When you tell someone what your efficeincy is and you use Beersmith do you use the "Brewhouse Efficiency Based on Target Volume" or do you use "Efficeincy into Fermenter"??
I think most people are talking about efficiency into fermenter. Brewhouse I believe is measuring efficiency throughout the brewing process leading up to efficiency to fermenter.
Others can help you further, it's been a while since I've been too serious about efficiency and have sort of forgot how the math works...
When Mentioning Efficiency...
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