4 Types of Crypto Calculators For Daily Use
Crypto Converters
If you need to know how much $100 is in Bitcoin or how much DAI you could make with 0.1 ETH, cryptocurrency conversion rate calculators are to your service. These tools allow you to convert one crypto to another or to fiat currencies as well.
CoinMarketCap Converter offers a convenient calculator of this kind. It allows you to convert assets based on the average market price displayed on CMC. The tool has a wide choice of currencies and offers a handy switch button. It also lets you save the conversion as a URL address, so you can bookmark it in your browser and check it often without repeatedly setting the numbers.
The Converter also has a mobile app: you can find it in the main CoinMarketCap application by tapping Account – Tools – Converter. The mobile version allows you to compare cryptocurrencies: you can see their price charts and value data on one screen.
Note that CoinMarketCap converts cryptocurrencies based on their average market prices – this means that if you go to any crypto exchange to swap the coins, the rates will be slightly different. If you want to buy or sell cryptos, we recommend that you visit ChangeNOW or another service to estimate the actual exchange rates.
Another tool that may come in handy for you is the Bitcoin Auto-Converter. This is a Chrome browser extension: whenever it finds words like “0.03 BTC” on any website, it indicates the USD equivalent of this sum right there.
Crypto Investment Calculators
A cryptocurrency investment (or profit & loss) calculator allows you to see how much you could make from a cryptocurrency if you invested in it.
Take Crypto Profit Calculator by CoinStats. When you select a cryptocurrency, the service displays its current price in the Buy and Sell price section. Change the Buy price if you’ve invested before or the Sell price if you are going to invest now and withdraw later. Enter the amount and the fees, and you will see the exact outcome of your investment.
This tool is convenient for making a quick estimate of an investment, but if you already have a portfolio and want to assess its profitability, there is a more automatic way to do this. In CoinStats, you can connect your portfolio for tracking, and the service will calculate the profits & losses for each cryptocurrency you own.
You can add a wallet using the public key and an exchange account with an API. Once you’ve imported your portfolio, CoinStats displays the share of coins and the overall value dynamic. Profits & losses for each cryptocurrency can be calculated in four options: for the latest 24 hours, last trade, all time, or the current holdings only (excluding those you’ve already withdrawn).
There is one more tool that allows you to estimate a ROI of a cryptocurrency in a simplified way – the CoinStats’ Crypto Return Calculator. If offers two scenarios:
- Say, you want to put $1000 in Bitcoin today and expect the crypto to hit $50,000. The calculator will show how much your investment will be worth at the time.
- Wonder how much you would have earned if invested in Dogecoin in 2018? No problem. Simply enter the date and the sum, and the calculator will display the result.
Oh well. Image source
CoinJournal offers a similar calculator under the name of the Profit Time Machine. The choice of cryptocurrencies is limited, but the service displays the potential profits & losses as a percentage and has a convenient slide bar.
Cryptocurrency Tax Calculators
Are you liable for a crypto tax? In case you are, you may know how hard it is to calculate the tax burden, especially if your coins are spread across multiple platforms and you’ve made many transactions. Estimating the amount to be paid can take hours.
Crypto tax calculators solve this problem. They allow you to import your crypto portfolio and generate a tax report in just a few clicks – all the calculations are done automatically.
One of the most easy-to-use crypto tax calculators is CoinLedger. It partners with hundreds of crypto platforms, so it will be easy to connect your wallet or exchange. Once you do so, CoinLedger analyzes your transactions and sorts them in several groups: income, mining, staking, NFTs, gifts, airdrops, and others. Each of these categories is taxed differently, and CoinLedger takes that into account. You can make reports for different tax periods.
CoinLedger offers tax forms for different jurisdictions, so most likely, you will find a tax report format suitable for your country. The documents are compatible with tax software such as TurboTax Online, TurboTax Desktop, and TaxAct.
