What is Litecoin?
Litecoin is faster than Bitcoin, and focuses on smaller transactions.
There will only ever be 84 million Litecoins mined. Some may disagree, but many draw the comparison that Litecoin is to Bitcoin as silver is to gold.
For miners, Litecoin’s different mining algorithm also plays a big part. Litecoin uses script, whereas Bitcoin uses the SHA-256 algorithm.
Script relies heavily on lots of high-speed Ram, and is often referred to as the ‘memory hard problem’.
Should you Mine Litecoin?
While Litecoin mining is profitable, it may not be the best idea for those simply looking to acquire currency.
If you just want cryptocurrency, it is probably a better idea to buy it. Mining hardware is very expensive, and unless you are mining on a large scale, it’s hard to turn a profit.
However, if you’re a mining enthusiast or you want to give it a shot, this article will illustrate the best Litecoin mining ASIC.
For those looking to acquire cryptocurrency, buying Bitcoin is a better investment.
The Best Litecoin Mining ASIC Hardware
This miner is the fastest Litecoin mining ASIC on the market today. It can mine at a speed of 504 MH/s with a max power consumption of 800 W.
This Antminer is very similar to the Antminer S9 series. However, it is a bit taller than the S9 and has four hashing boards instead of three.
Each hashing board requires two PCI-E power connections and one forward controller. That makes nine power connections total.
While mining Litecoin may be profitable, Dash mining with the Antminer D3 is still the most profitable cryptocurrency to mine!
Powering the Antminer L3+
It is important to buy the right power supply for this miner, as it does not ship with a power supply included.
The Antminer APW5 power supply is recommended. You can find it on eBay
The APW5 power supply can provide up to 1300 W / 110 V or 2600 W over 205 V+.
Just make sure the PSU that you choose can provide at least 850 W with 9 6-pin PCI-E connectors, uses a single 12 V rail, and has a gold or platinum efficiency rating.
NOTE: It would take over 500 top tier graphics cards to equal the hashing power of one Antminer L3+!
Expected Earnings w/ Antminer L3+
With earnings like this, it is a good idea to invest in the Antminer L3+. Keep in mind that the value of Litecoin is steadily increasing. This means you can expect an even faster return.
These are highly sought-after miners. They are often out of stock, and are shipped out in batches. Keep your eye out for the next batch that is expected to ship, and pre-order early.
Litecoin Mining Profitability
Trying to begin mining for Litecoin today can prove to be very difficult. With Startup costs and electricity bills, some might stay away from mining altogether.
However, using the Antminer L3+, mining Litecoin is very profitable.
With the current price of Litecoin, you’ll make your money back relatively quickly. If left running 24/7, you’ll generate a passive income of over $3,000 annually per miner. This is after the cost of electricity.
That being said, using the Antminer L3+ is a profitable option.
If you don’t want to start mining Litecoin, it is still a reliable and safe cryptocurrency to own. You can buy Litecoin here
Practicality of Litecoin
Litecoin, in most instances, is a more practical currency than Bitcoin. It can handle a higher volume of transactions due to its quick block generation.
It also makes more sense in most cases to buy with Litecoin.
For example, if one were to buy a charger online with a cryptocurrency, it makes more sense to buy it with .25 Litecoin instead of .000042 Bitcoin. However, most sites today have automatic converters that translate the currency of the local country into Bitcoin or Litecoin.
Should You Invest in Litecoin?
If you are sceptical about getting involved with Litecoin, here are a few reasons why it’s a good idea:
Litecoin has become very popular recently. This is because Litecoin is within 10% of activating Segwit Segwit makes transactions faster and cheaper.
Litecoin has been around since the very beginning, making it very trustworthy. In addition, you can track its value trends farther back, generating more reliable data.
Coinbase just added Litecoin. This makes Litecoin more accessible to many beginners with cryptocurrency. Whether or not you like Coinbase, it still opens the door to more potential users, which increases the value.
Since there will only ever be 84 million coins, you don’t have to worry about inflation devaluing your currency.
It’s easier to use Litecoin for smaller transactions
All in all, Litecoin is a reliable cryptocurrency that we recommend investing in.
Litecoin Mining Pools
Mining pools are useful, even to the most experienced miners. They enhance the probability of successfully mining a coin.
Why only harness the power of one mining setup, when you can harness the power of all the setups in the mining pool?
Mining pools are a great option for most people, especially those who may not have the most powerful mining rig.
The idea of a mining pool is pretty simple. Instead of mining on your own, a group of people mine together. This makes the mining process faster. Once a coin is mined, all contributors receive a piece of the pie, directly proportional to their contribution.
Litecoinpool is a popular Litecoin mining pool.