More and more people are becoming interested in mining Bitcoin, and they want to have an idea of how many Bitcoin mining dollars they can make. There is no hard and fast answer that will work now and in the future because of a range of factors. The difficulty for mining the Bitcoins increases every two weeks, for example. In addition, the amount of power that you are using, and the cost of that power, will eat into the profit. You also need to consider the cost of the machine and the amount of hashing power that it has.
Using an Online Calculator
Due to the constant changes in the world of Bitcoin, rather than using an equation, many miners are choosing to use cloud mining Bitcoin mining calculators instead. These calculators are a fast and effortless way to get a better idea of how much you can make with your Bitcoin mining operation based on the current Bitcoin difficulty, the current block reward, and the current value of a Bitcoin.
Several online calculators are available, and they should give you the same results, if you have entered all the information correctly. You will need to provide the calculator with the hash rate of your machine. They are generally going to be in GH/s or TH/s. make sure you are entering the right amount for your machine to get the correct results.
In addition, you need to consider the power of the machine, and the cost of the power. Because power costs can vary so much across the United States and in other parts of the world, many Bitcoin miners have decided to place their machines in datacenters that have the lowest energy costs possible. In the United States, for example, some of the states that tend to have low electricity rates include Louisiana, Idaho, Washington, and Arkansas. However, rates can and do change, so if you are going to have your machine hosted at a datacenter, be sure to look at the most current electricity rates. The lower the better.
One of the other factors that you need to consider when you are trying to determine how much you will make, and which is generally included on the calculators, is the pool fees. Most of the Bitcoin miners today who want to make a profit know they can’t do it alone, so they become part of a pool. They then pay a percentage of their profits to the pool.
You will also need to add the current Bitcoin difficulty, along with the block reward. Also determine how much the current value of a single Bitcoin is, as this plays a huge part in how much you are making. The greater the value the more you will be making per hour.
Finally, you may also want to add in the cost of your mining equipment. Many of the machines on the market that can perform well are going to cost around $2,000. If you want to determine how long it will take to make a profit, you will want to be sure to add this into your calculations, especially if you have more than just one machine up and running.
It is also important to keep in mind that from the time you enter your information and get your results to determine just how much you could make per hour in Bitcoin mining hosting dollars and the time you start mining, the variables could change. You should make sure that you check the calculator ever couple of weeks to give you a better indication of how much you are mining and making.