This Bitcoin mining calculator will help you predict the amount of profit that you will be making based on the various factors that influence the mining operation.
It works on a simple principle. Basically, you first need to consider the Hash Rate of your miner – the higher the hash ratethe faster it can mine for Bitcoins. Next, you need to enter the amount of power in terms of Watts that your mining device consumes. After that, the price of the power is considered – the price at which you get electricity. The lower the price of electricity, the more profitable your Bitcoin mining operation is. Pool fees percentage is also considered in this – most Bitcoin mining pools charge a small fee.
After deducting that percentage of the fees, you can get a better, clearer picture of the profitability of your mining. Mining difficulty is also considered as a factor.
What is this?
Ever since the Bitcoin network went live, mining difficulty has been constantly increasing – the higher the difficulty, the harder it is for miners to mine for Bitcoin.
Another crucial factor here is the block reward – basically, the number of Bitcoins released upon solving a block: The current block reward is Finally, the Bitcoin price is also taken into account: The higher the price of BTC, the more profitable your mining operation is. Also, you can see the Bitcoin Price Prediction calculate.
When you enter all these factors into the Bitcoin mining calculator, the profitability of the mining operation is determined. The mining calculator shows you your profits on an hourly, daily, weekly, monthly and yearly basis. It is a proper investment and it requires a detailed thought process behind it. No investment is usually made without keeping the profitability in mind – and Bitcoin Mining Calculators help you determine the profitability of your mining operations.