Is Litecoin Mining Still Profitable With Bitmain Antminer L3+?

Since its creation in 2011 Litecoin has remained a close second to Bitcoin, dubbed as the “silver to Bitcoin’s gold”. This guide will show you wether mining Litecoin still profitable and how to mine Litecoin with your Antminer L3+.

Is mining Litecoin still lucrative?

Yes, mining Litecoin is still profitable – based on the mining hardware hashrate of 9,500.00 Provided are MH/s, electricity costs, and pool/maintenance fees.

However, mining Litecoin is still profitable at the moment.

One of the first cryptocurrencies ever created is Litecoin. It was developed by Ivory Coast-born computer scientist Charlie Lee almost ten years ago.

Like Bitcoin, its essence is peer to peer, and it allows instant payments at a very low cost. The fabled bitcointalk.org forum is where Litecoin was first introduced. It was first announced in a publication on October 9, 2011.

Lee, under the pseudonym coblee called it “Litecoin” and explained that this currency was a “lite” version of Bitcoin. He further explains that “Litecoin is the result of those of us who came together in an effort to create a currency that would be a real alternative to Bitcoin.“.

Lee then specifies that the Litecoin consensus would be Proof of Work (PoW). The ability to simultaneously mine Bitcoin and Litecoin existed during those years. While Bitcoin uses the much-renowned SHA256 algorithm, Scrypt is a newer algorithm that is used by Litecoin.

LTC: the Litecoin Cryptocurrency

Exchanges abbreviate the cryptocurrency of the Litecoin network as LTC. Maximum 84 million coins were made available overall in this coin’s supply. On May 10, 2021, it reached its highest price ever when it traded for more than $400 USD on a number of exchanges.

Since BTC served as Litecoin’s model, both currencies experience a halving every four years. The most recent Litecoin halving occurred on August 5, 2019.

Rewards for blocks were 25 LTC up until that point. It decreased by half the following day. That is, 12.5 LTC. The next halving is expected to take place on August 6, 2023.

And as its protocol predicts, the rewards will once more drop, reaching 6.25 (the amount that the Bitcoin network currently pays its miners). If we look at the graph over time, it can be seen that its best performance was in 2021, surpassing even its December 2017 peaks.

Millions of users have used Litecoin for a variety of purposes since its launch. Among them are raising money for charitable causes, project financing, and funding search. Daily technical analysis of Litecoin and its fundamentals are exchanged by the community on social media, primarily on Twitter and Discord.

Is Litecoin Mining Profitable?

Only Dogecoin has a lower difficulty rating than Litecoin, making it one of the simpler coins to mine. This does not imply that mining Litecoin will always be profitable, though. On almost every popular mineable cryptocurrency network in 2023, mining competition is very fierce.

Additionally, Litecoin’s supply is capped, just like Bitcoin’s. As of January 2023, roughly 72 million of the 84 million Litecoins that will ever be produced had already been mined. By 2142, the rewards will be zero when combined with the reward halving mechanism. As a result, even though Litecoin is still currently profitable, keep in mind that this will only be the case for a limited period of time.

You would be wise to use some of the well-known profitability calculators available online to accurately estimate the profitability of mining Litecoin. Unquestionably, among these calculators, WhatToMine.com receives the most usage. To estimate, go to the website’s calculator section, select Litecoin, and enter the necessary information, including the hash rate and power consumption of the mining rig you currently own or are considering purchasing, your electricity costs, and the fees you would incur if you mined through a pool.

The calculator will quickly let you know how much, if any, profit you will make. Do keep in mind, though, that estimates of mining profitability can change quickly depending on a variety of variables, including network-wide competition among miners and, most importantly, the price of LTC at the time.

How Long Does It Take to Mine One LTC with Bitmain Antminer L3+?

One Litecoin can be mined in 2.5 minutes, which is the block time of Litecoin. Compared to Bitcoin, Bitcoin Cash, and Bitcoin SV, Litecoin is mined four times as frequently. Dogecoin (1 minute) and Ethereum Classic (15 seconds) are two popular mineable cryptocurrencies that have even faster block generation times than Litecoin.

What is the Best Way to Mine Litecoin?

The best way to mine Litecoin in early 2023 is to use an ASIC machine that is sufficiently powerful and join a big enough pool. The market’s most lucrative Litecoin miner is the Bitmain Antmier L7. A very powerful ASIC setup can still be used for solo mining, but even if you have the most powerful rig available, joining a pool is highly advised. You can guarantee much better consistency of your mining income by signing up for a pool.

Additionally, there are a few respectable free mining pools for Litecoin on the market. Pool-based mining is therefore ideal for LTC.

Make sure to mine Dogecoin along with Litecoin when you set up your mining operations. By doing this, you only stand to gain by earning DOGE in addition to LTC, without using any additional resources.

