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      "permlink": "steemitboard-notify-spreadstreet-20190928t204745000z",
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      "body": "Congratulations @spreadstreet! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@spreadstreet/birthday2.png</td><td>Happy Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@spreadstreet) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=spreadstreet)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "body": "Congratulations @spreadstreet! You have received a personal award!\n\n[![](https://steemitimages.com/70x70/http://steemitboard.com/@spreadstreet/birthday1.png)](http://steemitboard.com/@spreadstreet)  1 Year on Steemit\n<sub>_Click on the badge to view your Board of Honor._</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemitboard/@steemitboard/steemitboard-knock-out-by-hardfork\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmSPagmBYytsJBn8FwewvqDFRphP6swbbndADgYEsaLNkZ/image.png\"></a></td><td><a href=\"https://steemit.com/steemitboard/@steemitboard/steemitboard-knock-out-by-hardfork\">SteemitBoard knock out by hardfork</a></td></tr></table>\n\n> Support [SteemitBoard's project](https://steemit.com/@steemitboard)! **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!",
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{
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      "parent_permlink": "cryptocurrency",
      "author": "spreadstreet",
      "permlink": "financial-modeling-for-cryptocurrencies-the-spreadsheet-that-got-me-my-first-1-000-gain",
      "title": "Financial Modeling for Cryptocurrencies: The spreadsheet that got me my first 1,000% gain",
      "body": "![](https://cdn-images-1.medium.com/max/2000/1*A1l5GDAw2ke0QQHGvlAthQ.png)\n\n**TL;DR:** I created a spreadsheet that automates pulling trending\ncryptocurrencies, recent tweets, and bullish/bearish sentiment into Google\nSheets. You can find it here:\n\n[https://docs.google.com/spreadsheets/d/1QtxaDWCoXkIqjPVVkU8DNsx8GBaBd180COwn1CIasa8/copy](https://docs.google.com/spreadsheets/d/1QtxaDWCoXkIqjPVVkU8DNsx8GBaBd180COwn1CIasa8/copy)\n\nI know some crypto users prefer to work in spreadsheets (including myself) so I\ncreated a spreadsheet that looks at trending symbols and estimates\nbullish/bearish sentiment. I never had the time to develop software engineering\nskills, but the recent launch of a few add-ins has allowed regular joes like\nmyself to harness the power of APIs.\n\n### The Beauty of Sentiment Trading\n\nAccording to [Google Trends](https://www.google.com/trends/explore#q=sentiment\nanalysis), the word “sentiment analysis” has been gaining steady traction over\nthe past 5 years.\n\nSentiment refers to the attitude expressed by an individual regarding a certain\ntopic. This is especially relevant in trading, where so much of the change in\nprice is dictated by emotions:\n\n![](https://cdn-images-1.medium.com/max/800/0*gqqtwQUK8-a5BTKx.jpg)\n\nWhen it is applied to trading, sentiment can be used (with great potential\nwindfall) as a directional signal to figure out whether you should enter a\ncrypto position within your portfolio.\n\nA way you can utilize sentiment when trading crypto, is to measure the\npositivity or negativity of a tweet. If recent tweets have been overwhelmingly\nbullish (aka, the person expects the crypto rise) and movement is beginning to\nhappen in the currency, chances are good that the trend will continue.\n\nLuckily for you, StockTwits already does this with around 225 different\ncryptocurrencies. And if you can combine the sentiment with trending\ncryptocurrencies, you can catch the wave right as it forms.\n\n### Services Used:\n\n1.  Google Sheets\n1.  [Spreadstreet Google Sheets\nAdd-in](https://chrome.google.com/webstore/detail/spreadstreet/fghpmppcbabgnpekploacbjijhppnkpp?authuser=0)\n1.  StockTwits\n1.  CoinMarketCap API\n\n### What it pulls:\n\n* Trending Symbols (30 at a time)\n* Historical Price Data\n* Recent Tweets\n* Bullish/Bearish Sentiment of recent tweets\n\n### AN OVERVIEW OF THE SECTIONS\n\n### The Dashboard\n\n![](https://cdn-images-1.medium.com/max/1000/1*A1l5GDAw2ke0QQHGvlAthQ.png)\n\n### Changing the timeframe\n\n![](https://cdn-images-1.medium.com/max/1000/1*Hmx0ksx61_hwC8oqPAu_IQ.png)\n\n### Changing the cryptocurrency\n\n![](https://cdn-images-1.medium.com/max/1000/1*kqyjmlOJoec7f_DUONu-9w.png)\n\n### Instructions Tab\n\n![](https://cdn-images-1.medium.com/max/1000/1*5TnvAqMDCMFZe48YbJ0UkQ.png)\n\n### Summary Tab\n\n![](https://cdn-images-1.medium.com/max/1000/1*Mxj9g0-sEyvPcinWVB1EQg.png)\n\n### How to use the spreadsheet to spot trending cryptocurrencies\n\nYou will spend most of your time in the “Analysis” tab, where the trending\ncryptocurrencies reside.\n\nI am almost always looking at the “By Hour” timeframe, as the “By Day” and “By\nWeek” is usually a missed opportunity…however, those time frames can still be\nvery useful (albeit, for different reasons).\n\nYou want to ride the wave on a cryptocurrency under one or both of the following\nconditions:\n\n1.  The tweets are very recent, preferably within the last hour\n1.  Overwhelmingly Bullish sentiment\n\n**A Great Example:**\n\n![](https://cdn-images-1.medium.com/max/1000/1*0cYaT-Q5CrjUePOcBYx5PQ.png)\n\n**A Bad Example:**\n\n![](https://cdn-images-1.medium.com/max/1000/1*hBdy-4j-AYo9m1-V39modg.png)\n\n### Getting the spreadsheet to work for you\n\n**1. Install the Spreadstreet add-in for Google Sheets**\n\n* [Click this link to download the Spreadstreet Google Sheets\nAdd-in](https://chrome.google.com/webstore/detail/spreadstreet/fghpmppcbabgnpekploacbjijhppnkpp?authuser=0)\n* Follow the installation instructions included with the add-in and log-in\n\n**2. Get sheet ready for use with the add-in**\n\n* **Important** Open the template, click the menu Add-ons / Spreadstreet / Help /\nView in store, and then click Manage and in the dropdown menu click Use in this\ndocument.\n* Numbers in row 26 and below should populate. If they do not, refresh the sheet\n\n**3. After logging into the add-in, refresh the sheet**\n\n* In the analysis tab, change the “TIMEFRAME” dropdown to one of the other\nchoices…this refreshes the pull\n* Note: CoinMarketCap API has limits. Be careful when attempting to refresh the\nsheet too many times\n\n### Troubleshooting\n\n1.  ***Important*** Open the template, click the menu Add-ons / Spreadstreet / Help\n/ View in store, and then click Manage and in the dropdown menu click “Use in\nthis document.”\n1.  A reload of the entire worksheet fixes quite a few problems.\n1.  Deleting and re-pasting the formula in A1 of the “Data” tab fixes things as\nwell.\n1.  If all else fails, drop a line to [email protected]. He will get you\nrunning in no time.\n1.  The “TIMEFRAME” cell in the Analysis tab (B3) refreshes the pull. Change the\nresults for new data.\n\n**Some trending coins are not pulling correctly…what’s going on?**\n\nStockTwits has a list of ~225 coins it currently supports. See the “TweetInfo”\ntab for the full list.\n\n**I have tried logging in, activating the template with “Use in this document”\nand refreshed the sheet…still nothing.**\n\nHead to the “Data” tab. Delete the formula in cell A1, and repaste the\nfollowing: =SS(“tickers-coinmarketcap”, headers, “0”, Currency)\n\nHoping this is something that is useful to everyone, and I am more than happy to\nhelp peeps setup the sheet so they can use it. Just send me a message on here or\nto [email protected].\n\n[<img src=\"https://cdn-images-1.medium.com/max/800/1*4b6mURa66SdaeE_2bJgmcg.png\">](https://medium.com/@spreadstreet/financial-modeling-for-cryptocurrencies-the-spreadsheet-that-got-me-my-first-1-000-gain-f4d0d1a6e5ed)\n\n### RESOURCES\n\nDownload the add-in:\n[https://spreadstreet.io/tools/google-sheets-add-in](https://spreadstreet.io/tools/google-sheets-add-in)\n\nHelp: [https://spreadstreet.io/docs](https://spreadstreet.io/docs)\n\nFirst time install and login:\n[https://www.youtube.com/watch?v=aLjtPR4T2bg](https://www.youtube.com/watch?v=aLjtPR4T2bg)\n\nBitfinex Candles endpoint help:\n[https://spreadstreet.io/knowledge-base/bitfinex-api-candles-endpoint/](https://spreadstreet.io/knowledge-base/cryptonator-api-complete-ticker-endpoint/)\n\n### RELATED POSTS\n\n[Top 12 Cryptocurrencies Ranked by Risk-Adjusted\nReturn](https://medium.com/spreadstreet/top-12-cryptocurrencies-ranked-by-risk-adjusted-return-34356cb6acab)\n\n[Is Genesis Mining Worth it? A Genesis Mining Profitability Calculator You’ll\nActually\nUse](https://medium.com/spreadstreet/is-genesis-mining-worth-it-a-genesis-mining-profitability-calculator-youll-actually-use-a06d916bf7bc)\n\n[How to Create an Ethereum Mining Calculator from Start to\nFinish](https://medium.com/spreadstreet/how-to-create-an-ethereum-mining-calculator-from-start-to-finish-71bcb87877a0)\n\n[10 Statistical Price Predictions for 10\nCryptocurrencies](https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d)\n\n[Bitcoin Madness: How to Simulate Bitcoin Prices in Google\nSheets](https://medium.com/@spreadstreet/bitcoin-madness-how-to-simulate-bitcoin-prices-in-google-sheets-c61cb42f26ed)\n\n![](https://cdn-images-1.medium.com/max/800/0*AqmqizPHW0g5gb7R.png)",
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      "title": "How to Get The Most Profitable Cryptocurrencies to Mine and More in Google Sheets",
      "body": "![](https://cdn-images-1.medium.com/max/1000/1*FcR5peXvIdyuqp7nljxdHA.png)\n\n**One of the most challenging aspects of cryptocurrency mining is finding the most profitable coins to mine.**\n\nA few services exist, but nothing beats what the creators of [WhatToMine.com](https://whattomine.com/) have done in a few short months.\n\nThe big benefit of the data offered by WhatToMine is a ranking of cryptocurrencies by mining profitability.\n\nThe `=SS()` function, available in Google Sheets as part of the [Spreadstreet Google Sheets Add-in](https://chrome.google.com/webstore/detail/spreadstreet/fghpmppcbabgnpekploacbjijhppnkpp?authuser=0), allows the user to pull in two seperate endpoints from the WhatToMine API:\n\n1.  Stats — Used to compare the profitability of all GPU based cryptocurrencies\n2.  ASIC — Used to compare the profitability of all ASIC coins\n\n![](https://cdn-images-1.medium.com/max/800/1*S_sN4Wh-_OPMltzvxskXkQ.png)\n\n### How to install\n\n#### 1. Go to the “Add-ons” menu, and click on “Get add-ons”.\n\n![](https://cdn-images-1.medium.com/max/800/1*Asl4d5h960Gk2NXUQQUkdw.png)\n\n#### 2. On the Add-ons panel, search for “Spreadstreet”, click on “+ FREE” to install it.\n\nhttps://cdn-images-1.medium.com/max/800/1*my4OHN9uKKgoaneewccfHA.png\n\n#### 3. Choose under which account you want to install the Add-on.\n\n![](https://steemitimages.com/DQmRSEgrvbTEUEzGU3FqoEAr2GHWqrW5TjiMutA1WpRuLTz/image.png)\n\n#### 4. `Spreadstreet` needs to connect to an external API, click on “Allow”.\n\n![](https://steemitimages.com/DQmWBQ11oPn2pZQ9RZuKhGufuQLJwxa7yqbRSECvkeiHTrb/image.png)\n\n*Note on security: All add-ins within the store go through a review. This is a wonderful security measure, especially in the Crypto industry, which is rife with scams and hacks.*\n\n#### 5. Make sure the add-on is activated in your sheet:\n\n1.  Go to `Add-on` > `Spreadstreet` > `Help`\n2.  Click on `View in store` , then click on `Manage` and check `Use in this document`:\n\n![](https://steemitimages.com/DQmSdp1GoY3uiNPCyTzfFACbiANTXkko6czSrWpfTEgo4Lu/image.png)\n\nTadaa! You are now able to use the `=SS()` function to pull in all sorts of amazing data within the cryptocurrency space.\n\n![](https://steemitimages.com/DQmVULDcm9Cd67PmJaiVoue9z5RV39YUtxXAeQdXwtxqVoG/image.png)\n\n### How to use for GPU-Mineable Coins\n\n**How does WhatToMine calculate profitability for GPU-mineable cryptocurrencies?**\n\n* All values are based on a default configuration and hash power of 3 Radeon RX480 graphics cards\n* Price is formulated from the following exchanges: Abucoins, Bitfinex, Bittrex, Bleutrade, Cryptopia, HitBTC, Poloniex, YoBit\n* Hash rate and wattage vary by algorithm. See the main page of WhatToMine for default values\n* Calculations are based on mean values, so final results will vary\n\n**What is the calculation missing?**\n\n* Calculation does not account for future changes in price\n* Calculation does not account for future changes in network hash rate\n* Block rewards are fixed, future block reward reductions not taken into\nconsideration\n* No significant changes to the underlying algorithm are assumed (for example, the Casper update)\n\n**Get most profitable GPU coins**\n\nCall the function `=SS(“get-stats-whattomine”, true)` to return various stats from GPU-minable cryptocurrencies.\n\n* 13 different GPU mining algorithms available, including: CryptoNight, Ethash, NeoScrypt, Equihash, Groestl, Skunkhash, Blake (14r), Pascal, LBRY, X11Gost, Blake (2b), Lyra2REv2, and Myriad-Groestl\n* Data returned includes: Coin, ID, Tag, Algorithm, Block Time, Block Reward, Block Reward 24, Last Block, Difficulty, Difficulty 24, Net Hash, Exchange Rate, Exchange Rate Volume, Exchange Rate Currency, Market Cap, Estimated Rewards, Estimated Rewards 24, BTC Revenue, BTC Revenue 24, Profitability, Profitability 24, Lagging, and Timestamp\n\n*Example usage using the GUI:*\n\nOpen the Add-in\n\n![](https://steemitimages.com/DQmWqi163xvu6HmxVd1653DTxomg9GTJBgfGuHvkK5jB9qm/image.png)\n\nClick “Add” to view the list of available APIs\n\n![](https://steemitimages.com/DQmdebgB6ERokGxuuSTtK3Ldb8ra94bhzvkJsh1bTxnvbgy/image.png)\n\nClick on the “WhatToMine” icon\n\n![](https://steemitimages.com/DQmeRukyUJpTn3gGb8yoZGNm5T9MUjtsbFBbD7hePADKpVS/image.png)\n\nClick “Stats”\n\n![](https://steemitimages.com/DQme2TzKhsBfmoA9TpcywGjeSiZKkiy9WXTPvqzWQM6VeuJ/image.png)\n\nClick “Insert”\n\n![](https://steemitimages.com/DQmdyfrSHeKUfsXnn4AsGfV5E2eACRi3hq3J5b8N8o2Pcvn/image.png)\n\nClick “Run”. This will paste values into the currently selected Cell, and save that in the main GUI for future retrieval\n\n![](https://steemitimages.com/DQmfPP6dMrsaxza8F852USZ9FpGUqoiymeS9ZphT4fdn4sa/image.png)\n\n*Example usage using the =SS() Formula:*\n\n![](https://steemitimages.com/DQmXrxibCAMt6ndKUrZdXMRG1ooQXKKJqAEmSQtzRwLZtXu/image.png)\n\n`=QUERY(A:W,”select A, T where T is not null order by T desc”)` returns the most profitable GPU-minable cryptocurrencies.\n\n### How to use for ASIC-Mineable Coins\n\n**How does WhatToMine calculate profitability for ASIC-mineable cryptocurrencies?**\n\n* SHA-256 values are adapted for Antminer S9, Scrypt for L3+ and X11 for D3.\n* Price is formulated from the following exchanges: Abucoins, Bitfinex, Bittrex, Bleutrade, Cryptopia, HitBTC, Poloniex, YoBit\n* Hash rate and wattage vary by algorithm. See the main page of WhatToMine for default values\n* Calculations are based on mean values, so final results will vary\n\n**What is the calculation missing?**\n\n* Calculation does not account for future changes in price\n* Calculation does not account for future changes in network hash rate\n* Block rewards are fixed, future block reward reductions not taken into consideration\n* No significant changes to the underlying algorithm are assumed (for example, the Casper update)\n\n**Get most profitable ASIC coins**\n\nCall the function `=SS(“get-asic-whattomine”, true)` to return various stats from ASIC-minable cryptocurrencies.\n\n* 5 different ASIC mining algorithms available, including: SHA-256, Scrypt, X11, Qubit, Quark\n* Data returned includes: Coin, ID, Tag, Algorithm, Block Time, Block Reward, Block Reward 24, Last Block, Difficulty, Difficulty 24, Net Hash, Exchange Rate, Exchange Rate Volume, Exchange Rate Currency, Market Cap, Estimated Rewards, Estimated Rewards 24, BTC Revenue, BTC Revenue 24, Profitability, Profitability 24, Lagging, and Timestamp\n\n*Example usage:*\n\n![](https://steemitimages.com/DQmfTxu62ae5W9uj5FVA1a43A1rMBV8zoQbTL1ZhhVTtfLR/image.png)\n\n`=QUERY(A:W,”select A, T where T is not null order by T desc”)` returns the most profitable GPU-minable cryptocurrencies.\n\n### Common issues and how to fix:\n\n1.  **Do not keep your sheet open at all time. This will prevent the rates from refreshing.** The rates will auto-refresh each time you re-open your sheet.\n2.  The add-on may not work right away on other old spreadsheets. You need to do this to activate Spreadstreet: Open the old sheet, click the menu `Add-ons` / `Spreadstreet` / `Help` / `View in store`, and then click `Manage` and in the dropdown menu click `Use in this document` .\n\n### RESOURCES\n\nDownload the add-in:\n[https://spreadstreet.io/tools/google-sheets-add-in](https://spreadstreet.io/tools/google-sheets-add-in)\n\nHelp: [https://spreadstreet.io/docs](https://spreadstreet.io/docs)\n\nFirst time install and login:\n[https://www.youtube.com/watch?v=aLjtPR4T2bg](https://www.youtube.com/watch?v=aLjtPR4T2bg)\n\nBitfinex Candles endpoint help:\n[https://spreadstreet.io/knowledge-base/bitfinex-api-candles-endpoint/](https://spreadstreet.io/knowledge-base/cryptonator-api-complete-ticker-endpoint/)\n\n### RELATED POSTS\n\n[Is Genesis Mining Worth it? A Genesis Mining Profitability Calculator You’ll Actually Use](https://medium.com/spreadstreet/is-genesis-mining-worth-it-a-genesis-mining-profitability-calculator-youll-actually-use-a06d916bf7bc)\n\n[How to Create an Ethereum Mining Calculator from Start to Finish](https://medium.com/spreadstreet/how-to-create-an-ethereum-mining-calculator-from-start-to-finish-71bcb87877a0)\n\n[10 Statistical Price Predictions for 10 Cryptocurrencies](https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d)\n\n[Bitcoin Madness: How to Simulate Bitcoin Prices in Google Sheets](https://medium.com/@spreadstreet/bitcoin-madness-how-to-simulate-bitcoin-prices-in-google-sheets-c61cb42f26ed)\n\nhttps://cdn-images-1.medium.com/max/800/0*AqmqizPHW0g5gb7R.png",
