Best Monero Mining Calculator: 7 Tools to Calculate Profit

Published: February 4, 2024 | Last Updated: October 19, 2023

Markos Koemtzopoulos

Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

If you’ve ever found yourself on the hunt for the right Monero mining calculator you’re not alone. In this article, I’ll be your guide, and we’ll explore the world of XMR mining calculators together. I’ve spent the last 8 days trying out all of them and even ended up building a Monero calculator myself. In this review, I’ll walk you through the seven best Monero mining calculators and show you how they work. This way you can decide which one suits your needs best.

Top 7 Monero Mining Calculators

#1. Coinwarz Monero Mining Calculator

Coinwarz’s Monero mining calculator has two modes: simple and advanced. In the simple mode, you enter the following inputs

  • Miner Hashrate in kH/s: check your machine specs to enter the correct hash rate.
  • Power consumption in Watts: enter your machine’s power consumption
  • Electricity costs in $/kWh. The average cost of electricity in the US is 23 cents so you can enter $0.23. However, prices vary a lot between states. For example, in California electricity costs 28 cents per kWh whereas in Idaho it costs 10 cents. Make sure you enter a realistic cost for your area because this can make or break your mining operation.
  • Pool fees. For most people it makes sense to join a pool so enter 1-2% here.

In the advanced mode, you can also change the following parameters

  • Hardware costs: by entering the correct hardware cost of your Monero mining rig you can check how long it will take for you to break even on your investment given current inputs. Coinwarz calls this “ROI in Days”. You need to scroll down to see it.
  • Monero Difficulty: this is a dynamic metric that keeps changing depending on the number of miners mining Monero. You can simulate what happens to your profit if the difficulty increases/decreases
  • XMR to BTC and BTC to USD exchange rate: Coinwarz converts XMR to BTC and then BTC to US dollars to convert XMR to dollars. Not sure why they do this.
  • Monero Block Reward. You can change the block reward. As of May 2022, XMR reached the tail end of its emission curve which means that miners are rewarded for new blocks with 0.6XRM from now on. The default value on Coinwarz is 0.65 XMR which is a slight overestimate. A more realistic estimate is to use the actual mining rewards of 0.6 XMR per new block plus fees which tend to be closer to 0.1 XMR.
coinwarz Monero mining calculator
Coinwarz’s calculator at Coinwarz.com

Overall score: 4/5

What I like about the Coinwarz calculator

  • Easy to use
  • Shows you profit per day/month/year
  • Shows you when you will break even based on the cost of your miner
  • Pulls XMR live price
  • You can change inputs in the advanced section to simulate what will happen under differing scenarios to price, difficulty, etc.
  • You can click on popular Monero mining hardware and see profitability estimates for each.

What could be improved:

  • Today, block rewards are slightly less than 0.65 XMR so it would be more realistic if the default value was 0.61XMR. However, you can update the XMR price in the advanced section of the calculator.
  • The inputs are fixed whereas in reality, all variables are dynamic.
  • It took me a while to figure out if I should enter 0.01 or 1 for 1% in the pool fee field. (It’s 1)

#2. Minerstat Monero Calculator

Minerstat asks for the same inputs as Coinwarz. It produces slightly different results and I believe this is because they use a more realistic block reward close to 0.62 XMR.

The output then shows you the profit you can expect to make per hour, day, and week. It also shows data for what miners are making currently though it does not elaborate on exactly what “current” means.

Minerstat’s coolest feature is that it shows you profitability for the most common miners.

Unfortunately, it limits itself to GPUs only which are less efficient than CPUs. See
CPU or GPU for Monero Mining for more.

Other tabs include data on popular Monero mining pools you can join and network hashrate over time, Difficulty over time, mining software, and FAQs.

minerstat monero mining hardware
The Monero mining calculator at Minerstat.com

Overall score: 4/5

What I like about the Minterstat calculator

  • Uses realistic XMR reward estimate
  • Shows you profitability per miner in one table

What could be improved

  • Only simulates GPUs which are way less efficient than CPUs
  • Has some extra lines on profitability called current reward but does not specify what they mean by that.
  • Does not include data on breaking even on your investment.

