When choosing equipment for cryptocurrency mining, it is necessary to find out how efficiently it will work and how quickly the investment will pay off. This is done by specialized services.
- First step
There are many different mining equipment that is used to obtain digital assets. For example, these can be ASIC miners from different manufacturers, varying in cost and technical parameters.
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- Main terms
There are a few basic concepts to be aware of when calculating equipment profitability. Let’s look at them in more detail in the following cards.
- Hashrate
Hashrate refers to the units of measure for the power of miners. The higher it is, the more powerful the device. If you know the exact computing power of the equipment, you can calculate how much you can get a separate cryptocurrency for a certain period of time.
- Mining difficulty
Mining difficulty indicates how difficult it is to release a new block on the network and receive a reward for it. It is directly related to the hashrate. The higher the hashrate, the higher the difficulty and vice versa. This is necessary to maintain the emission of cryptocurrency at the same level.
- Energy consumption and energy efficiency
Two important factors for cryptocurrency mining devices are power consumption and energy efficiency. The first value shows how much energy the equipment consumes, the second shows how efficiently it is spent, that is, what is the ratio between power consumption and performance.
Check mining profitability of various crypto coins.
- Payback period
The main parameter for the miner is the period for which the equipment will recoup its own cost, including electricity costs, and begin to make a profit.
- Mining profitability calculators
There are various calculators that allow you to calculate the profitability of mining. Some of them are saturated with many elements that repel beginners. Others require specialized input. However, there are more easy-to-use services.
- How to use the calculator
On the minerstat Data Systems website, it is enough to select a device, set the conditions for its placement (hosting on one of the Intelion Data Systems sites or a third-party site with its own cost of electricity and other expenses) and the cost of purchasing the equipment.
- Calculator Features
The service offers the ability to track historical profitability for any model in the period of interest to the user – for the last month, 3 months, 6 months, 1 and 2 years.
- Correctness of calculations
Every 5 minutes, a special bot compares the calculation results of the minerstat Data Systems calculator with data from other reliable resources and, if there is a significant discrepancy, notifies the technical department of a possible problem. Unreliable data will not be displayed to the user until the moment of elimination.
Website Can Help You In Calculate Mining Profitability:
Bitcoin Mining Calculator and Profitability since 2013. Calculate mining earnings for #Bitcoin, #Litecoin, #Ethereum, and more.
Founded in 2014, CryptoCompare is a global cryptocurrency market data provider, giving institutional and retail investors access to real-time, high-quality, reliable market and pricing data on 5,300+ coins and 240,000+ currency pairs.