Opted for Investing in Mining? Refer to This Calculator First
Since the moment the word “mining” got mainstream there have been heated debates on whether it is profitable to mine Bitcoin. Many assert that if the currency price keeps falling, the most rational option would be just turning mining rigs off.
But if you decide investing in mining anyway, a new calculator was created for you. As the developers say, it is the most accurate and “truthful”.
Josh Metnick, CEO at the fintech company RandomCrypto CEO, has developed a tool to tell you the first step in the world of Bitcoin mining.
Although there are other instruments of the kind, RandomCrypto provides an objective insight of what is to be expected if you start your mining machine, unlike other tools that almost always tell that you are going to profit.
As CoinDesk reports, the analysis shows that amid current market situation with Bitcoin around $7,500 mining it will cause losses as it would be difficult to cover initial investments in mining rigs.
For Josh other available calculation tools show that Bitcoin mining is profitable as he entered some indexes like hardware and power costs. Yet they all miss a crucial aspect, i.e. programmed-in difficulty rate which has grown over time thus demanding more computational capacities for resolving complex puzzles. RandomCrypto supports various parameters like hash rate, current exchange rate, power consumption rate, etc.
But how accurate this tool can be depends on its actual use over time.