Enter your hash rate, power consumption, and electricity cost into the calculator to determine your NiceHash profitability.

Profitability Calculation Formula

The following formula is used to calculate the profitability from your mining setup.

Profitability = (Hash Rate * Profitability Factor) - (Power Consumption / 1000 * 24 * Electricity Cost)

Variables:

  • Profitability is the net profit from mining ($)
  • Hash Rate is the computational power of your mining rig (MH/s)
  • Profitability Factor depends on the hash algorithm used
  • Power Consumption is the energy consumed by your mining rig (W)
  • Electricity Cost is the cost of electricity per kilowatt-hour ($/kWh)

To calculate the profitability, multiply the hash rate by the profitability factor and subtract the product of power consumption, 24 hours, and electricity cost from it.

What is NiceHash Profitability Calculation?

NiceHash profitability calculation refers to determining the net profit from using your mining hardware on the NiceHash platform. This involves knowing your hash rate, the power consumption of your setup, the electricity cost in your area, and the specific profitability factor for the algorithm you’re mining. Accurate calculation helps in effective financial planning and optimization of mining operations.

How to Calculate Profitability on NiceHash?

The following steps outline how to calculate profitability using the given formula.

  1. First, determine your hash rate based on your mining hardware.
  2. Next, find out the power consumption of your setup.
  3. Determine the electricity cost per kilowatt-hour in your area.
  4. Identify the profitability factor for the hash algorithm you are using.
  5. Use the formula from above: Profitability = (Hash Rate * Profitability Factor) – (Power Consumption / 1000 * 24 * Electricity Cost).
  6. Finally, calculate the profitability by plugging in the values.
  7. After inserting the variables and calculating the result, check your answer with the calculator above.

Example Problem:

Use the following variables as an example problem to test your knowledge.

Hash Rate = 50 MH/s

Power Consumption = 200 W

Electricity Cost = 0.10 $/kWh

Profitability Factor (SHA-256) = 0.00002

FAQ

1. What is hash rate?

Hash rate is the measure of computational power per second used when mining cryptocurrencies.

2. How does electricity cost affect profitability?

Higher electricity costs reduce profitability as they increase the operational expenses of running mining hardware.

3. What is a profitability factor?

The profitability factor is a variable that represents the earnings potential of a particular hash algorithm.

4. Can I use this calculator for different mining algorithms?

Yes, the advanced calculator allows you to select different hash algorithms and calculates profitability accordingly.

5. Is the calculator accurate?

The calculator provides an estimate of profitability based on the inputs provided. For exact figures, it’s best to monitor your mining performance on NiceHash directly.