You want to calculate the mining profitability of cryptocurrencies, follow this tutorial

in #steemleo11 months ago (edited)

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Calculating the profitability of cryptocurrency mining implies taking into account different factors such as initial investment, equipment mining capacity, electricity consumption and mining difficulties. Obviously, it is not a simple task. However, there are tools that make life easier for us like Whattomine, a platform that allows us to calculate how profitable it is to mine cryptoactives, taking into account most of the factors described above.

With Whattomine, not only will you be able to know how much you will earn according to your mining equipment, but it also allows you to know details such as what is the best mining algorithm according to your hashrate, how much is the cost per electricity consumption that approximately your equipment has and how this affects the final profitability, along with many more data that we will be breaking down throughout this tutorial.

Points to consider

First of all, it is worth noting that we will learn how to use the Whattomine web portal, but we will not focus on which equipment is more profitable to mine, since this can vary greatly depending on different factors, as we discussed at the beginning. That is why we will show you how you can use this web tool, so that it is you who makes the decision whether it is profitable or not to undermine cryptocurrencies.

Knowing Whattomine

The first thing will be to go to the main Whattomine portal.

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What we see here is the section from where we can calculate the profitability in the GPU area. But for now let's focus our attention on how Whattomine is divided.

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In the upper part we will see the current market value of the main cryptocurrencies in circulation.

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In the intermediate part we will see the menu of the different areas that allow us to calculate the profitability of mining with Whattomine, where we will find:

  • GPU: This section allows us to calculate the approximate profitability in the mining area with GPU.
  • ASIC: From here we can estimate the profitability based on the hashrate of the ASIC miner you choose. Coins (Coins): This section allows you to know in greater detail the profitability you can obtain depending on the cryptocurrency you choose.
  • ETH +: In this section Whattomine allows to know the profitability when we do dual mining with Ethereum and other cryptocurrencies.
  • ETC +: Like the previous one, this section allows us to calculate profitability based on dual mining with Ethereum Classic.
  • Miners: This section offers a fairly complete list of the different miners in the market along with their current profitability.

Calculate mining profitability with GPU

When entering Whattomine for the first time this will be the first section we will encounter.

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Now, to start we will select the graphics card of our preference, so we will go to the next section.

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As shown in the previous image, we have divided the section into two parts. In the red box we will place the amount of graphic cards that we have as appropriate and in the green the hashrate and total electricity consumption of our equipment.

For example: If I have an AMD RX570 GPU and an NVIDIA GTX 1660 I must place the amount on the corresponding box, and check the option with respect to the serial of the graphic card as seen in the following image.

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Once the amount of GPU is placed, we will see how the lower section is filled in automatically, according to each mining algorithm. Similarly, remember that the value we see is approximate, and can be modified manually, so, in case you know both the exact hashrate and the actual electrical consumption of your equipment, do not hesitate to modify it.

Likewise, you can choose which mining algorithm you want to be taken into account when calculating total profitability. By default all are enabled, although to uncheck them, you must click on its name and voila.

After that we will go to the next section.

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Now, we can only click on Calculate to see the results.

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In this list we can see the results of the profitability that Whattomine has calculated for us. In our case we have organized it, from highest to lowest, according to daily profitability.

Before continuing, keep in mind that this platform not only calculates the individual profitability per cryptocurrency, but also, as you can see in the list, Whattomine shows how profitable it is to mine with the NiceHash platform, with respect to our mining power and particular algorithm.

Finally, with all this data, we can already get an idea of whether it is really profitable for us to start mining cryptocurrencies.