Crypto calculators and how they work
You can calculate your profits and losses from crypto trading and mining in different ways. Crypto calculators can become very handy tools for you. These calculators can not only calculate your trading profits but can help you to convert one cryptocurrency to another. It is also helpful to find out how much your mining rig is making for you. The following tools can help you to keep track of your investment status.
1. Crypto trading profit and loss calculators
2. Cryptocurrency converters and calculators
3. Mining profitability calculators
4. Cryptocurrency tax calculators
1. Crypto Trading Profit and Loss Calculators
You can get your trading profit and loss by doing a few manual exercises. However, other factors make it difficult to calculate gain and loss for professional traders. The other factors include exchange fees, investment charges, the current market price of the cryptocurrency, etc. That’s why the use of the following tools may help you to calculate your results with ease:
1. Sabe calculator
Sabe is a simple tool to calculate your gains and losses immediately. You need to enter your coin name, the number of tokens purchased, and the cost price. The calculator will calculate what you have made or lost at any given time.
The information is also constantly updated per CoinMarket exchange rates so that you can keep track of your trading position.
2. Easy Bitcoin calculator
Easy Bitcoin calculator is a very useful tool to calculate your profits on Bitcoin investments. This solution is only available for bitcoin. Like Sabe, you need to enter the total number of bitcoins as well as the buy and sell prices. You can also add the transaction fees you paid to this calculator. It is something that Sabe calculator does not offer. In addition, you can choose the short or long plan to calculate the profits.
2. Cryptocurrency Converters and Calculators
These may be the most common type of calculators available on the internet. They change one cryptocurrency to a fiat currency or another cryptocurrency.
1. CoinMarketCap calculator
This is a straightforward converter from one fiat currency to another. You just need to input the number of currencies, the fiat or cryptocurrency of your choice, and select the currency you need to convert into. The calculator will compute the price.
For example, you own a small amount of Ethereum (ETH) or some other digital asset. In that case, using this calculator to calculate how many Dollars, Krones, Euros, and other currencies you have at the current exchange rate may be the fastest option.
Currexy is a great tool to find out the worth of your Bitcoin (BTC) investment in different currencies. You can view the results right away by just entering the currency you are holding in the exchange currency field and choosing the currency conversion.
3. Crypto converter widget
The Crypto converter widget is a simple and easy-to-use tool to convert cryptocurrency to fiat currency. You just need to enter your coin name and select the fiat currency you need to convert into. The widget will compute the amount.
3. Mining Profitability Calculators
When you plan on whether to mine a cryptocurrency or not, you should think about all the costs related to the mining process. The total cost depends on many factors such as hashing power, total power consumption in watts, and pool fee for mining cryptocurrencies. The mining calculator can also help you to calculate the profits.
1. CryptoCompare calculator
This cryptocurrency calculator helps you to calculate the profit per day, week, month, or year. The calculator can also support you in calculating whether it’s worth investing or not by considering the different factors mentioned above. The mining calculator works with Bitcoin (BTC), Dash (DASH), ETH (Ethereum), ETC (Ethereum Classic), Litecoin (LTC), Monero (XMR), Zcash (ZEC).
2. BTC.com Mining Calculator
This calculator has more features than the CryptoCompare calculator offers. For example, it allows you to add several mining rigs, start difficulties, difficulty increases, and profit ratios. It also includes the start and final date of the mining process. All this additional information can help you to estimate your mining profit more accurately.
4. Cryptocurrency Tax Calculators
There are different kinds of crypto tax calculators available in the market. All these calculators extract information from different mining pools, calculate the total capital gains or losses, and create your tax reports.
1. CryptoTrader Tax calculator
This crypto calculator helps in computing profits and losses from crypto activities for tax purposes. The calculator pulls all your data and transaction history from different sources. Once
all data is gathered, you can create your income report, capital gains and losses form, and other tax documents in no time at all.
This calculator tool provides a high degree of accurate tax computations. It provides a detailed breakup of each calculation that can help you to understand the calculations with ease. It also deals with difficult tax situations for example Defi loans, DEX transactions, etc.
Cryptocurrency trading is very profitable but can be risky due to the uncertain nature of the market. Hence, it is suggested to keep track of your investment performance. The tools discussed above can be helpful to calculate your profits in no time. You should also consider the fact that the results of these calculations are quick and accurate.
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