🔥Bitcoin & Ethereum mining calculator 2021: this is how it works!

Bitcoin and Ethereum Coins in front of laptop

If you are interested in making your own money, you should come along once Bitcoin like Ethereum deal with. But what should you watch out for when you decide to become a "miner"?

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It needs the right hardware

Bitcoin website

Bitcoin and Ether, the cryptocurrency of the Ethereum platform, are probably the best known and most popular crypto currencies. But you can not only buy coins of various cryptocurrencies, you can also produce them directly. This process is called mining and is made possible by the processor of the graphics card. During this process, further blocks are added to the Bitcoin blockchain - the miner receives the reward in the form of digital coins. However, one should not believe that making coins is as easy today as it was five years ago. Because the production of coins takes longer and is becoming more complex. Above all, correspondingly expensive programs such as devices have to be purchased.

Bitcoin blockchain explained

Who visites Bitcoins or Ether first needs a really fast computer and a strong graphics card. The Geforce RTX cards are particularly popular here - this includes the Geforce RTX 3080. In parallel, Geforce GTX 1080 Ti graphics cards are also used. But other RTX cards from Nvidia are also often used. A very good source of information to get good graphics cards are mining operating systems, which are then operated with the mining. The supported hardware may be a good guide - such as Minerstat Mining OS. However, it is important not to just buy a graphics card that has a similar name to one of the graphics cards mentioned above. Because graphics cards are primarily designed to provide perfect performance for video applications and games. Therefore, manufacturers may not be happy to use the graphics cards for other purposes. That is also the reason why, for example, the Geforce RTX 3060 is delivered in such a way that you get a high performance, but the mining is slower.

In addition to Nvidia and Geforce, there are also interesting cards from AMD. The models RX 460, RX 470, RX 480, RX 560, RX 570, RX 580, RX Vega 56, RX Vega 64, Radeon VII, RX 590 Vega Frontier Edition, RX 5600, RX 5600 XT, RX 590 GME are particularly promising , RX 5700 XT and RX 5700.

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Is there a difference between Bitcoin and Bitcoin Cash?

Bitcoin Cash website

Not only is there Bitcoin, but there is too the cryptocurrency Bitcoin Cash. This is a direct fork - the so-called fork - of the crypto currency Bitcoin. Due to the fact that the production of Bitcoins is very complex today, Bitcoin Cash embarked on a new journey to support Bitcoin a little by taking some wind out of the sails here. Bitcoin Cash can be produced faster, but you shouldn't forget that this crypto currency is still at a significantly lower rate than Bitcoin. Increases the price of Bitcoin Cash, there will probably be noticeable slowdowns here as well, and accordingly high-quality hardware will be required.

Alternative: ether

Ethereum website

For this reason, ether likes to be understood as the ultimate alternative. The cryptocurrency of the Ethereum platform can also be generated with efficient graphics cards - for example with graphics cards from Nvidia such as AMD. When it comes to the ranking according to market capitalization, Ether is in second place - Bitcoin is in first place.

Ether is not only an alternative when it comes to mining, but also when it comes to mining invest in a cryptocurrency with potential would like, but not yet as high a price as the Bitcoin hat.

How does mining work?

Bitcoin mining and guide

While Bitcoins may be free to produce, it is important to consider the indirect fees that come with mining. A relatively large amount of electricity is required because the computer has to provide permanent performance - the hardware, i.e. the graphics card, is extremely expensive too. So you have to answer the question for yourself whether it is worthwhile Coins wanting to manufacture.  

The mining pool may be interesting. Here you don't dig for coins alone, but join a group and then make your computing power available. The rewards for the mined coins are then divided up depending on the performance of the computer. Particularly interesting mining pools are Sesterce, IQ Mining, BTC.com, Slush Pool as well as AntPOol and GenesisMining.

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Buy mines or coins?

Bitcoin price chart CoinMarketCap June 2021

To then buy digital coins or to be able to speculate only with the price movement of the crypto currency, one needs access to the crypto market. Access to the crypto market is either via the crypto exchange, although there are also a few online brokerswho offer trading or pure speculation with cryptocurrencies. However, it should be mentioned at this point that there is a serious difference between investing, i.e. buying coins, or speculating, i.e. only dealing with classic price speculation.

Because a crypto exchange provides access to the crypto market in order to then be able to invest in the favored crypto currency. This means that you buy coins of the crypto currency and then transfer them to the desired wallet, that is the digital wallet, and is subsequently happy when the price of the cryptocurrency rises, as the invested assets also rise. If the cryptocurrency then reaches the desired price, you can then sell your digital coins. You can only sell some of the coins here and keep the rest and only sell when another milestone has been skipped.

Bitcoin Markets Overview CoinMarketCap

But you can also get access to the crypto market via an online broker. In this case, there is only speculation with the price of the cryptocurrency. This means that you don't buy coins in a digital currency, you just bet your money on whether the price of the Cryptocurrency rise (in this case you open a long position) or fall (in this case you open a short position). It is important to be aware from the outset that the crypto market is very volatile.

What does that mean for the trader or investor? Anyone who misjudges the development of the market or the cryptocurrency here must in the end take into account that there can very well be painful losses. For this reason, it is important that you only invest capital that is freely available - i.e. that may ultimately be lost. Anyone who invests money that has already been planned, for example for vacation, car repair or rent, is running an extremely high risk, since a wrong market investment threatens financial difficulties if the money is lost or significantly in the Value has shrunk.

eToro website

It is important that you clarify for yourself whether you want to invest or speculate with the price. In the following you can make a comparison - that is Compare the different crypto exchanges or online brokers. If, on the other hand, you want an advantage, i.e. you want to use a platform on which you can invest in crypto currencies, but also speculate, should deal with the provider eToro.

Denn eToro is particularly interesting because the services of an online broker are made available here, whereby the offer of a cryptocurrency exchange can also be used. The advantage of using eToro? So you can speculate about the price development of the crypto currency via the provider eToro, but you can too Buy coins and Transfer to the internal wallet.

eToro Social Trading explained

Furthermore, eToro scores with the fact that so-called social trading is offered here. That means, you take over the decisions like strategies of successful traders. So you can participate in their successes. However, to be fair, it should be noted at this point that there is of course no guarantee of profit in this case either. Even an experienced trader who even makes a living trading can be wrong. For this reason, you should also be careful here and not invest money that you need for certain expenses.

eToro Wallet website

The broker eToro is regulated. The provider is based in Cyprus. This is also the reason why the CySEC - the Cyprus Securities and Exchange Commission - is behind the provider, which then checks whether the broker complies with all rules. However, this is not an indication that there are other requirements that the broker must meet. Cyprus is part of the European Union and therefore must eToro meet the same requirements as if the broker were at home in Germany.

If you find out that the offer from eToro corresponds to your personal ideas, you can open an account.

Step 1: Register with eToro

Create eToro account

Registration is easy and will not pose any challenges for beginners. Above all because eToro has been committed to targeting beginners with the product right from the start. That also explains why the registration process is self-explanatory. Just give a few personal details here. This includes the first and last name as well as the e-mail address and a user name of your choice. Finally, a password has to be generated. It is important that you create a combination of uppercase and lowercase letters, special characters and digits in order to increase security.

If the registration has been successfully completed, which usually takes less than five minutes, the first deposit can now be made. The verification only takes place in the course of the first payment - this is also the reason why the entire registration process only takes a few minutes. You can start the verification manually after registration or before the first deposit.

Step 2: Deposit with PayPal, credit card or instant transfer 

Deposit money on eToro account

eToro scores with a variety of deposit options. Because some online brokers only accept credit cards or bank transfers. However, eToro also provides other services here - for example various eWallets and PayPal. Especially PayPal is a very interesting optionto be able to deposit money, as one benefits from the real-time transaction here. That means that the money is available immediately.

If you decide in favor of a bank transfer, for example, you have to be patient for around two to four working days until the money is available in the account. After the transaction has been completed, you can then Buy coins or speculate with the price movement.

‍Step 3: buy and sell coins 

eToro markets overview

This process is also very self-explanatory with eToro. You can specify the amount you want to invest, and eToro shows how many coins you get for it. But you can also enter the number of coins that you want to transfer to the wallet, and the provider will already calculate how high the amount to be invested must be. By the way, you don't have to put the coins in the internal wallet transfer, but also can the wallet of an external provider choose.

If you click on "X2", however, the price speculation will start. In this case, no coins are purchased - so you don't need a wallet.

Our conclusion: is mining worth it?

We at Bitcoin News.one understand that mining may be interesting, but we've also shown that it's not as promising as it was a few years ago. It is therefore advisable to study the eToro offer and invest directly or speculate on the price.

Do you want to trade cryptocurrencies with the best conditions?
eToro logo

Start on eToro, the test winner from Bitcoin-News.one

74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Read our Etoro review.

Callie Machalat

Callie Machalat from Bitcoin-News.one understands the information needs of the crypto community members, traders, researchers and developers looking for reliable information to understand and participate in the crypto revolution.

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