So you want to start mining Ethereum or you are already mining it, but you don’t know how profitable it is or how much money you should be making. In this article, we will explain how to calculate the mining profitability.
First, we need to understand how Ethereum mining works. For every new block on ETH network that a miner found, he will get 2 Ethereum coins as a reward. Unless, you have a lot of hashrate, for example over 5GH, you are most likely mining together with other people using a mining pool, which means you will split these 2 ETH with the other pool members. Using a mining pool is recommended for most miners, because it will allow you to get payouts more frequently and you won’t have to rely on finding a block luckily.
Besides getting those 2 coins per block, there is also a small fee which goes to miners and this fee can highly increase the profitability, when there are many transactions on the network. Just a few days ago, there was a block with over 230 ETH. However, this is not very common situation and miners will find blocks with 2-3ETH on average.
Now that we saw how much a mining pool can get from one block, let’s see how much a miner can actually make.
An example of good online calculator is whattomine.com. This website allows you to select the type of graphic card you are using in your mining OS and see it’s hashrate on the network. For example, a 580 8GB can achieve somewhere between 30 and 32 Mhs, which means that in today’s profitability it can make approximately $2.50 per day. With a normal 6 GPU rig, you will make $15 per day which is pretty good for a graphic card that came out 4 years ago.
Another good website you can use is hashrate.no, which not only will show the current profitability of your mining rigs, but will also give you overclock recommendations for dozens of GPUs. Additionally, it lists the most profitable graphic cards on several algorithms like Ethereum Classic, Raven, ERGO and others. The overclock settings are all tested in the SimpleMining Software.
Lastly, cryptocompare.com is another online calculator, where you can indicate the hasharte of your mining rig and receive an estimate of how much you can make per day, week, month and year. This website allows you to also get an idea of the profitability of other coins that are mined with ASICS, such as Litecoin and Bitcoin.
We recommend that you do as much research as you can, even after using these websites. They will only give you an estimate, you might not reach exactly the same hashrate as these calculators tell you or you might not be able to maintain a stable speed all the time, which can affect how many coins you will get at the end of the month.
It’s also important to note that the price of Ethereum can vary significantly from day to day, which could greatly affect the profitability in dollars.