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      "title": "How to Get The Most Profitable Cryptocurrencies to Mine and More in Google Sheets",
      "body": "@@ -1,89 +1,4 @@\n-# How to Get The Most Profitable Cryptocurrencies to Mine and More in Google Sheets%0A%0A\n !%5B%5D(\n",
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      "permlink": "5daako-how-to-perform-correlation-analysis-on-cryptocurrencies-in-google-sheets",
      "title": "How to Get The Most Profitable Cryptocurrencies to Mine and More in Google Sheets",
      "body": "# How to Get The Most Profitable Cryptocurrencies to Mine and More in Google Sheets\n\n![](https://cdn-images-1.medium.com/max/1000/1*FcR5peXvIdyuqp7nljxdHA.png)\n\n**One of the most challenging aspects of cryptocurrency mining is finding the most profitable coins to mine.**\n\nA few services exist, but nothing beats what the creators of [WhatToMine.com](https://whattomine.com/) have done in a few short months.\n\nThe big benefit of the data offered by WhatToMine is a ranking of cryptocurrencies by mining profitability.\n\nThe `=SS()` function, available in Google Sheets as part of the [Spreadstreet Google Sheets Add-in](https://chrome.google.com/webstore/detail/spreadstreet/fghpmppcbabgnpekploacbjijhppnkpp?authuser=0), allows the user to pull in two seperate endpoints from the WhatToMine API:\n\n1.  Stats — Used to compare the profitability of all GPU based cryptocurrencies\n2.  ASIC — Used to compare the profitability of all ASIC coins\n\n![](https://cdn-images-1.medium.com/max/800/1*S_sN4Wh-_OPMltzvxskXkQ.png)\n\n### How to install\n\n#### 1. Go to the “Add-ons” menu, and click on “Get add-ons”.\n\n![](https://cdn-images-1.medium.com/max/800/1*Asl4d5h960Gk2NXUQQUkdw.png)\n\n#### 2. On the Add-ons panel, search for “Spreadstreet”, click on “+ FREE” to install it.\n\nhttps://cdn-images-1.medium.com/max/800/1*my4OHN9uKKgoaneewccfHA.png\n\n#### 3. Choose under which account you want to install the Add-on.\n\n![](https://steemitimages.com/DQmRSEgrvbTEUEzGU3FqoEAr2GHWqrW5TjiMutA1WpRuLTz/image.png)\n\n#### 4. `Spreadstreet` needs to connect to an external API, click on “Allow”.\n\n![](https://steemitimages.com/DQmWBQ11oPn2pZQ9RZuKhGufuQLJwxa7yqbRSECvkeiHTrb/image.png)\n\n*Note on security: All add-ins within the store go through a review. This is a wonderful security measure, especially in the Crypto industry, which is rife with scams and hacks.*\n\n#### 5. Make sure the add-on is activated in your sheet:\n\n1.  Go to `Add-on` > `Spreadstreet` > `Help`\n2.  Click on `View in store` , then click on `Manage` and check `Use in this document`:\n\n![](https://steemitimages.com/DQmSdp1GoY3uiNPCyTzfFACbiANTXkko6czSrWpfTEgo4Lu/image.png)\n\nTadaa! You are now able to use the `=SS()` function to pull in all sorts of amazing data within the cryptocurrency space.\n\n![](https://steemitimages.com/DQmVULDcm9Cd67PmJaiVoue9z5RV39YUtxXAeQdXwtxqVoG/image.png)\n\n### How to use for GPU-Mineable Coins\n\n**How does WhatToMine calculate profitability for GPU-mineable cryptocurrencies?**\n\n* All values are based on a default configuration and hash power of 3 Radeon RX480 graphics cards\n* Price is formulated from the following exchanges: Abucoins, Bitfinex, Bittrex, Bleutrade, Cryptopia, HitBTC, Poloniex, YoBit\n* Hash rate and wattage vary by algorithm. See the main page of WhatToMine for default values\n* Calculations are based on mean values, so final results will vary\n\n**What is the calculation missing?**\n\n* Calculation does not account for future changes in price\n* Calculation does not account for future changes in network hash rate\n* Block rewards are fixed, future block reward reductions not taken into\nconsideration\n* No significant changes to the underlying algorithm are assumed (for example, the Casper update)\n\n**Get most profitable GPU coins**\n\nCall the function `=SS(“get-stats-whattomine”, true)` to return various stats from GPU-minable cryptocurrencies.\n\n* 13 different GPU mining algorithms available, including: CryptoNight, Ethash, NeoScrypt, Equihash, Groestl, Skunkhash, Blake (14r), Pascal, LBRY, X11Gost, Blake (2b), Lyra2REv2, and Myriad-Groestl\n* Data returned includes: Coin, ID, Tag, Algorithm, Block Time, Block Reward, Block Reward 24, Last Block, Difficulty, Difficulty 24, Net Hash, Exchange Rate, Exchange Rate Volume, Exchange Rate Currency, Market Cap, Estimated Rewards, Estimated Rewards 24, BTC Revenue, BTC Revenue 24, Profitability, Profitability 24, Lagging, and Timestamp\n\n*Example usage using the GUI:*\n\nOpen the Add-in\n\n![](https://steemitimages.com/DQmWqi163xvu6HmxVd1653DTxomg9GTJBgfGuHvkK5jB9qm/image.png)\n\nClick “Add” to view the list of available APIs\n\n![](https://steemitimages.com/DQmdebgB6ERokGxuuSTtK3Ldb8ra94bhzvkJsh1bTxnvbgy/image.png)\n\nClick on the “WhatToMine” icon\n\n![](https://steemitimages.com/DQmeRukyUJpTn3gGb8yoZGNm5T9MUjtsbFBbD7hePADKpVS/image.png)\n\nClick “Stats”\n\n![](https://steemitimages.com/DQme2TzKhsBfmoA9TpcywGjeSiZKkiy9WXTPvqzWQM6VeuJ/image.png)\n\nClick “Insert”\n\n![](https://steemitimages.com/DQmdyfrSHeKUfsXnn4AsGfV5E2eACRi3hq3J5b8N8o2Pcvn/image.png)\n\nClick “Run”. This will paste values into the currently selected Cell, and save that in the main GUI for future retrieval\n\n![](https://steemitimages.com/DQmfPP6dMrsaxza8F852USZ9FpGUqoiymeS9ZphT4fdn4sa/image.png)\n\n*Example usage using the =SS() Formula:*\n\n![](https://steemitimages.com/DQmXrxibCAMt6ndKUrZdXMRG1ooQXKKJqAEmSQtzRwLZtXu/image.png)\n\n`=QUERY(A:W,”select A, T where T is not null order by T desc”)` returns the most profitable GPU-minable cryptocurrencies.\n\n### How to use for ASIC-Mineable Coins\n\n**How does WhatToMine calculate profitability for ASIC-mineable cryptocurrencies?**\n\n* SHA-256 values are adapted for Antminer S9, Scrypt for L3+ and X11 for D3.\n* Price is formulated from the following exchanges: Abucoins, Bitfinex, Bittrex, Bleutrade, Cryptopia, HitBTC, Poloniex, YoBit\n* Hash rate and wattage vary by algorithm. See the main page of WhatToMine for default values\n* Calculations are based on mean values, so final results will vary\n\n**What is the calculation missing?**\n\n* Calculation does not account for future changes in price\n* Calculation does not account for future changes in network hash rate\n* Block rewards are fixed, future block reward reductions not taken into consideration\n* No significant changes to the underlying algorithm are assumed (for example, the Casper update)\n\n**Get most profitable ASIC coins**\n\nCall the function `=SS(“get-asic-whattomine”, true)` to return various stats from ASIC-minable cryptocurrencies.\n\n* 5 different ASIC mining algorithms available, including: SHA-256, Scrypt, X11, Qubit, Quark\n* Data returned includes: Coin, ID, Tag, Algorithm, Block Time, Block Reward, Block Reward 24, Last Block, Difficulty, Difficulty 24, Net Hash, Exchange Rate, Exchange Rate Volume, Exchange Rate Currency, Market Cap, Estimated Rewards, Estimated Rewards 24, BTC Revenue, BTC Revenue 24, Profitability, Profitability 24, Lagging, and Timestamp\n\n*Example usage:*\n\n![](https://steemitimages.com/DQmfTxu62ae5W9uj5FVA1a43A1rMBV8zoQbTL1ZhhVTtfLR/image.png)\n\n`=QUERY(A:W,”select A, T where T is not null order by T desc”)` returns the most profitable GPU-minable cryptocurrencies.\n\n### Common issues and how to fix:\n\n1.  **Do not keep your sheet open at all time. This will prevent the rates from refreshing.** The rates will auto-refresh each time you re-open your sheet.\n2.  The add-on may not work right away on other old spreadsheets. You need to do this to activate Spreadstreet: Open the old sheet, click the menu `Add-ons` / `Spreadstreet` / `Help` / `View in store`, and then click `Manage` and in the dropdown menu click `Use in this document` .\n\n### RESOURCES\n\nDownload the add-in:\n[https://spreadstreet.io/tools/google-sheets-add-in](https://spreadstreet.io/tools/google-sheets-add-in)\n\nHelp: [https://spreadstreet.io/docs](https://spreadstreet.io/docs)\n\nFirst time install and login:\n[https://www.youtube.com/watch?v=aLjtPR4T2bg](https://www.youtube.com/watch?v=aLjtPR4T2bg)\n\nBitfinex Candles endpoint help:\n[https://spreadstreet.io/knowledge-base/bitfinex-api-candles-endpoint/](https://spreadstreet.io/knowledge-base/cryptonator-api-complete-ticker-endpoint/)\n\n### RELATED POSTS\n\n[Is Genesis Mining Worth it? A Genesis Mining Profitability Calculator You’ll Actually Use](https://medium.com/spreadstreet/is-genesis-mining-worth-it-a-genesis-mining-profitability-calculator-youll-actually-use-a06d916bf7bc)\n\n[How to Create an Ethereum Mining Calculator from Start to Finish](https://medium.com/spreadstreet/how-to-create-an-ethereum-mining-calculator-from-start-to-finish-71bcb87877a0)\n\n[10 Statistical Price Predictions for 10 Cryptocurrencies](https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d)\n\n[Bitcoin Madness: How to Simulate Bitcoin Prices in Google Sheets](https://medium.com/@spreadstreet/bitcoin-madness-how-to-simulate-bitcoin-prices-in-google-sheets-c61cb42f26ed)\n\nhttps://cdn-images-1.medium.com/max/800/0*AqmqizPHW0g5gb7R.png",
      "json_metadata": "{\"tags\":[\"cryptocurrency\",\"cryptocurrencies\",\"topcryptocurrencies\"],\"image\":[\"https://cdn-images-1.medium.com/max/1000/1*FcR5peXvIdyuqp7nljxdHA.png\",\"https://cdn-images-1.medium.com/max/800/1*S_sN4Wh-_OPMltzvxskXkQ.png\",\"https://cdn-images-1.medium.com/max/800/1*Asl4d5h960Gk2NXUQQUkdw.png\",\"https://cdn-images-1.medium.com/max/800/1*my4OHN9uKKgoaneewccfHA.png\",\"https://steemitimages.com/DQmRSEgrvbTEUEzGU3FqoEAr2GHWqrW5TjiMutA1WpRuLTz/image.png\",\"https://steemitimages.com/DQmWBQ11oPn2pZQ9RZuKhGufuQLJwxa7yqbRSECvkeiHTrb/image.png\",\"https://steemitimages.com/DQmSdp1GoY3uiNPCyTzfFACbiANTXkko6czSrWpfTEgo4Lu/image.png\",\"https://steemitimages.com/DQmVULDcm9Cd67PmJaiVoue9z5RV39YUtxXAeQdXwtxqVoG/image.png\",\"https://steemitimages.com/DQmWqi163xvu6HmxVd1653DTxomg9GTJBgfGuHvkK5jB9qm/image.png\",\"https://steemitimages.com/DQmdebgB6ERokGxuuSTtK3Ldb8ra94bhzvkJsh1bTxnvbgy/image.png\",\"https://steemitimages.com/DQmeRukyUJpTn3gGb8yoZGNm5T9MUjtsbFBbD7hePADKpVS/image.png\",\"https://steemitimages.com/DQme2TzKhsBfmoA9TpcywGjeSiZKkiy9WXTPvqzWQM6VeuJ/image.png\",\"https://steemitimages.com/DQmdyfrSHeKUfsXnn4AsGfV5E2eACRi3hq3J5b8N8o2Pcvn/image.png\",\"https://steemitimages.com/DQmfPP6dMrsaxza8F852USZ9FpGUqoiymeS9ZphT4fdn4sa/image.png\",\"https://steemitimages.com/DQmXrxibCAMt6ndKUrZdXMRG1ooQXKKJqAEmSQtzRwLZtXu/image.png\",\"https://steemitimages.com/DQmfTxu62ae5W9uj5FVA1a43A1rMBV8zoQbTL1ZhhVTtfLR/image.png\",\"https://cdn-images-1.medium.com/max/800/0*AqmqizPHW0g5gb7R.png\"],\"links\":[\"https://whattomine.com/\",\"https://chrome.google.com/webstore/detail/spreadstreet/fghpmppcbabgnpekploacbjijhppnkpp?authuser=0\",\"https://spreadstreet.io/tools/google-sheets-add-in\",\"https://spreadstreet.io/docs\",\"https://www.youtube.com/watch?v=aLjtPR4T2bg\",\"https://spreadstreet.io/knowledge-base/cryptonator-api-complete-ticker-endpoint/\",\"https://medium.com/spreadstreet/is-genesis-mining-worth-it-a-genesis-mining-profitability-calculator-youll-actually-use-a06d916bf7bc\",\"https://medium.com/spreadstreet/how-to-create-an-ethereum-mining-calculator-from-start-to-finish-71bcb87877a0\",\"https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d\",\"https://medium.com/@spreadstreet/bitcoin-madness-how-to-simulate-bitcoin-prices-in-google-sheets-c61cb42f26ed\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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{
  "trx_id": "591852e966b7d0b49f7bb2dbac1d61cac611c722",
  "block": 17826270,
  "trx_in_block": 2,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2017-12-05T18:19:33",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "cryptocurrency",
      "author": "spreadstreet",
      "permlink": "5daako-how-to-perform-correlation-analysis-on-cryptocurrencies-in-google-sheets",
      "title": "How to Perform Correlation Analysis on Cryptocurrencies in Google Sheets",
