There is a few things to keep in mind when mining - it's not free.
In this guide I will give you tools to be able to calculate and estimate how much each miner you are planning to mine will make you.
Let's start by calculating your revenue.
I'm going to save you time here and focus you on how to calculate revenue from every miner.
First, you need to find out what algorithm the miner mines. on our site, we clearly show it on the product page, so you can grab it from there. Let's examine the Antminer S19. When you go to the product page you can see what coins it can mine, and what algorithm it's compatible with.
Mining Algorithm: SHA-256, Minable Coins: Bitcoin (BTC), BitcoinCash (BCH), Acoin (ACOIN), Curecoin (CURE), Joulecoin (XJO), Unbreakable (UNB), Peercoin (PPC), Mark (DEM), Terracoin (TRC), BitcoinSV (BSV).
As you can see, the Antminer S19 can mine SHA256, which means it can mine Bitcoin.
Next, let's take a look at the title of the S19 -
"Bitmain Antminer S19 Pro 110TH/s BTC Bitcoin Miner"
In the title, it says 110 TH/s, which means 110 Tera Hashes. So now we know what coin it can mine, Bitcoin, and, it's hashing power, 110 Tera Hashes.
Let's do a quick Google search "Mining Calculator", and you will find a few results you can use. Those calculators check current block reward, difficulty and some other factors like electricity cost and so on.
Instead of wasting our time calculating all that, lets just choose a mining calculator, and enter in the information. Find Bitcoin mining calculator and enter your hash rate. If you are using a different miner - use the coin of your choice, or find the coin that perform the best at the time to mine, and calculate using that coin. In his case we are using Bitcoin.
So as if writing this article, 7/29/2021 4:00 PM PST, we will have a revenue of $1209.91 per month from one Antminer S19 with 110 TH/s mining power, assuming 0 electricity cost, 0 pool fee, and no other expenses. In the next chapter, we will talk about COST and how it effect your final profit. By the way your revenue is not in dollars, or 0.00304 BTC a month.
Alright, so now we know that we are making $1209.91 or 0.000304 BTC per month. Now let's calculate the cost of purchasing and mining the machine.
I always start with the most complicated expenses first. For example, location and rent. Do you need to pay rent, and or setup fees to run your miner? In my case I use my shed outside so I will not include that expense. If you need to spend money on location, rent, setup and so on, you need to add your expense here. I would also add any extra equipment needed to run the miner like power supply, power breakers, wall sockets, cooling, cables, internet and so on. I will skip those because when you mine from home, you pay for those anyway.
Another expense to think about is ELECTRICITY. This is usually the largest expense and it's ongoing - unless you are a unicorn and you don't pay for electricity somehow.
Calculating electricity cost is not very hard - check your power bill, or ask your local power company for a rate. Some rates depends on the time of day, but I will be using a flat average rate. I live in Los Angeles, one of the worst places for electricity cost. I pay $0.22 per KW/h.
Lets find and calculate how much our miner consumes -
|Power on wall @25°C, Watt||3250W ± 5%|
Checking the product page, the power consumption is listed as such.
So we are consuming 3250W, that's 24 hours a day so 78000W per day, time 30 days a month 2340000w but we want KW/h so lets divide this by 1000. Total 2340 KW/h, times $0.22 that I pay equals $514.8 per month.
The machine list price is $6,999.99 But at the time of writing, the miner is out of stock and most likely sold for a higher price.
Another cost that you need to include is Pool Fee. Every pool is different and you can find a list of pools and their fees with a quick google search. Let's assume 2% for easy calculation.
Now that we know our monthly revenue - $1209.91, we need to deduct pool fee of 2% which gives us $1,185.71, now lets deduct the monthly electricity cost (and any other ongoing cost for this miner that you have ) -$514.8 total we have $670.91 as PROFIT every month.
You can also enter all that info inside an online calculator instead of wasting time calculating it yourself. Notice how I entered the power consumption of 3250w, KW/h cost of $0.22 and a pool fee of 2%.
This means we will get our money back after expenses in about 6-7 months, assuming those numbers stay fixed.
That's it! now just look at the miner, find the right coin to mine, find your hashing power, electricity cost, add any other costs and expenses and you are ready to know what is your estimated return on your investment.
You might have unexpected expenses like a broken fan, overheated miner, rise in electricity cost and so on, so you can find a way to add it in there as room for error but you get the idea.