January 18, 2019 21: 22 & nbspUTC
January 18, 2019 at 9:22 pm & nbspUTC
If you are a crypto-mining that is confused: asking, "Should you extract Litecoin in 2019?", Do not worry. In this article, let's try to find an answer to your question.
If you have read our beginner's guide on Litecoin, you will know that Litecoin has been developed as a less expensive, faster and more efficient Bitcoin fork.
Do these benefits also apply in terms of mining? Let's find out.
You can also read: Litecoin Mining
Recent times have seen the drop in mining revenue on almost every single cryptocurrency out there. The problem became so acute that the mining expert Giga Watt had to declare bankruptcy while Bitmain suffered from a declining user base.
In that circumstance, the Litecoin mine will be worth it? Before discovering how it should take place, let's discover the current price trends in Litecoin.
Litecoin: current price trends
At the time of printing, the price of Litecoin (according to data provided by Coinmarketcap) is $ 31.22, recording a decline of almost 1%.
The price trend for Litecoin in the past short-term period was nothing to write about.
While it has remained more or less stable over the last two months, it has declined and increased a few times in the range of $ 30 to $ 40. In fact, even in January, the price had managed to exceed $ 40 before falling back to about $ 31 again.
Therefore, in the last few months, Litecoin's price trend has not been particularly promising, nor particularly unstable.
You can also read: Litecoin will be a good investment in 2019?
Mineral exploration of Litecoin
If you calculate the mining profitability of Litecoin using the cryptocompare calculator, you will find that with a hashing power of 200 MH / s, 100 w of energy consumption, $ 0.12 spent as a cost per KWh and with 1 % paid as a pool commission, you would be earning a meager monthly profit of $ 6.15. All these calculations are made based on the current price.
This means that, while you earn only $ 6.15 over a period of 30 days, you end up earning little absolute profit.
Although your daily profit ratio is equal to seventy percent, in absolute terms, it is not able to cover all the investments you have invested to extract it.
Should you extract Litecoin in 2019?
We believe that in 2019 you should not extract energy from Litecoin and I would not advise you to do so.
Why do you recommend to abstain from Litecoin mines immediately? It's because we do not want to see you making heavy losses.
For the mineral cryptocurrency, it is necessary to invest in a series of heavy and often expensive equipment.
Since Litecoin is a cryptocurrency based on Scrypt, it is necessary to obtain the hardware compatible with it.
In addition, you'll have to shell out a lot of money to provide the constantly running internet connection, purchase appropriate mining software packages, get a mining pool subscription (unless you're going it alone, where it's even harder earn high profits)).
All of these will drain your pocket but very little will come back to you in the form of profits. For all these reasons, we recommend that you do not go to the Litecoin mines this year, without seeing a noticeable improvement.
That said, if you are a pro-miner who really wants to extract a little bit of Litecoin, we have absolutely no intention of stopping you.
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