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  1. Wor3d

    Calculating profit

    There is often a discussion about profitability and calculating expected income. But many times calculations turn out to be imprecise. Let's introduce few ways to calculate and analyze mining profit. 1. Manual calculations You can try and calculate expected profit by yourself. For this you need to know your hashrate, global hashrate, blocks per day (24h*60min(=1440) / block time in minutes) and average block reward (newly mined coins + variable tx fees). The formula for daily income is (YourHashrate*BlocksPerDay*AvgBlockReward) / GlobalHashrate Example: Coin: XMR My hashrate: 1kH/s avg Global (network) hashrate: 600MH/s avg Block time: 2min -> 720 blocks/day Block reward: ~3.85 (as of 9/2018, together with tx fees) (1,000 * 720 * 3.85) / 600,000,000 = 0.00462 XMR/day 2. Calculator sites You can use one of many sites with profit calculations. We have a simple profit calculator on every pool's "Dashboard". As an external site I can recommend these sites: CryptUnit (personal favorite) WhatToMine.com Crypto Coins Calculator You enter your hashrate, source of mining (GPU/CPU) - based on this the site calculates your hashrate for other CN variants (it is a GUESS! Make your own tests, depends on exact hardware) As of today, putting 1kH/s speed calculated me 0.0046 XMR/day earnings (0.5% error and my averages were more or less eyeballed from graphs and block history). 3. Analyzing calculations, error margins But wait! I did this, and I got much less! Well, there are many things that go into this. Mining time - If you mine for a short period of time, there are more things that can influence your earnings. Effort (luck) of those blocks might not be 100%. Longer you mine, more precise predictions will be. Coin price changes in fiat - Coin price affects number of mined coins a lot. It dictates global hashrate (people jumping to more profitable coins), and the way number of mined coins. Network hashrate fluctuations - Global (network) hashrate changes all the time. This affects your earnings probably the most. Look at the difficulty/hashrate graph (essentially the same thing, but different units). If it went up, you will earn less and vice versa Luck - Yes, this is still mining. There will always be the luck factor. But as I said, if you mine the same thing for a long time, luck factor averages out. 4. Summary Profit calculators are great, but don't expect they will be 100% accurate. Be conservative, expect maybe 80% of that. Observe trends, changes, and try to have count with that. Also keep in mind your electricity costs