- Start mining litecoin at home full#
- Start mining litecoin at home free#
Oh and, this doesn’t count the initial $16,056.10 I spent on setup costs.
Start mining litecoin at home full#
But I’d also have the full $21,148.41 in cash. So as an investment, LTC is a bit of a dud, so far. If I put $16,000 into a savings account at 4% and added $1657/month into it over 3 months, I’d have earned $177.41 in interest.
Projected earning 323LTC to 3rd August (3 month anniversary) – $2.96 – $956.08. This is the breakdown of my cashflow since May 3rd: Stated simply? Instead of making $79/day in mid-May, I’m now making only $53/day.ĭespite all that, the venture is not making a loss (yet). So even though the price has been relatively stable, the amount of coins I’m earning has decreased significantly. That’s essentially the same price it is today. When I started in mid-May, it was hovering around the $2.80-$3 mark. Here’s the problem the price hasn’t changed much at all. As the mining difficulty increases, the price of LTC should go up proportionally to match. Normally, that difficulty curve is not much of an issue as you’d think. But now, with difficulty at 880, at the same hashrate, I’m only earning 19LTC/day. In mid-May, difficulty was around 600, which with my hashrate of 16.8Mh/sec nets about 28LTC/day. The chart below illustrates this ( the difficulty line is messed up – the data source for LTC appears to be broken):įor the same amount of effort (time & electricity), I’m mining significantly less coins, which aren’t worth more to reflect that effort. What has happened is a massive rise in difficulty, without a subsequent rise in the value of Litecoin. Gox trading LTC hasn’t yet occurred and the reality of the situation–as opposed to my plans–are quite different. I figured this would happen some time in June, to co-incide with the release of Litecoin trading on Mt. I’d hold on to those coins, then cash out in a blaze of glory when the price bubble inflated to some crazy amount, but just before the market would (probably) crash. 
Can I Make a Living Off Bitcoin Mining? Part 3 – Maybe With Litecoinįrom the outset, my plan with Litecoin mining was to amass as much computing power and mine as many coins as I could afford.Can I Make a Living Off Bitcoin Mining? Part 2 – Nah, Probably Not.
Can I Make a Living Off Bitcoin Mining? Part 1 – Introduction.
Start mining litecoin at home free#
Feel free to read the four posts, if you’d like a nice background on the whole Bitcoin & Litecoin mining scene, the gear I’m using and the theories behind it all. I won’t explain the ins-and-outs behind the decision to mine Litecoin (aka LTC), as I’ve already attempted to justify that on my own blog, in detail, before Reckoner started. So let’s take a look at the issues I’ve faced, if I’ve made any money, and the status of Litecoin in general. In fact, this feature marks pretty close to three months since I started mining “full time”. I dicked around for a few weeks in April with Litecoin rigs at home, but had all 14 of my rigs working simultaneously on the 3rd of May, 2013. On the 3rd of August, it will have been 3 months since I fired up my Litecoin farm.
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