How to use mining calculator like a pro

minerstat
minerstat
Aug 5 · 4 min read

A year has passed since we have introduced our mining calculator and much has changed since then. The most notable changes are that we now allow you to load speeds from our hardware database, we use our own private source for coin reward calculations CoinSRC, and that you are also able to import the results from the benchmark on your minerstat dashboard.

There are many questions around mining calculator and many approaches to how to read the results of it and that’s why we have decided to give mining calculator a little bit more attention.

1. Generating the results

When you first open mining calculator page, you will be able to see a quick summary of how many coins, merged mining coins, multi-algo pools, and algorithms are available in the mining calculator. Then you will be able to:

  • Name your dataset;
  • Select currency;
  • Set electricity costs;
  • Filter algorithms;
  • Filter low volume coins and multi-algo pools;
  • Load data from hardware database (if the speeds are available).

Example

Let’s say that we want to see the mining calculator results for your GPU rig with 6 x Radeon VII.

  1. Custom dataset name can be: 6 x Radeon VII;
  2. Select the currency;
  3. Enter electricity costs in your currency;
  4. Click AMD under algorithms;
  5. Decide if you want to include low volume coins and multi-algo pools;
  6. Enter 6 and select AMD Radeon VII from the dropdown menu.

You can use the calculator the same way for any of the GPUs or ASIC miners. If you see that our numbers are different than what you have reached on your mining setup, you can always edit the speeds and the power consumptions - even after you have already clicked Calculate (by editing the dataset).

On the results page, you will see all coins, algorithms, estimated rewards, estimated costs, estimated profit, and the software on which mining the coin is available (ASIC, msOS, or Windows).

You can edit all parameters from the top filter row and share the dataset with others.

Alternative ways to generate mining calculator results

There are two other alternative ways to generate mining calculator results.

  • You can click on mining calculator link shared by some other user which will import the results to your own mining calculator and saved it as a separate dataset.
  • You can export the results of the benchmark to your mining calculator.

2. Reading the results

Through the mining calculator, coins, algorithms, and hardware, you will see different tags, notifications, and data that will catch your interest.

Low volume coins

Low volume coins tag will show every time the coin’s last 24h volume on the exchanges was less than 1,000 USD. These coins are hard to sell because of their low volume and can fall into the speculative category.

Spikes

Spike tag will show every time the coin’s recent price or reward jumped up. Coins with frequent spikes are not reliable and can indicate that the price or difficulty are often changing.

Multi-algo pools

Multi-algo pools are pools on which you can mine different algorithms and get paid for mining in one currency. There are two groups of such pools: marketplaces (such as NiceHash) and auto-exchange pools (such as Mining Pool Hub, Zergpool, Zpool, and others). For these pools, the rewards are shown regarding what their API reports.

Unrealistic rewards/exchange rates

If you see a coin with unrealistic reward or exchange rate (for example, the first coin on the list has an estimated daily profit of 20 USD and the second coin on the list has an estimated daily profit of 2 USD), it could be that the variables for calculating the estimated reward are unrealistic. This could be due to several reasons:

  • Difficulty significantly dropped for this coin;
  • The coin has low volume and no one is mining it;
  • The market price provided by our 3rd party provider is incorrect;
  • The algorithm has changed and the data wasn’t updated.

Keep in mind that estimated earnings are calculated by multiplying the price and estimated reward - so any factor that can affect either of these variables will have an impact on the displayed estimated earnings.

DYOR

Mining calculator is a combination of thousands of different data points and the calculated estimated rewards are theoretical, which means that you always need to do your own research and not relying blindly on the data. Check on which exchanges you can sell the coin and check the pools on which you can mine it.

Want to profit switch between coins and/or multi-algo pools found in mining calculator? Join minerstat and set up your own custom profit switch.

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minerstat

Manage your mining operation of any size from anywhere https://minerstat.com

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