Cryptocurrency mining has become more and more popular — with many investors jumping on the bandwagon. However, before you start, you should learn to calculate whether the venture has the potential to be profitable.
Revenue of Bitcoin Mining
With crypto mining, your main source of income is from the value of the cryptocurrency itself. The basic steps in computing for bitcoin mining revenue are:
- Figuring out how many bitcoins a machine can mine in a given time period.
- Next you need to calculate how many bitcoins are earned by miners each day.
- Lastly, you’ll calculate revenue by multiplying the current exchange rate per bitcoin to the amount of bitcoin generated per day.
When looking at cost, you need to consider the one-time cost as well as the recurring cost. The one-time cost is usually the cost of the mining — this depends on how powerful your device for mining is.
The recurring cost refers to the cost of electricity. Electricity is priced differently in different parts of the country. Knowing this is critical because this can make or break your investment in crypto mining.
When talking about profitability, we need to look at the daily profit. Daily profit = daily revenue – daily losses. The net profit can be calculated by finding out how many days it would take for you to recover from the one-time cost of the mining.
Crypto One: the Best Crypto Profitability Calculation Tool
Crypto One is the tool that will help you calculate the profitability of your crypto mining. This tool will also make your cryptocurrency mining and trading far more efficient and streamlined.
- Mining Apps
Safely download the most popular mining apps. Compare their popularity, mining pool fees, and more.
- Profitability Calculator
Quickly learn how profitable your rig can be with Crypto One’s mining hardware automatic detection.
- Mining Hardware
Lists the best hardware you can use to earn more profit based on your electricity cost.
- Coin Tracker
Track cryptocurrency prices, marketing caps, trending, and more. Know when to buy, sell, and hold, based on cryptocurrency trends.
- Trending News
Keep up to date with all the latest crypto news, including market updates, mining rig prices, and more.
Give it a go today! And if you’ve found this article an interesting and/or helpful read, please do SHARE with friends and family to help keep the online community secure and protected.