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RE: What is Litecoin? Bitcoin vs. Litecoin
I am extremely new to the world of cryptocurrency, maybe not as new as the rush that has happened over the past two weeks but still new none the less. So as someone who has more knowledge than I do, is mining any of these currencies even worth it anymore? Should we just treat them as commodities and let the large mining companies do the heavy lifting?
Thank you for the cool information.
Smaller cryptos maybe.. but with the difficulty adjustments and hash power required, you will probably do just as well with the Bitcoin Collider... lol BTC mining is a billion dollar business with companies having invested 10's of millions in equipment... look for small new coins to mine... then dump them... :)
this is also a very good idea, it is also good to find cryptos that you believe in and believe that will do well in the future and support them by mining!
Unfortunately, the difficulty of mining has risen so much for bitcoin and litecoin that a normal computer or gpu cannot be profitable while mining like it once was in the past. This is due to bitcoin and litecoin not being asic resistant meaning that both of these cryptos have large companies producing expensive machines that mine much more efficiently than a normal graphics card would, thus increasing the difficulty of mining and leaving regular computers in the dust. You can buy a bitcoin or litecoin asic miner but the investment can be costly and unless you are set on mining, I think a better option would just be to invest that money into bitcoin or litecoin instead of going through the extra troubles that mining comes with.
Here is a great bitcoin and litecoin mining calculator that will tell you the profitability of the miners before you buy them: https://www.cryptocompare.com/mining/calculator/btc?HashingPower=28&HashingUnit=TH%2Fs&PowerConsumption=2600&CostPerkWh=.09
Thanks for your comment! Hope this helps!