Calculating Bitcoin Mining Profit

By on May 2, 2014

I’ve discovered three really great Bitcoin mining profitability calculators that I’d like to share with you.

These handy tools will help you estimate your potential profits before investing in mining hardware. In my experience returns for the industry’s leading hardware are approximately 3 -4 months.

Give the profit calculators below a try to see how your rig should be performing or estimate a future investment.

1. TradeBlock

Tradeblock

Tradeblock Mining Calculator

One of the most advanced profitability calculators can be found at TradeBlock. This calculator allows you to factor in electricity, shipping and other costs as well as predicted difficulty increases.

The calculator results display a nice breakdown of monthly earnings over the next 12 months. Some of the data, particularly the default hardware information and difficulty increase seems to be old.

2. Coin Warz

CoinWarz

CoinWarz Mining Profitability

Coin Warz is geared towards comparisons of Bitcoin revenue to various altcoins. It can also be used to very quickly estimate revenue per day. The Coin Warz calculator has options for all of the various Scrypt mining platforms. While you’re there check out the many useful charts.

3. Bitcoin X

BitcoinX

BitcoinX Mining Profitability Calculator

The standalone Bitcoin mining calculator at Bitcoin X generates a detailed report of 24 hour earnings, energy costs and expected break even time. An easily readable result describes revenue less power costs and you are able to set the time frame to any number of months.

Using Your Own Pool Data to Calculate 24 Hour Earnings

Some pools will provide 24 hour earnings information for you. It’s an important metric to keep an eye on in addition to your hardware GH/s. Earnings data can fluctuate on a day-to-day basis.

I have my machines working at GHash.io and I’m able to quickly estimate 24 hour earnings by copying and pasting block reward data from a 24 hour period into Excel. Now it’s just a matter of summing up the block reward column to calculate your 24 hour earnings.

Be sure to use mining profitability calculators only as a rough estimate! There are dozens of variables and factors that can influence profitability. Never invest more than you’re willing to lose.

If you’re mining Bitcoins at this point you may want to consider the potential for Bitcoin value to stay on the rise. As Bitcoin value increases we will start to see more promising results from the profitability calculators.

About Mark Fulton

Mark is a web developer and online marketer by day and Bitcoin miner 24/7. As a lifelong entrepreneur and early adopter, Mark naturally gravitated towards Bitcoin and other crypto-currencies and sees a bright future ahead for the industry.

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