      "body": "# How to Get The Most Profitable Cryptocurrencies to Mine and More in Google Sheets\n\n![](https://cdn-images-1.medium.com/max/1000/1*FcR5peXvIdyuqp7nljxdHA.png)\n\n**One of the most challenging aspects of cryptocurrency mining is finding the most profitable coins to mine.**\n\nA few services exist, but nothing beats what the creators of [WhatToMine.com](https://whattomine.com/) have done in a few short months.\n\nThe big benefit of the data offered by WhatToMine is a ranking of cryptocurrencies by mining profitability.\n\nThe `=SS()` function, available in Google Sheets as part of the [Spreadstreet Google Sheets Add-in](https://chrome.google.com/webstore/detail/spreadstreet/fghpmppcbabgnpekploacbjijhppnkpp?authuser=0), allows the user to pull in two seperate endpoints from the WhatToMine API:\n\n1.  Stats — Used to compare the profitability of all GPU based cryptocurrencies\n2.  ASIC — Used to compare the profitability of all ASIC coins\n\n![](https://cdn-images-1.medium.com/max/800/1*S_sN4Wh-_OPMltzvxskXkQ.png)\n\n### How to install\n\n#### 1. Go to the “Add-ons” menu, and click on “Get add-ons”.\n\n![](https://cdn-images-1.medium.com/max/800/1*Asl4d5h960Gk2NXUQQUkdw.png)\n\n#### 2. On the Add-ons panel, search for “Spreadstreet”, click on “+ FREE” to install it.\n\nhttps://cdn-images-1.medium.com/max/800/1*my4OHN9uKKgoaneewccfHA.png\n\n#### 3. Choose under which account you want to install the Add-on.\n\n![](https://steemitimages.com/DQmRSEgrvbTEUEzGU3FqoEAr2GHWqrW5TjiMutA1WpRuLTz/image.png)\n\n#### 4. `Spreadstreet` needs to connect to an external API, click on “Allow”.\n\n![](https://steemitimages.com/DQmWBQ11oPn2pZQ9RZuKhGufuQLJwxa7yqbRSECvkeiHTrb/image.png)\n\n*Note on security: All add-ins within the store go through a review. This is a wonderful security measure, especially in the Crypto industry, which is rife with scams and hacks.*\n\n#### 5. Make sure the add-on is activated in your sheet:\n\n1.  Go to `Add-on` > `Spreadstreet` > `Help`\n2.  Click on `View in store` , then click on `Manage` and check `Use in this document`:\n\n![](https://steemitimages.com/DQmSdp1GoY3uiNPCyTzfFACbiANTXkko6czSrWpfTEgo4Lu/image.png)\n\nTadaa! You are now able to use the `=SS()` function to pull in all sorts of amazing data within the cryptocurrency space.\n\n![](https://steemitimages.com/DQmVULDcm9Cd67PmJaiVoue9z5RV39YUtxXAeQdXwtxqVoG/image.png)\n\n### How to use for GPU-Mineable Coins\n\n**How does WhatToMine calculate profitability for GPU-mineable cryptocurrencies?**\n\n* All values are based on a default configuration and hash power of 3 Radeon RX480 graphics cards\n* Price is formulated from the following exchanges: Abucoins, Bitfinex, Bittrex, Bleutrade, Cryptopia, HitBTC, Poloniex, YoBit\n* Hash rate and wattage vary by algorithm. See the main page of WhatToMine for default values\n* Calculations are based on mean values, so final results will vary\n\n**What is the calculation missing?**\n\n* Calculation does not account for future changes in price\n* Calculation does not account for future changes in network hash rate\n* Block rewards are fixed, future block reward reductions not taken into\nconsideration\n* No significant changes to the underlying algorithm are assumed (for example, the Casper update)\n\n**Get most profitable GPU coins**\n\nCall the function `=SS(“get-stats-whattomine”, true)` to return various stats from GPU-minable cryptocurrencies.\n\n* 13 different GPU mining algorithms available, including: CryptoNight, Ethash, NeoScrypt, Equihash, Groestl, Skunkhash, Blake (14r), Pascal, LBRY, X11Gost, Blake (2b), Lyra2REv2, and Myriad-Groestl\n* Data returned includes: Coin, ID, Tag, Algorithm, Block Time, Block Reward, Block Reward 24, Last Block, Difficulty, Difficulty 24, Net Hash, Exchange Rate, Exchange Rate Volume, Exchange Rate Currency, Market Cap, Estimated Rewards, Estimated Rewards 24, BTC Revenue, BTC Revenue 24, Profitability, Profitability 24, Lagging, and Timestamp\n\n*Example usage using the GUI:*\n\nOpen the Add-in\n\n![](https://steemitimages.com/DQmWqi163xvu6HmxVd1653DTxomg9GTJBgfGuHvkK5jB9qm/image.png)\n\nClick “Add” to view the list of available APIs\n\n![](https://steemitimages.com/DQmdebgB6ERokGxuuSTtK3Ldb8ra94bhzvkJsh1bTxnvbgy/image.png)\n\nClick on the “WhatToMine” icon\n\n![](https://steemitimages.com/DQmeRukyUJpTn3gGb8yoZGNm5T9MUjtsbFBbD7hePADKpVS/image.png)\n\nClick “Stats”\n\n![](https://steemitimages.com/DQme2TzKhsBfmoA9TpcywGjeSiZKkiy9WXTPvqzWQM6VeuJ/image.png)\n\nClick “Insert”\n\n![](https://steemitimages.com/DQmdyfrSHeKUfsXnn4AsGfV5E2eACRi3hq3J5b8N8o2Pcvn/image.png)\n\nClick “Run”. This will paste values into the currently selected Cell, and save that in the main GUI for future retrieval\n\n![](https://steemitimages.com/DQmfPP6dMrsaxza8F852USZ9FpGUqoiymeS9ZphT4fdn4sa/image.png)\n\n*Example usage using the =SS() Formula:*\n\n![](https://steemitimages.com/DQmXrxibCAMt6ndKUrZdXMRG1ooQXKKJqAEmSQtzRwLZtXu/image.png)\n\n`=QUERY(A:W,”select A, T where T is not null order by T desc”)` returns the most profitable GPU-minable cryptocurrencies.\n\n### How to use for ASIC-Mineable Coins\n\n**How does WhatToMine calculate profitability for ASIC-mineable cryptocurrencies?**\n\n* SHA-256 values are adapted for Antminer S9, Scrypt for L3+ and X11 for D3.\n* Price is formulated from the following exchanges: Abucoins, Bitfinex, Bittrex, Bleutrade, Cryptopia, HitBTC, Poloniex, YoBit\n* Hash rate and wattage vary by algorithm. See the main page of WhatToMine for default values\n* Calculations are based on mean values, so final results will vary\n\n**What is the calculation missing?**\n\n* Calculation does not account for future changes in price\n* Calculation does not account for future changes in network hash rate\n* Block rewards are fixed, future block reward reductions not taken into consideration\n* No significant changes to the underlying algorithm are assumed (for example, the Casper update)\n\n**Get most profitable ASIC coins**\n\nCall the function `=SS(“get-asic-whattomine”, true)` to return various stats from ASIC-minable cryptocurrencies.\n\n* 5 different ASIC mining algorithms available, including: SHA-256, Scrypt, X11, Qubit, Quark\n* Data returned includes: Coin, ID, Tag, Algorithm, Block Time, Block Reward, Block Reward 24, Last Block, Difficulty, Difficulty 24, Net Hash, Exchange Rate, Exchange Rate Volume, Exchange Rate Currency, Market Cap, Estimated Rewards, Estimated Rewards 24, BTC Revenue, BTC Revenue 24, Profitability, Profitability 24, Lagging, and Timestamp\n\n*Example usage:*\n\n![](https://steemitimages.com/DQmfTxu62ae5W9uj5FVA1a43A1rMBV8zoQbTL1ZhhVTtfLR/image.png)\n\n`=QUERY(A:W,”select A, T where T is not null order by T desc”)` returns the most profitable GPU-minable cryptocurrencies.\n\n### Common issues and how to fix:\n\n1.  **Do not keep your sheet open at all time. This will prevent the rates from refreshing.** The rates will auto-refresh each time you re-open your sheet.\n2.  The add-on may not work right away on other old spreadsheets. You need to do this to activate Spreadstreet: Open the old sheet, click the menu `Add-ons` / `Spreadstreet` / `Help` / `View in store`, and then click `Manage` and in the dropdown menu click `Use in this document` .\n\n### RESOURCES\n\nDownload the add-in:\n[https://spreadstreet.io/tools/google-sheets-add-in](https://spreadstreet.io/tools/google-sheets-add-in)\n\nHelp: [https://spreadstreet.io/docs](https://spreadstreet.io/docs)\n\nFirst time install and login:\n[https://www.youtube.com/watch?v=aLjtPR4T2bg](https://www.youtube.com/watch?v=aLjtPR4T2bg)\n\nBitfinex Candles endpoint help:\n[https://spreadstreet.io/knowledge-base/bitfinex-api-candles-endpoint/](https://spreadstreet.io/knowledge-base/cryptonator-api-complete-ticker-endpoint/)\n\n### RELATED POSTS\n\n[Is Genesis Mining Worth it? A Genesis Mining Profitability Calculator You’ll Actually Use](https://medium.com/spreadstreet/is-genesis-mining-worth-it-a-genesis-mining-profitability-calculator-youll-actually-use-a06d916bf7bc)\n\n[How to Create an Ethereum Mining Calculator from Start to Finish](https://medium.com/spreadstreet/how-to-create-an-ethereum-mining-calculator-from-start-to-finish-71bcb87877a0)\n\n[10 Statistical Price Predictions for 10 Cryptocurrencies](https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d)\n\n[Bitcoin Madness: How to Simulate Bitcoin Prices in Google Sheets](https://medium.com/@spreadstreet/bitcoin-madness-how-to-simulate-bitcoin-prices-in-google-sheets-c61cb42f26ed)\n\nhttps://cdn-images-1.medium.com/max/800/0*AqmqizPHW0g5gb7R.png",
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      "body": "Congratulations @spreadstreet! You have completed some achievement on Steemit and have been rewarded with new badge(s) :\n\n[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/posts.png)](http://steemitboard.com/@spreadstreet) Award for the number of posts published\n\nClick on any badge to view your own Board of Honor on SteemitBoard.\nFor more information about SteemitBoard, click [here](https://steemit.com/@steemitboard)\n\nIf you no longer want to receive notifications, reply to this comment with the word `STOP`\n\n> By upvoting this notification, you can help all Steemit users. Learn how [here](https://steemit.com/steemitboard/@steemitboard/http-i-cubeupload-com-7ciqeo-png)!",
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      "author": "spreadstreet",
      "permlink": "how-to-perform-correlation-analysis-on-cryptocurrencies-in-google-sheets",
      "title": "How to Perform Correlation Analysis on Cryptocurrencies in Google Sheets",
      "body": "https://images.contentful.com/7dugnl5p37zn/U0Bduw06K2YW4aUaoS4ks/37cc30dbb742c75e966cf737c91aced0/A_Cryptocurrency_Correlation_Tool_in_Google_Sheets.png\n\nAre you a visual learner?\n\nDoes your brain turn to mush when you see gigantic data tables, or huge blocks of text?\n\nI am a visual learner, and this is one of the reasons why I love correlation matrices. We can take a simple concept and display it in an easy to digest, visually stimulating graphic.\n\n![Cryptocurrency Correlation Tool Spreadsheet](//images.contentful.com/7dugnl5p37zn/1y92K6hLxGSk2yYcaGsw8s/882e89a348ab62c7977a4d7b9d0f5e0a/Cryptocurrency_Correlation_Tool_Spreadsheet.png)\n\n## WHAT IS CRYPTOCURRENCY CORRELATION?\nHave you ever noticed that when the price of Bitcoin goes up or down, that a large majority of the market seems to follow?\n\nOr, when the price of one cryptocurrency rises, another falls almost in lockstep?\n\nThis is highly apparent in the cryptocurrency world, as many of the currencies on the market are completely coupled with the movement of Bitcoin. Certain coins will move incredibly close to Bitcoin, or act as a hedge against falling prices. \n\nIn the financial world, correlation is a statistical measure of __how two securities move in relation to each other__.\n\nCurrency correlation, then, tells us whether two currency pairs move in the same, opposite, or comnpletely random direction, over a designated period of time.\n\nUnless you plan on trading just one pair at a time, it’s crucial that you __understand how different currency pairs move in relation to each other__.\n\n## CORRELATION COEFFICIENT\nCorrelation is computed into what is known as the correlation coefficient, __which ranges between -1 and +1__.\n\n- Perfect positive correlation (a correlation coefficient of +1) implies that the two currency pairs will move in the same direction 100% of the time.\n\n- Perfect negative correlation (a correlation coefficient of -1) means that the two currency pairs will move in the opposite direction 100% of the time.\n\n![Cryptocurrency Correlation Graphic](//images.contentful.com/7dugnl5p37zn/3BpMFITaaIiEIM0iIyC6kI/8e786de51ba2d28ea68d3d96785ae0f3/Cryptocurrency_Correlation_Graphic.png)\n\nIf the correlation is 0, the movements between two currency pairs are said to have ZERO or NO correlation, they are completely independent and random from each other. This basically means that we have no real idea how one cryptocurrency will react to the movement of another. \n\n## PLOTTING THE CORRELATION COEFFICIENTS IN GOOGLE SHEETS\nTake a look at the following table:\n\n![Cryptocurrency Correlation Coefficient Table in Google Sheets](//images.contentful.com/7dugnl5p37zn/3ZFv5LRXFSKE2G4q8cqsQE/8b2264ec80b0450761fc321c643461b1/Cryptocurrency_Correlation_Coefficient_Table_in_Google_Sheets.png)\n\nI have plotted the 1-Day correlation coefficients of 12 different cryptocurrencies. Immediately we can notice a few things:\n\n1. Diagonally from top-to-bottom, left-to-right you can see a perfect 1 correlation comparing a pair to itself. You will always see this in every table\n2. The darker green a number, the closer that number is to 1. This specifies a __positive__ correlation (currencies move close to one another)\n3. The darker red a number, the closer that number is to -1. This specifies a __negative__ correlation (currencies move opposite to one another)\n\n### The Romeo and Juliet's of Cryptocurrency\n1. Monero (XMR) and Dash (DSH): __0.92__\n2. Monero (XMR) and Litecoin (LTC): __0.83__\n3. Monero (XMR) and OmiseGO (OMG): __0.81__\n\n![Monero is highly correlated with a few different cryptocurrencies](//images.contentful.com/7dugnl5p37zn/5MfDIPf7sQEoIoo4AIEkMs/b5de091a5589c48b0d772d44a61f73f9/Monero_is_highly_correlated_with_a_few_different_cryptocurrencies.png)\n\n### The Hatfield's and McCoy's of Cryptocurrency\n1. Basically EOS and everybody\n\n*Note: This is merely for data shown on 11/13, and can change rapidly at any given time. You can also see different correlations by time period, where two currencies can be positively correlated in one-minute intervals, but negatively correlated in one-day intervals*\n\n## HOW CAN WE USE THE DATA?\nNow that we have taken the time to learn about correlations, let's explore how to use them to our advantage.\n\n### 1. Helping to avoid entering two positions that cancel each other out\n\nLet's say, hypothetically that BTC/USD and EOS/USD had a perfect -1.0 correlation (ie, they move in opposite directions 100% of the time). \n\nIf you were to invest in both, this would be the same as having virtually no position. When BTC/USD rallies, EOS/USD would undergo a selloff. \n\n![Showing EOS and OMG negative correlation in a table](//images.contentful.com/7dugnl5p37zn/5fsE5pXtmw0UYEEEoqW2Ae/34ceeb7e7dcabd8337b080485fbcfa6e/Showing_EOS_and_OMG_negative_correlation_in_a_table.png)\n\nOn the other hand, going long in BTC/USD and shorting EOS/USD would be effectively doubling your position, since the correlations are so strong. \n\n### 2. Diversification\nBitcoin Cash (BCH) and Dash (DSH) in the image above have a correlation of 0.59.\n\nInstead of a user buying 100% worth of BCH, they could diversify their risk somewhat while still maintaining a core directional view. \n\nThe imperfect correlation between the two allows for more diversification and marginally lower risk. \n\n### 3. Hedging\nA trader can use price differentials to extract an advantage in the market. \n\nLet's use our perfectly negative correlation example from above with BTC/USD and EOS/USD. \n\nOn average (this is completely hypothetical, as I have not done the analysis for price movement on these currencies) let's say Bitcoin moves $10, and EOS moves $1.\n\nSince they are perfectly negatively correlated, a price movement upwards would be equal to $9 (Bitcoin up $10, EOS down $1). This acts as a nice hedge for the trader. The downside, of course, is smaller profits in the event of a strong Bitcoin move.\n\n## THE DOWNSIDE OF CORRELATION COEFFICIENTS\nFinancial analysts often disagree how correlations should be utilized. This specific correlation (Pearson) has several disadvantages:\n\n### 1. Linear dependency\nThis approach is only valid for linear dependencies; straight-line relationships between two assets are not often observed\n\n### 2. Capture bias\nCorrelation only captures the first two moments of the relationship. \n\nA value of 0 does not necessarily mean a relationship is missing. \n\n### 3. Correlation changes over time\nOh yes...big  time. Let's take a look at Ethereum Classic (ETC) and EOS (EOS):\n\n![Eth Classic and EOS changing correlation coefficients](//images.contentful.com/7dugnl5p37zn/4jE29NUWfSCS0a0MoAgO6O/257ffb627449993c1950325c5475ee70/Eth_Classic_and_EOS_changing_correlation_coefficients.png)\n\nYou can see it ranged all the way from -0.40 to almost a perfect correlation at 0.95. \n\nWhat does this mean?\n\nIt could mean a few things. First, events that impact a specific crypto but not another could wildly move the price against the comparison. \n\nSecond, we are still in a young industry, and movements have not come even close to settling. We are still in a period of great uncertainty surrounding cryptocurrencies. \n\n## TOOLS USED IN THE SHEET\n\n1. [Spreadstreet Google Sheets Add-in](https://chrome.google.com/webstore/detail/spreadstreet/fghpmppcbabgnpekploacbjijhppnkpp?authuser=0)\n2. [Bitfinex API](https://docs.bitfinex.com/v2/reference)\n3. Google Sheets\n\n## CONCLUSION\nCryptocurrency correlation coefficients can be a very useful tool when assessing your next crypto investment.\n\nThe benefits of the analysis, such as __helping to avoid canceling positions, diversification, and hedging__ are second-to-none.\n\nI urge you to download the spreadsheet so you can do your own analysis. See how they change on an hourly, daily, weekly, and monthly basis. You are bound to uncover some tremendous insights that others in the market may not be seeing.\n\nCheers, and happy hunting!\n\n## DOWNLOAD NOW\n[![Cryptocurrency Correlation Tool Download](//images.contentful.com/7dugnl5p37zn/6AQxUIu4pOQYmmMyAUCk8A/28bbbe224fad1dd7e84226a00691436d/Cryptocurrency_Correlation_Tool_Download.png)](https://docs.google.com/spreadsheets/d/1CYM_b_CTS2MMsNaiIZvP94tGsjneIboA6DX0gS9DUMI/edit?usp=sharing)\n\n## Resources\n\nDownload the add-in: https://spreadstreet.io/tools/google-sheets-add-in\n\nHelp: https://spreadstreet.io/docs\n\nFirst time install and login: https://www.youtube.com/watch?v=aLjtPR4T2bg\n\nBitfinex candles endpoint help: https://spreadstreet.io/knowledge-base/bitfinex-api-candles-endpoint/\n\n## RELATED POSTS\n\n[10 Statistical Price Predictions for 10 Cryptocurrencies](https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d)\n\n[High-Flyers and Shitcoins: What I Learned from Analyzing CoinMarketCap Data in Google Sheets](https://medium.com/@spreadstreet/high-flyers-and-shitcoins-what-i-learned-from-analyzing-coinmarketcap-data-in-google-sheets-d581dde5e225)\n\n[7 Smart Ethereum Price Prediction Methods for HODL’ers](https://medium.com/@spreadstreet/7-smart-ethereum-price-prediction-methods-for-hodlers-7f08aad60cb1)\n\n![Bio for Spreadstreet](//images.contentful.com/7dugnl5p37zn/5NgBYpFXH26o0u8UYCYs2W/41fa9a809d76cd635f7d9d99b066ce4d/Bio_for_Spreadstreet.png)",
