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Determining Mining Rig Profitability

RTX 3080 TI vs Radeon VII. Equihash vs ProgPow. What’s the difference? How do you determine what a GPU Rig is good at or which one is right for you? How do you determine how much of what kinds of cryptocurrencies you can make?

The number one tool in any miner’s toolbox is the Mining Calculator. There are many websites out there that do this, but our favorite is Mining calculator websites take current difficulty information from many different blockchains and use known performance metrics from different cards on different chains to give you an indication of what the most profitable coins to mine are for the day. 

It can look a little daunting if you’re new, but simply fill in the cards you have or are looking to buy at the top of the page, clicking their name badge to activate it, giving it a color. The middle section will automatically populate with the calculated hashrate for many different hashing algorithms. Then click calculate and scroll down to find different coins and their current profitability along with other live statistics.

Many blockchains’ difficulty can adjust quickly and the markets can move even faster, so as studious miners ourselves, we check this information several times per week. Sometimes things are stable, and sometimes they aren’t! Usually however there are several coins that will stay near the top, and we’ll choose the best one of these, or a combination.

Trying to catch a fast burning coin for the short time that it will run to the top of the list typically costs us money with all the downtime it takes to switch a whole fleet, so we try to pick the most reliable ones. There are many reasons to mine a coin, so we encourage everyone to take to the caverns and dig deep on your research! Here are some useful resources:

Coingecko – This site can get you verified links for coins as well as tell you some price history and how much activity/volume the coin has. It’s a quick way to see if something is new or well established.

GitHub – All Blockchain projects should be open source and have a code repository you can inspect. Even if you aren’t a coder, this can be a useful place to look for issues people are complaining about, or to see how recent the updates are.

Twitter – Lots of spammy bots will shill nonsense coins, but many threads and deep dives are out there as well, by popular and reputable accounts. Crypto is big on twitter.

Telegram/Discord – Most projects will have official channels you can reach out with questions in, or even just look in to see what the activity is, or if it’s been left unattended.

Did you find a gem or a coin we don’t support? We like coins too! Send us a support request!

Disclaimer: This content is intended for informational purposes only. It is not financial, legal, or tax advice, and is not guaranteed to be correct, complete or up-to-date. Always consult with a licensed professional.