How to Create a Bitcoin Mining Calculator in Excel for Profitability

Bitcoin mining can be a profitable venture, but it is important to calculate the profitability of your mining operation before you get started. This can be done by using a Bitcoin mining calculator.

A Bitcoin mining calculator is a tool that can help you estimate the profitability of your mining operation based on a number of factors, including the price of Bitcoin, the cost of electricity, and the hashrate of your mining rig.

Preparing cryptocurrency mining spreadsheet

To create a Bitcoin mining calculator in Excel, you will need the following:

  • An Excel spreadsheet
  • The current price of Bitcoin
  • The cost of electricity per kilowatt-hour
  • The hashrate of your mining rig

Once you have gathered these materials, you can follow these steps to create your Bitcoin mining calculator:

Bitcoin mining example components

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

Bitcoin mining put price

Label the months.

Bitcoin mining label 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).

Bitcoin mining Difficulty

Preparing Bitcoin mining calculator

Click under the result and type =D2+(D2*($B$7/100)). Double click on the small square.

Bitcoin mining Click under the result

Click under Coins/day, and type =$B$9*(86400/(D2*((2^32)/($B$2*1000000000)))).

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

Bitcoin mining Coins per day

Click under revenue/day. Type =E2*$B$9.

Bitcoin mining revenue per day

Click under net/day (1). Type =F2-($B$3*($B$4/1000)*24).

Bitcoin mining net per day

Click under Per month (H) column. Type =SUMPRODUCT(–(G2-((G2-G3)/30)*ROW(INDIRECT(1&”:”&30)))).

Bitcoin mining Per month

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

Bitcoin mining Net Annual

You’ve now created a basic Bitcoin mining calculator in Excel. This calculator helps estimate your mining profitability considering factors like hashrate, electricity costs, and Bitcoin’s current price. You can adapt this calculator for other cryptocurrencies like Monero and other AltCoins as well.

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How to Use a Bitcoin Mining Calculator

To use your Bitcoin mining calculator, enter the current Bitcoin price, electricity cost, and hashrate into their respective cells. The calculator will provide you with daily, monthly, and annual profit estimates.

Remember to keep your data up-to-date, use accurate information, and be conservative with your estimates. The cryptocurrency market can be volatile, so regular updates to your calculator are essential for accurate profitability assessments.

Good luck with your mining endeavors, and don’t forget to HODL! Here you can download a free BitCoin Mining Calculator.