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Back in 2017 mining was a choice of blockchain enthusiasts and global elites. Today, both private investors and large holdings have entered into mining. The industry is growing and changing: the competition and hashrates have become higher, the difficulty of mining and the capacity of equipment have increased, the service of hosts, equipment suppliers and mining pools has improved many times over.

Since 2016 - 2017 mining has developed as a stable and rapidly growing industry, bringing income regardless of the volatility of fiat and cryptocurrency assets. When one starts creating a realistic financial ROI model of return on investment in equipment, they need to take into account many factors. For any miner the electricity costs, the price on asics and accessories are of great importance.
For initial profitability calculations, online calculators that automatically calculate the profitability of equipment models are sufficient.

Here there are for you the basic definitions needed to calculate the profitability of mining bitcoin and other currencies:

Hashrate is the number of hashes per second computed by a mining device (a GPU farm or an asic-miner). Hashrate demonstrates the efficiency and performance of cryptocurrency mining devices. It is measured in hashes per second (H/s).

A miner - or an asic, or an asic miner - is a device specifically designed to mine cryptocurrencies (also a video card, an ASIC miner, a CPU processor).

Mining complexity is a value that depends on the complexity of the network. The complexity increases with the arrival of new players.

Payback period is a period of time when the profit will exceed the cost of equipment and monthly payments for electricity, hosting, maintenance and repair of equipment. Estimated payback period of mining equipment depends very much on the rate of cryptocurrencies, as well as on the entry point - whether the equipment was bought at the time of a bear market, when the price of acics/video cards/GPU farms was minimal, or at the time when bitcoin and other cryptocurrencies were growing rapidly and, consequently, at a high price of equipment.

Hardware energy efficiency – energy consumption divided by hash rate. Example: Whatsminer M21S 3300/56 has 58 W/T energy efficiency. The lower this value is, the more efficient the equipment is.

To calculate profitability, you can use one of the following calculators:
1. What To Mine: A handy calculator for calculating the profitability of equipment, which most miners love.
2. Cryptocompare: Online calculator that we can recommend as one of the most convenient for calculations.
3. NiceHash: Easy to use and quite accurate calculator for calculations.

It is necessary to have some fiat resources, free money to pay operating expenses (electricity bills, hosting, maintenance, repairs). Patience and analytical skills are needed in order to earn more by tracking the best rates for coin withdrawal.

Mining on video cards is wide spread, yet nowadays asics lead the market – as their hashrate power has increased exceedingly. Most miners choose asics to mine Bitcoin, Litecoin, Ethereum, Zcash, etc.

Every exchange has p2p payments and a huge number of services for withdrawal of cryptocurrencies into fiat money and other cryptocurrencies. Turn to us to get advice on choosing among Dex and Cex exchanges.

Solo Mining
Let's state right away that solo mining was possible at the beginning of the era of mining. Today, for the average private investor or even a legal entity, solo mining is more of a utopia. It takes enormous power to find blocks on your own. Now bitcoin solo mining can only be relevant at capacities of 50 PH/s or more.

Mining in a pool
Pool mining is mining with other group-pool miners. The miners' capacities are combined and the profit from finding a block is distributed in accordance with the contribution of each member.

Cloud Mining (HashRate Rental)
Hashrate renting is one of the easiest entry options into mining without any large investment. It is becoming increasingly popular in Europe, where the cost of electricity is very high and the conditions for mining are unprofitable. The buyer rents the power from the online service, but does not buy the equipment itself and is not responsible for its placement and efficient operation - that is the owner of the equipment.

The pros of renting hashrate in terms of investment:
- constant passive income
- no large initial investment to buy, deliver or place the equipment
- there is no need to make adjustments, preventive maintenance and repair of equipment
- it is the only way to mine in countries where electricity costs are high

Disadvantages of cloud mining (renting hashrates):
The minus of cloud mining is the risk of choosing an unscrupulous counterparty. There are a large number of unscrupulous entrepreneurs in the international markets today, who offer too good terms at the start, not intending to pay all the earned amounts. It is necessary to carefully collect information about the counterparty, gathering recommendations from other miners or market experts: whether the service has its own facilities, specialists, its own data centers, repair departments, R&D departments, what is its reputation and who can recommend it.

If we are talking about Bitcoin mining, the most popular asic miners today is Whatsminer M30 S, Whatsminer M50 S and models from Bitmain Antminer S19 XP, Antminer S19 Hydro, S19 J Pro. If you prefer to mine alternative coins, often choose Bitmain Antminer L7 (Litecoin and Doge), Bitmain Antminer E9, Ipollo V 1 and Innosilicon A11 - for mining Ethereum (Ethereum Classic).

Each miner chooses equipment based on their input data. For example, if the miner has his own repair or access to inexpensive electricity, many choose to buy used equipment (such as Whatsminer M20 and M21).