Startup Launches Crypto Mining Calculator with ‘Better’ Probability Rates

Aug 03, 2018 at 23:15

Crypto startup, RandomCrypto has released a tool that claims to have the ability to better calculate the profitability of Bitcoin mining.

Josh Metnick, the firm’s chief executive officer, expressed in an interview that they are optimistic that the new tool may improve other crypto calculators out in the market that does not consider whether mining equipment is worth buying and using.

The official claimed that using their measurements at current prices, RandomCrypto’s calculator sees most popular mining hardware as unprofitable including Bitmain’s S9 and GMO’s 7nm B2.

“Our goal is not to show mining as profitable or unprofitable, our goal is to bring more truth, accuracy, and transparency to mining. Sometimes mining are profitable, and sometimes it isn’t. The bigger picture is to create tools and reporting systems to keep the hardware manufacturers honest,” Metnick explained.

“What we have found, over several years now of observations, is that all of the major bitcoin mining calculators out there show bitcoin mining output as profit, instead of what it really is: output,” he added.

The official mentioned that online crypto profitability calculators today allow users to input variables like electricity and hardware cost as well as Bitcoin’s current price in order to compute a possible revenue based on the supplied variables.

However, he criticized current calculators’ inability to factor Bitcoin’s programmed difficulty rating that grows over time as it is a crucial ingredient to compute mining profitability.

“Mining difficulty has been growing exponentially since the advent of bitcoin. To deny this, or not incorporate this fact, this reality, into a mining calculator, should be illegal,” Metnick explained.