Today, we are going to learn how to use the CryptoCompare mining calculators. An easy to use tool where you only need to input your hardware information and electricity costs in ordert to get a much better idea of your overall potential to run a profitable mining operation. Factors like the price of the coin and network difficulty are automatically provided by us.
Depending on your budget and the type of cryptocurrency you intend to mine, these three types of mining are the most common for non-professional miners:
DIY mining rig: These can be built from your own PC, with as many graphics cards as you can fit or afford, limited by the number of PCI-E slots you have on the motherboard. Some people use a standard PC case, others use unusual casings, which increase airflow around the components to cool more efficiently.
ASICs: Application-specific Integrated Circuit, ASICs are self-contained units, which come with a USB or Ethernet port, is the current ‘top of the line’ technology used in mining. These miners are usually more expensive than DIY rigs but they are able to generate more hashes per watt of power. These can only be used to mine cryptocurrencies like Bitcoin, Litecoin and Dash since Ethereum, Zcash and others are memory hard algorithms that require a GPU or CPU in order to mine effectively.
Mining Contract (Cloud mining): Mining contract companies like Genesis Mining provide mining services with performance specified by contract, often referred to as a "Mining Contract." They may, for example, rent out a specific level of mining capacity for a set price at a specific duration.
Cryptocompare provides a page where you can compare the whole Cryptocurrency Mining equipment market in one place and the whole Cryptocurrency mining contract market in another. Whether you want to mine yourself or get a contract, you can use our simple metrics and the mining calculator to help you make a decision
Part 1: Find the Cryptocompare Calculators
Step 1: Go to cryptocompare website (or click here)
Step 2: Now in the header click on “Mining” button and then “Calculators”
Part 2: Use the Calculator
Step 1: As a default, it will open on BTC tab, we have 8 different calculators: BTC, ETH, ETC, XMR, ZEC, PASC, DASH, LTC. For this guide we are going to use Zcash, so on “currency” click on the “ZEC” button
Step 2: Fill the gaps, there are only 3: Hashing Power, Power consumption (w), Cost per KW/h ($)
Hashing Power: A hash is the output of a hash function and the Hash Rate is the speed at which a computer is completing an operation in the specific coin algorithm. A higher hashrate is better when mining as it increases your opportunity of finding the next block and receiving the reward .When you run your miner you are able to see how many hash you can do per second.
Power consumption (w): Is how much power you consume using your machine, any component on your machine will use electricity, so you need to know how to confirm your total consumption, there are many ways to confirm your total power consumption, such as Electricity Usage Monitors (known as Kill-a-watts) and websites like outervision witch do advanced calculus.
Cost per KW/h ($): Is how much you pay in dollars per kilowatt, the essential thing you need to know to calculate your ongoing profitability is the cost of your electricity. Check with your provider, or take a look at your last electricity bill.
Here's an example:
We have a rig with 3 nVidia GTX 1080 TI, we don’t know nothing about this GPU and we don’t know where to find the specifications of this graphic card
Step 2.1: First we are going to search on Cryptocompare for this card, on the header we have a “search” field, type ther the name of your card there, as we see this card exist on our database, then open by clicking on it
Step 2.2: Now we can see a lot of info about mining with this card, for our exemple, we just need to know that card have a 200 watts of consumption and a hash rate of 680.0 H/s.
Remember, this is only an example, and for this example we will not count with others consumptions like motherboard, HD, monitor etc..
1 nVidia GTX 1080 TI use 200 watts and produces 680.0 Hash per second;
3 nVidia GTX 1080 TI will use 600 watts and produces 2040.0 Hash per second;
Lastly, we have saw that our Cost per KW/h from our last bill was 0.12$
Step 2.3: Now, we have everything we need to calculate our profit, return to the calculator and type everything (Hashing Power: 2040.0; Power consumption (w): 600 w; Cost per KW/h ($): 0.12$)
That’s it, we now can see that our rig of 3 nVidia GTX 1080 TI are generating:
$ 5.74 of Profit per day with a Power cost/Day of $ 1.73
$ 40.21 of Profit per week with a Power cost/Week of $ 12.10
$ 172.34 of Profit per month with a Power cost/Month of $ 51.84
$ 2,096.75 of Profit per year with a Power cost/Year of $ 630.72
To confirm yours profits follow the example with your own GPU or ASICs but don't forget that some factors like the Coin price and mining difficulty change everyday and can have dramatic effects on profitability.
- How to Buy Crypto in Five Minutes: A Guide to XCOEX
- Why Using a VPN is Important for Crypto
- Roobee IEO: A New Company Shaking Up the Investment Industry
- Bitcoin Casino Kings - Crypto Casino Review Website
- What Are Smart Contracts?
- Cryptocurrency Tokens vs Coins: What's the Difference?
- What’s the Difference Between Bitcoin (BTC) and Ethereum (ETH)?
- What Is A Blockchain?
- What Is An ICO And How Does It Work
- TREZOR Model T CryptoCompare Review