As electricity bills continue to rise in Singapore, and the prices of mining tools also on the rise - is it still profitable to mine LTC?
not in the USA …midwest it is 10c kWh and goes up 33% for Summer rates on May 15th…
I’m just ‘attic mining’ selling stuff on ebay out of attic (I’d not bother to do and die with probably)
and getting LTC for it…just saying…in USA even data hall mining is on its last legs it seems at LTC
highest difficulty and current prices. Sad to say.
Depends. Back when LTC was at $2.00 it was just barely profitable to mine with Titans at electricity rates. Would I rather have my $80 litecoin or that electricity back now?
However would it have been better to invest the money for the Titans into litecoin at an ATM along with the money I would have spent on power? Perhaps, except that there weren’t really any ATMs at the time.
So, like everything else, it’s complicated. You can mine at a current loss and if the price goes up you will still make a profit. You can mine at a current profit and if the price goes down you will have a loss. So what would you do with the proceeds? Convert them into dollars? Keep them in LTC?
Just remember that in the strict sense mining is a perfect marketplace, and in a perfect marketplace long-term profits are impossible to achieve without a cartel or some other mechanism.
electricity and everything else here in Singapore is extremely expensive…
throwing in the hardware plus power consumption - i think it may drain resources…
you speak wisdom lightfoot!
The trick today is knowing when to just get LTC directly …rather than just getting mining equip and electric. If the price of LTC is pumping probably best just to get LTC. As to equipment…it used to be if it did not pay for itself in 9 months with electric…you were better off just getting LTC.
Now of course, most miners you could get of any flavor crypto it is (last I looked) 15 months with electric and that was with difficulty staying the same (which rarely happens)
again attic mining stuff out of the attic and selling on ebay…working good.
especially with USA midwest rates going from current 10c kWh 33% for 5 month summer rates
Not in the USA at ave 10c kWh and in summer rates of 33% more for 5 months. So that era has passed here in the states. I heard bitmain has deals for 50/50 split with excess hydropower in China this Summer due to excessive rains. Not sure if applies to LTC or only BTC in BTC’s case I’d expect a 33% difficulty rise at least …hope it is not also LTC scyrpt miners by bitmain or damn…
make a small investment into solar energy then
Well, not as much of that in help from gov’t anymore in the USA to set such up. (Tax breaks).
IF it was worth it to put up Solar I would already and screw mining. In my state in the USA they have to pay
current rates for whatever I can put back into the grid. (10c kWh and 33% more than that 5 month
summer rates too boot starting May 15th)
So screw mining, If there was a way I could pay the stuff off in less than 12-14 years to get that, I’d do so and just mine electric back to the utils. Would make more money doing that than using the electric myself.
Sorry that dog, don’t hunt anymore…maybe 3 years ago with tax breaks but not now. I’d make less $$$$
mining than the above resell execess to the Utilities who have to pay me the rate.
edit: to be fair I did this bit of Math like 1.5 years ago…so perhaps things have changed…but again I
think under Trump the solar rebates and some tax breaks ended last year was it? Anyway, anyone
can tell me I’m full if sh*t on this. I’d love to be wrong now this year.
Have you done that?
No my brother did so a few years back. He is grandfathered in for low rates. Now the rates for buyback are like 1/3 less for ‘fees’ to the utilities are less I guess. (talked to him about above). He is at a hobby farm so he can afford to wait 10-12 years for a return on investment.
It just doesn’t play at 10c kWh and 33% increase in summer rates for 5 months of the year.
That dog doesn’t hunt.
I guess in Hawaii they have the most solar in the USA and the utilities buy back nothing. Depends on your state etc.
Again, I heard Solar Rebates of any note end this year (if not last year can’t remember) at Federal Level.
Do your research Federal/State/County/Town. My brother tried to start a solar farm, the city denied him, then 2 years later the city put up a solar farm. Fun games like that now in solar field.
Definitely not worth it to mine just buy it directly and HODL.
Have 3 things that are working against miners…
The price as it is does not make sense to mine. Likely we need at least $100 a month on the Bitmain L3+ (the most common scrypt Miner in the USA) to do a bit more than break even. And I mean barely. At average 10c kWh USA rates. (Midwest USA).
LTC Difficulty is still the highest it has ever been. Probably will flatline at this point with no real
new equipment. Also expect a big increase in difficulty after $100 LTC because a lot of home miners will turn their equipment back on at that time. I figure another 15-20% (like me) have paid for Bitmain L3+'s just sitting about off at this point in time. Again, USA.
In USA (Midwest at least) we have winter and summer rates. My winter rate is 10c kWh. Summer rates (5 months) are 33% higher. This starts in 15 days. (May 15th). Thus at that point you likely need something like $125-$130 to compenstate for that.
Yeah, if you are planning on even turning on, old paid for equipment …this is not working well for me…if you add NEW equipment in USA from China say…that did make sense you’d still have the 25% tariff by Trump and the 2.6% import fee and the shipping.
Again, that dog don’t hunt, likely for the next year or more if not forever…
I see, I’m from Europe, I’ve just been wondering
I actually can’t get my head around if mining coins is even profitable now at all
And how are people still mining? I guess there are some kind of mining pools or cloud mining or whatever