Quick way to calc mining rewards
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.