Sometimes you need to quickly calculate your trading profits, convert one cryptocurrency to the other one and check the potential earnings from your mining hardware. How can you do it?
Here is a list of calculators that will help you solve this problem.
Crypto trading profit calculators
Normally, to calculate your trading profit, you need to do a few simple calculations manually.
For example, when you buy 2 Bitcoins (BTC) at $7.200 and sell them at $9.800, the transaction size is 2 Bitcoins (BTC). To calculate your profit, let’s take the selling price of $9.800, subtract the buying price of $7.200 and multiply the difference by the transaction size.
That makes a profit of $5.200.
Professional traders often use trading profit calculators to save time, and here are a couple of solutions you can go for, too.
Sabe is an educational platform that offers programmers classes and tutorials, but it also has a simple calculator that lets you get a grip on the momentum of your trading profits.
To calculate your earnings, you should insert one of the tokens you’ve bought into Tether (USDT), Ripple (XRP), Litecoin (LTC) etc., with the number of purchased coins and the buying price.
The data constantly updates in accordance with the prices from CoinMarketCap, so you get an idea of how much you’ve gained or lost at any moment in time.
This calculator is the Bitcoin-only solution, and yet, it provides you with a quick way to calculate your profits.
Just like with the previous tool, you need to insert the number of coins, Bitcoins (BTC) in this particular case, and the buying and selling prices. In contrast to the Sabe calculator, you can also include the fees you incurred.
You can also specify strategies, long or short, or calculate the fees only. It’s up to you!
Crypto-to-crypto, crypto-to-fiat calculators
These types of calculators are probably the solution you’ve come across most often on the Internet.
These are basically converters from one cryptocurrency to fiat or to other cryptocurrencies.
If you have a fraction of Bitcoin (BTC) or any other crypto, this calculator is probably the quickest way to see how many Dollars, Euros, Krones, Rubles, etc. you’ve got at the exchange rate.
Also, this is a simple converter from one fiat currency to another. All you have to do is to insert your currency.
Currexy is a great way to learn what your Bitcoin (BTC) investment is worth in several currencies.
Just insert how much Bitcoin (BTC) you’ve got and see the equivalent of the same amount of money in USD, EUR, GBP, ETH, LTC and Dash.
Mining profitability calculators
While deciding to mine or not to mine a cryptocurrency, you may want to take into consideration several factors: the hashing power of your mining rig, power consumption in watts, cost per kWh and your pool fee.
This crypto mining calculator helps you calculate your profits from mining per week, month or even per year.
Considering the characteristics mentioned above and adjusting the settings that depend on your mining rig, you can define whether the whole thing is worth it.
The mining calculator is available for Bitcoin (BTC), ETH (Ethereum), ETC (Ethereum Classic), Monero (XMR), Zcash (ZEC), Dash (DASH), Litecoin (LTC).
This calculator is a little more complex than the previous one, but it offers you more functionality.
For example, in addition to the characteristics mentioned for the CryptoCompare Calculator, this one gives you a chance to add several mining rigs, start difficulties, difficulty increases and profit ratios.
You can also include the start and end date of the mining process and ultimately get an idea of your total profit, total revenue and total electricity costs in USD.
Cryptocurrency Tax Calculators
To calculate the amount of taxes you owe and to automatically generate your cryptocurrency tax reports, you can use cryptocurrency tax calculators.
This cryptocurrency tax calculator helps you calculate your gains, losses, and income from all of your cryptocurrency activity whether it was from algo trading, mining, or just simple investing. The calculator works by pulling in your historical transactions from all of your crypto platforms, exchanges, mining pools, etc. Pulling in your transaction history just takes a few button clicks.
Once all of your trade data is pulled in, you can generate your capital gains and losses forms as well as income reports. All of these documents can be used for quickly filing your cryptocurrency information with your tax return. You can even import these reports into platforms like TurboTax.