List of Best
Cryptocurrency is the subject of all recent talks between different technology and IT addicted people. And one of the most popular questions - is how to count fees and profits. These two points are key important for everyone, who is involved in cryptocurrency mining processes. So, you should calculate carefully the fee and after that, you will get the profit. Let's see the list of most popular Bitcoin calculators for any need.
How to calculate the fee
Calculating bitcoin transaction fees may seem trivial to someone experienced with the procedure. If you ask for advice on how to figure your fees, you may get an answer that still leaves you somewhat confused. “It’s easy to calculate your transaction fees. First thing you need is the transaction size in bytes. Then you multiply that number by the median byte size with the resulting answer being in satoshis. Divide that by 100 million (1e8 on your scientific calculator) to obtain the bitcoin amount and then convert it to U.S. dollars. It’s that simple.”
Technology comes to the rescue with a simpler method using a bitcoin mining calculator. Serviceable, built-in fee calculators are available as features of many hardware and web-based bitcoin wallets. Unfortunately, there are wallets that do not possess bitcoin calculators. This can be problematic as on most sites, including cryptocurrency exchanges and stores on the deep web, it is the customer’s responsibility to calculate the fees. When faced with this situation you may find these cryptocurrency calculator tools valuable.
- Estimatefee.com is a web-based mining calculator that returns the cost (in satoshis and USD) for a bitcoin transaction. The fee is based on how fast you wish to move your coins from point A to point B.
Calculators for BTC profits
There are multiple websites that provide bitcoin profit calculators to assist miners with their required calculations. By inputting parameters such as equipment costs, power consumption, hash rate, and the current bitcoin price you can determine how much time is required to pay back your original investment.
- Bitcoinfees.info simply shows fees in USD for slow/medium/fast transactions.
It can be very helpful if you are a little mystified by the value of satoshis as it will convert them to USD for you.
There are a number of factors to be considered when determining fees. This complicates the matter, making a simple solution next to impossible. The way bitcoin functions, one of the factors that determine your fee is the amount of data, in kilobytes, that make up your transaction. This makes segwit sends less expensive due to reduced data transmission across the network. The blockchain has certain similarities to a highway. Congestion is greatest at rush hour and transactions, like traffic, will move more slowly. If speed is not a concern it is best to wait until the number of unconfirmed mempool transactions drops, as this will reduce the average cost of each transaction.
Profits from your cryptocurrency mining can be exactly determined by bitcoin or etherium mining calculators. Here are some that you may find helpful.
This tool helps to determine if mining an alternate cryptocurrency is more profitable than Bitcoin mining. For example, the tool uses both bitcoin and etherium calculators to display profitability of various cryptocurrencies. It employs statistical calculations based on hash rate values and doesn’t take into account factors such as a pool’s efficiency, exchange rate fluctuations, stale/reject/orphan rates of pool fees. Individual profitability may vary.
The go-to tool for institutional bitcoin traders, TradeBlock features market analytics, order management, insights into the blockchain and trade execution. It also allows for team communication and automated compliance.
With the all listed above, you can see, that the blockchain technology is not that easy. You really should know well all its hidden tips. It is better to use both fee and profit calculator, compare results. Only after all is counted, you can make a decision. All listed calculators would help a lot in your daily crypto life. Maybe you need the on-to-go tool for BTC trading, or maybe you want to compare what cryptocurrency mining is more profitable.