Jan 18, 2019 21:22 UTC
Jan 18, 2019 at 21:22 UTC
If you are a crypto miner who is confused: wondering, “should you be mining Litecoin in 2019?”, worry not. In this article, we make an attempt to find an answer to your question.
If you have read our beginner’s guide to Litecoin, you will know that Litecoin was developed as a cheaper, faster and more efficient fork of the Bitcoin.
Do those benefits apply in terms of mining as well? Let’s find out.
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The recent times have seen falling mining revenue across almost every single cryptocurrency that is out there. The problem has become so acute that mining expert Giga Watt has had to declare bankruptcy while Bitmain has suffered from a declining user base.
In such a circumstance, will mining Litecoin be worth it? Before we find out how it is expected to play out, let’s find out the current price trends in Litecoin.
Litecoin: Current Price Trends
At press time, the price of Litecoin (according to data sourced from Coinmarketcap), is $31.22, registering a fall of nearly 1%.
The price trends for Litecoin for the past short term period has not been anything to write home about.
While it has more or less remained stable over the last couple of months, it has fallen and risen quite a few times in the range between $30 and $40. In fact, even in January, the price had managed to breach $40 before falling to around $31 once again.
Therefore, over the last few months, the price trends of Litecoin have neither been particularly promising nor particularly unstable.
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Litecoin Mining Prospects
If you are to calculate the Litecoin mining profitability using the cryptocompare calculator,you would find that with a hashing power of 200 MH/s, 100 w of power consumption, $0.12 spent as cost per KWh and with 1% paid as pool fee, you would be earning a meagre monthly profit of $6.15. All these calculations are made based on the current price.
This means that while you earn just $6.15 over a 30-day period, you end up making up very little absolute profit.
Although your per day profit ratio remains as high seventy one per cent, in absolute terms, it is incapable of covering for all the investment you put in, in order to mine.
Should You Be Mining Litecoin in 2019?
We believe that you should not be mining Litecoin in 2019 and would not recommend you to go for it.
Why do we advise you to refrain from Litecoin mining right away? It is because we would not like to see you make heavy losses.
For mining cryptocurrency, you would need to invest in a bunch of heavy, frequently expensive forms of equipment.
Given that Litecoin is a Scrypt-based cryptocurrency, you would need to get hold of hardware that goes with the same.
In addition, you will have to shell out quite a bit of cash to provide the constantly running internet connection, purchase appropriate mining software packs, get a mining pool membership (unless you are going solo, where it is even more difficult to earn high profits).
All these will drain your pocket but very little will come back to you in the form of profits. It is for all these reasons, we recommend you do not go for Litecoins mining this year, without seeing a considerable improvement.
Having said that, if you are a pro miner who really wants to mine some Litecoin, we have absolutely no mind to stop you.
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