It’s really simple to use a Bitcoin mining calculator. There are only two main instructions that you need to follow:
- Enter the hash rate
- Click to mining revenue
Do these and you will have your desired calculations with an accurate result while using a Bitcoin calculator. However, there is one important thing to remember while performing calculations: The revenue will be in USD, based on current exchange rate. The exchange rate varies from time to time and so does the revenue difficulty.
Some other points to remember are:
You Have to Calculate Profitability:
Bitcoin mining has secured the bitcoin world. Without miners, you would not be able to do any transaction happily. In that sense, miners pay for their services and mine the blocks. If miner successfully mined a block, there is a reward on each block in the form of Bitcoin.
Easily run a profitable mining farm.
While going to purchase bitcoin mining hardware you must look the at metrics called hash rate. If a hash rate is high, it means your miner is more powerful. To calculate the amount of hash power per month, you can use the mining calculator. However, it may be costly for a new mining farm.
Just like you want to earn more, the hardware will become more expensive. Antminer S7 mines $200 bitcoins per month and costs $629. And this is just the hardware cost. The costs of electricity and equipment are not included.
For profitable mining operation with low W/GH with good hash, power is the better option for your profitability. Antminer S7 is also considered the most efficient miner with 0.25 W/GH.
During the mining process, the miners emit large amounts of heat, so you will need cooling fans and power supplies to keep the temperature under control.
Mining operation completely depends on electricity. 60% of Bitcoin network’s hashing power is located in China because of cheap electricity.
Miners in cold areas are more profitable because there is no extra need for cooling fans. It removes the heating cost and keeps the houses warm during winter.
Hash Power and Difficulties:
It is difficult to know about the difficulty months in advance. Network and hash power are external factors and vary from time to time.
Instead of stressing out, concentrate and give complete attention to understanding the more efficient idea of mining technology and the hash rate.
Block Reward and Price:
Bitcoin price is a factor you can’t control. Price fluctuation is important so keep yourself up to date and prepared for these fluctuations.
On the other hand, the reward is a predictable factor. It started from 50 bitcoins per block, then 25 BTC per block, and in July 2016, it was halved to 12.5 bitcoins per block. The reward takes place every four years. This means the halving will be taking place in 2020.
Use of bitcoin profit calculator keeps you updated with hardware and electricity costs. This will give you the better idea how to decrease the possibilities of mining difficulty and Bitcoin price.
Wishing you good luck!