So if you follow all the cryptocurrency stuff (which you must or why would you be reading my blog?), you're certainly familiar with Coinwarz and Coinchoose, and maybe you even try to decide what to mine based off of their charts. There are a couple major problems with that approach unfortunately: first, tons of other people (and multi-pools) are basically doing the same thing; second, you're inherently limited in what coins you can mine as neither pool comes close to listing every current cryptocurrency.
Take Vertcoin, Microcoin, Darkcoin, and Maxcoin as four prominent examples. Whether or not you believe any of those coins have merit, the fact is that they don't use scrypt or SHA-256 algorithms and are not listed on any of the major "which coins should I mine?" sites. So how can you determine the approximate profitability of those coins? More importantly, how can you determine the profitability for pretty much any cryptocurrency? Well, there's a way, and short of someone modifying a core aspect of the code to change things up it's not too difficult. Ready for this? The number of coins per day you can expect to mine with a given hash rate can be expressed with the following equation:
Computers work in binary digits -- zeroes and ones -- so when we talk about the number 100, a computer doesn't represent it as two digits; instead, it would use seven digits, called bits, and 100 would be represented as 1100100 -- or to help people know that we're talking about a binary number, we would write 0b1100100. Of course, writing out just zeroes and ones like that isn't always super useful, and so we have hexadecimal notation, with "digits" of 0..9 and A..F.
Any programmer already knows where I'm going, but the short summary is that hexadecimal allows you to use one character to represent four binary digits (bits). The denominator within the denominator is in hex notation, 0x00000000FFFF.... If you count the number of characters in that string, there are 64 (eight zeroes, four F's, and then 52 more zeroes). In binary, that big long hex number would be even longer: 32 zeroes, sixteen ones, and then 208 more zeroes. The problem now is finding a way to deal with those big numbers.
If you pull up the Windows calculator as an example, we can calculate 2256, and it gives us: 1.1579208923731619542357098500869e+77. As you might expect, there's a loss in precision with that "e+77" part. The second number is a bit more difficult to deal with. 0x0000000FFFF.... ends up being the same as sixteen ones followed by 208 zeroes in binary, which is the same as:
2208 + 2209 + 2210 + ... + 2222 + 2223, or if you prefer it's: 2224 - 2207 - 1 (I thnk?). There's still a loss of precision however, as the result is 2.6959740979080974643911745715872e+67 (so we're missing about 37 digits worth of precision). Just running that calculation in the Windows calculator, however, we can make a substitution and the result becomes (the number is a bit off, but it's okay):
But enough talk. You probably don't want to create your own Excel spreadsheet, and I don't have the inclination to try and write a web application that will pull down the information for an arbitrary coin. If you want an estimate on the number of coins -- of any cryptocurrency! -- however, I can help. If all goes well, the form below should do what you need; it's messy but still potentially useful. I personally like having something like this because it's usually very easy to find out the current difficulty and block reward for any cryptocurrency, but sometimes determining things like network hash rate is not so simple. Note that I didn't try to account for electricity costs, mining pool fees, or exchange fees.
Cryptocoin Mining Calculator
|BTC Price (USD)|
|Coins per Day (Month)||0|
|BTC per Day (Month)||0|
|USD per Day (Month)||0|
Fun facts for current profitability (determined using my awesome calculator):
DRK (X11 PoW for CPU mining) will generate about $3.75 with a Core i7 CPU
MAX (SHA-3 kekkac PoW) will generated about $5.95 per day with a Radeon 7950
MRC (scrypt-jane alternative PoW) will generate about $7.70 per day with a Radeon 7950
VTC (adaptive-n-factor PoW) will generate about $7.30 per day with a Radeon 7950
Donations as always are welcome: