Mining calculator
Bitcoin mining
calculator.
Run the numbers on your own setup.
This is the projection engine we use internally, put on the public site unchanged. Start from a fleet you are thinking of buying, or from energy you already have and want to put to work. Every assumption below is yours to change.
Detailed results & bitcoin comparisonDay one, lifetime totals and buying bitcoin directly.
Day one
- Revenue mined
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- Power cost
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- Machines running
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- Fleet hashrate
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- Fleet draw
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- Efficiency
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Over —
- Up-front investment
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- BTC mined
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- Spent on power
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- BTC still held
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- Value of held BTC
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- BTC price at end
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- Total profit or loss
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Against simply buying BTC
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- What it buys in BTC
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- Deployment advantage
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- Its net, against the same outlay
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- Difference
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- Mining pulls ahead at
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Period-by-period detail
| Period | BTC price | Difficulty | Machines | BTC mined | Power | Net cash | Position |
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BTC Accumulated & Value of Assets Over Time
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Your machinesModel, quantity & cost
Machine Parameters
Machine specsHashrate & power
Specs fill in from the model you pick, and stay editable — an underclocked machine is a different machine. We can source any of them.
Replacements & growthLifespan, additions & salvage
Replacement hardware
Leave it equal to the original and this changes nothing. Historically ~18%/yr, decelerating.
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Cost per terahash tracks hashprice, not efficiency. Not a forecast — today’s price scaled by your own projection, from a thin set of observations.
Zero re-equips from salvage alone.
Available energyPower your fleet
Energy Parameters
The same constants our internal engine uses — roughly 1 MMcf/day to 4 MW. Both are editable because heat rate moves with genset model and altitude.
Market & timeframePrice, difficulty & timeline
Market Parameters
BTC price and network difficulty are fetched when this page loads. If that does not land, the figures shown are from 20 August 2026 — BTC $72,684, difficulty 127.48 T — and are not live data, so set them yourself.
Power & costsElectricity, uptime & taxes
Operating Parameters
100% = keep all BTC | 0% = sell all | 50% = sell half, hold half
Applied to mined BTC revenue at the price it was mined at.
Turn this off if the money is savings you already paid tax on — then both sides start from the same figure.
The model assumes full machine eligibility. Enter the infrastructure share you want to treat as eligible; actual classification and deduction timing require separate tax advice.
This is a simplified scenario, not a tax calculation or eligibility decision. Applicable rules, timing, limits and treatment on disposal depend on your jurisdiction and circumstances. Confirm them with a qualified adviser before relying on a deduction; turn tax adjustment off to compare without these assumptions.
Applied to gains on exit — both to buy-and-hold and to appreciation of mined BTC you hold.
Off, the bill is funded from your own capital — see Cash required from outside. Covers power only, not mining income tax.
Assumptions & exclusionsIllustrative estimates, not quotes. Review before deciding.
What this does and does not tell you.
It is a model, not a quote
Every figure here comes from assumptions you typed. Bitcoin price and network difficulty are the two that matter most and the two nobody can forecast. Move them and watch how fast the answer changes — that sensitivity is the most useful thing on this page.
What it leaves out
No curtailment, no seasonal derate, no shipping, customs, or import duty, no insurance, and no bad luck. Pool variance is averaged away. Machines are assumed to run at the specs you entered for their whole life.
Where we come in
Our site-sourcing service helps you investigate potential energy options and the work still needed. Use a confirmed delivered-power quote in your scenario, and budget generation, hosting and remaining capital separately wherever the model excludes them.
What this models that most calculators do not.
Most bitcoin mining calculators answer one question: at today’s price and today’s difficulty, what does this machine earn per day? That number is true for about a fortnight. These are the things that decide whether a machine pays for itself, and they are the ones usually left out.
Buying the machines against buying the coin
Compare a fleet with buying bitcoin on day one under the inputs you choose. The chart shows whether the modeled values cross. Tax adjustments are optional and apply only when enabled; the model does not determine your legal tax treatment.
Difficulty growth as an input, not an assumption
Change the difficulty path to test how the same hardware could produce different amounts of bitcoin. Positive, zero and negative paths are scenarios you select, not forecasts.
Halvings, on their projected dates
The block subsidy is stepped down on projected halving dates rather than held flat, out to 2100. Over any horizon longer than about three years that is the difference between a projection and a straight line.
The machine wearing out
Hardware has a lifespan, a salvage value, and a date it stops being economic that arrives before the date it breaks. You can set all three, choose whether retired machines are replaced, and choose whether the proceeds are reinvested or taken out.
Tax on both sides, separately
When enabled, the model applies separate income and capital-gains inputs to its mining and direct-buying scenarios. Confirm the relevant treatment with a tax adviser; your circumstances may differ from these simplified assumptions.
