How to calculate the mining cost of a coin

[mattbellme]

Ok say I want to mine a coin and use nicehash to mine it.

For example if I can buy the coin for 5000sats on an exchange but how do I calculate how much it costs to mine it?

How do you work this out based on the difficulty, algorithm etc

Note the coin is not on what to mine or any of those sites...

[1715141783]

1715141783

[1715141783]

1715141783

[1715141783]

1715141783

[1715141783]

1715141783

[1715141783]

1715141783

[0xcosmos]

if you have equipment the only cost will be electricity
simple formula
hashrate of your rig=a
network hashrate=b
total number of coins mined in a day= block reward * block time (10s) *  8640=c
number of coins you can mine= a/b * c

[mattbellme]

is a and b in hashes per second or per day?

[m.vina]

No need to complicate your life with those formulas. Many people have already built calculators for mining cost/revenue.

Just take a look at www.whattomine.com because everything you need to know about mining is there. Just select your GPU, select your coin, then input how much electricity costs ($ per kwh) at where you live. Simple.

[flip4flop]

Grab yourself a Kill-a-watt to monitor your rig or something more advanced like the TP-Link or the Wemo smart plug like this https://amzn.to/2G4nBxz.  That will allow you to track your usage for your rig and then all you have to do is multiply that by your electric rate which you can get from your electric bill or calling your power company.  That will let you know exactly how much it is costing you per day or month to run your run rig and mine each coin.  If you don't have any of the devices you can follow a simple formula that can get you the same answer.  A good breakdown on how to do this can be found at this website https://www.saveonenergy.com/energy-consumption/.  Finally, if you have all the data already and just want to play with a quick calculator to do all the work for you there are plenty available such as this one https://www.rapidtables.com/calc/electric/electricity-calculator.html

[Agozyen]

Ok say I want to mine a coin and use nicehash to mine it.

For example if I can buy the coin for 5000sats on an exchange but how do I calculate how much it costs to mine it?

How do you work this out based on the difficulty, algorithm etc

Note the coin is not on what to mine or any of those sites...

Depending where you live and how big your setup is going to be, you may also have to consider cooling costs.  All that extra heat will add to your cooling costs, on the plus side if it gets cold in the winter the extra heat could help warm your home.

[mattbellme]

Thanks for replies everyone but I'm still wanting figure this out.

So as an example, I want to find out how much it will cost to mine 1 Denarius coin in BTC.

Tribus hashing power is 0.00000500btc per mh/day

Block reward is 3 dnr

block time is 30 seconds

network GH/s is 1032.1434

If anyone can help me find out what it will cost to mine 1dnr using the above data that would be really helpful.