{"id":2734,"date":"2020-11-30T15:14:32","date_gmt":"2020-11-30T15:14:32","guid":{"rendered":"https:\/\/2miners.com\/blog\/?p=2734"},"modified":"2020-11-30T16:56:07","modified_gmt":"2020-11-30T16:56:07","slug":"how-to-use-2cryptocalc-mining-profitability-calculator","status":"publish","type":"post","link":"https:\/\/2miners.com\/blog\/how-to-use-2cryptocalc-mining-profitability-calculator\/","title":{"rendered":"How to Use 2CryptoCalc Mining Profitability Calculator"},"content":{"rendered":"

Buying and setting graphics cards up is not enough to start mining. At all times, you need to know a lot about different cryptocurrencies: their mining difficulty<\/a>, overall network hash rate, and even potential hacking issues. 2CryptoCalc<\/a> helps you save time and find the most profitable cryptocurrencies for mining. Let\u2019s see how to use this tool to its full potential, with screenshots and examples.<\/p>\n

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Should You Buy a Mining Rig?<\/h2>\n

If you haven’t bought a graphics card or other mining equipment yet, 2CryptoCalc will help you evaluate mining profitability. Remember that the calculator is not a fortune teller. It doesn’t know the price of Ethereum tomorrow or how many new miners will join the industry in a week.<\/p>\n

Let’s say, your friend is selling a rig of eight Nvidia 1070 graphics cards. He said that he had used it for three years, it had paid off long ago. So he doesn’t need it anymore. The price is $1,300. At the same time, you are thinking of becoming a miner. Would you buy it? How would you know if you need it?<\/p><\/blockquote>\n

Let’s use 2CryptoCalc. We look for the GTX 1070 on the main page and indicate the number of GPUs, eight in our case. The calculator shows that the rig profitability is $8.00 per day.<\/p>\n

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Remember that the calculator doesn’t count electricity and other expenses. Electricity costs differ. 1 kWh may cost you $0.1, $0.05, or almost $0.01.<\/p>\n

All calculations were done at the time of writing. Go to 2CryptoCalc<\/a> and enter required values to get the latest data.<\/p><\/blockquote>\n

How much electricity does the rig consume? It depends on the number of GPUs and the algorithm. Your friend that is selling the rig will likely give you all the numbers. If you have no idea how much energy the rig can consume, google it or search in this Telegram chat about hardware<\/a>.<\/p>\n

The rig of eight Nvidia 1070 cards consumes around 1 kWh, or 24 kWh per day. Let’s say you pay $0.066 per kWh then 24 x $0.066 = $1.6. These are your electricity expenses.<\/p>\n

8 \u2013 $1.6 = $6.4 per day.<\/p><\/blockquote>\n

This is the profitability of your rig. Calculating the payback period is easy.<\/p>\n

$1300 \/ $6.4 = 203 days<\/p><\/blockquote>\n

Now you might ask: “And that’s it? That easy?” Not quite. As mentioned before, the calculator can’t predict the future. Plus, the rig is old, so the PSU may fail and GPUs may break. But if you imagine that in the next 203 days there will be no drastic changes in the chosen cryptocurrency network and no equipment problems, the calculations are pretty accurate.<\/p>\n

Plus, after 203 days you will still own the same rig. It will become a bit older, but eight GPUs and motherboard with CPU would cost no less than $650.<\/p>\n

Which GPU is the Best for Mining?<\/h2>\n

Let’s say, you want to find out the most profitable GPU for mining. But there are too many factors: prices, brands, availability, etc. 2CryptoCalc has a page dedicated to the most profitable GPUs<\/a>.<\/p>\n

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Here you can find approximate payback periods, prices, and mining profitability.<\/p>\n

The pricing will not always correspond to the place where you live. If you see that the price you have is completely different, you can go to the page of a certain graphics card and enter your price there. This way, you will get the accurate estimation of the payback period.<\/p>\n

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Is Mining on Gaming Computers Profitable?<\/h2>\n

Let’s say, you are a gamer with a cool gaming computer. You’ve heard that people use GPUs for mining, but never tried it out. No worries. 2CryptoCalc will help. Go to the main page, find your GPU and click on it.<\/p>\n

If you don’t see your GPU on the list, it is probably too old for mining. Mining with 3GB GPUs is close to impossible.<\/p>\n

Let’s say, you have the brand new Nvidia 3090<\/a>.<\/p>\n

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If you mine with it all day, it will bring $4.06. On the same page<\/a> you can see the payback period if a graphics card mines 24\/7. Remember that the calculator doesn’t count electricity.<\/p>\n

We have already explained above how you can estimate your electricity cost.<\/p><\/blockquote>\n

If you are satisfied with the result and interested in mining, the next step is to find the most profitable coin for your graphics card. To find it, go to the 2Miners pool<\/a>. Each pool’s How to Start Mining page tells you which software you need to download and how to get a cryptocurrency wallet. It also has a video tutorial on mining setup that’s only 2\u20133 minutes long. It will take you the same amount of time to actually set up your equipment. Here is what the How to Start<\/a> Mining page of the Ethereum pool looks like.<\/p>\n

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If several coins are equally profitable and you have doubts, choose Ethereum if it’s available. Ethereum is the second most popular coin in the world. It is supported by a billion wallets and exchanges, and you can always exchange it at the best rate.<\/p>\n

Only Bitcoin could be better than Ethereum, but you need special ASIC devices to mine Bitcoin, and such devices become obsolete in just a year. Read more on the topic in our article “ASIC vs. GPU Mining Rig: What is Better?”<\/a><\/p><\/blockquote>\n

An Average Miner<\/h2>\n

Let’s say, you are a professional miner and have always used WhatToMine. However, you don’t find it easy to use. 2CryptoCalc<\/a> is just right for you. If you know the hash rate for each algorithm, you can enter it directly. The calculator will show the most profitable coins. Save the link with your hash rate, add it to bookmarks and open every day with just one click.<\/p>\n

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Many users, including professional miners, like to define the number of GPUs instead of hash rates. So far, it’s the perfect solution if you want to find the best coin for mining. Enter the number of your GPUs on the main page of the calculator. You will see the list of the most profitable coins. In addition, the calculator will notify you if some of your graphics cards can’t mine certain coins.<\/p>\n

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If you don’t enter the number of GPUs, then by default, the 2CryptoCalc main page shows you mining profitability for 300 Nvidia 1070Ti graphics cards. It may be useful if you like to always stay up to date and see the big picture. For example, you may want to know how profitable mining is overall, or which cryptocurrency is leading today.
\nImagine if your GPUs mine Zcoin, and Ethereum difficulty has gone down by 40% today, and you don’t have a clue. Make sure to check out the calculator to stay up to date.<\/p>\n

Solo Mining<\/h2>\n

We have written a lot about solo mining. Here are the main materials.<\/p>\n