In this tutorial, you will learn to use a Bitcoin calculator.
The main function of a Bitcoin calculator is to compute how much processing power it will take to generate Bitcoins with a given hardware setup. Because of the deterministic nature of all the elements, this can be calculated quite easily.
Open up a web browser and go to bitcoinx.com. On the right panel you will see a link to the “Bitcoin mining profitability calculator”. Click on it.
You will be presented with a set of variables upon which your profitability will depend.
Before you do any calculation, please take a moment to read the notes below the calculator.
These said, let’s run a simulation. Suppose you have around 3000$ to invest in your mining activities, for a period of three months. Enter these values in the corresponding fields.
Let’s say that you also have a green energy generator and you can cover this activity without consuming any extra power. Put 0 in the Power Consumption field.
Mind the results table: according to the estimation, your hardware will break even in 12 days, and then continue to offer you a profit.
Result: Congratulations! You have learned how to use a Bitcoin calculator.