How to calculate the profitability of your Ethereum mining rig

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If you’ve gotten into mining, you’re probably wondering how you can figure out exactly how much money you’re actually going to make from this endeavor. It’s entirely possible that the answer to this question will be “zero”, but let’s go with the best case scenario and assume that the coins we’re mining are going to increase (or at least hold steady) in value.

Calculate profitability of Ethereum mining rig

The easiest way to calculate the profitably of pretty much any mining rig — but in this case an Ethereum mining rig — is to use the mining profit calculator tool at a site called CryptoCompare. Currently the tool has easy access for calculating the profitability of Bitcoin, Ethereum, Ethereum Classic, Monero, ZCash, Pascal, Dash, Litecoin, and LBRY.

Here’s what it looks like:

At the time of this writing, the current price of 1 ETH is $222.67, which is close to an all-time high. At this price, and at current difficulty level, network hash rate, and a block reward of 5ETH, a rig with a Hashing Power (the first number that you can input in the box above) will generate around 3.68 ETH per month, or roughly $747.93 at current prices.

It’s not just that simple, however. The calculator can also take into account the cost of your electricity and the amount of power your rig is consuming at the wall. (If you want to easily check your power consumption at the wall, use a Kill-a-Watt meter — they’re about $20 on Amazon.) The above numbers take this into account for this example, and the rig will cost about $70 per month in electricity at a rate of $0.1 per KW/h (the final box in the image above).

In this case, that’s going to be a mining rig that has around 6-7 of the recommended GPUs. Each of one of the most-profitable GPUs (the RX 580, RX 470, or RX 480) are going to generate anywhere between 24 and 31 MH/s depending on clock speeds, RAM size, and other factors. So a rig making these numbers would cost upfront around $2000 at current prices.

Want to learn how to build a 6 GPU rig for Ethereum? Click here.

The same idea applies to any of the other currencies that CryptoCompare easily allows you to calculate. But keep in mind that your cards are going to have a different hashrate depending on the algorithm that they’re working against. You can’t just insert that 150 MH/s number from Ethereum, for instance, into the calculator for one of the other coins.

I’ll detail this further in a different post, but if you want to check your cards’ hashrates against pretty much every algorithm and cryptocoin in existence, you can use a site called whattomine, insert your hashrates and power consumption for your rig, and let it run the numbers. It’s pretty nifty.

Do you appreciate this guide? Tips welcome!
Ethereum: 0x51984c8b295e6ee46d0d0fba0fd5548cff632327
Bitcoin:
17nveRFLh833mnFjkyk9zaw9oYFudV8UKF

 

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We teach humans how to mine cryptocurrency.