Calculating an Estimated Mining Profit.

[drumltd]

Okay I'm trying to estimate rewards for mining, at this point, I'm ignoring power as that's easy to subtract at the end. So I'm trying to come up with a formula for the expected return.

So if I take the Network Hash / My Hash that should give me the percentage of blocks I will receive.

If I then look at how many blocks were fund in the last 24hrs, and multiply that by the block reward. That just give me the total rewards paid in 24hrs.

Now if I take the Total Block Reward and multiply it by my Hash Percentage, that should give my share of the total block.

So at the end of that I should get an estimate of the total number of coins expected for my hash rate based on the previous 24hrs. It should be a simple matter for appling an exchange rate to compare 2 or more coins.

Does that sound right, so far?

To further complicate things, coins that have both PoW and PoS rewards, we have to be sure to just cound the PoW rewards, and not PoS rewards, is that right?

[FatAnt]

Compare your calculations with what https://whattomine.com/ shows.

[Amstellodamois]

Sounds right to me.

[drumltd]

Compare your calculations with what https://whattomine.com/ shows.

Thanks the coins I'm interested in aren't in WTM hence doing the calculations, however doing on some coins that are, provide roughly similar figures, close enough that they could be right :-)

[kiver]

you got my interest can you provide us with results and the coins you are interested about in the next few days it could help some of us and also if you make some kind of table to calculate your estimated profits and post it here would be much helpful for some of us

[drumltd]

The bit I'm struggling with at the moment is reliably getting the block reward, only solution I've found so far is to read every webpage\ANN for every coin of interest, and even then it isn't always that easy to find or understand.

[Amstellodamois]

Sometimes, the pool will tell you the current award (it changes over time). What's the coin?

[grosminer]

Check : https://www.crypto-coinz.net/crypto-calculator/ is has more (new) coins

[drumltd]

Check : https://www.crypto-coinz.net/crypto-calculator/ is has more (new) coins

It is also wrong on more than one coin that I've found.

[drumltd]

Sometimes, the pool will tell you the current award (it changes over time). What's the coin?

I'm trying to find a way of looking at several coins, so no specific coin at this point.

If I take a Yiimp style pool as a starting point, and they do display the current reward, however I can't find it in the API at all. It is on http://www.doufen.com/site/mining however, it is setup and filled in by javascrypt, so I can't scrape it from that page either. So I'd guess the pools are easier, but I'm still down to manually entering them at the moment. The problem with manually entering them, is like you say it changes over time, so they'd need recheck fairly often.

[drumltd]

Well the first few I've found are really shit coins, that con only be sold on 1 crap exchange, or coins that have wallet problems, so can't actually be sold at the moment at all. LOL

[Amstellodamois]

A few coins have an issue on Craptopia but work on other exchanges.

[drumltd]

Yeah found bwk amongst others lol.

Things like crop that has just changed it's wallet, and dinero is another.

Then the real shit coins include urals ndash pbs all off which might actually be profitable if you find away to sell them at the prices suggested

[Amstellodamois]

So, what's the end game?

Find the most profitable coin in the most profitable pool and build your own auto-exchange via APIs?

[drumltd]

I personally don't think WTM includes enough coins, and Crypto-Coinz is often plain wrong. So I wanted to calculate the best coin to mine.

In theory which pool you mine from shouldn't make a huge difference as it averages out of time, however there maybe some benefit it using one of the more popular pools for that coin, on the basis it should get a hit more often.

What the exercise has shown me, is that it's incredibly hard to get accurate information for the multitude of coins that are available. I am starting to get some sensible results, but there are still anomalies in the results like CROP is still been mined at one pool even though it is now a PoS reward only now. And PBS is ranking high, even tough the coin has effectively been declared dead and will be removed from the last exchange in a couple of days time.

[grosminer]

Another one: https://crypt0.zone/calculator

Don't forget that those tools are there to help you get informations about coins..
They can be wrong sometimes.. but you should use them to gather informations and do your own research