#3. Cryptocompare’s mining calculator

This mining calculator is the plainest one of them all.

This can be good for those seeking a no-frills Monero mining calculator but it lacks the extra features the other calculators offer.

On Cryptcompare you enter the hash rate and power consumption of your machine as well as the cost of electricity.

Important note: Crytocompare uses KH/s as opposed to H/s so make sure you don’t enter any extra zeroes

The output you get shows you the profit per day, week, month, and year along with the equivalent amount of XMR and cost of energy.

Overall Rating:3/5

What I like about Cryptocompare’s computation tool

  • No frills and intuitive to understand

What could be improved

  • The website is busy with pop-ups and ads
  • There are no estimates of when you break even
  • You cannot change assumptions about difficulty, XMR price, or rewards
  • It does not show you efficiency or results per CPU model

#4. Monero.how’s calculators

Monero.how is a community-developed website dedicated to providing resources about the Monero network.

The site is free of ads but you can give a small donation if you like.

Monero.how has 3 different types of calculators:

  1. One that measures how much you can expect to earn by solo mining. Solo mining is pretty much futile because it is like playing the lottery. Your machine needs to solve the cryptographic puzzle before any other machine does. This happens rarely. Still, it’s nice to see in a calculator.
  2. Another that measures profitability if you were to pay for hosting i.e. to rent a machine and electricity from a hosting company. This is unique and most other calculators don’t offer estimates on profitability from hosting.
  3. The last one is similar to the rest in that you own the miner and join a pool.
monero.how calculators
The calculators at Monero.how

Overall Score: 3/5

What I like about Monero.how

  • It includes estimates for solo mining and hosting
  • Simple to use
  • Maintained by the Monero blockchain community

What I didn’t like

  • The solo mining estimates do not include costs
  • You cannot change inputs for XMR rewards, price, difficulty, etc.
  • It does not allow you to automatically select a machine
  • The hosting calculator does not specify break-even periods
  • The site is not optimized for mobile screens

#5. Bitinfochart’s XMR mining calculator

Bitinfochart looks like it is maintained by someone who does not care about making things look pretty.

However, don’t judge a book by its cover.

This Monero mining calculator has an estimate of what you will likely make mining Monero given historical data from the last 4 months

bitinfochart monero mining tool

Overall Score: 4/5

What I like about Bitinfocharts’s tool

  • It provides average and projected profitability based on the last 4 months
  • Simple to use
  • Has a drop-down to select your miner

What I didn’t like

  • It’s cluttered on a mobile screen
  • You can only select GPU Monero mining hardware devices. 

#6. Elementalcrypto Monero Mining calculator

For those of you who like to fiddle with the inputs, I have made a Monero mining spreadsheet.

When you make a copy of the spreadsheet you will be able to change all of the inputs and view the formulas to understand how profits are calculated

Monero mining calculator by Elemental Crypto
Monero mining calculator by Elemental Crypto

Overall Score: 4/5

What I like about my calculator

  • I made it
  • You can edit all inputs and simulate what happens if price or other inputs change
  • It shows all formulas and calculations so you know what you are looking at
  • It shows you when you break even

What I don’t like about Elementalcrypto.com’s calculator

  • You need to make a copy of a Google sheet
  • It’s not pretty
  • It does not make projections based on historical data

I’ve used my calculator to also answer the following

#7. Monero Mining calculator by Whattomine

This calculator is fairly similar to the rest.

The only thing is that it breaks down inputs more granularly.

You can adjust the following inputs:

  • Hashrate
  • Power
  • Cost
  • Block reward
  • Fees
  • Hardware cost
  • Difficulty
  • Exchange rate to BTC
  • BTC value
  • Block reward value: you have the option to choose the current value or an average.
  • Difficulty value: again you can choose the current value or a recent average of your choice in days.

