How To Calculate Mining Profit The Easy COMPLETE Guide




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are you looking into some passive income with your computer's GPU well before you even consider doing that it's important to see how much money you'll make doing it or seal flow even profit at all today I'm gonna cover a couple methods to help you calculate your mining profit there's an easy way and there's a hard way a disclaimer mining difficulty is always changing so the calculators used in this video should be taken with a grain of salt since more than likely mining difficulty will increase down the line the super easy method of calculating your profit applies to those of you who use the service nice hash one of these simplest programs to start mining I have a super awesome guy to showing you how to setup and use nice hash on your computer at home I'll leave that video in the card in the top right and in the description below calculating your profit is as simple as visiting this webpage in a description selecting your hardware currency electricity costs and clicking calculate if your hardware is not on this list it most likely will not give you a decent profit but the second calculation method later in this video will give you a solid answer if your mining with a CPU and GPU or multiple GPUs inside of nice hash calculate them separately and add up the total as for electricity costs this is on an individual level so you'll have to find your last month's bill and see what your electricity rate is going to be once you click calculate it's going to show daily weekly and monthly earnings with electricity factored in a gtx 1060 with six gigabytes of vram will earn a bit over thirty-eight dollars a month not too shabby that's gonna wrap up the simple nice hash method the harder method will work for everybody and it involves plugging in your GPUs hash rate power consumption electricity costs and any pool fees into a site like crypto compare I'll leave a link in the description your electricity rate can be found on your bill through your provider and your pool fee is dependent on whatever pool you are part of each one has a different individual fee here's a quick resource of some pools and their fees in a description now let's get to the two harder ones your hash rate and power consumption let's start with hash rate first you're gonna have to decide what algorithm slash cryptocurrency are mining GPUs mine different cryptocurrencies at different hash rates so you have to calculate each one individually unlike nice hash which can pick the most profitable algorithm if you need help picking a hash rate what to mine is an excellent website which tells you what to mine I'll have a link for that below as an example let's say you have a GTX 1060 with six gigabytes of vram and you want to mine Z cache the simplest way to see the hash rate is by mining Z cache and seeing what your program shows your hash rate to be simple enough however if you don't have a mining program yet you can typically do a Google search which will give you multiple reports on a GPUs hash rate the GTX 1060 seems to get around 300 to 330 hashes per second on Z cache after looking at multiple websites a pretty consistent number which we can assume is pretty close to accurate 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 if you don't own a kilowatt going to your GPU manufacturer's website and finding the max power consumption of your card is typically not a bad estimate but don't rely on this for accurate results so we saw between 300 and 330 hashes per second through a Google search let's guesstimate 315 we're gonna use 150 watts for power consumption let's assume our electricity rate is 12 cents and the pool fee is 1% you're gonna find your profit is about $16.66 per month on a gtx 1060 mining z cache at the current mining difficulty looks like Zee cash isn't the algorithm combined today especially since nice hash has us making almost $40 per month to find the best algorithm right now once again what - mine is an excellent resource that's gonna wrap up the video everybody if you want to see more cryptocurrency guides and discussions on my channel make sure to subscribe to catch them all in the future don't forget to follow me at tech lemur on social media and that is all I have to share with you thank you so much for watching and have a lemur richest day [Music]