Mining calculators allow you to determine your mining profitability. With the right calculator, you’ll be able to tell how much you’re gaining from mining cryptocurrency. The tool is easy to use but not all the cryptocurrency mining calculators out there are reliable. One of the most reliable options for calculating profitability is cryptocompare.
Using Cryptocompare to Calculate Mining Profitability
Several factors will influence your overall mining profitability. Some of these factors include cryptocurrency price, network difficulty, electricity cost, etc. The steps to calculating your profitability include:
Step One: Visit cryptocompare.com
The first step is visiting the website. When you get to the home page, you’ll see a button marked “Mining” click on it. After that, click on “Calculators.”
Step Two: Use the Calculator
Cryptocompare typically opens on BTC by default. However, there are seven other options on the website. Click on the currency you’d like to calculate and fill in the gaps. You should see options for power consumption, hashing power, and cost per KW/h.
Step Three: Search for Your Card
If you’re using GPU mining, you need to search for your card on cryptocompare in the search field. Type the name of your card and open what you find. You should see enough information about your card at this point.
Step Four: Go Back to the Calculator
After you have gotten more information about your card, go back to the calculator and input everything you found. It will display how much profit your rig is generating.
You can use real information about your card to test the calculator. Make sure that the information you input is correct. Wrong details will lead to wrong results. You can also check your mining profitability on other websites with the same information to confirm how much you’re earning from mining. It may not be as much as you’d want it to be. Don’t be discouraged if it’s not. Look for ways to make your rig more productive.