Where to count the profitability of mining in 2024

When choosing equipment for cryptocurrency mining, it is necessary to find out how efficiently it will work and how quickly the investment will pay off. Calculate the profitability of each model of miner can be calculated with the help of online calculators. But there is a way to make the task easier. GetAsic has compiled an interactive table of profitability of more than 200 models of asics for 7 popular algorithms. The article explains how the tool works.

What the profitability of mining depends on

The farm is profitable if the rate of the target asset is higher than the cost of its extraction. At the dawn of the crypto market, any PC user could mine bitcoin. Modern cryptocurrency networks require much more power. Therefore, miners use special equipment – video cards, asics. Devices differ in cost and technical parameters. At the same time, the profitability of mining is affected by a number of factors:

• The choice of currency. The most popular coin for mining remains bitcoin. But there are many altcoins that work on Proof-of-Work – Ethereum Classic, Ravencoin, Kaspa and others. The profitability of mining is affected by the peculiarities of the algorithm. For example, SHA-256 requires more processing power, Scrypt – RAM and processing.
• Hashrate of the installation. The efficiency of mining is determined by the ratio of the total power of the farm to the amount of energy consumed. The higher the hash rate, the more profit the miner will get.
• Energy consumption. Mining cryptocurrency requires a large consumption of electricity. To estimate the energy efficiency of the installation, you need to divide the total consumption of the miners by the total output.
• Price per kilowatt. In Russia, the cost of electricity varies depending on the region. For example, in Moscow the price per kilowatt is 6.43 rubles, in Saratov – 4.38 rubles. The cheapest outlet is in the northern regions. For example, in Irkutsk they charge 1.58 rubles per kilowatt, in Tyumen – 2.43 rubles.
• Complexity of the network. This parameter determines how much effort (power) will be required to find the block. The complexity of the network increases with the number of working miners. This is a necessary condition for security. If the total hash rate decreases, the complexity also falls.
• Remuneration per block. A miner’s earnings are determined by the number of coins mined. In Proof-of-Work networks, the reward per block decreases at certain intervals – for Bitcoin every 4 years, Dash – every 12 months. At the same time, costs naturally increase. Mining remains viable due to the rising rate of the asset.
• Pool fees. In 2024, only owners of large farms can make money alone. Most miners connect to pools. The pooled power of participants increases the chances of finding a hash. Pools guarantee software customization, and miners pay a small percentage of profits for this – usually 1-3%.

Table for calculating GetAsic mining profitability

It is always important for an investor to know how quickly the invested funds will pay off. Usually, the profitability of mining is calculated with the help of online calculators. These programs produce results based on user-specified data about performance, coin rate, and costs.

But the calculators show only the current yield. They cannot predict how much a farm or build will bring in 6 months or a year.

This task is handled by the profitability table from GetAsic. The tool allows you to predict the profitability of mining on a particular machine during the year. In addition to basic data, the calculation takes into account the dynamics of network complexity, halving, changes in the exchange rate of cryptocurrency.

About the table

GetAsic has been professionally engaged in the supply of mining equipment since 2017. Asics can be bought from availability in Moscow, on order from China or by pre-order directly from the factories. The range of equipment is wide. As of April 2024 in the catalog of the site – 212 asic miners and 23 models of video cards.

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To assess the efficiency of the technique and make the right choice, you need to analyze a large amount of data. The easiest way to do this is with the help of a table.

In GetAsic, the tool is built on what machines are available and what can be ordered from China. The table contains 3 tabs:

• Step-by-step instructions will explain how to work with the tool.
• On the “Data” sheet you can see the yield per unit of power. To change the initial parameters, you need to copy the Google doc.
• The “Results” page shows the yield and net profit per day in dollars and rubles. The payback of the miner is specified in months. In the second part of the page, you can see how much BTC the asic will earn in 30 days and how many machines will be needed to mine one bitcoin per month. The cooling type and energy efficiency for each device are also listed here.

How to count

To work with the table, you need to copy the Google file. You can make changes to it. The order of actions is as follows:

1. Specify the parameters of the technique on the “Data” sheet. The yield of 1000 TH/s in the target coin and the asset rate are updated automatically. You can check the data in the Whattomine calculator and the browser. The electricity price has to be entered manually.

2. In the first table, you can see the yield per unit of power for each of the available mining algorithms.
3. On the “Results” page, a detailed calculation by asics will appear. The information can be sorted by request. To do this, open the “Data” menu, then “Filter Mode” and “Sorting Filter”.

From the first table it is clear that at an average electricity price of 5 rubles per kilowatt, the greatest profit is brought by ASIC SHA-256. To analyze the results, you can remove ASICs with other algorithms in the table settings.

When choosing a miner, it is necessary to evaluate not only the payback, but also energy efficiency.

The table shows that Antminer S21 and Antminer T21 have the best performance. The cost of these models in April 2024 is $4.43 thousand and $3.32 thousand respectively. The devices are available in Moscow. These devices are suitable for those who consider mining as a long-term investment. You will be able to recoup your investment in 19-23 months, but these asics will bring profit for at least 3 years.

Similarly, you can analyze devices on other algorithms. At an electricity price of 5 rubles per kWh, ICERIVER miners will pay off faster. For example, the KAS KS3 model on Kaspa mining generates $38.1 per day and will begin to bring net profit in 6.6 months. It should be taken into account that the profitability will gradually decrease as the complexity of mining increases and the reward per block decreases monthly.

Author: Saifedean Ammous, an expert in cryptocurrency economics.