I've tried using this equation, but while it works for Bitcoin, it doesn't work for Monero.
Questions: what's the Monero mining reward equation? And a soft question, why is it so difficult to find this information?
Of course it doesn't work for Monero, because Monero is not a fork of Bitcoin.
For mining profit, the simplest would be the following:
Daily mining estimate = ( (your hashrate) * (current block reward) * 720 ) / (network hashrate)
Note that you can't use Bitcoin hashrate for this, as it is a different alghorithm (CryptoNight). For example, a RX 470 will yield about 600H/s for Monero.
For the current block reward, we must look at the emission schedule, or simply look it up at some block explorer.
The emission is a function of current supply, and was defined in the CryptoNote whitepaper, section 6.1.
The upper bound for the overall amount of CryptoNote digital coins is: MSupply = 264 − 1 atomic units. This is a natural restriction based only on implementation limits, not on intuition such as "N coins ought to be enough for anybody".
To ensure the smoothness of the emission process we use the following formula for block rewards:
BaseReward = (MSupply − A) >> 18,
where A is amount of previously generated coins.
The above is not really user-friendly since it uses bit-shifting for faster calculation.
User-friendly variant of the expression can be found here. Repeating for readability:
The Monero block reward = (M - A) * 2-20 * 10-12, where A = current circulation.
And a soft answer: all I had to do to find it was search for "emission" here on StackExchange.
Also, searching "mining" yields:
Digging into some online profitability calculators, this formula is found:
hashrate is your hardware hashrate (and is not the same as BTC hashrate),
difficulty is the current network difficulty,
blockreward is the current network blockreward,
3600 is number of seconds in one hour.