Another popular tax calculator is Accointing.com. It also supports hundreds of wallets and exchanges and operates in Austria, Germany, Switzerland, UK, and USA. For users from other jurisdictions, a general tax report feature is available.
Accointing offers a free portfolio tracker where you can watch your tax burden before generating the report. The service is available in a web version and as iOS/Android mobile apps. The Trading tax optimizer feature in Accointing will help you understand how to reduce your taxes.
Mining Profitability Calculators
Mining calculators allow you to estimate how much you can earn (or lose) from your farm. The following criteria are taken into account:
- Hardware. There are many kinds of graphic cards and ASICs, each consuming different amounts of electric power and producing different hashrate. The outcome also depends on how many units of hardware you have.
- Electricity pricing. The cost of electric power varies widely, while being the second largest expense in mining.
- Mining algorithm. Different pieces of hardware produce different hashrate for each algorithm.
- The coin you are mining. Its price dynamic largely affects your overall outcome.
If you know what hardware you’re using
If you already have a mining rig or know which one to buy, you can estimate its profitability in just a few clicks. Let’s see how this works on Whattomine:
- Click at the GPU model you have and set the number of units.
- For each mining algorithm, hashrate and power consumption will be indicated automatically. However, it’s better if you type in the exact numbers as they may differ.
- Enter electricity costs and review other filters. Click “Calculate”.
- The service will show how profitable it is to mine different coins with your rig compared to Ethereum mining. The revenue will be displayed in the second column from the right.
The Minerstat service works similarly: you set your miner model and electricity price, and the calculator estimates the reward, cost, and the overall profit. You can form a dataset of different rigs to check the profitability frequently without entering the details again.
If you’re not sure about the hardware yet
How to use these calculators if you don’t know yet what hardware to buy and what coins to mine? If you have a firm intention to start mining, think of how much money you are ready to invest. Prices for GPUs vary widely: from $200 for Radeon RX 6500 XT to $2500 for GeForce RTX 3090 Ti, and the more expensive the graphic card is, the more profit you can get.
What are the best coins to mine? This question should be the subject for a whole another article, but we will briefly note that Ravencoin, Monero, Litecoin, Dogecoin, and Bitcoin Gold are often mentioned as the best choices. Pick the coin that you believe in – its long-term value is crucial for your mining profitability. Then check what equipment you can use to mine the selected coin, open the calculator, and estimate the potential returns.
Mining profitability for selected coins
Mining calculators allow you to evaluate how lucrative it is to mine a certain crypto.
- To do this on Whattomine, open the Coins section, find the currency, enter the parameters, and click “Calculate”.
- Another service called CryptoCalc displays the profits in a simple interface estimated for a day, month, week, and a year.
Tip: remember these are only the estimates
Use mining calculators with caution: they display only the rough estimates. The final profitability may vary due to several factors:
- The coin’s price might change. Some cryptocurrencies are so volatile that Minerstat doesn’t include them if the “coins with alerts” filter is disabled.
- Electricity prices also fluctuate. Even a slight increase can affect the long-term outcome.
- The rig’s performance may decline. Proper maintenance is needed to keep it at a good level.
- The difficulty of the network might change. The higher it is, the more hashrate you’ll need to achieve the same result.
Summary
Cryptocurrency calculators help you save your time whenever you need to estimate your profits, taxes, or an exchange rate. Here are the four main types of crypto calculators:
- Cryptocurrency converters display crypto-to-crypto or crypto-to-fiat conversion rates: CoinMarketCap Converter, ChangeNOW, Bitcoin Auto-Converter.
- Investment calculators estimate your profits & losses (Crypto Profit Calculator by CoinStats) or potential ROI of cryptocurrencies (Crypto Return Calculator, CoinJournal’s Profit Time Machine).
- Tax calculators evaluate your taxes burden in a few clicks: CoinLedger, Accointing.com.
- Mining calculators assess the profitability of mining for certain hardware (Whattomine, Minerstat) and specific coins (Whattomine, CryptoCalc).
