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I know there are calculators for mining profit, but I need to include the same thing in an app I'm building, what formula do they use for Ethereum Classic? Also, can I use the same formula for other cryptocurrencies or is it different every time? Is there some website/guide/etc. that I can use to learn more about this?

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Look at a calculator source code, there are some on github and you'll find the exact formula :

  $scope.ethPrice = ethereumStats.priceUsd;
  $scope.netHashGH = (ethereumStats.difficulty / ethereumStats.blockTime) / 1e9;
  $scope.blockTime = ethereumStats.blockTime;
  $scope.earnings = {};
  $scope.computeProfits = function() {
    var userRatio = $scope.userHash * 1e6 / ($scope.netHashGH * 1e9);
    var blocksPerMin = 60.0 / $scope.blockTime;
    var ethPerMin = blocksPerMin * 5.0;
    $scope.earnings.min = userRatio * ethPerMin;
    $scope.earnings.hour = $scope.earnings.min * 60;
    $scope.earnings.day = $scope.earnings.hour * 24;
    $scope.earnings.week = $scope.earnings.day * 7;
    $scope.earnings.month = $scope.earnings.day * 30;
    $scope.earnings.year = $scope.earnings.day * 365;
  };
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  • Thanks, so it's the same for ETH and ETC?
    – Fyde
    Commented Jan 15, 2017 at 4:07
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    @Fyde yes, both use the same Ethereum protocol, for the moment...
    – Nicolas Massart
    Commented Jan 15, 2017 at 9:37
  • care to explain what's the purpose of this line? var ethPerMin = blocksPerMin * 5.0;
    – Luca Gibelli
    Commented Oct 26, 2017 at 0:33
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    answering myself: 1 block = 5 ETH rewards although this might not be the case forever
    – Luca Gibelli
    Commented Oct 26, 2017 at 0:41
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    @bshea it's 1e6 and 1e9, not 1e5. But I'll assume it's a typo ;) these ratios are used to convert your mining power called hashrate in the same unit. Network hashrate is always defined in Gh/s:giga hash per second and miner rate here is Mh/s: mega hash per second. So to have both in h/s you have to multiply each value by the multiplier of the corresponding unit prefix. giga is 1e9 and mega is 1e6. That's it.
    – Nicolas Massart
    Commented Feb 4, 2018 at 20:30
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Here is rough formula:

<probability to mine next block> = <your hash rate> / <total hash rate>
<blocks in month> = <seconds in month> / <avg block time>
<blocks mined per month> = <probability to mine next block> * <blocks in month>
<revenue per month> = <block reward> * <blocks mined per month>
<earnings per month> = <revenue per month> - <expenses>

This calculation is only valid if you are mining in a pool.

Also, this is underestimation as it does not consider transaction fees and uncle blocks.

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