      "json_metadata": "{\"tags\":[\"cryptocurrency\",\"cryptocurrencies\",\"topcryptocurrencies\",\"genesis\"],\"image\":[\"https://images.contentful.com/7dugnl5p37zn/U0Bduw06K2YW4aUaoS4ks/37cc30dbb742c75e966cf737c91aced0/A_Cryptocurrency_Correlation_Tool_in_Google_Sheets.png\",\"//images.contentful.com/7dugnl5p37zn/1y92K6hLxGSk2yYcaGsw8s/882e89a348ab62c7977a4d7b9d0f5e0a/Cryptocurrency_Correlation_Tool_Spreadsheet.png\",\"//images.contentful.com/7dugnl5p37zn/3BpMFITaaIiEIM0iIyC6kI/8e786de51ba2d28ea68d3d96785ae0f3/Cryptocurrency_Correlation_Graphic.png\",\"//images.contentful.com/7dugnl5p37zn/3ZFv5LRXFSKE2G4q8cqsQE/8b2264ec80b0450761fc321c643461b1/Cryptocurrency_Correlation_Coefficient_Table_in_Google_Sheets.png\",\"//images.contentful.com/7dugnl5p37zn/5MfDIPf7sQEoIoo4AIEkMs/b5de091a5589c48b0d772d44a61f73f9/Monero_is_highly_correlated_with_a_few_different_cryptocurrencies.png\",\"//images.contentful.com/7dugnl5p37zn/5fsE5pXtmw0UYEEEoqW2Ae/34ceeb7e7dcabd8337b080485fbcfa6e/Showing_EOS_and_OMG_negative_correlation_in_a_table.png\",\"//images.contentful.com/7dugnl5p37zn/4jE29NUWfSCS0a0MoAgO6O/257ffb627449993c1950325c5475ee70/Eth_Classic_and_EOS_changing_correlation_coefficients.png\",\"//images.contentful.com/7dugnl5p37zn/6AQxUIu4pOQYmmMyAUCk8A/28bbbe224fad1dd7e84226a00691436d/Cryptocurrency_Correlation_Tool_Download.png\",\"https://img.youtube.com/vi/aLjtPR4T2bg/0.jpg\",\"//images.contentful.com/7dugnl5p37zn/5NgBYpFXH26o0u8UYCYs2W/41fa9a809d76cd635f7d9d99b066ce4d/Bio_for_Spreadstreet.png\"],\"links\":[\"https://chrome.google.com/webstore/detail/spreadstreet/fghpmppcbabgnpekploacbjijhppnkpp?authuser=0\",\"https://docs.bitfinex.com/v2/reference\",\"https://docs.google.com/spreadsheets/d/1CYM_b_CTS2MMsNaiIZvP94tGsjneIboA6DX0gS9DUMI/edit?usp=sharing\",\"https://spreadstreet.io/tools/google-sheets-add-in\",\"https://spreadstreet.io/docs\",\"https://www.youtube.com/watch?v=aLjtPR4T2bg\",\"https://spreadstreet.io/knowledge-base/bitfinex-api-candles-endpoint/\",\"https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d\",\"https://medium.com/@spreadstreet/high-flyers-and-shitcoins-what-i-learned-from-analyzing-coinmarketcap-data-in-google-sheets-d581dde5e225\",\"https://medium.com/@spreadstreet/7-smart-ethereum-price-prediction-methods-for-hodlers-7f08aad60cb1\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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{
  "trx_id": "b93a9827efd0404123f319f55a75836e7e303d5d",
  "block": 17219019,
  "trx_in_block": 15,
  "op_in_trx": 0,
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  "timestamp": "2017-11-14T16:03:57",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "genesis",
      "author": "spreadstreet",
      "permlink": "how-to-perform-correlation-analysis-on-cryptocurrencies-in-google-sheets",
      "title": "How to Perform Correlation Analysis on Cryptocurrencies in Google Sheets",
      "body": "https://images.contentful.com/7dugnl5p37zn/U0Bduw06K2YW4aUaoS4ks/37cc30dbb742c75e966cf737c91aced0/A_Cryptocurrency_Correlation_Tool_in_Google_Sheets.png\n\nAre you a visual learner?\n\nDoes your brain turn to mush when you see gigantic data tables, or huge blocks of text?\n\nI am a visual learner, and this is one of the reasons why I love correlation matrices. We can take a simple concept and display it in an easy to digest, visually stimulating graphic.\n\n![Cryptocurrency Correlation Tool Spreadsheet](//images.contentful.com/7dugnl5p37zn/1y92K6hLxGSk2yYcaGsw8s/882e89a348ab62c7977a4d7b9d0f5e0a/Cryptocurrency_Correlation_Tool_Spreadsheet.png)\n\n## WHAT IS CRYPTOCURRENCY CORRELATION?\nHave you ever noticed that when the price of Bitcoin goes up or down, that a large majority of the market seems to follow?\n\nOr, when the price of one cryptocurrency rises, another falls almost in lockstep?\n\nThis is highly apparent in the cryptocurrency world, as many of the currencies on the market are completely coupled with the movement of Bitcoin. Certain coins will move incredibly close to Bitcoin, or act as a hedge against falling prices. \n\nIn the financial world, correlation is a statistical measure of __how two securities move in relation to each other__.\n\nCurrency correlation, then, tells us whether two currency pairs move in the same, opposite, or comnpletely random direction, over a designated period of time.\n\nUnless you plan on trading just one pair at a time, it’s crucial that you __understand how different currency pairs move in relation to each other__.\n\n## CORRELATION COEFFICIENT\nCorrelation is computed into what is known as the correlation coefficient, __which ranges between -1 and +1__.\n\n- Perfect positive correlation (a correlation coefficient of +1) implies that the two currency pairs will move in the same direction 100% of the time.\n\n- Perfect negative correlation (a correlation coefficient of -1) means that the two currency pairs will move in the opposite direction 100% of the time.\n\n![Cryptocurrency Correlation Graphic](//images.contentful.com/7dugnl5p37zn/3BpMFITaaIiEIM0iIyC6kI/8e786de51ba2d28ea68d3d96785ae0f3/Cryptocurrency_Correlation_Graphic.png)\n\nIf the correlation is 0, the movements between two currency pairs are said to have ZERO or NO correlation, they are completely independent and random from each other. This basically means that we have no real idea how one cryptocurrency will react to the movement of another. \n\n## PLOTTING THE CORRELATION COEFFICIENTS IN GOOGLE SHEETS\nTake a look at the following table:\n\n![Cryptocurrency Correlation Coefficient Table in Google Sheets](//images.contentful.com/7dugnl5p37zn/3ZFv5LRXFSKE2G4q8cqsQE/8b2264ec80b0450761fc321c643461b1/Cryptocurrency_Correlation_Coefficient_Table_in_Google_Sheets.png)\n\nI have plotted the 1-Day correlation coefficients of 12 different cryptocurrencies. Immediately we can notice a few things:\n\n1. Diagonally from top-to-bottom, left-to-right you can see a perfect 1 correlation comparing a pair to itself. You will always see this in every table\n2. The darker green a number, the closer that number is to 1. This specifies a __positive__ correlation (currencies move close to one another)\n3. The darker red a number, the closer that number is to -1. This specifies a __negative__ correlation (currencies move opposite to one another)\n\n### The Romeo and Juliet's of Cryptocurrency\n1. Monero (XMR) and Dash (DSH): __0.92__\n2. Monero (XMR) and Litecoin (LTC): __0.83__\n3. Monero (XMR) and OmiseGO (OMG): __0.81__\n\n![Monero is highly correlated with a few different cryptocurrencies](//images.contentful.com/7dugnl5p37zn/5MfDIPf7sQEoIoo4AIEkMs/b5de091a5589c48b0d772d44a61f73f9/Monero_is_highly_correlated_with_a_few_different_cryptocurrencies.png)\n\n### The Hatfield's and McCoy's of Cryptocurrency\n1. Basically EOS and everybody\n\n*Note: This is merely for data shown on 11/13, and can change rapidly at any given time. You can also see different correlations by time period, where two currencies can be positively correlated in one-minute intervals, but negatively correlated in one-day intervals*\n\n## HOW CAN WE USE THE DATA?\nNow that we have taken the time to learn about correlations, let's explore how to use them to our advantage.\n\n### 1. Helping to avoid entering two positions that cancel each other out\n\nLet's say, hypothetically that BTC/USD and EOS/USD had a perfect -1.0 correlation (ie, they move in opposite directions 100% of the time). \n\nIf you were to invest in both, this would be the same as having virtually no position. When BTC/USD rallies, EOS/USD would undergo a selloff. \n\n![Showing EOS and OMG negative correlation in a table](//images.contentful.com/7dugnl5p37zn/5fsE5pXtmw0UYEEEoqW2Ae/34ceeb7e7dcabd8337b080485fbcfa6e/Showing_EOS_and_OMG_negative_correlation_in_a_table.png)\n\nOn the other hand, going long in BTC/USD and shorting EOS/USD would be effectively doubling your position, since the correlations are so strong. \n\n### 2. Diversification\nBitcoin Cash (BCH) and Dash (DSH) in the image above have a correlation of 0.59.\n\nInstead of a user buying 100% worth of BCH, they could diversify their risk somewhat while still maintaining a core directional view. \n\nThe imperfect correlation between the two allows for more diversification and marginally lower risk. \n\n### 3. Hedging\nA trader can use price differentials to extract an advantage in the market. \n\nLet's use our perfectly negative correlation example from above with BTC/USD and EOS/USD. \n\nOn average (this is completely hypothetical, as I have not done the analysis for price movement on these currencies) let's say Bitcoin moves $10, and EOS moves $1.\n\nSince they are perfectly negatively correlated, a price movement upwards would be equal to $9 (Bitcoin up $10, EOS down $1). This acts as a nice hedge for the trader. The downside, of course, is smaller profits in the event of a strong Bitcoin move.\n\n## THE DOWNSIDE OF CORRELATION COEFFICIENTS\nFinancial analysts often disagree how correlations should be utilized. This specific correlation (Pearson) has several disadvantages:\n\n### 1. Linear dependency\nThis approach is only valid for linear dependencies; straight-line relationships between two assets are not often observed\n\n### 2. Capture bias\nCorrelation only captures the first two moments of the relationship. \n\nA value of 0 does not necessarily mean a relationship is missing. \n\n### 3. Correlation changes over time\nOh yes...big  time. Let's take a look at Ethereum Classic (ETC) and EOS (EOS):\n\n![Eth Classic and EOS changing correlation coefficients](//images.contentful.com/7dugnl5p37zn/4jE29NUWfSCS0a0MoAgO6O/257ffb627449993c1950325c5475ee70/Eth_Classic_and_EOS_changing_correlation_coefficients.png)\n\nYou can see it ranged all the way from -0.40 to almost a perfect correlation at 0.95. \n\nWhat does this mean?\n\nIt could mean a few things. First, events that impact a specific crypto but not another could wildly move the price against the comparison. \n\nSecond, we are still in a young industry, and movements have not come even close to settling. We are still in a period of great uncertainty surrounding cryptocurrencies. \n\n## TOOLS USED IN THE SHEET\n\n1. [Spreadstreet Google Sheets Add-in](https://chrome.google.com/webstore/detail/spreadstreet/fghpmppcbabgnpekploacbjijhppnkpp?authuser=0)\n2. [Bitfinex API](https://docs.bitfinex.com/v2/reference)\n3. Google Sheets\n\n## CONCLUSION\nCryptocurrency correlation coefficients can be a very useful tool when assessing your next crypto investment.\n\nThe benefits of the analysis, such as __helping to avoid canceling positions, diversification, and hedging__ are second-to-none.\n\nI urge you to download the spreadsheet so you can do your own analysis. See how they change on an hourly, daily, weekly, and monthly basis. You are bound to uncover some tremendous insights that others in the market may not be seeing.\n\nCheers, and happy hunting!\n\n## DOWNLOAD NOW\n[![Cryptocurrency Correlation Tool Download](//images.contentful.com/7dugnl5p37zn/6AQxUIu4pOQYmmMyAUCk8A/28bbbe224fad1dd7e84226a00691436d/Cryptocurrency_Correlation_Tool_Download.png)](https://docs.google.com/spreadsheets/d/1CYM_b_CTS2MMsNaiIZvP94tGsjneIboA6DX0gS9DUMI/edit?usp=sharing)\n\n## Resources\n\nDownload the add-in: https://spreadstreet.io/tools/google-sheets-add-in\n\nHelp: https://spreadstreet.io/docs\n\nFirst time install and login: https://www.youtube.com/watch?v=aLjtPR4T2bg\n\nBitfinex candles endpoint help: https://spreadstreet.io/knowledge-base/bitfinex-api-candles-endpoint/\n\n## RELATED POSTS\n\n[10 Statistical Price Predictions for 10 Cryptocurrencies](https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d)\n\n[High-Flyers and Shitcoins: What I Learned from Analyzing CoinMarketCap Data in Google Sheets](https://medium.com/@spreadstreet/high-flyers-and-shitcoins-what-i-learned-from-analyzing-coinmarketcap-data-in-google-sheets-d581dde5e225)\n\n[7 Smart Ethereum Price Prediction Methods for HODL’ers](https://medium.com/@spreadstreet/7-smart-ethereum-price-prediction-methods-for-hodlers-7f08aad60cb1)\n\n![Bio for Spreadstreet](//images.contentful.com/7dugnl5p37zn/5NgBYpFXH26o0u8UYCYs2W/41fa9a809d76cd635f7d9d99b066ce4d/Bio_for_Spreadstreet.png)",
      "json_metadata": "{\"tags\":[\"genesis\",\"genesismining\",\"ethereum\",\"monero\",\"zcash\"],\"image\":[\"https://images.contentful.com/7dugnl5p37zn/U0Bduw06K2YW4aUaoS4ks/37cc30dbb742c75e966cf737c91aced0/A_Cryptocurrency_Correlation_Tool_in_Google_Sheets.png\",\"//images.contentful.com/7dugnl5p37zn/1y92K6hLxGSk2yYcaGsw8s/882e89a348ab62c7977a4d7b9d0f5e0a/Cryptocurrency_Correlation_Tool_Spreadsheet.png\",\"//images.contentful.com/7dugnl5p37zn/3BpMFITaaIiEIM0iIyC6kI/8e786de51ba2d28ea68d3d96785ae0f3/Cryptocurrency_Correlation_Graphic.png\",\"//images.contentful.com/7dugnl5p37zn/3ZFv5LRXFSKE2G4q8cqsQE/8b2264ec80b0450761fc321c643461b1/Cryptocurrency_Correlation_Coefficient_Table_in_Google_Sheets.png\",\"//images.contentful.com/7dugnl5p37zn/5MfDIPf7sQEoIoo4AIEkMs/b5de091a5589c48b0d772d44a61f73f9/Monero_is_highly_correlated_with_a_few_different_cryptocurrencies.png\",\"//images.contentful.com/7dugnl5p37zn/5fsE5pXtmw0UYEEEoqW2Ae/34ceeb7e7dcabd8337b080485fbcfa6e/Showing_EOS_and_OMG_negative_correlation_in_a_table.png\",\"//images.contentful.com/7dugnl5p37zn/4jE29NUWfSCS0a0MoAgO6O/257ffb627449993c1950325c5475ee70/Eth_Classic_and_EOS_changing_correlation_coefficients.png\",\"//images.contentful.com/7dugnl5p37zn/6AQxUIu4pOQYmmMyAUCk8A/28bbbe224fad1dd7e84226a00691436d/Cryptocurrency_Correlation_Tool_Download.png\",\"https://img.youtube.com/vi/aLjtPR4T2bg/0.jpg\",\"//images.contentful.com/7dugnl5p37zn/5NgBYpFXH26o0u8UYCYs2W/41fa9a809d76cd635f7d9d99b066ce4d/Bio_for_Spreadstreet.png\"],\"links\":[\"https://chrome.google.com/webstore/detail/spreadstreet/fghpmppcbabgnpekploacbjijhppnkpp?authuser=0\",\"https://docs.bitfinex.com/v2/reference\",\"https://docs.google.com/spreadsheets/d/1CYM_b_CTS2MMsNaiIZvP94tGsjneIboA6DX0gS9DUMI/edit?usp=sharing\",\"https://spreadstreet.io/tools/google-sheets-add-in\",\"https://spreadstreet.io/docs\",\"https://www.youtube.com/watch?v=aLjtPR4T2bg\",\"https://spreadstreet.io/knowledge-base/bitfinex-api-candles-endpoint/\",\"https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d\",\"https://medium.com/@spreadstreet/high-flyers-and-shitcoins-what-i-learned-from-analyzing-coinmarketcap-data-in-google-sheets-d581dde5e225\",\"https://medium.com/@spreadstreet/7-smart-ethereum-price-prediction-methods-for-hodlers-7f08aad60cb1\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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{
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  "block": 17149955,
  "trx_in_block": 2,
  "op_in_trx": 0,
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  "timestamp": "2017-11-12T06:30:33",
  "op": [
    "vote",
    {
      "voter": "smartonelegal",
      "author": "spreadstreet",
      "permlink": "is-genesis-mining-worth-it-a-genesis-mining-profitability-calculator-you-ll-actually-use",
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{
  "trx_id": "7c6fbf6c3362fa3c87fc23dbcfcbeb6f3339f31f",
  "block": 17103568,
  "trx_in_block": 8,
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  "timestamp": "2017-11-10T15:51:03",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "genesis",
      "author": "spreadstreet",
      "permlink": "is-genesis-mining-worth-it-a-genesis-mining-profitability-calculator-you-ll-actually-use",
      "title": "Is Genesis Mining Worth it? A Genesis Mining Profitability Calculator You'll Actually Use",
