Mining bitcoins and other altcoins can be profitable. However, electricity costs may not be recovered. Check how to calculate the profitability of mining cryptocurrencies.

## Preparing cryptocurrency mining spreadsheet

In order to properly create a useful bitcoin calculator, you need an Excel spreadsheet that has components like this:

Put the price that you know of under the $ column.

Label the months.

In the D column, under Difficulty + 10%, and place the same value you put beside the Current difficulty in the previous step. In this case, it's (=B6).

## Preparing Bitcoin mining calculator

Click under the result (1), type **=D2+(D2*($B$7/100))**,** **press enter (2). Double click on the small square (3).

Click under Coins/day (1), and type **=$B$9*(86400/(D2*((2^32)/($B$2*1000000000))))** (2). Double-click on the small square (3).

Note: 86400 is the number of seconds in a day.

Click under revenue/day (1). Type **=E2*$B$9** before pressing enter. Double-click on the square (3).

Click under net/day (1). Type **=F2-($B$3*($B$4/1000)*24)** then enter (2). Double-click on the small square (3).

Click under Per month (H) column. Type **=SUMPRODUCT(--(G2-((G2-G3)/30)*ROW(INDIRECT(1&":"&30))))** (2) and double-click on the small square (3).

Select the empty cell in column G and write Net Annual (1). Then beside it on (H) and type **=SUM(H2:H13)-B6** and press enter (2)

You now have a simple Bitcoin mining calculator in Excel that can help you estimate your mining profitability based on your hardware's hashrate, electricity cost, and other important factors. Of course, this BitCoin mining calculator is valid for AltCoins as well.

Good luck with your mining and HODL. Here you can download a free BitCoin Mining Calculator.

Further reading: How to calculate return on investment? Loan amortization in Excel Ethereum Network Difficulty How to pull DeFi data to Excel?