Bitcoin has taken over the world in the last couple of years. While the cryptocurrency’s price is still top-flight, more people want to switch from traditional investment portfolios to mining. However, the high investment entrance threshold and technical complications stop most aspiring miners. Luckily, cloud mining services allow anyone to mine cryptocurrencies within minutes after registration.
Hashflare is among the top-rated cloud mining companies. It has been around since 2013 and now offers five types of cryptocurrency mining contracts. Daily payouts and thousands of positive reviews make Hashflare a promising investment option. Still, if you wish to mine Bitcoin for profit, estimate your earnings before spending all your savings on a cloud mining contract. Hashflare Bitcoin calculator will help you make an educated decision.
After you create an account with Hashflare, you will get access to your dashboard with multiple features. Among them are the five cryptocurrency profit calculators, including BTC. Using this feature, you can estimate your profit at a glance.
The calculator uses your contract hash rate and other parameters, including the current mining difficulty and BTC/USD exchange rate, to estimate your profit per 1 TH/s. This number won’t tell you much, but it is used to assess your earnings per day, which help calculate your profit one year, six months, one month and one week down the road. You will see the earnings determined in Bitcoin and USD.
There is a little catch you should be aware of when enjoying these numbers. The estimation is calculated on the condition of the Bitcoin mining difficulty being steady over the whole duration of your contract. In reality, difficulty can spike and plummet within weeks. Therefore, your profit estimation will not be 100% correct. Besides, the earnings calculations in USD are estimated using the current exchange rate that can also fluctuate.
While many cloud mining contracts (Dash, Zcash or Ethereum) come with no extra fees, Bitcoin miners have to pay the Maintenance and Electricity Fee (MEF). It accounts for the costs of hardware and utility bills. The fee is deducted from your profits daily, and the sum is not much — only 0.0035 USD per day or 1.2775 USD per 10 GH/s a year.
The Hashflare BTC calculator does not factor the maintenance fee, so your actual earnings would be smaller even without the changes in mining difficulty and Bitcoin’s price. Besides, MEF is subtracted from your earnings in Bitcoin, not USD. Therefore it decreases when the BTC price increases, and more cryptocurrency stays in your account.
Hashflare SHA-256 calculator is perfect for the service’s clients. However, if you wish to make a quick calculation before spending money, there are multiple online calculators available. It will take more time to fill in the fields, but you will be able to tweak the parameters according to your earning expectations. Therefore, you will know exactly how much money you need to invest in a cloud mining contract to earn $1000 a month or more.
The primary fields you should fill in are the hash rate in GH/s, the maintenance fees, the BTC/USD exchange rate and the mining difficulty. Since most online calculators are designed for rig owners, there are extra fields for hardware and power costs, and the ASIC power consumption. For cloud mining contracts, you should fill these fields with zeros to get a rough estimation.
Same as Hashflare calculator, third-party online tools provide earning estimates for different time periods, from a single day to a year. However, these calculators have the same shortcoming; they do not account for mining difficulty and USD/BTC exchange rates fluctuations. Real earnings can be times larger or smaller.
After you use Bitcoin calculators, you will realize that cloud mining will not bring a quick return on investment. Miners break even after a few months, and it takes a year or more to enjoy significant earnings. Besides, the profit depends on many factors, but you can influence a few of them:
With Hashflare you can try your hand at Bitcoin mining with minimal risks and maximum rewards. To put your mind at ease, use BTC calculator before investing and get an idea of how much you can earn.