Ethereum Mining Calculator: Within a few recent years, cryptocurrency has come into a huge limelight and hence a lot of people are willing to make money through it.
While some are investing money on a long or short term basis, where as some are getting into the technological part of it.
Ethereum is the 2nd largest cryptocurrency after Bitcoin in terms of Marketcap and has attracted a lot of people towards itself.
For those who are attracted to make money by Ethereum Mining, we have created an Ethereum Mining profitability Calculator.
Here you can easily calculate the profitability if you setup an Ethereum mining rig.
- 1 What is Ethereum Mining Calculator?
- 2 How to Use Ethereum Mining Calculator?
- 3 Calculating your Ethereum Mining Profitability
What is Ethereum Mining Calculator?
Before getting into the nitty gritty of Eth mining calculator, let’s know what it actually is.
Ethereum is generated when miners use special software to solve math problems. These miners are given a certain number of ETH in return for their work.
Since it includes solving problems on the computer, it requires high-end hardware(GPU), software, electricity etc.
So, before getting into Ethereum mining one has to check if it profitable as per their equipment and other inputs. Also, With the increase in the number of miners, mining difficulty increases.
How to Use Ethereum Mining Calculator?
Using our Ethereum Mining Calculator is very easy and simple.
You just need to enter the Hash Rate of your Hardware, Power consumption of the rig, Electricity Cost, Hardware cost and Pool fees.
You can leave pool fee, hardware cost, Power cost as we take them as default. On default, electricity rate is set as 0.15 USD/kWh.
Once you enter all the data correctly, you will instantly get the profitability of your mining rig. You can see 1 Day, 1 week, 1 month and 3 months profits instantly.
Easy Steps to use Ethereum Mining Profitability Calculator:
- Enter the Hash rate of your Hardware
- Just click on the “Calculate Now“
- That’s it! It’s really very simple.
Things to know before you start:
If you are new to mining world, then you must keep a few things in your mind before jumping into this field.
- You revenue highly depends upon the USD/ETH exchange rate. Thanks to the volatility of cryptocurrencies, the rate could change when you start setting up your rig.
- Your revenue highly depends upon the mining difficulty. The difficulty gradually increases over time as new miners come into the market. You might have to upgrade to newer hardware with time.
- Apart from fix cost, you also need to consider Electricity charges, hardware, cooling equipment.
So make sure to take this factors into consideration while calculating your mining profitability.
Calculating your Ethereum Mining Profitability
In order to mine Ethereum, you will need specialized hardware known as graphics processing unit (GPU).
These GPU has high hashing power, hence Ether is mined much faster and more efficiently.
This is the major and upfront cost and it could go as high as $600.
Before purchasing a Graphical processing unit, you would need to check the metrics like MH/s or Th/s or Gh/s. These are the hash rates. The higher the hash rate, powerful is the hardware.
Also, High power hardware uses more electricity to run. Thus, the electricity cost would also increase. So, You need a hardware which is a balance of Hash rate and power consumption.
As I told before, mining difficulty increases with time and as per my experience, you would need to get a new hardware probably every 6-9 months.
Since, Mining is getting a lot of exposure thesedays, new guys with heavier GPU are coming into the market.
The more power your setup has, higher your share will be on the Etherem mining network.
If you are just a newcomer in mining field then you would probably join a mining pool. If you are joining a mining pool, then you would have to take the fees into consideration.
Electricity cost is one of the major charges that you have to incur. Your mining will be profitable if you set up your rig in a state or country where cheap electricity is available.
Apart from cheap electricity, you need to check if the electricity supply is regular or not. If the electricity is not regular then also you can make profits even if the electricity is cheap.
So, you need a good balance of electricity supply as well as its cost.
Mining Hardware produces a lot of heat and hence you need extra equipment to cool down your place.
If you setup you rig in a colder place like Russia, or northern Canada then you could probably save your money on cooling equipments. Also, you can use the heat to warm your house, which would save your heater bills.
You need to figure out how you can maximize your profitability, even a small change would increase your profits drastically.
Ethereum Mining Calculations
This was all about Ethereum mining calculator and make sure to do proper research before getting into this field so that you can make profits.
If you still have any question, then feel free to comment below.
Also checkout our other guide:
- Make free Bitcoin with Bitcoin Faucets
- How to Make a Bitcoin Paper Wallet
- Buy Ethereum with Credit/Debit Card