Is it Worth Mining Litecoin?
The answer isn’t black or white, there are a lot of factors that go into figuring out your own answer. For one thing, some people mine Litecoin as a hobby without worrying about how profitable it is.
If profit is your main focus then two factors will determine whether it’s worth it or not, electricity and hardware costs.
If you live somewhere with especially cheap electricity then Litecoin mining could definitely be worth it. Electricity costs are one of the main reasons why so much mining happens in China, where there is an abundance of cheap hydropower.
Another reason that mining Litecoin could be worth it is if you have access to cheap mining rigs. It’s important to factor in equipment costs since mining gear becomes outdated and inefficient so quickly.
The Best Litecoin Mining Hardware
There are three different types of Litecoin miners to choose from: CPUs, GPUs and ASICs. ASICs are the most efficient miners so we’ll start with one of the most popular Litecoin ASICs of all time: the Antminer L3++.
Although the L3++ is now two years old it’s still a good option for anyone just getting into Litecoin mining. A new model costs about $300 making it a good beginner purchase. The L3++ can perform 580 MH/s with an average power draw of about 1,200 Watts.
While it’s possible to buy a used L3++ for about half the price, you should be wary of doing so. Used ASIC miners have a high tendency to fail, and sellers are not always willing to replace the defective unit.
Litecoin mining hardware - the Antminer L3++ is a LTC mining classic
The L3++ Litecoin Mining Rig. Image credit: Amazon
Another option is to go with something more modern like the FutureBit Apollo LTC Pod. The LTC Pod is capable of about 120 MH/s and costs $499 on Amazon (although prices for cryptocurrency mining rigs are always dropping).
While on the surface this might seem like a rip off, why pay more for the LTC Pod that only has about a quarter of the hash rate of the L3++, there are two advantages.
Firstly, the LTC Pod has a maximum power draw of 200 watts. Compare that to the power draw of 1,200 watts for the L3++. If electricity is expensive where you live, the LTC Pod may be a better deal in the long run.
Secondly, the LTC Pod is quiet and doesn’t generate a lot of heat like a traditional ASIC. You can actually run it in your office or living room, something you can’t do with an ASIC that makes as much noise as a hairdryer.
Finally there is the cheapest option of them all, the Moonlander 2. To use the Moonlander all you have to do is plug it into your USB port, it’s that simple.
While the Moonlander can only mine with 3 to 5 MH/s, its price tag of $65 (free shipping on Amazon) is very attractive, the perfect option if you just want to experiment with LTC mining before buying a more powerful miner.
A mining pool is a way for bitcoin miners to work together for a better chance at finding a bitcoin block. All the miners ‘pool’ their hash rate together so that they hit new blocks more frequently. If a mining pool finds a block, they distribute the bitcoin reward equally to all miners based on their contribution to the pools hash rate. Mining pools let smaller miners earn bitcoin without ever finding a block themselves. Most mining pools have a small fee of 1-2% for hosting the pool.If you do decide to try cryptocoin mining, proceed as a hobby with a small income return. Think of it as 'gathering gold dust' instead of collecting actual gold nuggets. And always, always, do your research to avoid a scam currency. How Cryptocoin Mining Worksredex bitcoin These events are called 'halvings'. The launch period (first cycle) had 50 new bitcoins every 10 minutes. The first halving occurred in November 2012, and from that point on (second cycle), miners only received 25 coins for solving a block. The second halving occurred in July 2016, and from there (third cycle) the reward fell to 12.5 new coins per block. The third halving just occurred in May 2020 (fourth cycle), and so the reward is now just 6.25 coins per new block.tether coin Ethereum crowdsaletether майнинг puzzle bitcoin Private keys may either be stored directly on an offline computer or stored separately. A variety of external media can be used, including paper, plastic cards, hard drives, removable USB drives, and even the human brain. Even if private keys are stored on the hard drive of an offline computer directly, these other media are often used to store backups.bitcoin putin monero hardware bitcoin redex bitcoin forex mini bitcoin bitcoin gif bitcoin development bitcoin сервисы bazar bitcoin bank cryptocurrency разработчик bitcoin