One reason why cryptocurrency is so popular is because, people do not rely on a central authority like a bank to transfer them, and anyone with a standard PC can generate these coins.
Bitcoin is one of the most popular cryptocurrencies today. But, mining Bitcoin with a CPU or powerful GPU is merely impossible. With the advent of ASICs, most of the popular cryptocurrencies are simply unprofitable to mine with GPUs. This also applies to Litecoin. Mining Litecoin with a GPU will only make you a loss.
Although there are tons of other coins that can be mined profitably with a decent GPU, Litecoin is not one of them. If you want to mine Litecoin, your options are limited. The most favorable option is to mine with an ASIC.
Litecoin uses Scrypt hashing algorithm. Scrypt mining is also referred to as Litecoin mining. There have been many ASICs developed for hashing algorithms such as Scrypt. Some of the algorithms make it extremely difficult for someone to develop an ASIC. Fortunately or unfortunately, there are few ASICs available for mining Litecoin.
Best Hardware for Mining Litecoin
This ASIC is currently the most powerful Litecoin miner (Scrypt miner) by Bitmain. It can hash at a rate of 580MH/s with a power consumption of 940 W. Unfortunately, buying one of these is very difficult. You can try your luck on Amazon. Check out here.
2) Antminer L3+
Antminer L3+ can hash at a rate of 504MH/s with a power consumption of 800 W. If you overclock this ASIC, you can get it to 605 MH/s at 888 W. Each Antminer L3+ has 288 BM1485 chips to deliver hash power and efficiency. BM1485 chip is the first Litecoin ASIC chip developed by Bitmain.
Antminer L3 is the predecessor of Antminer L3+. Both of these L3 types are very difficult to find. Although you can find used ones on eBay. In terms of hash power and efficiency, L3+ is twice as powerful as the L3 and consumes twice the power.
Although Antminer L3+ is not as powerful as some of the other competitors, it is the best Litecoin miner for the price. Price of Antminer L3+ is low, compared to the value it brings.
Innosilicon A4+ can hash at 620Mh/s for a power consumption of 750W. The only reason why this ASIC is second on our list is because it is pricier than the L3+. Innosilicon A4+ is an upgraded version of the older Innosilicon A4. It is 10% more power efficient than Innosilicon A4.
Innosilicon A4 is capable of generating 280 Mh/s. When you compare Innosilicon A4+ with Innosilicon A4, Innosilicon A4 consumes more power for the hash rate it generates. The power draw and the hash rate is an important factor to consider before buying an ASIC, as it can determine how efficient your ASIC is going to be. The best ASIC generates higher hash rates at relatively low power consumption. So, Innosilicon A4+ is a nice improvement.
Innosilicon A4+ is expensive compared to some of the competitors. You can check out this ASIC here.
At 520 W, Innosilicon A4 can get you 280 Mh/s. Although this ASIC is nothing compared to L3s and A4+s, it is still profitable to mine with one. Although profit is very low, earning you a few cents daily, having cheap electricity can increase your profit. If you do not have access to cheap electricity, do not buy this. It is important to estimate your profitability before you buy Innosilicon A4 or any other ASIC.
Although it is profitable to own one of these, it can change quickly, especially with fluctuating difficulty and a price drop of Litecoin.
This ASIC is the size of a USB stick. FutureBit Moonlander 2 is not designed for hardcore miners. If you are new to cryptocurrency and want to try it out, you can get one here.
It is the most powerful USB miner on the market today. This small USB is capable of mining Scrypt coins like Litecoin at 5 MH/s, under 10 W. Moonlander 2 has the latest generation 28nm scrypt ASIC at the core. This USB miner also features a cooling solution. It is the first USB miner to feature a cooling solution.
In terms of profit, you only make 1 or 2 cents daily. At such a low power consumption rate, you are not worried about electricity. In terms of setting up and using it, it makes it incredibly easy for beginners. All you have to do is download the mining software to your computer, plug in Moonlander 2 and start mining.
FutureBit Moonlander 2 is a fun way to earn and learn about cryptocurrency mining. You can get one on Amazon. Check out here.
How to Calculate Litecoin Mining Profit
Before you buy one of the above mentioned ASICs, it is very important to estimate how much profit you are going to make. Profitability can change in a matter of days. A powerful ASIC will cost you a few hundred dollars and in addition, you will have to buy a PSU. With shipping cost, it can cost you more.
Price of ASICs fluctuates with the price of cryptocurrency. In this case, its Litecoin. When you start mining, you won’t be earning a lot; so you must recoup your investment as soon as possible. To estimate how quickly you are going to recoup the investment, go to WhatToMine. Enter your hash rate, power consumption, cost per kWh, hardware cost, and hit calculate.
You will see a break down of your estimated earnings:
It is important to understand that this is only an estimate. The actual result can vary, especially with price changes, difficulty, and Litecoin halving. One advantage of having a Scrypt ASIC is that you can always switch to the most profitable coin that uses Scrypt algorithm. As of now, it is Litecoin.
For those who can’t afford ASICs, there are other ways to mine Litecoin and other cryptocurrencies. Buying hash power is one of those ways. Check out the article “Is Buying Hash Power Profitable?”
Mining Litecoin with a GPU or CPU is impossible at this point. If you want to mine Litecoin, you must own a Scrypt ASIC. Above are some of the best Litecoin ASICs available today.