Should you spend time mining Litecoin?

As a crypto miner, if you have been struggling to figure out whether you spend any time mining Litecoin, you are in the right place.

The answer is maybe but if you are interested to know more, keep reading.

Before we answer the pertinent question, let us discuss what Litecoin mining entails.

Litecoin Wallet

You need to have your Litecon wallet ready before you even think of mining Litecoin. Selecting the best wallet out of so many can be quite daunting so it is best to go with the choices listed on the official website or ask for advice on sub-Reddits and follow the advice of crypto experts.

CPU/GPU

A CPU or GPU is a must for the mining operation. A GPU is better suited for the operation but if you don’t have the high-end processors, a laptop with Intel integrated graphics will also do. Mining is extremely energy intensive and you cannot do it without the necessary resources. 

Litecoin Mining pool

You have a better chance of making profits by joining a mining pool instead of going it alone especially with a PoW algorithm.

Coming back to the main question, ‘Should you be mining Litecoin?’

While Litecoin is a definite improvement over Bitcoin, mining Litecoin may set you back. Litecoin’s current price trends indicate that it has been falling for quite some time and given how volatile cryptocurrency is and the recent controversies and bankruptcies, Litecoin does not come across as the Holy Grail in cryptocurrency mining.

Calculating the potential profits

To give you a definite answer to your question regarding mining Litecoin, you can use a calculator to calculate the potential profits. Given a hashing power of 200 MH/s and considering power consumption, electricity rates and pool fees as an average, you would only stand to earn roughly $6 based on current prices. This is not enough to cover your investments or even warrant spending so much time, effort and money to mine Litecoin. At this rate, you would be better off converting LTC to ETH as Ethereum is on the rise.

To determine whether Litecoin mining is worth your time, you can keep a check on the prices and jump back in when things start to pick up and become more stable.

Remember, we said the answer is maybe? While mining Litecoin may not be recommended for a new miner looking to make a quick profit, for an experienced miner who already has all the equipment in place or for someone who is a part of a large mining pool, Litecoin mining may still be a lucrative opportunity.