Working out your profits from crypto trading and mining can be a chore. Crypto calculators make it much easier. Learn how to save time with these handy tools.
There are times when a cryptocurrency calculator can come in very handy, such as when you need to work out your trading profits, convert one cryptocurrency to another or find how much your mining rig could be making for you.
Crypto trading profit calculators
To work out your trading profit you’ll usually need to do a few manual calculations.
For example, if you buy 2 Bitcoins (BTC) at $7,500 and sell them at $9,500, you have a difference between them of $2000 and a transaction size of 2 BTC, so you just multiply the difference by the transaction size ($2000×2) to get a total profit of $4,000.
That’s a very simple example, but things can get a bit more complicated than that for professional traders. That’s why they frequently reach for time-saving crypto trading profit calculators like these:
Sabe is primarily an educational platform for computer programmers, but it also happens to feature a crypto trading profit calculator that helps you reckon your trading profits with ease.
To work out what you’ve made from a trade, enter the tokens you purchased such as Tether (USDT), Ripple (XRP), Litecoin (LTC) or whatever, followed by how many coins you bought and what they cost you.
The information gets updated all the time in line with the prices on CoinMarketCap, so you can always tell how much you’ve made or lost.
This crypto trading profit calculator is only for Bitcoin, but since it’s such a popular token it’s likely to be in demand. As with the last tool, just enter the number of Bitcoins, and the buy and sell prices, but you can also enter the fees you were charged as well (something that Sabe doesn’t offer). You also get to enter the strategy, short or long, if you want as well.
Crypto-to-crypto and crypto-to-fiat calculators are quite abundant on the Internet. They convert from a cryptocurrency to a fiat currency or else to other cryptos.
A crypto calculator like this helps when you have fractions of cryptos. It makes it simple to find out how many Dollars, Euros, or others they are worth at current exchange rates, and you can also use it to work out exchange values between fiat currencies too.
Currexy is a cryptocurrency calculator that finds the value of your Bitcoins in various fiat currencies. You just need to enter the amount you’re holding to see what the equivalent is in dollars, euros, Ethereum, Dash and other currencies.
Mining profitability calculators
The decision to mine a cryptocurrency comes down to profitability, and that’s always going to hinge on the hashing power of your miner, how much power it consumes in watts, electricity costs per kWh, and the pool fee.
This cryptocurrency calculator lets you work out your mining profits by the week, month, year. By crunching the different numbers involved with your venture the calculator can quickly help you work out whether it’s worth investing. It works with Bitcoin (BTC), ETH (Ethereum), ETC (Ethereum Classic), Monero (XMR), Zcash (ZEC), Dash (DASH), Litecoin (LTC).
This one is slightly more complicated than the last one, but that’s because it has more to offer. For instance, as well as the features that the CryptoCompare Calculator offers, this one lets you add several mining rigs, start difficulties, difficulty increases, and profit ratios, along with the start and end date of the mining process. All of this extra information will give you a much better idea of your profit potential, total revenue, and total electricity costs in USD.
Cryptocurrency Calculators for Tax
To work out what taxes you owe and to generate your cryptocurrency tax reports automatically, you might want to try a crypto calculator for tax.
This crypto calculator helps you work out your income, gains, and losses from crypto activities for tax reporting purposes. Activities include trading, mining, or just investing, and with just a few button clicks the calculator pulls in all transaction info from each of your crypto platforms, exchanges, mining pools, and so on.
With all of that information collected, it’s easy to create your income reports and capital gains losses forms. These forms make it easy to add cryptocurrency information to your tax return, and the reports can even be imported to platforms like TurboTax, and let’s face it, everyone welcomes a little extra help at tax time.