There are multiple benefits to selling your hashpower instead of mining Bitcoin directly, but the main one is obviously the higher earnings.

In this article, we will show you how to calculate NiceHash earnings and compare them to direct Bitcoin mining. This will help you see how much more you could be earning by selling hashpower with NiceHash instead of mining Bitcoin directly.

It is important to note that connecting your ASICs to NiceHash is no different than connecting them to a pool, no account or KYC is required and large farms can get as low as 0.5% mining fees!

Using the Profitability Calculator

The easiest way to find out how much you would have earned with NiceHash is to use our Profitability Calculator. The majority of the supported ASICs are present in our calculator, so you can simply select the model of the ASIC and the number of devices your farm has. Make sure you also select the correct currency and electricity cost if you want to estimate your profitability.

Once you press the “Calculate” button, you will be able to see a table breaking down your income, electricity costs and your profit.

How are these values calculated?

These values are calculated based on the specifications of the hardware you selected. For example, if you have selected 1000 Bitmain Antminer S19j Pro (100TH) ASIC miners, the calculator will be using the advertised specifications for this ASIC of 100TH/s and 3050W multiplied by the number of devices (in this case 1000).

The income will be calculated based on the past pay rate for the selected algorithms. For the 1 Week revenue, the pay rate of the last 7 days will be used, and for the 1 Month revenue, the last 30 days will be used. Because the markets and hashpower prices change over time, you should not expect that the 1 Day revenue x30 equals the 1 Month revenue or vice-versa.

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Using the Past Pay Rate Data

If you have a large mining farm, you might be well aware that not all ASICs perform the same. Some might reach higher hashrates, have lower power consumption, etc. As a farm owner, you likely have the exact data on how much hashrate your entire farm has, and also a better overview of your real electricity costs.

Using the past NiceHash pay rate data to calculate your revenue allows you to choose the period of time you calculate for, and also gives you insights on how the pay rate changes. For example, the hashrate price tends to change significantly when the network difficulty has major adjustments.

You can find a list of all available algorithms at NiceHash on this page. It’s important to note that there is a difference between the SHA256 and SHA256ASICBOOST algorithms. The SHA256 algorithm is only used by the older ASIC models. If you have a modern Bitcoin ASIC, you should check the statistics for the SHA256ASICBOOST algorithm. It is also possible to get this data from our public API, if you wish to use it on your own software.

On the algorithm statistics page, you can select the period of time for which you want to calculate, for example, 1 Week. You can change the graph view to any date you want.

Once you select a period of time, you can use the “Avg. Profitability for Selected Time Range” metric to calculate your income. As the name suggests, this is the average pay rate for the selected time in your graph.

Example: 7-Days mining income (Jan 4th - Jan 11th)

The average profitability was 3.9397 BTC/EH/Day. With this, we can calculate how much a farm with 100 PH/s would earn.

Step 1: Convert your hashrate to EH/s, the unit used on the pay rate. 100 PH/s = 0.1 EH/s.
Step 2: Multiply your hashrate (in EH/s) by the average daily profitability. 0.1 * 3.9397 = 0.39397 BTC/Day (excluding fees).
Optional: Multiply your daily income by the number of days in the selected time range to get your total income. 0.39397 * 7 = 2.75779 BTC earned in one week.

Comparing NiceHash Earnings with Direct Bitcoin Mining

After calculating how your past income with NiceHash would have looked like, you can compare it to your own mining earnings or to publicly available data about the price of hashpower, like at Hashrate Index.

When comparing data, always make sure that you use the same time range for both NiceHash earnings and direct Bitcoin mining. Moreover, remember to always use the same units of measurement across the board. This might mean converting from PH/s to EH/s, for example.

In January alone, NiceHash has paid on average over 4.8% more than mining Bitcoin directly, and over 6.4% more since the release of our EasyMining product in September last year. Read more about this here.

Using the average hash price for the last 7 days (Jan 4th - Jan 11th) from Hashrate Index, we see that the average price was around 3.7314 BTC/EH/Day at the time of writing. We can now compare this to the past earnings from NiceHash and see that NiceHash was paying 5.5% more during this timeframe.

For a 100 PH/s mining farm, this translates into an additional 0.14581 BTC at the end of the week compared to direct Bitcoin mining and excluding any mining fees.