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Antminer L9 Coming Soon: Will Change Litecoin and Dogecoin Mining?

Release: 2024/05/17 22:12 Reading: 992

Original author:Cryptopolitan

Original source:https://www.cryptopolitan.com/antminer-l9-coming-litecoin-dogecoin-mining/

Antminer L9 is coming, offering a more powerful and energy-efficient way for Scrypt mining. This hashing algorithm is crucial for securing the Litecoin network and producing Dogecoin. Scrypt miners can expect a price tag above $16K, but the potential for higher profitability in mining LTC and DOGE.

Bitmain remains the primary source of mining rigs, and its new models drive the arms race among miners. Proof-of-work blockchains persist, and new rigs enhance energy efficiency and performance to mitigate environmental concerns.

Antminer L9 to Be Released by the End of May

The new Antminer Scrypt rig was initially announced for a May arrival, but an exact date is yet to be set. The miner is not currently listed on the Bitmain website.

However, some vendors have already listed the model for presale, with prices starting at $14,700. The new hashing power is unlikely to impact Scrypt networks for months, as the first shipments are scheduled for June.

Also read: Litecoin Price Prediction 2024-2030: Will LTC Price Hold $100?

The Antminer L9 will produce up to 17.6 GH/s, competing with the growing mining presence for Litecoin.

Over the past three years, Litecoin's mining has steadily increased, with activity surging by 500%. The hashrate now stands at 1.16 PH/s, reaching a new range. However, this mining level remains negligible compared to Bitcoin's network.

Also read: How is Litecoin a Winner? LTC Leads As Most Widely-Used Coin for Payments and Simple Transactions

Nevertheless, for Litecoin miners, the relatively low competition allows for additional block creation and higher rewards. Litecoin is still between two halving cycles, and its block reward remains at 6.25 coins per block, with additional Dogecoin (DOGE) issued in every new block created.

Is the New Litecoin Miner Profitable?

The crucial question when investing in a mining rig is whether it can pay for itself through rewards and fees.

The new Antminer L9 can be profitable, given affordable electricity and peak performance. However, earnings are estimated at around $1,000 per year, subject to varying electricity costs.

Litecoin and SCRYPT mining profitability varies and depends primarily on the creation of new LTC. Other Scrypt-based assets may have different profit margins.

Are Scrypt-Based Tokens Still Relevant?

Most Scrypt mining assets are relatively older, created shortly after Bitcoin's launch. Litecoin and Dogecoin remain the most prominent ones.

Other mined assets include Syscoin (SYS), MonaCoin (MONA), and ReddCoin (RDD), which survive largely due to their ties to their online communities. Most Scrypt-based coins have trading volumes near zero, and some have become virtually frozen and worthless.

Any new Scrypt-based hashing power would thus primarily benefit LTC and DOGE production, with minimal impact on other networks.

Mining Links to Web3, NFT Items

The traditional mining model involved creating coins that were then held or sold to cover costs.

However, in recent times, miners have found alternative ways to retain value. Newly minted coins are often used as collateral to support the value of NFTs or other token types. Thus, not all LTC and DOGE will be sold.

Some miners offer a share of their rig's performance, typically in exchange for fees or the purchase of a specific NFT. Snekkies, an NFT project on Cardano, is linked to a Scrypt miner who also holds LTC and DOGE collateral.

LTC remains a relatively stable asset, trading at $83.08. DOGE has recovered above $0.15 and has also maintained a predictable range. Together, these assets have a loyal community of long-term holders and are suitable as collateral for riskier Web3 features.

Litecoin Mining Still Relies on Large Pools

Solo Litecoin mining is virtually impossible. Similar to Bitcoin's network, Litecoin mining is dominated by four large pools.

Bitmain's own Antpool produces the majority of LTC, along with ViaBTC, F2Pool, and the Binance.com pool.

It is possible that the Antminer L9 will first be available to and tested by Antpool, further solidifying its leading position. Antpool controls 28.9% of the known hashrate and discovers an average of 16 out of every 100 Litecoin blocks.

Cryptopolitan reporting by Hristina Beeva.

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