Hey Guys, Welcome to Make An App, I am an NFT and Crypto expert, and today I wanted to take a chance to talk about ethereum mining profitability with cryptocurrency mining calculator tools. It is a much-debated topic of the crypto-mining world. And I’m not here to share my opinion but also to give you a list of tools to find the average Eth Cryptocurrency Mining Calculations. People can use these ETH tools to see the profitability of crypto mining with their hardware.
Many people ask us by mailing, Which Crypto is most profitable to mine? How is crypto mining profit calculated? Even after 6 years of working in the cryto industry, it’s tricky to answer. Before reading cryptocurrency calculations and profit-making tips in detail, let’s see the top ethereum cryptocurrency mining calculator tools.
Top Ethereum Cryptocurrency Mining Calculator Tools of 2023
- PayBis Ethereum calculator
- Bitcoin Mining Calculator
- Minerstat (Estimated earnings, costs, and profits for mining ETH)
- Cryptocompare (Ethereum Mining Profitability Calculator)
- Coinmarketcap – Convert ETH to USD Calculator
- Coinwarz – Ethereum Mining Calculator
- Whattomine – Cryptocurrency mining calculator
- Etherscan – Ether Mining Calculator
- Minergate – Mining profitability calculator
- Ethereumprice – Ethereum cryptocurrency mining calculator
Some of you will follow these tools as a little bit of disclosure. Some of you will realize that there’s no profitability in ethereum mining most hardware out there in the market. Here, we will mine the right cryptocurrency with best-fit mining hardware.
Mining profitability of Ethereum per day from 2015 to January 2023
What is the Cost Included in Cryptocurrency Mining
The above-listed ethereum mining calculator tools give you a brief idea of your ability to make money with your hardware. And that depends on several things, including your hardware, electricity, and Internet costs; these are probably the three biggest ones.
To explain to you guys in detail, I will use an online crypto-mining calculator whattomine. You can use any tool you like.
I will click on the GPU tab since that’s what most people use. And the first thing you want to do is figure out your power costs. So it app error defaults at point $1 per kilowatt hour, or 10 cents per kilowatt, per kilowatt hour. If you’re unsure what this is, you should probably find an electricity bill and do the math on it.
There are two ways to calculate cryptocurrency mining earnings.
- Easy way
- Hard way
Mining cryptocurrency and its profit is always changing, so the calculations and methods used in this article should be taken with a grain of salt.
The Easy Way to Calculate Ethereum or Crypto Mining Profits
The super-easy method of calculating your profit applies to those of you who use the service of NiceHash, one of the simplest programs to start mining. Calculating your profit is as simple as visiting this webpage, selecting your hardware currency, electricity costs, and clicking calculate. If your hardware is not in the list, it most likely will not get the clone calculations of your profits. Check the attached screenshot.
If you’re mining with a CPU and GPU or multiple GPUs inside a nice hash, calculate them separately and add up the total electricity costs. This is on an individual level. So you’ll have to find your last month’s bill and see your electricity rate. Once you click Calculate, it’s going to show daily, weekly, and monthly earnings with electricity factored
The Hard But Universal way to Calculate Cryptocurrency Mining Profits
The harder method will work for everybody, and it involves plugging in your GPU hash rate, power consumption, electricity costs, pool fees, etc. Your electricity rate can be found on your bill through your provider. And your pool fee depends on whatever pool you’re part of; each has a different individual fee.
- First, you will have to decide what algorithm hash cryptocurrency you’re mining. GPUs mine different cryptocurrencies at different hash rates. So you have to calculate each one individually.
- The simplest way to see the hash rate is by mining Zcash and seeing what your program shows your hash rate to be simple enough.
- There are multiple reports on a GPUs hash rate, the GTX 1060 seems to get around 300 to 330 hashes per second on Z cache
- Finally, we have to calculate power usage. The only accurate way of doing this is by purchasing a kilowatt and seeing how much your usage goes up once you start mining
- So if your computer on idle is using 50 Watts and it goes to 200. Once you start mining, your power consumption is 150 watts. You can find the value of the manufacturer’s website and the box of the hardware.
We’re going to use 150 watts for power consumption. Again assume our electricity rate is 12 cents and the pool fee is 1%. You’ll find your profit is about $16.66 per month on a GTX 1060.
The table below will help you calculate the How is crypto mining profit calculated?