      "body": "![A Genesis Mining Profit Calculator You Will Actually Use](//images.contentful.com/7dugnl5p37zn/6QymrrJUuAG2s8QU2MAqYC/df11d2595e5618f3ae118c2a5b359d25/A_Genesis_Mining_Profit_Calculator_You_Will_Actually_Use.png)\n\nBitPay is on pace to process over $1B annually in bitcoin payment acceptance and payouts, and has already grown their payments dollar volume 328% year-over-year, according to a [recent blog post on the BitPay website](https://blog.bitpay.com/bitpay-growth-2017/).\n\nThe very nature of cryptocurrencies requires transactions to be verified by miners. What does this mean?\n\n1. Cryptocurrency transactions are verified by a network of nodes, then recorded in a publicly distributed ledger known as a “blockchain”, which authenticates the coins as monetary units of measurement – or money. \n2. __Cryptocurrency mining__ refers to coins created as a reward in which the users of the network verify and record transactions on this very blockchain. Users who are able to successfully verify the transactions receive fees and rewards in the form of brand new coins.\n\nAnd [Genesis Mining](https://www.genesis-mining.com/) stands as the largest cryptocurrency cloud mining company in the world. \n\nA user can rent \"hashing power\" in the form of a two-year contract from Genesis for a one-time, upfront fee. \n\nIn turn, they receive daily payouts of whatever specific cryptocurrency they purchased the contract for.\n\n## THE PROBLEM\n\nWhile Genesis Mining has done a great job breaking down a complex problem into an easy-to-understand business model, users consistently have one big question:\n\n> \"How profitable is {x} contract?\" - Everybody, ever\n> \n\nWhile the user is able to see the upfront cost, they are unable to get an idea of how many coins they will receive by the end of the contract.\n\n## WHY THE PROBLEM EXISTS\n\nThe problem exists, because of two major uncertainties surrounding cryptocurrencies:\n\n1. Where the price of the currency will fluctuate over time\n2. Where the network hashrate (aka, the mining power of the entire network) will fluctuate over time\n\nBoth of these inputs are extremely volatile, and have a huge degree of uncertainty in the near and distant future.\n\nWhat I will attempt to do in this exercise, is build a profitability calculator for Ethereum, Monero, and Zcash. Each of these cryptocurrencies is currently available on the website as of 11/7/2017.\n\nEach cryptocurrency has three contracts, and I will formulate 4 different scenarios to try and capture a profitability \"range\". \n\n*Note: Do not take any of the words in this post as financial advice or recommendations. These are merely simulations that have their own issues and pitfalls, and are not to be used as the end-all, be-all decision.*\n\n## THE ASSUMPTIONS\n\nDue to the difficulty in forecasting both price and nethash, I was forced into a few assumptions:\n\n1. The forecasted price method is a Monte Carlo simulation using a geometric Brownian Motion ran 1,000 times. [I covered the full methodology in a prior blog post](https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d)\n2. The base network hashrate follows along very closely with the movements in price. This assumption I am the least confident about, as network hash has been shown to deviate at certain times\n3. I attempt to cover the shortfall in network hash rate with two different scenarios (shown below). \n4. I assume we hold all coins until the end of the contract, and assign a value to the portfolio based on $USD\n5. I do not run any scenarios of converting a currency into another currency\n6. I do not account for any significant changes to the underlying algorithm, such as the \"Casper\" Ethereum update (see 'THE DIFFICULTY BOMB' below)\n\nObviously any slight change could drastically alter these assumptions, but let's take a look at the different scenarios.\n\n## THE SCENARIOS\n![Description of Scenarios](//images.contentful.com/7dugnl5p37zn/5fYfmVL0iAEmAqou6uCAee/4289e385a451681a087c05579158668b/Description_of_Scenarios_v2.png)\n\nInstead of calculating just a base scenario (which every other calculator on the web does) I wanted to come up with different scenarios to get an idea of what *could* be.\n\n1. Base - Assume no change in price or network hashrate for the duration of the contract\n2. Median - Run a full 1,000 trial simulation of prices and network hash rate, and use the median values for each\n3. Conservative - The same as Median, but instead use a price forecast that is 1 standard deviation __below__ the median price\n4. Aggressive - The same as Median, but instead use a price forecast that is 1 standard deviation __above__ the median price\n\n## APIs USED\n\n1. [Spreadstreet Google Sheets Add-in](https://chrome.google.com/webstore/detail/spreadstreet/fghpmppcbabgnpekploacbjijhppnkpp?authuser=0)\n2. [Bitfinex API](https://docs.bitfinex.com/docs) - To pull in historical data for each currency\n3. [WhatToMine](http://whattomine.com/) API - For nethash statistics\n4. [CoinMarketCap](https://coinmarketcap.com/) - Updated prices\n\n## ETHEREUM\nThe only way to utilize Ethereum is with the product from mining. \n\nBut this shortchanges the additional value of mining Ether. It is also absolutely required for securing the Ethereum network as it creates, verifies, publishes, and propagates blocks in the blockchain.\n\nThe overall term \"Ethereum Mining\" is the process of mining Ether. \nEther is an absolute essential, as it serves as fuel for the smooth running of the Ethereum platform. \n\nEther is used as an incentive to motivate developers to create top notch applications.\n\n### THE DIFFICULTY BOMB\nSometime in the future (we can't be certain when), ethereum will likely switch from its proof-of-work consensus algorithm to Casper, a proof-of-stake system its developers are now in the throes of completing.\n\nFrom [Blockonomi](https://blockonomi.com/ethereum-casper/):\n\n> As opposed to the PoW consensus protocol, the PoS protocol achieves consensus through stakers—sometimes referred to as minters, too—who “stake” their coins by locking them down in specialized wallets.\n> \n> With these stakers at work, mining will become redundant, meaning the Ethereum network post-Casper will rely on stakers and staking pools instead of miners for its operability.\n\nGenesis Mining has a prelim plan in place for this scenario:\n\n> The Ethererum Mining plans will run for a maximum of 24 months, however, should Ethereum (“ETH”) switch to proof-of-stake before the end of the term, we will use the leased hardware on a best-effort basis to mine the most profitable coin with that hardware for you.\n> \n\nVery simply put, this changes the economics of contract profitability *significantly*. We are going to ignore that update for now, but it may make sense to stay away from the contracts in the short-term. \n\n### THE CONTRACTS\n![Ethereum Mining Contracts Comparison](//images.contentful.com/7dugnl5p37zn/1vWXx1VJFKOEgeKY2U2CAG/45e463fb4335ba2ec8185c3fab0b2165/Ethereum_Mining_Contracts_Comparison.png)\n\n### ONE-YEAR PRICE FORECAST\n![Ethereum One Year Price Simulation](//images.contentful.com/7dugnl5p37zn/4fMtxppDF6S2EiWS8EAYq0/ef7bfe6bc82c90871091e31af32914ad/Ethereum_One_Year_Price_Simulation.png)\n\nHere we can see one of 1,000 price simulations run to inform our forecast for the Median, Conservative, and Aggressive scenarios.\n\nBase Price: $298.85 (Close as of 11/8/2017)\nMedian: $1079.74\nConservative: $338.91\nAggressive: $3,761.41*\n\n*Why is the price so high? This is what happens when you have a volatile currency in a simulation that does not have changes in said volatility. When a currency can move 20% in one day, it is not uncommon to see price movements like this. I mean, shit, Ethereum grew 25x in one year.\n\n### RETURN ON INVESTMENT\n![Monero Profit and ROI Comparison](//images.contentful.com/7dugnl5p37zn/6KRGEFQ7SgyYCQ2k0OagEw/4cb21d28df62a774d850fdbe09c789fb/Monero_Profit_and_ROI_Comparison.png) ![Ethereum Profit and ROI Comparison](//images.contentful.com/7dugnl5p37zn/6QxTgV9A2sG0sgOKkscMIG/28cfd9eca5f3a78bdd43167a06eea700/Ethereum_Profit_and_ROI_Comparison.png)\n\n### VERDICT\nBase performance ranges from 30% to 39% ROI, and is higher than the Median scenario by ~10%. \n\nThe conservative scenario shows a loss of between 59-62%, and the aggressive scenario shows a gain between 318% and 347%.\n\nDifficulty bomb in the near-future presents tremendous uncertainty. \n\n## MONERO\nFrom [Cryptocompare](https://www.cryptocompare.com/mining/guides/how-to-mine-monero/):\n\n> Monero (XMR) is a Cryptonote algorithm based cryptocurrency, it relies on Ring Signatures in order to provide a certain degree of privacy when making a transaction. Monero is a Proof of Work cryptocurrency that can be mined with computational power from a CPU or GPU. There are currently no ASICs for Monero, which means that anyone with a computer can mine it. \n> \n\n### THE CONTRACTS\n![Monero Mining Contracts Comparison](//images.contentful.com/7dugnl5p37zn/1qilrUQoTe0KgcsSUSQ6eu/5852c92a63798d862fdc4001eadadc10/Monero_Mining_Contracts_Comparison.png)\n\n### ONE-YEAR PRICE FORECAST\n![MoneroOne Year Price Simulation](//images.contentful.com/7dugnl5p37zn/6c7Izy9cD6UUoUqKA8EY20/39398230b17a816371caf3444dcf3360/MoneroOne_Year_Price_Simulation.png)\n\nWe run the same Monte Carlo simulation to inform our forecast for the Median, Conservative, and Aggressive scenarios.\n\nBase Price: $104.54 (Close as of 11/8/2017)\nMedian: $1,973.36\nConservative: $379.16\nAggressive: $9,646.41*\n\n*Why is the price so high?* \nSee Ethereum up above.\n\n*How is it possible for the \"Conservative\" scenario to be higher than the base price?*\nGood question, and i'm glad you brought it up. The Monero currency has been not only really volatile, but drifting upwards at a pretty high rate. \n\nThe results are also being skewed by a recent uptick on November 6th where the price jumped by ~18%.\n\nThis may represent an opportunity for contract investment, but more analysis is needed.\n\n### RETURN ON INVESTMENT\n![Monero Profit and ROI Comparison](//images.contentful.com/7dugnl5p37zn/6KRGEFQ7SgyYCQ2k0OagEw/4cb21d28df62a774d850fdbe09c789fb/Monero_Profit_and_ROI_Comparison.png)\n\n### VERDICT\nBase performance ranges from 87% to 95% ROI, with performance in the  Median scenario lower by 5-6%. \n\nThe conservative scenario shows a loss of between 63-64%, and the aggressive scenario shows a gain between 795% and 832%.\n\nTo reiterate, the aggressive scenario is very much influenced by the recent uptick in volatility, so be weary of those high numbers. \n\n## ZCASH\nZCash uses Equihash as an hashing algorithm, which is an asymmetric memory-hard PoW algorithm based on the generalized birthday problem (I don't know what the hell this means, but it sounds fancy).\n\nIt relies on high RAM requirements to bottleneck the generation of proofs and making ASIC development unfeasible, much like Ethereum.\n\n### THE CONTRACTS\n![Zcash Mining Contracts Comparison](//images.contentful.com/7dugnl5p37zn/5xZbjYAbgQcc0YIa6kKg0w/85efd765c671a5001f6740bca46327e8/Zcash_Mining_Contracts_Comparison.png)\n\n### ONE-YEAR PRICE FORECAST\n![Zcash One Year Price Simulation](//images.contentful.com/7dugnl5p37zn/dkKjxZGAcEWUYkSuiQ0yK/c90be8fc6e244f962a294481bb5d3a60/Zcash_One_Year_Price_Simulation.png)\n\nHere we can see one of 1,000 price simulations run to inform our forecast for the Median, Conservative, and Aggressive scenarios.\n\nBase Price: $246.20 (Close as of 11/8/2017)\nMedian: $616.55\nConservative: $155.78\nAggressive: $2,327.43*\n\n*Why is the price so high? See: Ethereum up above.\n\n### RETURN ON INVESTMENT\n![Zcash Profit and ROI Comparison](//images.contentful.com/7dugnl5p37zn/43JFzROxHaMiaEAWkeSCMC/ac0efaf2ce741ff90cc21ca7c52aea21/Zcash_Profit_and_ROI_Comparison.png)\n\n### VERDICT\nBase performance ranges from 51% to 65% ROI, and __surprisingly lags the Median scenario by 4-6%__. \n\nThe conservative scenario shows a loss of between 56-60%, and the aggressive scenario shows a gain between 490% and 540%.\n\n## CONCLUSION\nThe initial upfront costs and potential profitability are hidden when investing in hashing power contracts like Genesis Mining.\n\nHowever with some robust analysis, we can get a better idea of how to assess the potential profitability of a two-year deal.\n\nAs we continue to evolve our thinking, better methods and analysis will eventually surface. Hopefully this industry can become a great avenue for side income.\n\nIf you want your own copy of the analysis and calculations, you can find it here:\n\n[![Genesis Mining Profit Calculator](//images.contentful.com/7dugnl5p37zn/4naEt0gve0WugaiUEG8aOO/f425922daf2818b586e415d8aacacb59/Genesis_Mining_Profit_Calculator.png)](https://docs.google.com/spreadsheets/d/1FyfUBcROhXhqoGOkPKXH2JLDvju7e3losgWvjPdMPCk/edit?usp=sharing)\n\nCheers, and happy hunting!\n\n## RELATED POSTS\n\n[How to Create an Ethereum Mining Calculator from Start to Finish](https://medium.com/spreadstreet/how-to-create-an-ethereum-mining-calculator-from-start-to-finish-71bcb87877a0)\n\n[10 Statistical Price Predictions for 10 Cryptocurrencies](https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d)\n\n[Bitcoin Madness: How to Simulate Bitcoin Prices in Google Sheets](https://medium.com/@spreadstreet/bitcoin-madness-how-to-simulate-bitcoin-prices-in-google-sheets-c61cb42f26ed)\n\n![Bio for Spreadstreet](//images.contentful.com/7dugnl5p37zn/5NgBYpFXH26o0u8UYCYs2W/41fa9a809d76cd635f7d9d99b066ce4d/Bio_for_Spreadstreet.png)",
      "json_metadata": "{\"tags\":[\"genesis\",\"genesismining\",\"ethereum\",\"monero\",\"zcash\"],\"image\":[\"//images.contentful.com/7dugnl5p37zn/6QymrrJUuAG2s8QU2MAqYC/df11d2595e5618f3ae118c2a5b359d25/A_Genesis_Mining_Profit_Calculator_You_Will_Actually_Use.png\",\"//images.contentful.com/7dugnl5p37zn/5fYfmVL0iAEmAqou6uCAee/4289e385a451681a087c05579158668b/Description_of_Scenarios_v2.png\",\"//images.contentful.com/7dugnl5p37zn/1vWXx1VJFKOEgeKY2U2CAG/45e463fb4335ba2ec8185c3fab0b2165/Ethereum_Mining_Contracts_Comparison.png\",\"//images.contentful.com/7dugnl5p37zn/4fMtxppDF6S2EiWS8EAYq0/ef7bfe6bc82c90871091e31af32914ad/Ethereum_One_Year_Price_Simulation.png\",\"//images.contentful.com/7dugnl5p37zn/6KRGEFQ7SgyYCQ2k0OagEw/4cb21d28df62a774d850fdbe09c789fb/Monero_Profit_and_ROI_Comparison.png\",\"//images.contentful.com/7dugnl5p37zn/6QxTgV9A2sG0sgOKkscMIG/28cfd9eca5f3a78bdd43167a06eea700/Ethereum_Profit_and_ROI_Comparison.png\",\"//images.contentful.com/7dugnl5p37zn/1qilrUQoTe0KgcsSUSQ6eu/5852c92a63798d862fdc4001eadadc10/Monero_Mining_Contracts_Comparison.png\",\"//images.contentful.com/7dugnl5p37zn/6c7Izy9cD6UUoUqKA8EY20/39398230b17a816371caf3444dcf3360/MoneroOne_Year_Price_Simulation.png\",\"//images.contentful.com/7dugnl5p37zn/5xZbjYAbgQcc0YIa6kKg0w/85efd765c671a5001f6740bca46327e8/Zcash_Mining_Contracts_Comparison.png\",\"//images.contentful.com/7dugnl5p37zn/dkKjxZGAcEWUYkSuiQ0yK/c90be8fc6e244f962a294481bb5d3a60/Zcash_One_Year_Price_Simulation.png\",\"//images.contentful.com/7dugnl5p37zn/43JFzROxHaMiaEAWkeSCMC/ac0efaf2ce741ff90cc21ca7c52aea21/Zcash_Profit_and_ROI_Comparison.png\",\"//images.contentful.com/7dugnl5p37zn/4naEt0gve0WugaiUEG8aOO/f425922daf2818b586e415d8aacacb59/Genesis_Mining_Profit_Calculator.png\",\"//images.contentful.com/7dugnl5p37zn/5NgBYpFXH26o0u8UYCYs2W/41fa9a809d76cd635f7d9d99b066ce4d/Bio_for_Spreadstreet.png\"],\"links\":[\"https://blog.bitpay.com/bitpay-growth-2017/\",\"https://www.genesis-mining.com/\",\"https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d\",\"https://chrome.google.com/webstore/detail/spreadstreet/fghpmppcbabgnpekploacbjijhppnkpp?authuser=0\",\"https://docs.bitfinex.com/docs\",\"http://whattomine.com/\",\"https://coinmarketcap.com/\",\"https://blockonomi.com/ethereum-casper/\",\"https://www.cryptocompare.com/mining/guides/how-to-mine-monero/\",\"https://docs.google.com/spreadsheets/d/1FyfUBcROhXhqoGOkPKXH2JLDvju7e3losgWvjPdMPCk/edit?usp=sharing\",\"https://medium.com/spreadstreet/how-to-create-an-ethereum-mining-calculator-from-start-to-finish-71bcb87877a0\",\"https://medium.com/@spreadstreet/bitcoin-madness-how-to-simulate-bitcoin-prices-in-google-sheets-c61cb42f26ed\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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{
