Important update: For our readers who are looking to make a profit with crypto, we recommend looking into Ehtereum staking as an alternative for mining.
Ethereum mining is no longer possible; Ethereum moved into a PoS algorithm in 2022, which rendered mining obsolete. Two staking alternatives we recommend looking into are CEX.io and Binance.
The article below is kept for historical purposes and will no longer be updated.
Ethereum Mining Calculator Summary
- Enter the hash rate of the Ethereum miner you’re planning to use (mandatory)
- Enter additional info such as electricity costs, pool fees, etc. The more information you put in, the more accurate the results will be.
- Results will be displayed automatically in USD (to see the detailed calculation, click “Show Details”).
- Some values (e.g. exchange rate, difficulty) are updated automatically. You can adjust any value manually to simulate possible scenarios.
If you want a detailed explanation about the different fields of the calculator and what you should take into account keep on reading. Here’s what I’ll cover:
1. How to Calculate Ethereum Mining Profitability?
Here is a detailed explanation about each section in the mining calculator:
Difficulty factor – The more people are trying to mine Ethereum the harder it becomes to actually mine Ether. Difficulty is a metric that measures “how hard is it to mine?” at the current moment.
This information is taken automatically from the Ethereum network, you do not need to change it.
Hash Rate – How powerful is your miner? The more Hash Rate it can produce the higher the chance you’ll find the solution to the requested math problem. You can get the Hash Rate of a specific miner from its manufacturer.
ETH/Block reward – How many Ether is distributed each time a successful block is mined. This information updates from time to time to keep the Ether money supply in check.
ETH/USD exchange rate – How much is 1 ETH worth? This information is taken automatically from the Ethereum network, you do not need to change it.
Pool fees – Usually miners group together into mining pools in order to increase their chances of successful mining. The pool takes a certain fee from the earnings.
Hardware cost – How much did it cost you to buy your Ethereum miner?
Power – How much energy does your miner consume. This information should be supplied by the manufacturer.
Power cost – How much are you paying for a KiloWatt per hour of electricity in USD. In order to mine profitably its best to mine in naturally cool areas (e.g. Iceland) where electricity is cheap and cooling is less required.
Important to Remember
- Revenue estimation (in USD) is based on the current exchange rate and difficulty, which will change over time.
- Revenue IS NOT profit. You have to take into account all expenses even if they are not listed in the calculator (e.g. shipping cost of miner, cooling costs, rent, etc.)
3. Conclusion – Is Ethereum Mining Worth it?
As you can see there are many things to take into account in order to figure out if Ethereum mining is worth it for you.
The beauty of it is that you can probably answer this question without spending a dime by running the right calculations. I hope by now you have a clearer understanding of how to calculate Ethereum mining profitability.
FAQs
Is Ethereum Mining Still Profitable?
Yes, Ethereum mining is still profitable in 2021 IF you have the right configuration. This means your electricity cost is cheap enough to make a substantial profit.
In fact, if Ethereum mining would stop being profitable people would just stop mining, which in turn will reduce the mining difficulty and make mining profitable again.
As long as Ethereum mining exists it means its profitable for someone to do it somewhere around the world. The question you need to ask yourself is “am I that someone?” and the best way to answer it would be to use the Ethereum mining calculator.
How Much does it Cost to Mine 1 Ethereum?
Using only one 40 Mh/s miner at today’s difficulty and exchange rate it would take 300 days to mine 1 Ether.
How do I Start Mining Ethereum?
- Get a GPU
- Install your GPUs and set up your computer
- Get an Ethereum wallet
- Join an Ethereum mining pool Step
- Start mining
If you want a complete guide, read more about Ethereum mining.
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