With the increasing competition and difficulty, miners are moving towards mining more profitable altcoins.
So, Today in this guide we will be talking about Litecoin Mining Calculator and a basic guide about it.
We made our Litecoin Mining Profitability Calculator, to help the aspiring Litecoin Miners.
Litecoin Mining Calculator
How To Use Litecoin Mining Profitability Calculator
Our Litecoin Mining Calculator is very easy and simple to use.
- Enter the Hash rate of your Mining Hardware
- Just click on the “Calculate Revenue“
- That’s it!
So, Calculating your mining revenue is just a click away.
But here comes the major thing, your Revenue is Not Profit.
There are many other charges that you need to take into consideration before setting up your Litecoin mining rig. These charges might seem low alone but, when not taken care of, you can end up making a huge loss.
Though there are many articles which tell about How to mine Litecoin, but we at Coinscage.com try to solve basic problems which are often ignored by others.
So I will focus more on the factors that can make or break your mining profitability.
Factors affecting Litecoin Mining Profitability:
- Hardware Cost
- Electricity Cost
- Mining Fee
- Mining Difficulty
- Cooling Equipment
The most important thing in LTC cryptocurrency mining is the hardware called as mining rig. You would need application-specific integrated circuit (ASICs) hardware which are an upfront cost for setting up a mine.
If you go with the best one as of now i.e. Antminer L3+ which mines at 504 MH/s would cost you around $1219.
Moreover, You can also mine other coins which work on Scrypt algorithm. Then you can convert other coins to Litecoin using services like Changelly.
Electricity cost is another major cost after hardware cost. This is a recurring cost and would decide the profit making of your rig in the long term.
I would recommend to setup a rig where electricity prices are cheap so that you can make some extra cash.
China has most of the rigs because of the availability of cheap electricity.
This is another factor which plays a huge role in making your Litecoin Mining profitable. Using huge hardware creates a lot of heat which might burn the entire right itself. So, To keep things cool, you would need huge cooling equipment or fans.
Because of this reason a lot of mining rigs has been setup in Iceland, so that electricity for cooling the rig could be saved. At the same time, cheap geothermal electricity helps to make the mining even more profitable.
If you are a newbie in mining than I would suggest you join a mining pool rather than starting solo. This would be much easier and you will become familiar with all the aspects of mining.
So, Before calculating the profitability, you must check the mining fee of the pool. However, It is recommended not to join very big mining pools as they are always not better. You can have a look at mining pool comparison here.
Mining difficulty increases with time as more and more miners with higher hash rate hardware join. You would need to upgrade your mining hardware so that your rig could be profitable.
So, It is recommended to start with the latest mining hardware so that it could work for atleast next 1-2 years.
I hope you got to know a few factors that matter for running a profitable Litecoin mining rig.
If you got any questions regarding mining, feel free to comment below and we would definitely reply you back.
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