Cryptocurrency Mining For Dummies - New Mining Profit Estimator Site
One of the most important tools for a Cryptocurrency miner is up to date information on which coins to mine to maximize your profit. In all my previous posts, I recommended Whattomine.com as a resource for a mining profit estimator. Now there is new site,Crypto-coinz.net, with a lot of resources for miners including mining guides, coin statistics and mining pools.
But one of the most interesting services is the mining profit estimator. Just click on the Crypto Calculator tab to open the estimator.
First glance shows there are several different options from Whattomine, such as different GPU cards, algorithms and exchanges.
Default Hashrate Comparison
There are also significant differences in default hashrates between the two sites. To illustrate this I selected a single 1080ti GPU on both sites. Below are the results, first for Whattomine
and then for Crypto-coinz.
For the three common algorithms listed on both sites we can see the different default hashrates in the table below.
| Algorithm | Whattomine | Crypto-coinz | Percent Difference |
|---|---|---|---|
| Equihash | 685 | 635 | 7.9% |
| NeoScrypt | 1400 | 1500 | 7.1% |
| Skunkhash | 47.5 | 47.5 | 0% |
Most Profitable Coins Comparison
The highest profit coins recommended by the two sites differed also. First we see Whattomine's most profitable coins using the default 1080ti
and next we see the most profitable coins recommended by Crypto-coinz.
While both sites recommended Altcommunity coin as the most profitable, there was significant difference in the revenue and profit listed for the coin.
| $ | Whattomine | Crypto-coinz | Percent Difference |
|---|---|---|---|
| Revenue | 3.94 | 5.52 | 40.1% |
| Profit | 3.39 | 4.97 | 46.6% |
As you can see, there is a significant difference in the expected profit for the same coin listed by the two sites, even though the hashrate was the same. So it is important to remember to compare your actual results to the estimates provided by each site.
Conclusion
Crypto-coinz.net is a good resource for coins and algorithms not supported by Whattomine.com. While the site is new and at times can feel a little flaky when using the calculator, the added information can help you decide what to mine to maximize your profit.
Happy Mining!
It will be interesting to compare GPU, ASIC and Cloud mining in one table. I'd tried to make such script for profit calculation.
I would like to like to see the results when you finish with it. Comparing cloud mining to using your own hardware would be very interesting.
Here is some results
Great information, thanks for sharing it. I checked your post from a month ago and the rise in profit for BTC-HF is pretty incredible. From just over 100% to almost 400% profit. Wow!
To tell the truth the BTC price had incredible rally. May be just to hold it was most profitable?
I've made an update
Thank you for this awesome post, I start to look for building my first crypto mining rig.
Thank you and good luck with your rig, I hope it brings you much wealth.
Where do you know that I can find profit per kWh for various rig configurations? Or is that just too complicated of a question?
A different question is this: if you had free electricity and $2000 to spend, what mining rig would you build?
Both sites show the power consumption of each card in a rig for the different algos. As you increase the number of cards for your desired rig, you will see the power consumption increase and the corresponding profit will be shown.
Right now, with $2000 and free electricity, I would probably build a rig with 6 Raedon RX 570s in it. From what I can see, without spending a great amount of time researching it, that system would have the quickest ROI. Granted, with coin price fluctuations, that could all change in a couple days.
Ah yeah, I see. Any idea why the 570 is so much better than so many of the others? Or does that always change?
It changes a lot, depends on which coins are climbing at the moment. The 570 has the advantage of being a good all around card for a reasonable price. Another option might be 3 1070 ti. About the same cost, and with the right coin, a comparable ROI.
Makes sense. I seem to recall people talking a couple years ago about some setup where you farm your hashpower out to someone who would continuously check to make sure you're mining the most profitable thing. Anything like that out there now?
Ah, that was covered in Lesson 1 and Lesson 2.
Perfect, I'll read up.
Thanks for sharing this post in the learning series :)
You're welcome, I hope you learned something from it.
absolutely all thanks to you :)
Super intelligent post, thank you for taking the time to create and share. love to read you post.but these kind of posts do make it easier, followed and upvoted.
Thank you, I'm glad you enjoyed it.
stay with this..for taking special something..
thank's for sharing
You're welcome.
It,s really Very good information...thanks
You're welcome, I'm glad you enjoyed it.
Very good information,
Thank you.
thanks for your information.
You're welcome.
This post has received a 4.39 % upvote from @sneaky-ninja thanks to: @gregory-f.