The output breaks down profit into subcomponents of revenue and cost.

Overall score: 3/5

What I liked about Whattomine’s tool

  • You can input all variables
  • It is easy to interpret the output

What I didn’t like

  • It’s not made for mobile screens
  • Does not include break-even points despite there being a field to add the cost of the machine

There are many more Monero mining calculators out there but these 7 are the best so far.

In this next section, I will walk you through how these tools are calculating profitability. This way you will understand how the calculators work.

Disclaimer: Please do your own research and use the above calculators at your own risk.

How does a Monero Mining calculator work

To estimate your Monero mining profit a calculator will first calculate your revenue and then deduct the cost.

How to calculate revenues from mining Monero

To calculate revenue you need three inputs

  1. The hash rate of your device i.e. how many hashes or problems it can solve per second
  2. The reward rate is 0.6 XRM plus fees. A good estimate is 0.61 XMR
  3. The Monero difficulty tells you how much hashing power is required to solve a block in the required time of 2 minutes.

Using these inputs you need to

  1. Calculate Network Hashrate (Hn) = XMR Network Difficulty / Block Time. For example, the current difficulty at the time of writing is 357,396,889,497.00 and the average block find time is 2 minutes. So, Hn = 357,396,889,497 / 120 seconds ≈ 2,978,307,412 H/s (hashes per second)
  2. Calculate Your Share of the Network Hashrate (Hs). For example, if your machine’s hash rate is 54.00 KH/s then your share is 54,000/2,978,307,412
  3. Calculate Your Share of the Block Reward (R): This is based on the percentage of the network hash rate you contribute. It’s calculated as R = (Hs / Hn) * Block Reward * 30. I multiply by 30 because there are 30 blocks in an hour. In our example, this would be 54,000/2,978,307,412 *0.61*30=0.00033179919 XMR per hour.
  4. Calculate the dollar value. In this case, it would be 0.00033179919*$152.17=$0.05 per hour

To calculate the cost you just need to deduct the cost of electricity and pool commissions.

How to calculate hourly Monero mining cost

  1. Convert Watts to Kilowatts: Power consumption is usually measured in watts, but your electricity rate is in kilowatt-hours (kWh). To convert watts to kilowatts, divide the power consumption in watts by 1,000. Hence, your Power Consumption in Kilowatts (kW) = Power Consumption in Watts (W) / 1,000*Power Consumption in Kilowatts (kW). For example, if your machine uses 280 Watts of power consumption that’s 280 / 1,000 = 0.28 kW
  2. Calculate Power Cost: The power cost is just the electricity price in $/kWh. For example, if electricity costs $0.12 /kWh then it will cost 0.28*0.12 = $0.0336 to power your miner for one hour.

Now to calculate your profit you would need to calculate revenue minus electricity cost minus pool fees.

Assuming we pay 1% of revenue to the pool then in our example

Profit = $0.05-$0.003-1%*$0.05=$0.0465 per hour.

Keep in mind that other factors will play a role as well. For example the amount of RAM you put on your computer will affect both hash rate and energy consumption. See How Much Ram Is Needed to Mine Monero for more details.

Up Next

15 Best Monero Mining Hardware: Your Ultimate Guide

best monero mining hardware

In this article, I review the best Monero Mining hardware. Let’s dive straight into it. Read more.

How to Mine Monero: A Step-by-Step Guide

how to mine monero

In this comprehensive guide, we will walk you through the process of mining Monero step-by-step. Whether you are a beginner looking to get started or an experienced miner seeking to optimize your mining operation, this article will provide you with all the information you need to mine Monero. Read more.

Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

Learn About a New
Coin Every Week

Learn About a New
Coin Every Week

Master Crypto Basics

Join over 7,300 subscribers. It’s free.

elementalcrypto newsletter benefits