Mining Litecoin w/ Antminer L3+ (504 MH/s)!
What's up guys!
A week ago I purchased 3 Antminer L3+ mining rigs from Bitmain. These have been on the market for a couple of months already (I think the first batch was shipped in late April) , but still seem quite profitable. I went on cryptocompare.com to quickly estimate how much profit these 3 rigs would bring me. Since I bought 3 rigs my total hash power sums up to 1512 MH/s with each rig consuming around 800W of electricity at a cost of .06 $/KiloWatt-Hour. I live in the Middle East where electricity is quite cheap fortunately. The bad thing though is it's hot as hell here, so I can't rely on circulating air from outside to cool down the rigs. I'm hoping this won't be too much of an issue since I only got 3 of them and they don't really consume all that much..at least in comparison to the bitcoin rigs.
As you can see, at the current difficulty rate, I'd receive around 4000 $/month, which is pretty darn good. Hopefully the difficulty won't increase too much till August ,but even if it increase 4 fold and I end up making only 25% of that, I'd still be quite happy. I'm also thinking maybe some of the big miners are wary to invest in Bitmain at the moment, due to all their scandals lately...maybe this could prevent the difficulty to skyrocket?
There are a couple of reasons that made me want to get these rigs. First, I'm trying to diversify my income as much as I can. I've recently become unemployed. I worked in Oil & Gas, a cyclical industry with periods of booms and busts. It's quite difficult to find a job at the moment and since I specialized in this field I can't really change industry. I learned it the hard way, but I'm hoping having a small mining operation on the side would no longer put me in such a vulnerable state if things go bad in the industry. I also got these rigs to start a new hobby really. This will definitely be a learning experience and, by having skin in the game, I'll be motivated to learn all I can about mining!
I'm still quite new to the crypto world and I would really appreciate any comment, opinion and tip that you may have! Thank you in advance :)
Anyway take care my fellow Steemers!
Seems to me that if you wanted to mine coin, the most cost effective way to do so would be to provide your own electricity. It would cost more up front, but a small grid of solar panels and the required hardware could generate and store the power needed for a system. Once paid off (kinda like the psu that you supplied to turn the unit on) the system would run basically for free. Solar can prolly be amortized, and depreciated as well, if trying to run as a business?
Stay cool out there.
Wub
I don't think it's worth it in my case since electricity is so cheap for me. Although there is a lot of sun here, I don't know how many solar panels I'd need to supply 2400 Watts.... but those plus the batteries, I'd need to supply power throughout the night, seems it's going to increase the cost quite a lot. I'll look more into it though its interesting :)
Hey man, nice post. check my blog too. thanks.
Hello. We are in august now. Is is still profitable ?