How does Simple Mining calculate electricity usage for miners?
How Simple Mining calculates electricity costs based on actual miner performance and efficiency.
Answer: At Simple Mining, our goal is to provide accurate billing that aligns your electricity usage to the performance of the mining units that we host. Our calculations are based on the average actual hashrate performance of each miner per month against its nameplate efficiency. The calculation formula is as follows:
Electricity cost = Average Hashrate x Unit efficiency (in kilowatts per terahash) x 24 hours x rate per kWh x number of days in the month
For example, let’s suppose you have an Antminer S21 XP (270T) unit that only produces an average of 250 TH per day for the month of January, keeping in mind that there might be various factors that could result in your mining unit not producing to its nameplate hashrate, such as repairs, site curtailments, etc. We will also assume a billing rate of $0.08 in this example. If you check our Bitcoin Mining Calculator, you will see that the efficiency of this unit is 13.5 W/TH (or 0.0135 kW/TH). Your electricity cost for this unit will be:
250 TH x 0.0135 kW/TH x $0.08 x 24 hours x 31 days = $200.88