  "trx_id": "895f237611fb84cfc694f35dadbde3b94cc75b0f",
  "block": 17103556,
  "trx_in_block": 22,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2017-11-10T15:50:27",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "genesis",
      "author": "spreadstreet",
      "permlink": "is-genesis-mining-worth-it-a-genesis-mining-profitability-calculator-you-ll-actually-use",
      "title": "Is Genesis Mining Worth it? A Genesis Mining Profitability Calculator You'll Actually Use",
      "body": "![A Genesis Mining Profit Calculator You Will Actually Use](//images.contentful.com/7dugnl5p37zn/6QymrrJUuAG2s8QU2MAqYC/df11d2595e5618f3ae118c2a5b359d25/A_Genesis_Mining_Profit_Calculator_You_Will_Actually_Use.png)\n\nBitPay is on pace to process over $1B annually in bitcoin payment acceptance and payouts, and has already grown their payments dollar volume 328% year-over-year, according to a [recent blog post on the BitPay website](https://blog.bitpay.com/bitpay-growth-2017/).\n\nThe very nature of cryptocurrencies requires transactions to be verified by miners. What does this mean?\n\n1. Cryptocurrency transactions are verified by a network of nodes, then recorded in a publicly distributed ledger known as a “blockchain”, which authenticates the coins as monetary units of measurement – or money. \n2. __Cryptocurrency mining__ refers to coins created as a reward in which the users of the network verify and record transactions on this very blockchain. Users who are able to successfully verify the transactions receive fees and rewards in the form of brand new coins.\n\nAnd [Genesis Mining](https://www.genesis-mining.com/) stands as the largest cryptocurrency cloud mining company in the world. \n\nA user can rent \"hashing power\" in the form of a two-year contract from Genesis for a one-time, upfront fee. \n\nIn turn, they receive daily payouts of whatever specific cryptocurrency they purchased the contract for.\n\n## THE PROBLEM\n\nWhile Genesis Mining has done a great job breaking down a complex problem into an easy-to-understand business model, users consistently have one big question:\n\n> \"How profitable is {x} contract?\" - Everybody, ever\n> \n\nWhile the user is able to see the upfront cost, they are unable to get an idea of how many coins they will receive by the end of the contract.\n\n## WHY THE PROBLEM EXISTS\n\nThe problem exists, because of two major uncertainties surrounding cryptocurrencies:\n\n1. Where the price of the currency will fluctuate over time\n2. Where the network hashrate (aka, the mining power of the entire network) will fluctuate over time\n\nBoth of these inputs are extremely volatile, and have a huge degree of uncertainty in the near and distant future.\n\nWhat I will attempt to do in this exercise, is build a profitability calculator for Ethereum, Monero, and Zcash. Each of these cryptocurrencies is currently available on the website as of 11/7/2017.\n\nEach cryptocurrency has three contracts, and I will formulate 4 different scenarios to try and capture a profitability \"range\". \n\n*Note: Do not take any of the words in this post as financial advice or recommendations. These are merely simulations that have their own issues and pitfalls, and are not to be used as the end-all, be-all decision.*\n\n## THE ASSUMPTIONS\n\nDue to the difficulty in forecasting both price and nethash, I was forced into a few assumptions:\n\n1. The forecasted price method is a Monte Carlo simulation using a geometric Brownian Motion ran 1,000 times. [I covered the full methodology in a prior blog post](https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d)\n2. The base network hashrate follows along very closely with the movements in price. This assumption I am the least confident about, as network hash has been shown to deviate at certain times\n3. I attempt to cover the shortfall in network hash rate with two different scenarios (shown below). \n4. I assume we hold all coins until the end of the contract, and assign a value to the portfolio based on $USD\n5. I do not run any scenarios of converting a currency into another currency\n6. I do not account for any significant changes to the underlying algorithm, such as the \"Casper\" Ethereum update (see 'THE DIFFICULTY BOMB' below)\n\nObviously any slight change could drastically alter these assumptions, but let's take a look at the different scenarios.\n\n## THE SCENARIOS\n![Description of Scenarios](//images.contentful.com/7dugnl5p37zn/5fYfmVL0iAEmAqou6uCAee/4289e385a451681a087c05579158668b/Description_of_Scenarios_v2.png)\n\nInstead of calculating just a base scenario (which every other calculator on the web does) I wanted to come up with different scenarios to get an idea of what *could* be.\n\n1. Base - Assume no change in price or network hashrate for the duration of the contract\n2. Median - Run a full 1,000 trial simulation of prices and network hash rate, and use the median values for each\n3. Conservative - The same as Median, but instead use a price forecast that is 1 standard deviation __below__ the median price\n4. Aggressive - The same as Median, but instead use a price forecast that is 1 standard deviation __above__ the median price\n\n## APIs USED\n\n1. [Spreadstreet Google Sheets Add-in](https://chrome.google.com/webstore/detail/spreadstreet/fghpmppcbabgnpekploacbjijhppnkpp?authuser=0)\n2. [Bitfinex API](https://docs.bitfinex.com/docs) - To pull in historical data for each currency\n3. [WhatToMine](http://whattomine.com/) API - For nethash statistics\n4. [CoinMarketCap](https://coinmarketcap.com/) - Updated prices\n\n## ETHEREUM\nThe only way to utilize Ethereum is with the product from mining. \n\nBut this shortchanges the additional value of mining Ether. It is also absolutely required for securing the Ethereum network as it creates, verifies, publishes, and propagates blocks in the blockchain.\n\nThe overall term \"Ethereum Mining\" is the process of mining Ether. \nEther is an absolute essential, as it serves as fuel for the smooth running of the Ethereum platform. \n\nEther is used as an incentive to motivate developers to create top notch applications.\n\n### THE DIFFICULTY BOMB\nSometime in the future (we can't be certain when), ethereum will likely switch from its proof-of-work consensus algorithm to Casper, a proof-of-stake system its developers are now in the throes of completing.\n\nFrom [Blockonomi](https://blockonomi.com/ethereum-casper/):\n\n> As opposed to the PoW consensus protocol, the PoS protocol achieves consensus through stakers—sometimes referred to as minters, too—who “stake” their coins by locking them down in specialized wallets.\n> \n> With these stakers at work, mining will become redundant, meaning the Ethereum network post-Casper will rely on stakers and staking pools instead of miners for its operability.\n\nGenesis Mining has a prelim plan in place for this scenario:\n\n> The Ethererum Mining plans will run for a maximum of 24 months, however, should Ethereum (“ETH”) switch to proof-of-stake before the end of the term, we will use the leased hardware on a best-effort basis to mine the most profitable coin with that hardware for you.\n> \n\nVery simply put, this changes the economics of contract profitability *significantly*. We are going to ignore that update for now, but it may make sense to stay away from the contracts in the short-term. \n\n### THE CONTRACTS\n![Ethereum Mining Contracts Comparison](//images.contentful.com/7dugnl5p37zn/1vWXx1VJFKOEgeKY2U2CAG/45e463fb4335ba2ec8185c3fab0b2165/Ethereum_Mining_Contracts_Comparison.png)\n\n### ONE-YEAR PRICE FORECAST\n![Ethereum One Year Price Simulation](//images.contentful.com/7dugnl5p37zn/4fMtxppDF6S2EiWS8EAYq0/ef7bfe6bc82c90871091e31af32914ad/Ethereum_One_Year_Price_Simulation.png)\n\nHere we can see one of 1,000 price simulations run to inform our forecast for the Median, Conservative, and Aggressive scenarios.\n\nBase Price: $298.85 (Close as of 11/8/2017)\nMedian: $1079.74\nConservative: $338.91\nAggressive: $3,761.41*\n\n*Why is the price so high? This is what happens when you have a volatile currency in a simulation that does not have changes in said volatility. When a currency can move 20% in one day, it is not uncommon to see price movements like this. I mean, shit, Ethereum grew 25x in one year.\n\n### RETURN ON INVESTMENT\n![Monero Profit and ROI Comparison](//images.contentful.com/7dugnl5p37zn/6KRGEFQ7SgyYCQ2k0OagEw/4cb21d28df62a774d850fdbe09c789fb/Monero_Profit_and_ROI_Comparison.png) ![Ethereum Profit and ROI Comparison](//images.contentful.com/7dugnl5p37zn/6QxTgV9A2sG0sgOKkscMIG/28cfd9eca5f3a78bdd43167a06eea700/Ethereum_Profit_and_ROI_Comparison.png)\n\n### VERDICT\nBase performance ranges from 30% to 39% ROI, and is higher than the Median scenario by ~10%. \n\nThe conservative scenario shows a loss of between 59-62%, and the aggressive scenario shows a gain between 318% and 347%.\n\nDifficulty bomb in the near-future presents tremendous uncertainty. \n\n## MONERO\nFrom [Cryptocompare](https://www.cryptocompare.com/mining/guides/how-to-mine-monero/):\n\n> Monero (XMR) is a Cryptonote algorithm based cryptocurrency, it relies on Ring Signatures in order to provide a certain degree of privacy when making a transaction. Monero is a Proof of Work cryptocurrency that can be mined with computational power from a CPU or GPU. There are currently no ASICs for Monero, which means that anyone with a computer can mine it. \n> \n\n### THE CONTRACTS\n![Monero Mining Contracts Comparison](//images.contentful.com/7dugnl5p37zn/1qilrUQoTe0KgcsSUSQ6eu/5852c92a63798d862fdc4001eadadc10/Monero_Mining_Contracts_Comparison.png)\n\n### ONE-YEAR PRICE FORECAST\n![MoneroOne Year Price Simulation](//images.contentful.com/7dugnl5p37zn/6c7Izy9cD6UUoUqKA8EY20/39398230b17a816371caf3444dcf3360/MoneroOne_Year_Price_Simulation.png)\n\nWe run the same Monte Carlo simulation to inform our forecast for the Median, Conservative, and Aggressive scenarios.\n\nBase Price: $104.54 (Close as of 11/8/2017)\nMedian: $1,973.36\nConservative: $379.16\nAggressive: $9,646.41*\n\n*Why is the price so high?* \nSee Ethereum up above.\n\n*How is it possible for the \"Conservative\" scenario to be higher than the base price?*\nGood question, and i'm glad you brought it up. The Monero currency has been not only really volatile, but drifting upwards at a pretty high rate. \n\nThe results are also being skewed by a recent uptick on November 6th where the price jumped by ~18%.\n\nThis may represent an opportunity for contract investment, but more analysis is needed.\n\n### RETURN ON INVESTMENT\n![Monero Profit and ROI Comparison](//images.contentful.com/7dugnl5p37zn/6KRGEFQ7SgyYCQ2k0OagEw/4cb21d28df62a774d850fdbe09c789fb/Monero_Profit_and_ROI_Comparison.png)\n\n### VERDICT\nBase performance ranges from 87% to 95% ROI, with performance in the  Median scenario lower by 5-6%. \n\nThe conservative scenario shows a loss of between 63-64%, and the aggressive scenario shows a gain between 795% and 832%.\n\nTo reiterate, the aggressive scenario is very much influenced by the recent uptick in volatility, so be weary of those high numbers. \n\n## ZCASH\nZCash uses Equihash as an hashing algorithm, which is an asymmetric memory-hard PoW algorithm based on the generalized birthday problem (I don't know what the hell this means, but it sounds fancy).\n\nIt relies on high RAM requirements to bottleneck the generation of proofs and making ASIC development unfeasible, much like Ethereum.\n\n### THE CONTRACTS\n![Zcash Mining Contracts Comparison](//images.contentful.com/7dugnl5p37zn/5xZbjYAbgQcc0YIa6kKg0w/85efd765c671a5001f6740bca46327e8/Zcash_Mining_Contracts_Comparison.png)\n\n### ONE-YEAR PRICE FORECAST\n![Zcash One Year Price Simulation](//images.contentful.com/7dugnl5p37zn/dkKjxZGAcEWUYkSuiQ0yK/c90be8fc6e244f962a294481bb5d3a60/Zcash_One_Year_Price_Simulation.png)\n\nHere we can see one of 1,000 price simulations run to inform our forecast for the Median, Conservative, and Aggressive scenarios.\n\nBase Price: $246.20 (Close as of 11/8/2017)\nMedian: $616.55\nConservative: $155.78\nAggressive: $2,327.43*\n\n*Why is the price so high? See: Ethereum up above.\n\n### RETURN ON INVESTMENT\n![Zcash Profit and ROI Comparison](//images.contentful.com/7dugnl5p37zn/43JFzROxHaMiaEAWkeSCMC/ac0efaf2ce741ff90cc21ca7c52aea21/Zcash_Profit_and_ROI_Comparison.png)\n\n### VERDICT\nBase performance ranges from 51% to 65% ROI, and __surprisingly lags the Median scenario by 4-6%__. \n\nThe conservative scenario shows a loss of between 56-60%, and the aggressive scenario shows a gain between 490% and 540%.\n\n## CONCLUSION\nThe initial upfront costs and potential profitability are hidden when investing in hashing power contracts like Genesis Mining.\n\nHowever with some robust analysis, we can get a better idea of how to assess the potential profitability of a two-year deal.\n\nAs we continue to evolve our thinking, better methods and analysis will eventually surface. Hopefully this industry can become a great avenue for side income.\n\nIf you want your own copy of the analysis and calculations, you can find it here:\n\n[![Genesis Mining Profit Calculator](//images.contentful.com/7dugnl5p37zn/4naEt0gve0WugaiUEG8aOO/f425922daf2818b586e415d8aacacb59/Genesis_Mining_Profit_Calculator.png)](https://docs.google.com/spreadsheets/d/1FyfUBcROhXhqoGOkPKXH2JLDvju7e3losgWvjPdMPCk/edit?usp=sharing)\n\nCheers, and happy hunting!\n\n## RELATED POSTS\n\n[How to Create an Ethereum Mining Calculator from Start to Finish](https://medium.com/spreadstreet/how-to-create-an-ethereum-mining-calculator-from-start-to-finish-71bcb87877a0)\n\n[10 Statistical Price Predictions for 10 Cryptocurrencies](https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d)\n\n[Bitcoin Madness: How to Simulate Bitcoin Prices in Google Sheets](https://medium.com/@spreadstreet/bitcoin-madness-how-to-simulate-bitcoin-prices-in-google-sheets-c61cb42f26ed)\n\n![Bio for Spreadstreet](//images.contentful.com/7dugnl5p37zn/5NgBYpFXH26o0u8UYCYs2W/41fa9a809d76cd635f7d9d99b066ce4d/Bio_for_Spreadstreet.png)",
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{
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      "parent_author": "",
      "parent_permlink": "bitcoin",
      "author": "spreadstreet",
      "permlink": "5-more-price-predictions-for-5-top-cryptocurrencies",
      "title": "5 More Price Predictions for 5 Top Cryptocurrencies",