How to Mine Litecoin With Bitmain Antminer L3+?

The Antmier L3+, a very potent ASIC miner that mines Litecoin using Scrypt, will be used in this guide. Application Specific Integrated Circuit, or ASIC, refers to the fact that these miners are made specifically to mine a particular coin, making them extremely effective.

The 2017 Antminer L3+ made its debut and enjoyed significant financial success for a while. Even with increasing difficulties and network hashrates, it actually made $20–$30 per day.

This manual also applies to the Antminer L3++, which is a bit more expensive and faster than the Antminer L3+. I see a benefit to cheap ASIC miners: if and when cryptocurrency prices rise, their profitability will skyrocket. So you will quickly receive an ROI that is many times what you invested within a single bull market cycle.

Setting Up the Antminer L3+

Step 1 – Unbox and hook everything up

All 9 PCI-e connections (2 on each of the 4 hashing boards, and 1 on the controller)

The Ethernet cable (from the L3+ to your router)

The power cord

The miner should turn on automatically as soon as the power cord is plugged in.

Step 2 – Log in to miner’s interface

Download the angry IP scanner, a free IP scanner tool.

The Angry IP Scanner should be installed and run.

Click “Start” to scan and detect devices on your local network

After the scan completes, click “Go to” at the top menu bar and then click “Next alive host”. Repeat this process up until “Antminer” appears in the “Hostname” column.

Observation: In some instances, the hostname, i.e. you will only see an In this case, you must repeat the subsequent step on a number of different IP addresses until you identify the Antminer’s address.

Once you find it, right-click on it and choose “Copy IP.” Paste the IP into your browser’s URL line.

Login with ‘root’ for both username and password

Step 3- Choosing a Mining Pool

Joining a mining pool is a good way to make a constant revenue stream with your miner. Depending on how you want to be paid out, I will demonstrate how to set up your L3+ with two different mining pools in this chapter.

#Prohashing – For mining multiple coins

The best feature of Prohashing is that they automatically mine the most profitable coins for each supported algorithm (including Scrypt, SHA-256, X11, and Equihash).

Furthermore, regardless of the coin you mined, you are paid in the currency of your choice.

You’ll probably earn more Litecoins with ProHashing’s clever system than you would have by simply mining Litecoin on another pool. By doing it this way, you can avoid doing all the math to find the pools with the highest profit margins.

Additionally, you are able to choose coins that you believe will appreciate in value over time in order to receive payment using this system.

So you don’t have to put all your eggs in one basket when using Prohashing. Any number of coins with any assigned weight may be used to pay you. This way you can utilize your strategy across multiple coins, or mix in some long-term coins if you prefer.

#ProHashing Setup

When logged in to your Antminer, go to the “Miner Configuration” page and enter the following:

URL: prohashing.com:3333

WORKER: <Enter your ProHashing account username here>

PASSWORD: n=<Workername>, a=<Algorithm to mine>

To configure which coins you want to get paid in, click “Settings” then “Payout Proportions”. For each coin you want to be paid in, make sure you have a wallet address prepared.

Example:

URL: prohashing.com:3333

WORKER: Techman34

PASSWORD: n=myL3, a=scrypt

#NiceHash

We’ll use NiceHash to mine for our second pool, and we’ll be paid in bitcoin for our efforts. Utilizing multiple pool services to create a separate failover setup is a crucial pool strategy. By doing this, there is much less chance of both pools going down simultaneously, which would leave your machine idle and cost you money.

#NiceHash setup

• Check out the NiceHash ASIC page.
• In the “SELECT ALGORITHM” drop-down, choose “Scrypt.”
• Under “SELECT LOCATION,” choose your region or the closest one to you.
• Click the “Generate Stratum” button.
• Like this: stratum+tcp://scrypt; should be the output url..nicehash.com:3333
• Copy the URL and paste it under the Antminer Miner Configuration tab in your second pool.

Example:

URL: stratum+tcp://scrypt.usa.nicehash.com:3333

WORKER: 37UPzLMoFE7i41qChPPXh7RxPprXWyMZBy.myL3

PASSWORD: x

Note: For WORKER, use the bitcoin address you want the BTC to be transferred to + any worker name with (.) between them, as in the example.

For the third and final Pool URL, I’ll use a Nicehash EU server:

URL: stratum+tcp://scrypt.eu.nicehash.com:3333

WORKER: 37UPzLMoFE7i41qChPPXh7RxPprXWyMZBy.myL3

PASSWORD: x

Hit “Save & Apply” in the bottom-right corner of your You can now start mining with your L3+ after selecting the Miner Configuration tab.

Summary

Now, mining Litecoin is still profitable – based on the mining hardware hashrate of 9,500.00 Provided are MH/s, electricity costs, and pool/maintenance fees. And Bitmain Antminer L3+ is a great choice for you to mine Litecoin.

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