The world is moving at an incredibly fast pace when it comes to new technologies. This has never been more true than with the advances being made with the Bitcoin network.
Am I going to miss the boat?
FOMO is at an all-time high. Have you been puzzling if, how and when you should be getting involved in Bitcoin? Should you be buying some Bitcoin and hodling (saving) it? Should you be investing in an innovative Bitcoin company, or two? Should you be trying your hand at Bitcoin mining?
How do you work out what are the best options for you or your company?
How can I calculate if Bitcoin mining will be profitable for me?
Bitcoin mining’s profitability depends on so many different variables, and assessing whether Bitcoin mining is right for you involves complicated calculations.
Here are just a few of the parameters that need to be taken in to account to work out the potential return on investment of Bitcoin mining:
- How much did you invest in mining hardware?
- What is the energy consumption of your mining rig(s)?
- What’s the cost of electricity per kW/h?
- Will you need to pay hosting fees, or are you mining yourself?
- Will you need to pay a mining pool fee?
- How will your profits be effected by the next halving?
- What is the current price of Bitcoin, and the expected price development over the course of your investment?
- What is the current mining difficulty?
There are many simple mining calculators available online which will allow you to roughly calculate potential profitability, using just a couple of the above-mentioned variables.
We at MIM have gone one step further. We have developed one of the most sophisticated mining calculators available on the market today.
Our advanced calculator lets you consider all the variables mentioned above, to help you make a more reliable assessment of the potential profitability of investing in Bitcoin mining.
Our calculator will also show you whether mining Bitcoin or buying Bitcoin is currently more profitable, to help you in your decision making.
And what’s more, it’s free to use!
You can find our mining calculator here.