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How Accurate is the Nicehash Profitability Calculator?

In the 459 days that I have used Nicehash to sell my hashpower in exchange for cold hard bitcoin, the experience has been exciting and rewarding.  The thrill of watching the number in my Nicehash wallet go up daily is quite satisfying, knowing that I doing pretty much nothing to earn it.  While initially, the set up of the Nicehash Miner was tedious and fraught with headaches owing to the constant inference with it by my paranoid antivirus software, with time and experience, I managed to learn how to iron out this quirk and make my old gaming desktop run the Nicehash miner smoothly more or less without interruption.  As a result, in the year and a half that I have used Nicehash to earn bitcoin, the operation has more than paid for the cost of video card in my machine, and is well on its way to covering the cost of all the other components as well.  In all honesty, I regret not mining with Nicehash earlier!

Nicehash Profitability Calculator

All that said, how profitable has this venture truly been?  On the Nicehash website there is a handy tool that calculates the mining profitability of various CPU's, GPU's, and ASIC's.  According to Nicehash, all data given by this profitability calculator is based on testing of the components in question done by Nicehash itself in ideal conditions.  To their credit, Nicehash admits that their estimates may be inaccurate owing to various factors that come into play when we end users try our hands at mining crypto ourselves.  So how does the actual profitability of my hardware compare with the estimate of Nicehash' Profitability Calculator?

Nicehash Profitability Calculator NVIDIA GTX 1060 6GB

The old gaming rig which I have used to mine with Nicehash presently contains a single GTX 1060 6 GB.  The current net profitability estimate given by Nicehash for this card is $1.70 USD or 0.00002829 BTC per day. 

Nicehash Miner Interface

The current profitability shown in the Nicehash Miner on my old gaming rig is $1.08 USD or 0.00001803 BTC per day which is obviously much less.  

As low as this return may seem, bear in mind that I am in a unique circumstance where I don't pay for electricity and the cost of internet is fixed regardless of usage. 

The fact remains that the return is disappointing given Nicehash's estimate.  But what if we take a longer perspective?

Nicehash Reports

Nicehash has a convenient feature that compiles reports on a wide variety of activities associate with your mining operation.  I used this feature to total the amount of Bitcoin accumulated through my usage of the Nicehash miner from the first day (August 15, 2020) to the present (November 11, 2021) and find how much I've earned per day. It works to a little under 0.00002589 BTC per day.  This is still below the current estimate given by the Nicehash Profitability Calculator, but its much closer to it.

Either way, I remain a satisfied user of the Nicehash Miner which has enabled me to create a small but highly convenient source of passive income in the most important cryptocurrency on the market.  I will definitely continue to use the Nicehash Miner to earn Bitcoin for the foreseeable future.

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Treasury of Skalitz
Treasury of Skalitz

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