Quick way to calc mining rewards

  • administrators

    The mining link is long and complex. Of course, LWOS does it for the participants of mining.

    Here the steps:

    • mining ( pool fees, often 1%)
    • wait for the maturation of the blocks for getting your valided coins from the pool . Depending of the coin, can take a huge time.
    • wait for reaching the withdrawal threshold (fees, depending of the coin)
    • wait for the deposit onto an exchange
    • sell them onto a market for bitcoins (fees, often 0.2%)

    But how to calc the profitability of a coin, for a miner?

    First, you have to know:

    • your hashrate
    • the network hashrate.
    • the block reward per block ,
    • the block time
    • the price of the coin

    With these informations, you can easly calc the profitability, without taking count the fees (pool,exchange,etc)

    Let's take an example for YTN:

    • my hashrate: 1 kH/sec
    • network hashrate: 2MH/sec
    • 50 YTN per block
    • 120 sec for a block
    • 381 satoshis per YTN

    Calc the bitcoin rewards per hour for YTN:

    Block per hour: 3600/block time = 30 blocks
    Satoshis per hour: 30 blocks x 50 YTN x 340 satoshis/YTN = 571500 satoshis/hour

    Calc your luck:

    Your must express your hashrate in the same unity as the networt hashrate.

    Network hashrate is 2MH/sec so 2000k/sec

    If you are already mining, it means your hashrate is already in the network hashrate, else, you need to add it.

    • You are already mining: your luck is: your hashrate/network hashrate = 1 /2000 = 0.05%

    • You aren't not mining yet: your luck will be: your hashrate/(network hashrate+your hashrate) = 0.04998%

    (In this example, it changes nothing between if i'm still mining or not. )

    Calc your profitability:

    Now, is simple to calc your possible earning per hour, according to your luck:

    = the bitcoin rewards per hour for YTN x your luck = 571500 satoshis/hour x 0.05% = 285 satoshis/hour

    ( * you can apply fees after, if you want in order to have a better precision.)

    But the mining has a lot of variance (market price, network hashrate), this figure should only serve as an indicator, to be able to compare with other coins.

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