Hello, this is kaz (@ kazukino11111).
It seems that the word “cryptocurrency mining” has prevailed in general, but have you experienced mining?
Recently, it has become possible to mining even in smartphone, software that can start mining easily appears, and mining can be experienced without specialized knowledge.
Speaking of mining, however, the royal road is still a Bitcoin (BTC). In this article, we will explain how to calculate necessary profits before starting mining.
Cost to consider in calculating profit
Due to various costs for mining, the method of calculating profit is a bit more complicated.
As a cost to consider
- ASIC minor
- electric bill
- Equipment for moving minor
- PSU (power supply unit; around power supply)
- Network related equipment
- Internet connection fee
- Average price of BTC during mining period
- Other expenses such as cable and rent
Is it such a feeling?
Although it is the price of BTC that can be said to be the most important, this can be greatly fluctuated even in a short period of time, prediction is very difficult, making calculation of profit challenging.
Also, although it is minor, this can achieve a high hash rate with fewer resources than those of the new generation, but the price is slightly higher than that of older generations. As far as this is concerned, as long as you can not get the old minor cheaply, you can say that it is wise to acquire a new generation of adults.
What is a hash rate?
The hash rate is a numerical value indicating the amount of calculation per second, and it is expressed in a form such as 1 TH / s (1 Terah hash every second), 1 MH / s (1 mega hash per second).
Mining also changes greatly depending on difficulty level
When mining Bitcoins you also have to be careful about “difficulty” . As the difficulty rises, the necessary hash rate also rises, and the amount of Bitcoins to obtain small minor (mining people, companies) will decrease.
The difficulty level is adjusted so that the average generation time will be 10 minutes according to the latest block creation time . This difficulty adjustment is supposed to be carried out once every two weeks, and recently there has been a tendency for difficulty to continue to rise due to intensified competition between minors, but in some cases it has dropped in the past.
As a minor it is easier to calculate if the difficulty level is constant. Or, if the price of BTC continues to rise, the profit will be even bigger.
A tool that calculates the approximate profit from the hash rate
One way to start mining is “cloud mining” . This is not to prepare all the equipment and environment by themselves but to have the vendor pay the merchant and mining at a fixed hash rate for a certain period of time .
Users are getting popular because they can easily start mining simply by selecting and paying hash rates.
However, even though you can start it easily, you need to know how much you can expect from the investment amount. Therefore, what you want to utilize is a tool that calculates rewards expected from the hash rate.
cryptocurrency comparison site CryptoCompare
CryptoCompare is a web site that summarizes information on cryptocurrency so that you can compare their currencies.
A particularly useful feature is the mining profit calculation tool.
Flying from the above link will result in the following screen.
Enter the hash rate in the Hashing Power field on the left side here. Since the lower three are related to the electricity bill and the fee of the pool, input is not mandatory, but it is also possible to calculate the profit by considering the electricity bill.
When you enter a numerical value, the trial calculation result is displayed on the left side of the screen. From the top, the profit, the quantity, the electricity cost per day, 1 week, 1 month, 1 year are displayed.
CryptoCompare supports not only Bitcoins (BTC) but also the profit calculation of the following currencies.
- Ethicalam (ETH)
- Essaram Classic (ETC)
- Monero (XMR)
- Gee Cash (ZEC)
- Dash (DASH)
- Pascal (PASC)
- Light coin (LTC)
Since there are things that can earn rewards efficiently by currency, we recommend comparing some currencies before starting mining.
Why do not you start mining too?
If you prepare a minor or other equipment and mining in an environment like a factory that appears on television, it seems quite difficult to get a hand when you are imaging.
However, even if there is little knowledge if it is cloud mining, even if you do not have a minor you can start mining right away.
Why do not you consider mining if you are interested in anything?
Author: kaz 【Coin Desk News】 – Source Post: https://crypto-times.jp/how-to-btc-mining-profit/
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