Sizing from energy instead of from machines
If you have gas rather than hardware, start from the gas. Enter volume in mcf per day with your own heat rate and BTU content, and it works out the load that supports and the fleet that fills it. That is the question a flare owner actually has, and it is the reverse of the one every other calculator answers.
Pool fee, uptime, infrastructure cost, scheduled additions and an existing bitcoin treasury are all inputs too. Nothing is assumed on your behalf, and the scenario travels in the address bar — the URL is the whole state, so you can send it to somebody and they will see exactly what you saw.
How the calculation worksThe formulas, and a worked example at the defaults.
How the calculation works.
Every figure on this page comes from the same few formulas, run once for every period of the horizon you set. They are written out below as the engine applies them, so any number on the page can be checked by hand.
1. Bitcoin mined per terahash
The network finds a block, on average, once every difficulty × 232 hashes. With difficulty entered in trillions (T), one TH/s therefore mines 86,400 × block subsidy ÷ (difficulty × 232) BTC a day. The fleet mines that times its total TH/s, less the pool fee, times uptime.
2. Hashprice: what a terahash earns
Multiply bitcoin per TH/s per day by the BTC price and you have hashprice, the dollar value of one TH/s for one day. It is kept gross of pool fee and uptime, because it describes the network rather than your site. The page uses it to price replacement hardware rather than showing it as a result of its own; the worked example below gives its value at the defaults. It counts the block subsidy only: transaction fees are not added, so it reads below hashprice indices that include them.
3. Power cost
Fleet kW × 24 hours × days in the period × your price per kWh × uptime. Uptime scales production and the power bill together: a machine that is off earns nothing and costs nothing. The bill is charged in cash every period, whatever the HODL ratio, unless you choose to pay it from mined bitcoin.
4. Gas to kilowatts
Starting from energy, gas becomes power first: Mcf/day × 1,000 cubic feet × heating value (BTU/cf) ÷ heat rate (BTU/kWh) ÷ 24 hours = kW. At the defaults of 1,000 BTU/cf and 10,000 BTU/kWh, one Mcf is about 100 kWh. The fleet is as many whole machines as that power runs, rounded down.
5. Moving through time
Each period, BTC price and difficulty compound at the monthly rates you set, converted to the period length (2% a month is about 0.46% a week). The subsidy steps down from the first period that starts on or after each projected halving date. Machines retire at the end of their lifespan and are credited their salvage value; with auto-replace on, they are bought again at CAPEX less that salvage.
6. Break-even, return and the comparison
The position each period is cash to date, starting from minus the up-front investment, plus bitcoin still held at that period’s price (less capital-gains tax on it, when tax is on). Break-even is the first period it reaches zero; return is the final position over the up-front investment. The benchmark spends the same investment on bitcoin on day one (after income tax, when the pre-tax option is on) and values it at each period’s price.
Cost to mine 1 BTC is the day-one power bill divided by the day-one bitcoin mined, before the cost of the machines. Difficulty is always your input: the model never lets your own fleet move the network’s difficulty.
A worked example, at the page’s defaults.
The page opens on 100 Antminer S21 XP machines: 270 TH/s at 3.645 kW, $3,010 each, power at $0.04/kWh, a 2.5% pool fee and 98% uptime. The market figures it ships with are dated 20 August 2026: BTC at $72,684 and difficulty at 127.48 T. When the page loads it replaces those two with the current figures, so open this example to see exactly these numbers.
The network
- Block subsidy
- 3.125 BTC
- BTC per TH/s per day: 86,400 × 3.125 ÷ (127.48 × 232)
- 0.000000493
- Hashprice per TH/s per day: × $72,684
- $0.0358
- Hashprice per PH/s per day: × 1,000
- $35.84
One machine, day one
- 270 TH/s × 0.000000493
- 0.000133 BTC
- Less 2.5% pool fee, × 98% uptime
- 0.000127 BTC
- Revenue at $72,684
- $9.25
- 3.645 kW × 24 h × 98% × $0.04
- $3.43
- Profit per machine per day
- $5.82
100 machines, day one
- Revenue mined
- $924.69
- Power cost
- $342.92
- Cost to mine 1 BTC, power only
- $26,955
- Power price where profit reaches zero
- $0.108/kWh
- Profit per day
- $581.77
From there the projection moves month by month. At the default 2% monthly difficulty growth the same fleet mines 0.3873 BTC in month 1 and 0.3797 BTC in month 2. Because the default price growth is also 2% a month, hashprice in dollars stays at $0.0358 until the halving and then halves: the first month after the halving mines about 49% of the month before it, half the subsidy less one more month of difficulty growth. Which month that is depends on the day you run the projection. In month 49 the machines reach their 48-month lifespan and are replaced at $3,010 less 10% salvage, a net $270,900. Both growth rates are the page’s starting assumptions, not a forecast; change them and every figure after day one moves.
Common questionsHashprice, difficulty, the halving, gas and tax.
