vast number of coins such as Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Beam (BEAM), Horizen (ZEN), Zcash (ZEC), Dash (DASH), Bytecoin (BCN), and many more.
To calculate all incomes on WhatToMine, enter your video card and select from the list of popular GPUs. Specify the GPU number so that the calculator will show the hash rate. WhatToMine generates average power consumption, but for more accurate data, enter electricity cost. The service checks all numbers, difficulties, and actual prices and suggests you the best crypto.
CryptoCompare is another excellent mining calculator. However, compared to its predecessor, it has a limited number of supported coins. There are Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Monero (XMR), Zcash (ZEC), Dash (DASH), Litecoin (LTC).
CryptoCompare has many useful features. For example, it calculates profit in percentages and monetary terms. What is comfortable, that when you enter data, service updates results immediately.
The next calculator, CoinWarz, has a simple and user-friendly interface. To run it, you need to choose an algorithm, then enter hash power and electricity rates.
In the end, the program shows us a table with the best coin, revenue, profit, and other details.
On CoinWarz, you might also find a list of currently most profitable coins.
2CryptoCalc is considered to be an excellent alternative to the WhatToMine calculator. It is a great calculator with a comfortable interface and options for easy usage.
As well as CoinWarz, it shows the most profitable coins to mine. The data is updated every 5 minutes.
2CryptoCalc supports 26 cryptocurrencies such as Monero (XMR), Ethereum (ETH), Ethereum Classic (ETC), Beam (BEAM), Horizen (ZEN), Zcash (ZEC), Ravencoin (RVN), Grin (GRIN), and many more.
NiceHash is a cryptocurrency platform for mining and trading that was founded in 2014. This platform is a marketplace for trading hashing power. This service is for those who want to mine but cannot buy expensive hardware. It also has its mining calculator, which makes it more convenient for users.
To begin with, select the type of equipment, brand, device from the list and click the “Calculate” button. A list of devices includes ASICs, GPUs, and CPUs. NiceHash also shows more profitable hardware. The cost-efficiency of the equipment may vary depending on the volatility of the cryptocurrency market.
Minerstat is a remote management and monitoring software for the mining operation of any size. It was founded in late 2016 as a software-as-a-service (SaaS) platform. Minerstat offers several unique features. It makes it easier to monitor mining, switch to more profitable coins, has the functions of a backup pool, and many more. One of the advantages of this platform is its mining calculator.
Just like with the previous calculators, you need to enter data and get the result. You also may choose the currency in which you want your income to be shown.
Even though a mining calculator is a beneficial tool in income calculation, you need to provide a service with accurate data. Otherwise, the final result will not be exact. It is also worth to remember that the mining profitability calculator does not take such circumstances into account:
- Device failure
- Problems with your Internet connection
- Hackers’ attacks.
It is never enough to use one of the best calculators to count all the expenses. It would be best if you moved with the times and always checked what is new on the market.
Changelly can help you to count your future mining income. Use our widget to check the current exchange rate and enter it into a calculator you decided to work with. Changelly also provides the best market price, so you can swap your crypto profitably, fast, and safely.