In the following few steps you will learn how to calculate the required system and hash power to mine a specified amount of cryptocurrency. In this post I've used #Monero as an example.
First of all you have find out how much time does it take for a block?
For example #Monero currently has an average block time of 2 minutes (average block time = avgBlkTime).
Let's do simple math:
1 d (day) = 24 h (hours) = 24*60 minutes = 1440 min (minutes)
Therefore there are approximately:
1440/2 = 720 blocks/day (blocks per day)
blocks a day.The reward you get for mining is proportional to the share of the network hashrate you got (hashrate = hsRt). Currently the hashrate for example for #Monero is:
approx. 23.0 MH/s = 23000000 H/s (for more info. check http://moneroblocks.info/)An important parameter to consider in your calculations is that the amounts of rewards decrease in each block with time. Now for the sake of our calculations we will use 9 XMR for the reward (average block reward = avgBlkRwd).
(To find out the exact reward at any given time, you could go to a block explorer such as http://moneroblocks.info/ for #Monero and click on the most recent block and write down the reward for that block.)For the final step of the calculations to calculate the reward you want on a daily basis (daily reward = dRwd):
dRwd = (1440/avgBlkTime) * avgBlkRwd * n/(hsRt)
where your share of the hashrate is "n". You can calculate with the following relation:--------------------------------------------------------------------------- n = dRwd*hsRt/( (1440/avgBlkTime)*avgBlkRwd ) ---------------------------------------------------------------------------
Now for example you want to mine 0.5 XMR from a #Monero mining pool then you have to have a system with a hashrate of:
dRwd = 0.5 XMR
hsRt = 23000000 H / s
avgBlkTime = 2 min
avgBlkRwd = 9 XMR
n = 0.5 * 23000000 / (720 * 9) = 1774.6914 H/s