Common questions about the calculation.
How is bitcoin mining profitability calculated?
Start with the bitcoin a machine mines: its hashrate as a share of the work the network needs to find a block, times the block subsidy, less the pool fee, times uptime. Multiply by the bitcoin price for revenue, then subtract power: kilowatts × 24 hours × your price per kWh × uptime. That gives a day-one margin. Whether a machine pays for itself also depends on how difficulty and price move, the halving, what the machine cost, how long it lasts, its salvage value and tax, which is why this calculator projects period by period instead of stopping at a daily figure.
What is hashprice?
Hashprice is the expected revenue from one unit of hashrate for one day, usually quoted in dollars per TH/s or per PH/s per day. It rises with the bitcoin price and with transaction fees, and falls as difficulty rises. This calculator computes it per TH/s as 86,400 × block subsidy × BTC price ÷ (difficulty × 232), with difficulty in trillions. It counts the block subsidy only, not transaction fees, and it is gross of pool fee and uptime, so it reads somewhat below indices that include fees.
How does difficulty affect mining profit?
Bitcoin mined per terahash is inversely proportional to difficulty: if difficulty doubles, the same machine mines half as much bitcoin. The network retargets difficulty every 2,016 blocks, roughly every two weeks, so that blocks keep arriving about every ten minutes as total hashrate changes. This calculator turns that into a monthly growth rate you choose. At the default 2% a month, difficulty rises about 27% in a year, and with the price held flat hashprice falls about 21% over the same twelve months. Zero and negative rates are allowed; all of them are scenarios, not forecasts.
What happens to mining revenue at the halving?
The block subsidy halves every 210,000 blocks, about every four years. It fell from 6.25 to 3.125 BTC at block 840,000 on 20 April 2024 (UTC). The next halving, to 1.5625 BTC, is at block 1,050,000, expected around April 2028: 210,000 blocks at the ten-minute target from April 2024. The exact date depends on how fast blocks arrive. At the same price and difficulty, a machine’s subsidy revenue halves overnight while its power bill does not change. This calculator steps the subsidy down on 17 April 2028 and every four years after that through 2100, from the first period that starts on or after each date.
How do I calculate mining profit from natural gas (Mcf) instead of grid power?
Convert the gas to electricity first. Kilowatt-hours per Mcf = 1,000 cubic feet × heating value in BTU per cubic foot ÷ generator heat rate in BTU per kWh. At this calculator’s defaults of 1,000 BTU/cf and 10,000 BTU/kWh, one Mcf gives about 100 kWh, so 1 Mcf/day supports about 4.2 kW of continuous load and 900 Mcf/day about 3,750 kW, or 1,028 Antminer S21 XP machines. Your fuel cost per kWh is your gas price per Mcf divided by kWh per Mcf: $2.00/Mcf is $0.02/kWh at the defaults. Choose “I have energy”, enter volume, heating value and heat rate from your own gas analysis and generator, then enter your all-in cost per kWh, including generator operation and maintenance, as the electricity cost, and the generator and site build as infrastructure cost.
How much bitcoin does one Mcf of natural gas produce?
It depends on four numbers: heating value, generator heat rate, machine efficiency and network difficulty. With 1,000 BTU/cf, 10,000 BTU/kWh and a 13.5 J/TH machine, one Mcf yields about 100 kWh, enough to run 308.6 TH/s for a day. At the difficulty this page ships with, 127.48 T on 20 August 2026, that mines about 0.000148 BTC from the block subsidy after a 2.5% pool fee, roughly 14,800 satoshis, worth about $10.79 at that day’s price of $72,684. The figure falls in proportion as difficulty rises, and halves at the next halving.
What electricity price makes mining profitable?
On power alone, a machine breaks even where the price per kWh equals hashprice × (1 − pool fee) ÷ (efficiency in J/TH × 0.024); the 0.024 turns joules per terahash into kWh per TH/s per day. Uptime cancels out, because it scales revenue and the power bill equally. At the figures this page ships with (20 August 2026: BTC $72,684, difficulty 127.48 T) and a 2.5% pool fee, that is about $0.108/kWh for a 13.5 J/TH machine and $0.073/kWh at 20 J/TH. These are day-one operating break-evens: they fall as difficulty rises, halve at the halving, and do not repay the cost of the machine.
Does the calculator include taxes?
Only when Apply Tax Adjustment is switched on, and then as a simplified scenario. It applies your mining income rate to each period’s mined revenue less that period’s power bill, never below zero, and your capital-gains rate to gains on bitcoin still held and on the buy-bitcoin alternative. With “This is pre-tax income” on, machine cost and your chosen share of infrastructure are treated as deducted up front, while the same income used to buy bitcoin is taxed first. It does not compute loss carryforwards, limits on deductions, recapture when machines are sold, or the rules of your jurisdiction. It is not tax advice; confirm your treatment with a qualified adviser.