In previous Cryptocurrency Mining for Dummies lessons, I have explained how you can use two websites, Whattomine.com and Crypto-coinz.net to research which coins will be the most profitable to mine. Today's lesson will illustrate one way this information can give falsely inflated profit expectations. The focus of this lesson is the coin Smartcash. I noticed a few days ago that the price of Smartcash was starting to climb. I went to Whattomine and opened up the Smartcash coin calculator page and entered the hash rate for my GTX 1050 Ti when mining the Keccak algorithm.

It showed an estimated reward of approximately 21 coins with a revenue of about $2.50 per day. This looked REALLY good!

So I started mining Smartcash. The next day I looked at my earnings report for the mining pool, but was disappointed to see that I had only mined about 10 coins. Back to Whattomine I went to check if the estimated rewards had dropped over night. The Smartcash coin calculator still showed an estimated payout of approximately 21 coins and revenue of almost $3.00 per day.

To calculate ROI you can specify the cost. Of your hardware for mining cryptocurrency by custom settings of hash rate. Mining hardware: 27: SmartCash(SMART) 0.24$.

So I kept the miner running and started planning what I was going to do with all this soon to be new found wealth. The next day, I checked my earnings report and again saw I had only mined about 10 coins. And that's when I noticed I checked the difficulty reported on Whattomine vs.

The pool and saw a difference of about 38%. The lagging network was causing Whattomine to significantly over estimate my reward payout. Silver Lining Even though I was not mining the number of Smartcash coins I expected, there is some good news. As shown in the 7 day chart below, the price of Smartcash has continued to climb and so I still was able to make a nice profit on the coins I mined.

The Lesson Learned When dealing with mining profit estimating sites, never blindly accept the information given as 100% factual. There are a lot of issues that can cause the estimates to be off. Raspberry Pi Ubiq UBQ Mining. As we saw above, network issues can cause the difficulty to be incorrect. Inaccurate coin prices from exchanges can also drastically affect estimated prices.

What Is A DigitalNote XDN Mining there. A little extra effort verifying the information given can prevent you from wasting your valuable mining power. Until next time.