WhatToMine: multiply your Bitcoins!
What better way to make money than mining cryptocurrencies?
The mining of currencies has gained fame as the most profitable method of obtaining cryptocurrencies. The mining, which consists of encrypting all the transactions that are made with these currencies, allows us to generate free and continuous small amounts of the currency that we are mining, as a reward for the encryption work. This is done by the computer and there is no need to do any manual work, and clearly the earnings vary depending on the capacity of our computer.
What is WhatToMine?
What are the "economic losses"?
Mining with GPU: this type of mining is the one that interests us in this case, and for that we will now use WhatToMine. Expenses in this case are generated by: electrical expenditure of our PC during the entire time that we have it on for mining; expense of the components of the PC, keeping in mind that keeping it on for long periods of time to carry out the mining, will end up shortening the useful life of the equipment.
Mining in the cloud: this type of mining allows us to pay for Hash Power (which is something like the mining power) of a remote server, in exchange for a really high mining power, and it is up to us to calculate the point where this method becomes profitable.
What To Mine will be responsible for calculating, according to the data we enter, what our profits will be in an hour, in a day, or even for a month, taking data such as the power of our GPU and the electricity cost in our country.
Let's measure our Hash Power
First we go to the top of the screen, and there we have a small list of common GPUs. The variety to be chosen is quite limited, so in the event that our GPU does not appear, we must choose the one closest to our model. However, according to the information that appears on the same page, the default values are adapted for 480 graphics cards.
We take advantage of placing an example, in which we assume that we have 2 GeForce GTX 750 Ti cards and another 2 GeForce GTX 1050 Ti cards. When placing the quantities, click on the button next to it, and automatically calculate the mining power data. The power of mining that does not give, is equivalent to algorithms for certain currencies, that is, to put some examples: Equihash that is for Zcash, Ethash that is for Ethereum or Musicoin, etc.
Which is the most profitable currency?
Still on the main page, when we go down a little we get a list with different currencies, and a great information about each of them. We will analyze the most important data in this table to better understand what we will do:
- In the first column, BT the time to complete a block, BR rewards the miners for each block, LB the number of the last block completed.
- In the second column, the current mining power and the difficulty of mining.
- In the fourth column, its value in Bitcoin.
- In the fifth column, the total value of all the currencies in the market, both in dollars and in Bitcoin.
It should be remembered that once we enter the information on our graphic cards, the list will be automatically ordered from the most profitable to the least profitable, in descending order.
In this table we will see the information that interests us the most: which is the most profitable currency. In the sixth and last column, we find the efficiency percentages for mining each coin, compared to Ethereum. For our example, we are going to choose EthereumClassic (ETC), which uses the Ethash algorithm, which indicates an estimated gain of 101% after one week.
Let's calculate our profits
On this page we must remember the mining power data that we calculate at the beginning of the process. For EthereumClassic (ETC), which uses the Ethash algorithm, we had a Hash Rate of 28.72 Mh/s and power of the cards of about 230 W. We replace these data in the corresponding boxes, and finally we put the electric cost of kWh of our city, to calculate our net profits after the same page calculates the losses for electrical consumption to keep the PC turned on by the mining process. Here we will assume an electric cost of 5 cents per kWh.
We also have another very striking option, in which WhatToMine gives us the option of placing the cost of the GPU that we have bought, in case we want to acquire a team to mine and we find ourselves calculating expenses before taking the big leap. In this case, you only have to fill in the ¨Hardware cost¨ field with the cost in dollars of the equipment purchased or to be acquired. Once the required data is filled, we press ¨Calculate¨.
Below the details about the currency, we can see what our profits will be in "Estimated Rewards", for one hour of mining, for one day, for one week, for one month, and for one year.
The most important thing about this table is ¨Rev. BTC¨, which would be the equivalence in Bitcoin, and ¨Profit¨, which shows us our net earnings estimated in dollars, in the aforementioned periods of time.
If you want to test, you can enter different currencies and perform the same calculations, and you can compare and measure which currency is most profitable.
Once you have made the calculations and made the accounts, you can take the next step without fear and start mining; with WhatToMine, earnings are assured.
What else does WhatToMine offer me?
- ASIC: this section is dedicated to what they have a specific machine to mine, called ASIC. Here calculations are also made to see which mining is more profitable, and as the same page informs us, the values are adapted for an Antminer S9 machine.
- Coins: from this site we see information about each currency, although it is the same as accessing each currency from the main page.
- ETH+, ETC+, EXP+: this section is for those who want to combine 2 different mining coins; you just have to press the button and a submenu will open with a large list of options; click on the one that interests you, and perform your calculations as in the other sections.
your friend says goodbye, until the next opportunity!