Is Mining Profitable?
It’s a busy week in the Cryptocurrency industry with many new things coming to light and into the market place. Bitcoin is not letting Blockchain take all of the news stories this week and has jumped in with an important announcement of its own – there’s a new tool available to calculate the profitability of mining for Bitcoin. The aim is for this new tool to beat all of the other resources out there which some say are not accurate.
What Is RandomCrypto?
This new calculator – titled RandomCrypto – has already proven its own accuracy by highlighting just how unprofitable the most popular Bitcoin Mining hardware is. This is astounding news for a lot of those in the Cryptocurrency field. Although many are seeing this tool as a simple application that tells you whether your mining is making money in or not, the designers behind it are marketing it more on the fact that it provides a lot more precision than what is currently available. This recent release is all about offering the general public a tool to be able to detect whether their hardware is providing them a profitable solution. It will therefore put pressure on said hardware manufacturers to make sure that their products are doing what they should be. This will certainly be a welcome relief for those using such hardware and for the those in the Cryptocurrency industry as whole. This could possibly be another step towards phasing out all of the scams currently taking place in the industry which is undoubtedly bringing the reputation of the new digital economy down. In fact the CEO behind this project has definitely drawn on years of experience of mining to develop RandomCrypto. After a long time of feeling the negative side of the industry where it hurts – in the pocket – the CEO decided that enough was enough. The rest is history.
Current Online Calculators
Current online calculators use the information that you input and how much Bitcoin is valued at that given time and provide the user with the projected revenue. However, the team behind RandomCrypto realised that after years in the business these current online calculators were not actually providing the information that was required. Instead of offering customers with the actual profit of their mining efforts, they were simply providing data on the output. The missing piece of information that would alter this result from output to profit is what is called the “difficulty rating”. This is effectively referring to the fact that depending on how difficult the mining is of a particular Bitcoin the amount of power required will change. Therefore the harder the process is, the more energy is needed. This has never been incorporated into present online calculators and therefore results have been skewed and inaccurate. Often this shows mining to be more profitable than it actually is. With Bitcoin mining becoming more and more difficult, this data is only going to become more out of touch with reality.
As we all know, the Cryptocurrency industry is far from stable and predictable but with the release of new products such as RandomCrypto it is hoped that miners are able to ascertain just how profitable and effective their hardware is. Time will tell on how well the market, the miners and the hardware providers receive this latest product.