      "body": "https://images.contentful.com/7dugnl5p37zn/4buMe2GdjOwmMkUyWqWya4/29319c39366cb4f5457716e2723c2274/5_More_Price_Predictions_for_5_Top_Cryptocurrencies.png\n\nHere's the brutal truth about cryptocurrencies:\n\nThey are insanely volatile, and no one can accurately predict where they are going to go.\n\nEveryone wants to be the next crypto-millionaire, but the majority of coins have a higher chance of going to zero, than to the moon. \n\nIn the prior article I posted regarding [10 price predictions for 10 cryptocurrencies](https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d), I ran Monte Carlo simulations on 10 different currencies. The final analysis gave an expected range of prices for each, and showed just how crazy the prices can be.\n\nBut let us not stop there. \n\n## SURPRISING RESULTS\nWhen I ran the last analysis, I did not expect to see some of the results that the model output. Some of the more surprising results:\n\n- [OmiseGO volatility](https://cdn-images-1.medium.com/max/800/0*tjZSVcmGNk3ykBuF.png) makes Bitcoin look like a municipal bond\n- Bitcoin, Ethereum, OmiseGO, NEO, and Monero all estimated positive. However...\n- Bitcoin Cash, EOS, Litecoin, Ripple, and Zcash all drifted negative over 1,000 simulations\n\nWe will be taking the exact same forecasting methodology, and apply it to 6 additional cryptocurrencies.\n\n## A BETTER METHOD FOR ESTIMATING CRYPTO PRICES\n\nIf you already know the methodology, you can skip straight to Dash, which is the first coin analyzed.\n\nFrom the prior article:\n\n> In my prior article about [estimating the movement of Bitcoin Prices](https://medium.com/@spreadstreet/bitcoin-madness-how-to-simulate-bitcoin-prices-in-google-sheets-c61cb42f26ed), I spoke of a method that is used frequently in the stock world to estimate prices.\n> \n> This method is a Monte Carlo simulation using the geometric Brownian motion model. \n> \n> I won't cover off on the full methodology here, but essentially I am going to:\n> \n> 1. Get historical daily prices for 10 top cryptocurrencies\n> 2. Calculate daily returns\n> 3. Simulate a year\n> 4. Simulate a year many times\n> \n> By the end of the article, you will have the following:\n> \n> - A one-year simulation of top cryptocurrencies\n> - Likely price range of each cryptocurrency\n> - A downloadable model to complete yourself\n\n*A note on forecasting, simulations, and recommendations: Monte Carlo simulations are to be used as guidelines and tools, not as gospel. I am not offering financial or investing advice.*\n\n## DASH\n### What is DASH?\nDigitalCash (DASH) uses a new chained hashing algorithm approach, with many new scientific hashing algorithms for the proof-of-work. \n\nOn top of Bitcoin's feature set, it currently offers [instant transactions](https://dashpay.atlassian.net/wiki/spaces/DOC/pages/1146928/InstantSend), [private transactions](https://dashpay.atlassian.net/wiki/spaces/DOC/pages/1146924/PrivateSend), and operates a self-governing and self-funding model that enables the Dash network to pay individuals and businesses to perform work that adds [value to the network](https://www.dash.org/governance/).\n\n### One-Year Simulation\n![Dash cryptocurrency price prediction for one year](//images.contentful.com/7dugnl5p37zn/4ibzkOomtioG8s82qWUYeo/6943ead4d8603b62caf35a433441bf81/Dash_cryptocurrency_price_prediction_for_one_year.png)\n\n### One-Year Simulated 1,000 Times\n![Dash cryptocurrency price prediction for many years](//images.contentful.com/7dugnl5p37zn/3jqt1h53tC4wAS4GUmYY82/08dd82c16264677491160fc338016558/Dash_cryptocurrency_price_prediction_for_many_years.png)\n\n### Verdict\nWe can be 95% certain that __Dash prices will fall between $84, and $5,299 with a mean of $1,571__.\n\n## ETHEREUM CLASSIC\n### What is Ethereum Classic?\nThere is a pretty long explanation for the creation of Ethereum Classic, but I will lead you over to our friends at Blockgeeks for the [full explanation](https://blockgeeks.com/guides/what-is-ethereum-classic/).\n\nIn a nutshell:\n\n> Ethereum Classic is an attempt at keeping the Ethereum blockchain unaltered by the part of the community that opposed the hard fork and the return of The DAO funds. It started trading on Poloniex and is getting more and more traction.\n> \n\n### One-Year Simulation\n![Ethereum Classic cryptocurrency price prediction for one year](//images.contentful.com/7dugnl5p37zn/2V53auHRo4yow6CMOCIg2Y/b994c176cda237cad0385cd9c0a21f0f/Ethereum_Classic_cryptocurrency_price_prediction_for_one_year.png)\n\n### One-Year Simulated 1,000 Times\n![Ethereum Classic cryptocurrency price prediction for many years](//images.contentful.com/7dugnl5p37zn/18010btzE084cQAQEae2ii/2de862dcd382b5f435ff820b5735ae6b/Ethereum_Classic_cryptocurrency_price_prediction_for_many_years.png)\n\n### Verdict\nWe can be 95% certain that __Ethereum Classic prices will fall between $1, and $99 with a mean of $26__.\n\n## IOTA\n### What is IOTA?\nFrom [Cryptocompare](https://www.cryptocompare.com/coins/iot/overview/BTC):\n\n> IOTA is an open-source distributed ledger protocol that goes 'beyond blockchain' through its core invention of the blockless ‘Tangle’. \n> \n> The IOTA Tangle is a quantum-proof Directed Acyclic Graph, with no fees on transactions & no fixed limit on how many transactions can be confirmed per second in the network. Instead, throughput grows in conjunction with activity in the network; the more activity, the faster the network. \n> \n> Unlike blockchain architecture, IOTA has no separation between users and validators; rather, validation is an intrinsic property of using the ledger, thus avoiding centralization. \n> \n> IOTA is initially focused on serving as the backbone of the emerging Internet-of-Things (IoT). For a more in depth look at the technical design of IOTA read their [https://iota.org/IOTA_Whitepaper.pdf](https://iota.org/IOTA_Whitepaper.pdf.). \n\n### One-Year Simulation\n![IOTA cryptocurrency price prediction for one year](//images.contentful.com/7dugnl5p37zn/1WIlGJ5S7yAUaGgaMeEmAY/8d217df798c0a846eaf8663b836eefe3/IOTA_cryptocurrency_price_prediction_for_one_year.png)\n\n### One-Year Simulated 1,000 Times\n![IOTA cryptocurrency price prediction for many years](//images.contentful.com/7dugnl5p37zn/1mOrswfPMI2QWm2swCiWMi/82d8bd11838d1b877d95c658aa5659ec/IOTA_cryptocurrency_price_prediction_for_many_years.png)\n\n### Verdict\nWe can be 95% certain that __IOTA prices will fall between $0.02, and $17.72 with a mean of $3.82__.\n\n## QTUM\n### What is Qtum?\nQtum is an open source Blockchain project that is developed by the Singapore-based Qtum Foundation. \n\nQtum is a hybrid blockchain application platform. Qtum’s core technology combines a fork of bitcoin core, an __Account Abstraction Layer__ allowing for multiple Virtual Machines including the Ethereum Virtual Machine (EVM) and Proof-of-Stake consensus aimed at tackling industry use cases. \n\nQTUM believes this will allow Smart Contracts and Decentralized Applications to run on a familiar foundation, while offering a robust environment for developers.\n\n### One-Year Simulation\n![QTUM cryptocurrency price prediction for one year](//images.contentful.com/7dugnl5p37zn/7FaM93IhqMm8YG6qKyEmcS/0612d6a53ec17a36f97cbd1cd21c71ad/QTUM_cryptocurrency_price_prediction_for_one_year.png)\n\n### One-Year Simulated 1,000 Times\n![QTUM cryptocurrency price prediction for many years](//images.contentful.com/7dugnl5p37zn/5mHKLrM4FymmEau8OQiQkW/72a2c378e1125221d7af1a3b5cf31ffc/QTUM_cryptocurrency_price_prediction_for_many_years.png)\n\n### Verdict\nWe can be 95% certain that __Qtum prices will fall between $0.01, and $0.45 with a mean of $0.14__.\n\n## SANTIMENT\n### What is Santiment?\nSantiment aims to create market standards for cryptocurrency market data, best practices, and project transparency, all available in one place — essentially becoming the data and information hub of cryptocurrency and blockchain assets. \n\nThis will be accomplished by making the market data infrastructure for cryptocurrency and blockchain assets as the first platform for datafeeds in the space. \n\nIt provides cryptocurrency-related datafeeds, exclusive content streams, and a regularly updated database of cryptocurrency projects for reference.\n\n### One-Year Simulation\n![Santiment cryptocurrency price prediction for one year](//images.contentful.com/7dugnl5p37zn/JxECdBYyGW2cmOYEIccim/9641c9fd57d23bf8f162ea47fe6f67ca/Santiment_cryptocurrency_price_prediction_for_one_year.png)\n\n### One-Year Simulated 1,000 Times\n![Santiment cryptocurrency price prediction for many years](//images.contentful.com/7dugnl5p37zn/4YSU4e4b3W6ioc2AaccEuS/28f1ee26a7953b21cca9c2fb8ac577d4/Santiment_cryptocurrency_price_prediction_for_many_years.png)\n\n### Verdict\nWe can be 95% certain that __Santiment prices will fall between $0.009, and $1.96 with a mean of $0.55__.\n\n## CONCLUSION\nWhether you are investing in Dash, IOTA, or Qtum, it is imperative to have a plan. Most notably, a worst-case scenario.\n\nThe Monte Carlo simulation is a fantastic way to get a range of prices for a cryptocurrency. And after reading this, you can see how the final values change drastically depending on what you are looking at.\n\nI urge you to download the sheet and try your own hand at simulating different coins. The sheet is setup to pull in every single coin from CoinMarketCap.\n\n[![Simulate Bitcoin Prices Download](//images.contentful.com/7dugnl5p37zn/1OKChLKXNq4e2oMUUkOgCE/59b42974c03d402a360919dda0ddd1a2/Simulate_Bitcoin_Prices_Download.png)](https://docs.google.com/spreadsheets/d/1eUIgBowJs2NyKw7kYbx5z_VeCOxsMQdNELfbngs4XnY/edit?usp=sharing)\n\nCheers, and happy hunting!\n\n## RELATED POSTS\n\n[10 Statistical Price Predictions for 10 Cryptocurrencies](https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d)\n\n[Bitcoin Madness: How to Simulate Bitcoin Prices in Google Sheets](https://medium.com/@spreadstreet/bitcoin-madness-how-to-simulate-bitcoin-prices-in-google-sheets-c61cb42f26ed)\n\n[High-Flyers and Shitcoins: What I Learned from Analyzing CoinMarketCap Data in Google Sheets](https://medium.com/@spreadstreet/high-flyers-and-shitcoins-what-i-learned-from-analyzing-coinmarketcap-data-in-google-sheets-d581dde5e225)\n\n[7 Smart Ethereum Price Prediction Methods for HODL’ers](https://medium.com/@spreadstreet/7-smart-ethereum-price-prediction-methods-for-hodlers-7f08aad60cb1)\n\n![Bio for Spreadstreet](//images.contentful.com/7dugnl5p37zn/5NgBYpFXH26o0u8UYCYs2W/41fa9a809d76cd635f7d9d99b066ce4d/Bio_for_Spreadstreet.png)",
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{
  "trx_id": "2c262aac2d266083db49cbd24f6eb552cc35c6ff",
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      "parent_permlink": "bitcoin",
      "author": "spreadstreet",
      "permlink": "5-more-price-predictions-for-5-top-cryptocurrencies",
      "title": "5 More Price Predictions for 5 Top Cryptocurrencies",
      "body": "https://images.contentful.com/7dugnl5p37zn/4buMe2GdjOwmMkUyWqWya4/29319c39366cb4f5457716e2723c2274/5_More_Price_Predictions_for_5_Top_Cryptocurrencies.png\n\nHere's the brutal truth about cryptocurrencies:\n\nThey are insanely volatile, and no one can accurately predict where they are going to go.\n\nEveryone wants to be the next crypto-millionaire, but the majority of coins have a higher chance of going to zero, than to the moon. \n\nIn the prior article I posted regarding [10 price predictions for 10 cryptocurrencies](https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d), I ran Monte Carlo simulations on 10 different currencies. The final analysis gave an expected range of prices for each, and showed just how crazy the prices can be.\n\nBut let us not stop there. \n\n## SURPRISING RESULTS\nWhen I ran the last analysis, I did not expect to see some of the results that the model output. Some of the more surprising results:\n\n- [OmiseGO volatility](https://cdn-images-1.medium.com/max/800/0*tjZSVcmGNk3ykBuF.png) makes Bitcoin look like a municipal bond\n- Bitcoin, Ethereum, OmiseGO, NEO, and Monero all estimated positive. However...\n- Bitcoin Cash, EOS, Litecoin, Ripple, and Zcash all drifted negative over 1,000 simulations\n\nWe will be taking the exact same forecasting methodology, and apply it to 6 additional cryptocurrencies.\n\n## A BETTER METHOD FOR ESTIMATING CRYPTO PRICES\n\nIf you already know the methodology, you can skip straight to Dash, which is the first coin analyzed.\n\nFrom the prior article:\n\n> In my prior article about [estimating the movement of Bitcoin Prices](https://medium.com/@spreadstreet/bitcoin-madness-how-to-simulate-bitcoin-prices-in-google-sheets-c61cb42f26ed), I spoke of a method that is used frequently in the stock world to estimate prices.\n> \n> This method is a Monte Carlo simulation using the geometric Brownian motion model. \n> \n> I won't cover off on the full methodology here, but essentially I am going to:\n> \n> 1. Get historical daily prices for 10 top cryptocurrencies\n> 2. Calculate daily returns\n> 3. Simulate a year\n> 4. Simulate a year many times\n> \n> By the end of the article, you will have the following:\n> \n> - A one-year simulation of top cryptocurrencies\n> - Likely price range of each cryptocurrency\n> - A downloadable model to complete yourself\n\n*A note on forecasting, simulations, and recommendations: Monte Carlo simulations are to be used as guidelines and tools, not as gospel. I am not offering financial or investing advice.*\n\n## DASH\n### What is DASH?\nDigitalCash (DASH) uses a new chained hashing algorithm approach, with many new scientific hashing algorithms for the proof-of-work. \n\nOn top of Bitcoin's feature set, it currently offers [instant transactions](https://dashpay.atlassian.net/wiki/spaces/DOC/pages/1146928/InstantSend), [private transactions](https://dashpay.atlassian.net/wiki/spaces/DOC/pages/1146924/PrivateSend), and operates a self-governing and self-funding model that enables the Dash network to pay individuals and businesses to perform work that adds [value to the network](https://www.dash.org/governance/).\n\n### One-Year Simulation\n![Dash cryptocurrency price prediction for one year](//images.contentful.com/7dugnl5p37zn/4ibzkOomtioG8s82qWUYeo/6943ead4d8603b62caf35a433441bf81/Dash_cryptocurrency_price_prediction_for_one_year.png)\n\n### One-Year Simulated 1,000 Times\n![Dash cryptocurrency price prediction for many years](//images.contentful.com/7dugnl5p37zn/3jqt1h53tC4wAS4GUmYY82/08dd82c16264677491160fc338016558/Dash_cryptocurrency_price_prediction_for_many_years.png)\n\n### Verdict\nWe can be 95% certain that __Dash prices will fall between $84, and $5,299 with a mean of $1,571__.\n\n## ETHEREUM CLASSIC\n### What is Ethereum Classic?\nThere is a pretty long explanation for the creation of Ethereum Classic, but I will lead you over to our friends at Blockgeeks for the [full explanation](https://blockgeeks.com/guides/what-is-ethereum-classic/).\n\nIn a nutshell:\n\n> Ethereum Classic is an attempt at keeping the Ethereum blockchain unaltered by the part of the community that opposed the hard fork and the return of The DAO funds. It started trading on Poloniex and is getting more and more traction.\n> \n\n### One-Year Simulation\n![Ethereum Classic cryptocurrency price prediction for one year](//images.contentful.com/7dugnl5p37zn/2V53auHRo4yow6CMOCIg2Y/b994c176cda237cad0385cd9c0a21f0f/Ethereum_Classic_cryptocurrency_price_prediction_for_one_year.png)\n\n### One-Year Simulated 1,000 Times\n![Ethereum Classic cryptocurrency price prediction for many years](//images.contentful.com/7dugnl5p37zn/18010btzE084cQAQEae2ii/2de862dcd382b5f435ff820b5735ae6b/Ethereum_Classic_cryptocurrency_price_prediction_for_many_years.png)\n\n### Verdict\nWe can be 95% certain that __Ethereum Classic prices will fall between $1, and $99 with a mean of $26__.\n\n## IOTA\n### What is IOTA?\nFrom [Cryptocompare](https://www.cryptocompare.com/coins/iot/overview/BTC):\n\n> IOTA is an open-source distributed ledger protocol that goes 'beyond blockchain' through its core invention of the blockless ‘Tangle’. \n> \n> The IOTA Tangle is a quantum-proof Directed Acyclic Graph, with no fees on transactions & no fixed limit on how many transactions can be confirmed per second in the network. Instead, throughput grows in conjunction with activity in the network; the more activity, the faster the network. \n> \n> Unlike blockchain architecture, IOTA has no separation between users and validators; rather, validation is an intrinsic property of using the ledger, thus avoiding centralization. \n> \n> IOTA is initially focused on serving as the backbone of the emerging Internet-of-Things (IoT). For a more in depth look at the technical design of IOTA read their [https://iota.org/IOTA_Whitepaper.pdf](https://iota.org/IOTA_Whitepaper.pdf.). \n\n### One-Year Simulation\n![IOTA cryptocurrency price prediction for one year](//images.contentful.com/7dugnl5p37zn/1WIlGJ5S7yAUaGgaMeEmAY/8d217df798c0a846eaf8663b836eefe3/IOTA_cryptocurrency_price_prediction_for_one_year.png)\n\n### One-Year Simulated 1,000 Times\n![IOTA cryptocurrency price prediction for many years](//images.contentful.com/7dugnl5p37zn/1mOrswfPMI2QWm2swCiWMi/82d8bd11838d1b877d95c658aa5659ec/IOTA_cryptocurrency_price_prediction_for_many_years.png)\n\n### Verdict\nWe can be 95% certain that __IOTA prices will fall between $0.02, and $17.72 with a mean of $3.82__.\n\n## QTUM\n### What is Qtum?\nQtum is an open source Blockchain project that is developed by the Singapore-based Qtum Foundation. \n\nQtum is a hybrid blockchain application platform. Qtum’s core technology combines a fork of bitcoin core, an __Account Abstraction Layer__ allowing for multiple Virtual Machines including the Ethereum Virtual Machine (EVM) and Proof-of-Stake consensus aimed at tackling industry use cases. \n\nQTUM believes this will allow Smart Contracts and Decentralized Applications to run on a familiar foundation, while offering a robust environment for developers.