Mining Litecoin generates £0.97 profit per day (actual, real-world figures). Conclusion: not worth the effort, and certainly not the investment.
This is based on the actual figures of my mining rig, actual hash rate, actual pool fees, actual electrivity costs, and the well-regarded Litecoin Mining Calculator for extrapolating LTC/day.
GPU: R9 280X. 691Kh/s. Gross mining revenue 0.22LTC per day. My rig has been pool mining for about 14 hours and seems to be performing as per the Mining Calculator.
Current LTC price c £9.50. 0.22 LTC = £2.09 per day income.
Single GPU rig averages 370W/h without monitor. Cooperative Energy (power company) is £0.1265/KWh including 5% VAT (fuel tax). Fuel cost is £1.12 per day.
Income minus running cost is £2.09-£1.12 = £0.97 profit per day.
Given the cost of the card alone, around £270, the break-even point is around 11 months, without any other hardware or time taken into account.
Here’s where the variables come in, the what-ifs.
What if I buy another card? I think it will run at 250W and double the income. Calculations show a daily additional profit of £1.33. Break-even point 6 months 20 days.
What if LTC prices rise? They were 50% higher on my exchange while I was researching rig building. They may recover or fall lower, or sky-rocket. That’s opinion, but the current facts are above.
Mining difficulty will get harder. Maybe the increase in difficulty will offset the rising value of Litecoin.
Cryptocurrency is volitile. Governments seem to be trying to regulate it, outlaw it altogether. In the UK, mining income is taxable.
From a theoretical, intellectual, practical, and geek point of view it has been a worthwhile experience. From a money and time point of view, I wouldn’t recommend it.
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