Wij’re expanding into Litecoin mining te 2018. Spil the value of a few ASIC-mineable cryptocurrencies began outpacing the difficult te mining them wij commenced looking at options to diversify a bit. Spil things developed, wij made the decision to give Litecoin mining a go.
The case for Litecoin mining ter 2018
Spil far spil ASIC mining goes, wij were focused on the paths of three cryptocurrencies: Bitcoin, Litecoin and Dash. So how did Litecoin emerge spil the winner?
Evaluating the options
Here were our mining options with the investment wij want to make te hardware.
- Introduce ASIC miners for Bitcoin, Litecoin and Dash
- Add ASIC miners but only for one of the three cryptocurrencies
- Avoid ASICs, and instead add more GPU miners
- Do nothing
Many factors went into the decision. And, it wasgoed a repetitive process, not a one-time go, no-go. Of course, building more GPU miners wasgoed the easiest option.
Very first, wij continuously reviewed the broader cryptocurrency space (which wij’re continually doing already) for broader concerns such spil detrimental regulation. Next wij reviewed aspects each of the coins wij were interested and attempted to get a gauge for their brief and long term potential. Ultimately, wij monitored their historical and current price and what ASIC mining each could yield.
The early pick: Bitcoin
Primarily wij were drawn toward Bitcoin mining spil it’s at the center of the public conversation about cryptocurrency. And, while wij continued to see the price grow overheen the past 6 months, the case for mining it with an Antminer S9 got better and better on paper. What kept us from pulling the trigger wasgoed some of it’s more awkward characteristics.
Bitcoin has no CEO. There’s no one to invite onto CNBC to talk about it’s intended vision. That leaves us with the press, largely confused about cryptocurrency, using the word Bitcoin when they should be using the word cryptocurrency. That’s not helping. The numbers all made sense to mine Bitcoin, yet wij held back.
The hopeful with math that didn’t add up: Dash. Things looked interesting until wij ran the math on a Dash Antminer and projected out it’s yield. The breakeven point on the hardware wasgoed outside our window (Four months).
Litecoin mining: everything adds up
Mining Litecoin wasgoed of rente for a lotsbestemming of reasons. Wij own Litecoin it already. Ter fact, our overall treatment is to mine the most profitable coins our hardware is capable of, and to then exchange what wij’ve mined for the coins wij want to hold. One of the coins at the top of the list has always bot Litecoin.
Acquiring our Litecoin miners
Wij figured wij had missed the party overheen at Bitmain (S9’s had gone out of stock). But, the Antminer L3+ wasgoed in-stock. With pricing information (harshly $1600 USD) wij then scoured domestic sources.
Bitmain Antminer L3+
Liiecoin Mining Bitmain Antminer L3+
Our Antminer L3+ buying options
Wij could either pay twice what a fresh one cost, but have it instantaneously, or get the retail price from Bitmain. The catch: the fresh units straight from the factory don’t ship until March, 2018. And, one more thing: the are presently only accepting Bitcoin Metselspecie. Yeah, wij know.
Te the end, wij opted to purchase the Litecoin ASIC miners straight from China. There’s a half dozen pros and a half dozen cons for either direction. Ter the end, to get our breakeven point where it needs to be, buying for twice the retail price didn’t make sense. And, while wij know the many risks of buying from another country with cryptocurrency, wij went for it.
Talk about our Litecoin mining will be on hold until the Spring. Wij took an educated guess with a loterijlot of risk. Only time will tell if the L3+ is a high-producing addition or if it’s a very expensive paperweight. Stay tuned.
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Intrigued to hear how your purchase pans out – shipping, customs, etc.
Everything wasgoed pretty straightforward with the very first L3. Bitmain notified us of shipping and the unit arrived within Four days from Hong Kong. No hiccups whatsoever. On two subsequent orders (and shipments) from Bitmain wij were astonished to get succesnummer with extra fees when the delivery truck arrived with the items. One wasgoed shipped by UPS and one wasgoed from DHL. The fees were for the shipper to work with Customs to clear the items.
I’ve since heard that you can turn down thesis fees. But, if you do, the items go back to Customs and then you can personally clear them yourself (somehow) at which point the shipper supplies them (without their fees). If wij order more from Bitmain wij’ll do more research and see if there is any way to this preemptively. Still hesitant why the very first L3 wasn’t subject to any Customs issues.
Anyway, wij have no horror stories to report other than the interesting spike ter customs-related fees… which were just enough to pay them and be semi-frustrated.
Why not even mention dash because it s not profitable?