I have only been working with crypto for a month now. So, I have a lot of questions.
This one is: What is the incentive to mine Litecoin? With Cloud Mining, and the cut-down of contracts to one or two years, calculations show that you will break even, at best.
With ASIC miners like Antminer, it sounds like you are paying a lot of money just to get the miner. Then, you are hoping it will work as it is supposed to. If it doesn’t, it sounds like there is little if any Technical Support. Add to that the cost of electricity. It sounds like you are probably just going to break even there too.
So, what is the incentive to keep up the Litecoin blockchain if there is little hope of profitability? Since lower hash-level miners aren’t being given any incentive, is the blockchain being supported mainly by large-scale miners and institutions?
The same seems to follow for other alt coins. Monero, etc. all seem to be break-even, with little incentive to mine for the lower hash-level miner.
Thank you for your responses and insights on this! I appreciate them.