In today's article i will explain shortly what the easiest way to see your mining profitability and what your electricity costs would look like.
Mining, a term commonly used more than the actual term is used for (funny, i know), in a more complicated way, using your hardware to solve hashes which are needed to mine a block.
Mining is very profitable, but when building a rig you should always know your possible profitability and electricity costs before you buy it, so let's head into that shall we?
Simplest ways to check your mining profitability.
To check your mining profitability for all algorithms, you should head over to whattomine.com and pop in the number of the GPU's you have (of course the results it shows is with the best possible OC options), and then either be amazed or dissapointed.
If you plan on mining with nicehash, you can simply go to this website and just say which GPU you have and how many of them, and it will show you what you would be mining with the NiceHash algorithm.
Simplest way to calculate your electricity costs.
The website i use for calculating electricity cost is omnicalculator. It is very simple to use and has a lot of great features and other calculators.
To calculate your electricity, all you need to know is how many watts your GPU's use, and pop that into the wattage section.
Then you want to figure out the cost per kWh in your area, in the U.S, it is around 12 cents.
Lastly, you need to put the amount of hours that your rig is going to be working, just say 24/7, because that is probably what your rig is going to be working at, but if not, select the time that you want, and you will get your results.
IMPORTANT THING TO KNOW ABOUT CALCULATING!
You always need to think long term, and not think about the amount of money you are making, but the amount of coins you are mining, say you mine 0.01 ETH per day, if the price fluctuates you still make and have the exact same amount of coins, but the price is less or more.
Say the price goes up, your profitability goes up, the price goes down, it goes down.
NEVER SELL CRYPTO WHEN THERE WAS A RECENT DIP.
Thank you all for the attention, i hope you all enjoyed reading my article, and maybe even learned something new, and i'll catch you in the next one, stay safe, k1llswitch.