\n\n### One-Year Simulation\n![QTUM cryptocurrency price prediction for one year](//images.contentful.com/7dugnl5p37zn/7FaM93IhqMm8YG6qKyEmcS/0612d6a53ec17a36f97cbd1cd21c71ad/QTUM_cryptocurrency_price_prediction_for_one_year.png)\n\n### One-Year Simulated 1,000 Times\n![QTUM cryptocurrency price prediction for many years](//images.contentful.com/7dugnl5p37zn/5mHKLrM4FymmEau8OQiQkW/72a2c378e1125221d7af1a3b5cf31ffc/QTUM_cryptocurrency_price_prediction_for_many_years.png)\n\n### Verdict\nWe can be 95% certain that __Qtum prices will fall between $0.01, and $0.45 with a mean of $0.14__.\n\n## SANTIMENT\n### What is Santiment?\nSantiment aims to create market standards for cryptocurrency market data, best practices, and project transparency, all available in one place — essentially becoming the data and information hub of cryptocurrency and blockchain assets. \n\nThis will be accomplished by making the market data infrastructure for cryptocurrency and blockchain assets as the first platform for datafeeds in the space. \n\nIt provides cryptocurrency-related datafeeds, exclusive content streams, and a regularly updated database of cryptocurrency projects for reference.\n\n### One-Year Simulation\n![Santiment cryptocurrency price prediction for one year](//images.contentful.com/7dugnl5p37zn/JxECdBYyGW2cmOYEIccim/9641c9fd57d23bf8f162ea47fe6f67ca/Santiment_cryptocurrency_price_prediction_for_one_year.png)\n\n### One-Year Simulated 1,000 Times\n![Santiment cryptocurrency price prediction for many years](//images.contentful.com/7dugnl5p37zn/4YSU4e4b3W6ioc2AaccEuS/28f1ee26a7953b21cca9c2fb8ac577d4/Santiment_cryptocurrency_price_prediction_for_many_years.png)\n\n### Verdict\nWe can be 95% certain that __Santiment prices will fall between $0.009, and $1.96 with a mean of $0.55__.\n\n## CONCLUSION\nWhether you are investing in Dash, IOTA, or Qtum, it is imperative to have a plan. Most notably, a worst-case scenario.\n\nThe Monte Carlo simulation is a fantastic way to get a range of prices for a cryptocurrency. And after reading this, you can see how the final values change drastically depending on what you are looking at.\n\nI urge you to download the sheet and try your own hand at simulating different coins. The sheet is setup to pull in every single coin from CoinMarketCap.\n\n[![Simulate Bitcoin Prices Download](//images.contentful.com/7dugnl5p37zn/1OKChLKXNq4e2oMUUkOgCE/59b42974c03d402a360919dda0ddd1a2/Simulate_Bitcoin_Prices_Download.png)](https://docs.google.com/spreadsheets/d/1eUIgBowJs2NyKw7kYbx5z_VeCOxsMQdNELfbngs4XnY/edit?usp=sharing)\n\nCheers, and happy hunting!\n\n## RELATED POSTS\n\n[10 Statistical Price Predictions for 10 Cryptocurrencies](https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-b8167f076d5d)\n\n[Bitcoin Madness: How to Simulate Bitcoin Prices in Google Sheets](https://medium.com/@spreadstreet/bitcoin-madness-how-to-simulate-bitcoin-prices-in-google-sheets-c61cb42f26ed)\n\n[High-Flyers and Shitcoins: What I Learned from Analyzing CoinMarketCap Data in Google Sheets](https://medium.com/@spreadstreet/high-flyers-and-shitcoins-what-i-learned-from-analyzing-coinmarketcap-data-in-google-sheets-d581dde5e225)\n\n[7 Smart Ethereum Price Prediction Methods for HODL’ers](https://medium.com/@spreadstreet/7-smart-ethereum-price-prediction-methods-for-hodlers-7f08aad60cb1)\n\n![Bio for Spreadstreet](//images.contentful.com/7dugnl5p37zn/5NgBYpFXH26o0u8UYCYs2W/41fa9a809d76cd635f7d9d99b066ce4d/Bio_for_Spreadstreet.png)",
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      "author": "spreadstreet",
      "permlink": "10-statistical-price-predictions-for-10-cryptocurrencies",
      "title": "10 Statistical Price Predictions for 10 Cryptocurrencies",
      "body": "https://spreadstreet.io/wp-content/uploads/2017/11/10-Price-Predictions-for-10-Cryptocurrencies.png\n\nSo, you're sitting at your computer with money to invest.\n\nYou have made some good money already in the market, but you want more. \n\nCryptocurrencies have reached a record [__$185 billion in market value__](https://www.cnbc.com/2017/11/01/cryptocurrencies-reach-record-market-cap-after-bitcoin-surge.html) after the bitcoin surge, with the inevitable $200 billion mark right around the corner. \n\nThe price movement of top currencies remains a mystery. But it doesn't have to be.\n\n## THE PAIN OF UNCERTAINTY\nCryptocurrencies are volatile, irrational beasts. \n\nSimple methods of forecasting grossly over/underestimate the potential of a volatile currency. \n\nFor example, moving averages are used frequently to estimate future prices. Moving averages, however, [suffer from many pitfalls](http://www.investopedia.com/articles/trading/11/pitfalls-moving-averages.asp?lgl=rira-layout) that make them poor estimators of volatile markets.\n\nEvery great and successful investor has a plan. You will add one more tool to your arsenal today.\n\n## A BETTER METHOD FOR ESTIMATING CRYPTO PRICES\n\nIn my prior article about [estimating the movement of Bitcoin Prices](https://medium.com/@spreadstreet/bitcoin-madness-how-to-simulate-bitcoin-prices-in-google-sheets-c61cb42f26ed), I spoke of a method that is used frequently in the stock world to estimate prices.\n\nThis method is a Monte Carlo simulation using the geometric Brownian motion model. \n\nI won't cover off on the full methodology here, but essentially I am going to:\n\n1. Get historical daily prices for 10 top cryptocurrencies\n2. Calculate daily returns\n3. Simulate a year\n4. Simulate a year many times\n\nBy the end of the article, you will have the following:\n\n- A one-year simulation of top cryptocurrencies\n- Likely price range of each cryptocurrency\n- A downloadable model to complete yourself\n\n*A note on forecasting, simulations, and recommendations: Monte Carlo simulations are to be used as guidelines and tools, not as gospel. I am not offering financial or investing advice.*\n\n## BITCOIN\n### What is Bitcoin?\nYou know what Bitcoin is, stop it.\n\n### One-Year Simulation\n![Bitcoin One Year](//images.contentful.com/7dugnl5p37zn/1Iu8WXfdruAasWowIS0SiC/adb10ed49f708e27dd3957d798996f39/Bitcoin_One_Year.png)\n\n### One-Year Simulated 1,000 Times\n![Bitcoin Many Year](//images.contentful.com/7dugnl5p37zn/4BX1b7xh208ccqOCigcAWw/2772eff8ea4a8753b5298a698d25cc28/Bitcoin_Many_Year.png)\n\n### Verdict\nWe can be 95% certain that __Bitcoin prices will fall between $4,614, and $129,269 with a mean of $41,238__.\n\n## BITCOIN CASH\n### What is Bitcoin Cash?\nFrom the Bitcoin Cash project website: \n\n> “Bitcoin Cash is peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate.”\n> \n\nReally, it was an additional currency that was created after a fork from Bitcoin core.\n\n### One-Year Simulation\n![Bitcoin Cash One Year](//images.contentful.com/7dugnl5p37zn/4Yxz0pIMaQsYYisWwkQowK/52f85f675fcee0b173c551304e5e6e8c/Bitcoin_Cash_One_Year.png)\n\n### One-Year Simulated 1,000 Times\n![Bitcoin Cash Many Year](//images.contentful.com/7dugnl5p37zn/zJVEkEV9bUS6eCMikcyc2/dbd3ec128512f13a4297d4a8e40444bb/Bitcoin_Cash_Many_Year.png)\n\n### Verdict\nWe can be 95% certain that __Bitcoin Cash prices will fall between $2, and $4,838 with a mean of $1,451__.\n\n## ETHEREUM\n### What is Ethereum?\nEthereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. \n\nEthereum has been busy recently. Multiple steps have been pushed in motion for the upcoming large change - reaching a new consensus method.\n\nFrom [Jordan Daniel at ethnews.com](https://www.ethnews.com/ethereum-stepping-stones-constantinople-and-casper):\n\n> Ethereum’s Byzantium hard fork was only one half of a two-part process designed to transition the decentralized application platform to a new method for reaching consensus – proof-of-stake. The next hard fork, called Constantinople, was recently discussed during an Ethereum core developer meeting and could include Vitalik Buterin’s Casper update.\n> \n\n### One-Year Simulation\n![Ethereum One Year](//images.contentful.com/7dugnl5p37zn/6JHOnQ6mhaG2wUsoE2sqkY/9e01926bd07a71bdbe6a61cdbd2d2c21/Ethereum_One_Year.png)\n\n### One-Year Simulated 1,000 Times\n![Ethereum Many Year](//images.contentful.com/7dugnl5p37zn/zykBSkUA92Ikmooe6eIGY/a46392907f7cec4d721bbd3b2a09dffb/Ethereum_Many_Year.png)\n\n### Verdict\nWe can be 95% certain that __Ethereum prices will fall between $40, and $3,004 with a mean of $829__.\n\n## EOS\n### What is EOS?\nEOS is a blockchain-based, decentralized operating system, designed to support commercial-scale decentralized applications by providing all of the necessary core functionality, enabling businesses to build blockchain applications in a way similar to web-based applications.\n\n### One-Year Simulation\n![EOS One Year](//images.contentful.com/7dugnl5p37zn/2ID4sJJrAk2OIS6Y0wy2I4/2c18637b6ee8e209973bcb2310c34665/EOS_One_Year.png)\n\n### One-Year Simulated 1,000 Times\n![EOS Many Year](//images.contentful.com/7dugnl5p37zn/6E9EepIZxu00UK6MKcoOgQ/ad1d4278658c580844ea54222096693a/EOS_Many_Year.png)\n\n### Verdict\nWe can be 95% certain that __EOS prices will fall between $0.002, and $2 with a mean of $0.45__.\n\n## LITECOIN\n### What is Litecoin?\nLitecoin's claim to fame is faster transaction processing times. It uses a scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have. \n\nThe ability to target regular computers and GPU's happens to be a huge differentiator from the crowded mining population of Bitcoin.\n\n### One-Year Simulation\n![Litecoin One Year](//images.contentful.com/7dugnl5p37zn/4ZJHR9cmvKI6ymIwCWu6My/07808baa43bded55ed445377b064c979/Litecoin_One_Year.png)\n\n### One-Year Simulated 1,000 Times\n![Litecoin Many Year](//images.contentful.com/7dugnl5p37zn/25qulLRPqMukwM8S4M46MK/2b749a72aa9e7ddcb590df1c36632f9f/Litecoin_Many_Year.png)\n\n### Verdict\nWe can be 95% certain that __Litecoin prices will fall between $6, and $507 with a mean of $122__.\n\n## OMISEGO\n### What is OmiseGO?\nOmiseGO is building a couple of things:\n\n1. Decentralized exchange\n2. Liquidity provider mechanism\n3. Clearinghouse messaging network\n4. Asset-backed blockchain gateway \n\nOmiseGO is not owned by any single one party. Instead, it is an open distributed network of validators which enforce behavior of all participants.\n\nAccording to [Blocknight](https://medium.com/@coinrepeater/what-is-omisego-omg-72fd1e532d3e):\n\n> Also, OmiseGo counts Vitalik Buterin (Ethereum), and Joseph Poon (Lightning Network Co Author) among their advisers. Joseph Poon is actually billed as author of the OmiseGo whitepaper.\n> \n\nThose are some pretty big names. \n\n### One-Year Simulation\n![OmiseGO One Year](//images.contentful.com/7dugnl5p37zn/2j3g3E4ukQ8ISwUeUg6ase/70a358c387f19121fc094dda07feafc3/OmiseGO_One_Year.png)\n\n### One-Year Simulated 1,000 Times\n![OmiseGO Many Year](//images.contentful.com/7dugnl5p37zn/8oMySaTb0WISGywkecokS/6aa7d3e6eef90b6e5aa1f82e3e9113a1/OmiseGO_Many_Year.png)\n\n### Verdict\nWe can be 95% certain that __OmiseGO prices will fall between $33, and $1,030,718 with a mean of $480,414__. __Holy volatility!!__\n\n## NEO\n### What is NEO?\nNEO (formerly known as AntShares) is a smart asset platform and the first open source public blockchain project in China. Smart assets are the combination of smart blockchain contracts and digital assets.\n\n### One-Year Simulation\n![NEO One Year](//images.contentful.com/7dugnl5p37zn/2810bDW3jq0EoWgGCeuA2i/c940985347418ef5d793197867d455d2/NEO_One_Year.png)\n\n### One-Year Simulated 1,000 Times\n![NEO Many Year](//images.contentful.com/7dugnl5p37zn/TAV0j8Ah0YuaM0sooyk6m/07edd4616a2d185af75c3ff68a752c2a/NEO_Many_Year.png)\n\n### Verdict\nWe can be 95% certain that __NEO prices will fall between $2, and $1,314 with a mean of $347__.\n\n## RIPPLE\n### What is Ripple?\nRipple is a system created for banks to enable immediate payments and lower costs. \n\nThe vision of the Ripple creators is to allow a bank transfer in a few seconds (instead of the horribly annoying 2-3 business days). \n\nOf note, is that Ripple is a U.S. based company. From the [xrphodor blog](https://xrphodor.wordpress.com/):\n\n> Ripple is a US-based company.\n> \n> Why is this an important point to consider?  A US-based company like Ripple is subject to some very stringent laws regarding securities trading and money transmission.  These include requirements that define how Ripple might interact with crypto markets and both institutional and retail crypto traders.\n> \n\n### One-Year Simulation\n![Ripple One Year](//images.contentful.com/7dugnl5p37zn/5HBcN6CvEAYg8mooGUoa40/767169ac18e648c1342031bdc95862b9/Ripple_One_Year.png)\n\n### One-Year Simulated 1,000 Times\n![Ripple Many Year](//images.contentful.com/7dugnl5p37zn/6aKDbju8rCCMQu20Yyu0kW/4c667a7b52819cd0058077a10635be7a/Ripple_Many_Year.png)\n\n### Verdict\nWe can be 95% certain that __Ripple prices will fall between $0.01, and $0.63 with a mean of $0.18__.\n\n## MONERO\n### What is Monero?\nMonero attempts to solve privacy and fungibility issues that persist in Bitcoin. \n\nPart of the algorithm for Monero automatically mixes transactions with previous transactions and does this by implementing ring signatures.\n\n### One-Year Simulation\n![Monero One Year](//images.contentful.com/7dugnl5p37zn/2TJNbpHt8sMgqKWgMe0muc/81c75f84834e69bcac63c6aa0f629993/Monero_One_Year.png)\n\n### One-Year Simulated 1,000 Times\n![Monero Many Year](//images.contentful.com/7dugnl5p37zn/WU9EvLzcysgSASK4SG6q4/4b44bbc659b0d2e0bdbbe9308e83230c/Monero_Many_Year.png)\n\n### Verdict\nWe can be 95% certain that __Monero prices will fall between $37, and $5,835 with a mean of $1,400__.\n\n## Zcash\n### What is Zcash?\nFrom the [Blockchainhub infographic](https://blockchainhub.net/blog/infographics/zcash-explained/):\n\n> Zcash is a permissionless cryptocurrency that can fully protect the privacy of transactions using zero-knowledge cryptography.\n\n### One-Year Simulation\n![Zcash One Year](//images.contentful.com/7dugnl5p37zn/2zFG2sNEHiEKgEEkkGGY8G/431f45672072f29285f6677aaeb48f4d/Zcash_One_Year.png)\n\n### One-Year Simulated 1,000 Times\n![Zcash Many Year](//images.contentful.com/7dugnl5p37zn/5ML88G96w0G8KeAqMYsWk6/088cb1eaa27e6404eded25a2c12eb1f9/Zcash_Many_Year.png)\n\n### Verdict\nWe can be 95% certain that __Zcash prices will fall between $9, and $1,073 with a mean of $275__.\n\n## CONCLUSION\nWhether you are investing in Bitcoin, Ethereum, or SpankCoin, it is imperative to have a plan. Most notably, a worst-case scenario.\n\nThe Monte Carlo simulation is a fantastic way to get a range of prices for a cryptocurrency. And after reading this, you can see how the final values change drastically depending on what you are looking at.\n\nI urge you to download the sheet and try your own hand at simulating different coins. The sheet is setup to pull in every single coin from CoinMarketCap.\n\n[![Simulate Bitcoin Prices Download](//images.contentful.com/7dugnl5p37zn/1OKChLKXNq4e2oMUUkOgCE/59b42974c03d402a360919dda0ddd1a2/Simulate_Bitcoin_Prices_Download.png)](https://docs.google.com/spreadsheets/d/1eUIgBowJs2NyKw7kYbx5z_VeCOxsMQdNELfbngs4XnY/edit?usp=sharing)\n\nCheers, and happy hunting!\n\n## RELATED POSTS\n\n[Bitcoin Madness: How to Simulate Bitcoin Prices in Google Sheets](https://medium.com/@spreadstreet/bitcoin-madness-how-to-simulate-bitcoin-prices-in-google-sheets-c61cb42f26ed)\n\n[High-Flyers and Shitcoins: What I Learned from Analyzing CoinMarketCap Data in Google Sheets](https://medium.com/@spreadstreet/high-flyers-and-shitcoins-what-i-learned-from-analyzing-coinmarketcap-data-in-google-sheets-d581dde5e225)\n\n[7 Smart Ethereum Price Prediction Methods for HODL’ers](https://medium.com/@spreadstreet/7-smart-ethereum-price-prediction-methods-for-hodlers-7f08aad60cb1)\n\n![Bio for Spreadstreet](//images.contentful.com/7dugnl5p37zn/5NgBYpFXH26o0u8UYCYs2W/41fa9a809d76cd635f7d9d99b066ce4d/Bio_for_Spreadstreet.png)",
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