Best Bitcoin Mining Calculator in 2018?
In 2018 Bitcoin has become very popular, leading to many dozens of websites offering tools like Bitcoin mining calculators - even us! This guide will go through several of these, and highlight the best across 3 categories: simple to use, customisation & predictions.
Best Bitcoin mining calculator for beginners
When you first get involved in Bitcoin mining, you can easily get overwhelmed with too much information as there are so many factors involved in mining profitability. Some calculators we like because they offer a very simple user interface:
- CryptoCompare is the first result when you search for 'Bitcoin Mining Calculator', and for good reason. Their calculator offers default values for many things, but allows you to customise the hashpower, power consumption, cost per KWh and mining pool fee. Using these numbers it estimations for your daily, weekly, monthly and yearly income. It does not take into account future difficulty changes though, so this calculator will potentially over-estimate mining profits.
- Bitcoin Kit (us!) have a page listing the profitability of various Bitcoin ASIC miners, including optimistic/skeptical predictions for future profitability (taking into account price & difficulty changes).
Best Bitcoin mining calculator for customisation
Once you've been involved in Bitcoin mining for a while, you'll likely want much more customisation when estimating profit via mining calculators. Calculators with fully customisable input:
- CoinWarz offer a calculator very similar to CryptoCompare, but also allow you to customise difficulty, block reward, Bitcoin's price in USD & add hardware costs. This allows you to customise the calculation based on your personal views on Bitcoin's future price/difficulty (e.g. if you think price will decrease you can take this into account). It also gives you the time to break even which is very useful.
- 99Bitcoins offers a very customisable calculator similar to CoinWarz, except without defaulting many of the values. Some may find this useful as you may forget to change a default value on CoinWarz potentially offsetting your calculation.
Best Bitcoin mining calculator for future predictions
Above we list a number of calculators in different categories; this section will focus on the area of predicting future income, where by taking into account price & difficulty changes a calculator can simulate what might happen in the future. This can be done through for example CoinWarz by trying to average the price/difficulty over the next year or two, but the below calculators do this aspect for you:
- My Crypto Buddy allows similar customisation to CoinWarz & 99Bitcoins, but also allows you to input monthly price & difficulty changes. After inputting this it offers a chart with your potential future income based on the inputting data. This allows you to see the effect of different price/difficulty changes on your future profitability.
- Our mining calculator offers a similar prediction to My Crypto Buddy, but pre-populates the price & difficulties with optimistic/skeptical values - allowing a quicker analysis, but less customisable. It also allows you to quickly compare different mining hardware on one page.
- NiceHash also offers a useful calculator for checking the profitability of specific mining hardware, allowing you to see the profitability over the past month if you'd used that hardware with NiceHash. It's more aimed towards backtesting profitability rather than predicting it though.
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