Are you looking into some passive income with cryptocurrency mining? Well, before you even consider doing that, it’s important to set up with the right hardware to make ethereum mining profitable. In this section, I will show some Crypto mining hardware and a table to help you calculate your mining profit.
|Model||Release Date||Hashrate (Energy Consumption)||Revenue 24h||Profit 24h|
|NVIDIA GeForce RTX 3090||Sep 2020||114.00 Mh/sEthash · 320W||$4.11||$3.34|
|NVIDIA RTX A5000 (*)||Apr 2021||99.00 Mh/sEthash · 230W||$3.57||$3.01|
|NVIDIA GeForce RTX 3080 Ti||Jun 2021||4.80 Gh/sTon · 280W||$3.57||$2.90|
|AMD Radeon VII||Aug 2017||93.00 Mh/sEthash · 200W||$3.35||$2.87|
|AMD Radeon RX 6900 XT (*)||Dec 2020||4.40 Gh/sTon · 200W||$3.27||$2.79|
|NVIDIA GeForce RTX 3080||Sep 2020||91.50 Mh/sEthash · 230W||$3.30||$2.74|
|NVIDIA GeForce RTX 3080 LHR||Jun 2021||800.00 kh/sArgon2d-NIM · 250W||$3.32||$2.72|
|AMD Radeon RX 6800 XT||Nov 2020||3.90 Gh/sTon · 190W||$2.90||$2.44|
|AMD Radeon RX 6800||Nov 2020||3.50 Gh/sTon · 170W||$2.60||$2.20|
|NVIDIA GeForce RTX 2080 Ti||Sep 2018||620.00 kh/sArgon2d-NIM · 220W||$2.57||$2.05|
|NVIDIA GeForce RTX 3070 LHR||Jun 2021||550.00 kh/sArgon2d-NIM · 180W||$2.28||$1.85|
How to choose the right hardware for higher ethereum mining profitability
- According to the above table, GeForce RTX 3090 is the best GPU for ethereum mining profitability. It will consume 300 watts of power and a hash rate of 100 Mega hashes per second.
- I’m assuming that that is for actually over here, you can see that’s for Etherium. And it shows some of the different miners. And then so your revenue per 24 hours is going to be $4.51.
- And after your electricity costs, you profit $3.79.
- Now, the reason that electricity cost is so important is because of another card that can do a similar hash rate, but a different brand on here, the AMD Radeon™ VII Graphics Card, I mean, it’s not quite the same, but it’s close in hash power is 81 Mega hashes per second. Now, it draws a little less power, so that’s good. However, the difference in the revenue versus the profit is going to be greatly dependent upon the power costs.
- And then also the difference in the price of the cards themselves. So already on AMD Radeon™ VII Graphics Card, if you can get your hands on it is probably around $100. And an RTX. 3090 is currently selling for $1,500 if you can get your hands on it.
- So if your intention of buying a GPU is solely to see to make money, then you need to take that into consideration. Because if the RTX 39, it costs you three times as almost three times as much. And it’s not making three times a profit. That’s something to consider.
There are also other things. For instance, the Radeon seven is a very hot running card. So then you’re going to have to consider, you know, eventing and fans and those sorts of things, which I’ve done a bunch of work with the AMD Radeon™ 7 Card, and so I’ve seen how difficult they can be to keep cool. But anyway, this is a quick, easy way to look up the best GPUs.
Some top GPU Models to Increase Crypto Mining Profits
Mining performance: hash rate, specs, and profitability on popular cryptocurrencies. Make An App helps you calculate profitability so easily.
|NVIDIA RTX 3090||ETH||124.09 Mh/s||294w||0.42 Mh/w||$3.94||380 days|
|AMD RX 6900 XT||TONCOIN||4.93 Gh/s||202w||0.02 Gh/w||$3.74||267 days|
|NVIDIA RTX 3080 Ti||TONCOIN||4.88 Gh/s||284w||0.02 Gh/w||$3.70||324 days|
|AMD VII||ETH||108.50 Mh/s||236w||0.46 Mh/w||$3.45||203 days|
|AMD RX 6800 XT||TONCOIN||4.44 Gh/s||191w||0.02 Gh/w||$3.37||193 days|
|NVIDIA RTX 3080||TONCOIN||4.33 Gh/s||298w||0.01 Gh/w||$3.29||213 days|
|NVIDIA RTX A5000||ETH||101.78 Mh/s||215w||0.47 Mh/w||$3.23||696 days|
|NVIDIA CMP 90HX||ETH||100.16 Mh/s||249w||0.40 Mh/w||$3.18||503 days|
|NVIDIA RTX 3080 LHR||TONCOIN||4.11 Gh/s||254w||0.02 Gh/w||$3.12||320 days|
|AMD RX 6800||TONCOIN||3.72 Gh/s||175w||0.02 Gh/w||$2.82||205 days|
|NVIDIA RTX A4500||ETH||87.00 Mh/s||178w||0.49 Mh/w||$2.76||905 days|
If you want to see more crypto guides and discussions, make sure to bookmark us and keep visiting to catch them all in the future.
Don’t forget to donate any amount to support our work.
There are two ways to calculate ethereum mining profits.
2. Hard but Universal
At the beginning of the article, we listed the top 10 tools to calculate mining costs and profits online.
Many factors increase or decrease profits—like Algorithm, Hardware, Electricity cost, and expertise you have.
To mine one bitcoin it may take 1460 days to mine 1 Bitcoin. Using the right hardware and choosing the right currency, you can earn 1 bitcoin even in less than one year.