Good Evening fellow Steemians or whatever time it currently is for you. I hope you are doing well
THE PROFIT COMAPARISONS ARE BASED ON HARDWARE NOT CLOUD MINING!
Usual disclaimer first: I cannot be held responsible for your trades or purchases in terms of profits or losses, the points raised are for educational purposes for the purpose of sparking new ideas and discussion. All of these views are my opinions only and do not warrant acting upon
I thought I would expand on why I think Litecoin is struggling to go higher at this time.
Litecoin a lot like Bitcoin in early distribution. for example at the time of this post Bitcoin generates 12.5 coins every 10 minutes (on average) vs 100 coins every 10 minutes for Litecoin
The current supply from block rewards is 8x greater than that of BTC, scarcity plays a big role in prices as we all know
Current mining conditions of today for Litecoin using Bitmain ASICs 500MH/s @ 800W will mine around 1 Litecoin per day. To my knowledge GPU mining this coin is unprofitable and that stops many from contributing to the network.
In the sense of Bitcoin mining it should be obvious that it is unprofitable using a GPU, accept in the case of using NiceHash or another similar service but that's a different story for another day this posy is strictly defined to directly mining a coin
Okay so how much does a 13.5Th/s ASIC generate in terms of Bitcoin?
0.0041 BTC per day consuming around 1350 Watts. I still don't believe this figure but have checked it several times :(
This post can be fairly easily wrapped up by asking the questions
Q1: How much Litecoin can be made per day with a 13.5TH/s
Q2: How much Bitcoin can be obtained using a 500MH/s ASIC?
Answer 1: 0.245 LTC = $10.42
Answer 2: 0.0155 BTC = $40.75
That's +$30 and 500W less
By now it should clearly obvious that the profitablitly of mining Litecoin and exchanging to bitcoin is far more profitable than mining bitcoin directly itself. I am sure there are many mining and directly using a exchange to convert to Bitcoin, naturally this increases litecoin sell pressure on the market all the while increasing Bitcoins buy pressure
I personally feel Litecoin has good potential in the future, however judging its value on a day by day basis is hard to know a good top and bottom
This post received a 3.3% upvote from @randowhale thanks to @criticalblaze! For more information, click here!
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Good to know about LTC mining, thank you. Just a thought -- Litecoin with Lightning network & SegWit active -- has its place for smaller / fast transactions and can coexist and thrive with Bitcoin. Both are likely to appreciate in the foreseeable future...
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Dumped all my BTC at 2900 for LTC... BTC better not do that thing it does and explode this week or ill be all poor(er) and shit... In my eyes a million dollars in Fiat is just a million dollars of cryptos
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BTC has a tendency of doing that, emotions run high. Even the crypto bloodbaths are fun in moderation
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Lol, yeah looks like ill be buying 3k BTC before long haha
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Hopefully you got the LTC on the dip. The chart isn't screaming bullish to me
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Litecoin has a tendency to get stuck, I am very confident LTC will be at 100 by 2018... Then again I can see a 6k bitcoin pretty easy too
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Litecoin has a future. The way I look at it, anything that coinbase touches is going to habve a beautiful growth chart for life because they are hands down the easiest way to get cryptocurrencies..
Bob: Whats bitcoin?
Mike: My Retirement plan
Bob: Can I have some?
Mike: Yeah go to Coinbase and get some
Bob: Ok!
(Puts $10,000 into coinbase)
Bob: I bought some bitcoin! Also bought those other coins they were selling! I think they were called Emporeom & Lightweight. Thanks for the tip!
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Well bitcoin didn't hit 3k... I hope it drops down to around 2,200 so i can buy back in haha. The previous drop was the fear, this lesser drop is probably more in line with the actual physical consequences of the update
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Very good article. Nice to see I'm not the only one who thinks like this. Sell the coins that you know nothing about. Do proper research on any coin you buy. If the market falls at least you can hold your coins knowing they have a long term future. I found this great website: https://www.coincheckup.com They give great insights in the team, the product, advisors, community, the business and the business model and other techincal insights. Check for example: https://www.coincheckup.com/coins/Litecoin#analysis For a complete Litecoin Indepth analysis
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