Litecoin mining became more profitable over the course of 2020, and remained on roughly the same level in the early months of 2021. During the mining of cryptocurrencies, a computer is trying to solve complicated logic puzzles to verify transactions in the blockchain. When this process is completed, the miner receives cryptocurrency as a block reward. The underlying dynamic is that machines with more computing power - or hashrate - are likely to solve more puzzles, and therefore mine more cryptocurrencies. Whether a miner can make money with this depends on various costs such as electricity consumption during this process, transaction fees or whether the hardware used is efficient or not.
Mining profitability of Litecoin per day from October 2014 to July 12, 2021
(in U.S. dollar per day for one Gigahash/s)
Characteristic
Mining profitability in USD/day for 1 GH/s
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BitInfoCharts. (July 13, 2021). Mining profitability of Litecoin per day from October 2014 to July 12, 2021 (in U.S. dollar per day for one Gigahash/s) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1201845/litecoin-mining-profitability/
BitInfoCharts. "Mining profitability of Litecoin per day from October 2014 to July 12, 2021 (in U.S. dollar per day for one Gigahash/s)." Chart. July 13, 2021. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1201845/litecoin-mining-profitability/
BitInfoCharts. (2021). Mining profitability of Litecoin per day from October 2014 to July 12, 2021 (in U.S. dollar per day for one Gigahash/s). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1201845/litecoin-mining-profitability/
BitInfoCharts. "Mining Profitability of Litecoin per Day from October 2014 to July 12, 2021 (in U.S. Dollar per Day for One Gigahash/S)." Statista, Statista Inc., 13 Jul 2021, https://www.statista.com/statistics/1201845/litecoin-mining-profitability/
BitInfoCharts, Mining profitability of Litecoin per day from October 2014 to July 12, 2021 (in U.S. dollar per day for one Gigahash/s) Statista, https://www.statista.com/statistics/1201845/litecoin-mining-profitability/ (last visited July 22, 2024)
Mining profitability of Litecoin per day from October 2014 to July 12, 2021 (in U.S. dollar per day for one Gigahash/s) [Graph], BitInfoCharts, July 13, 2021. [Online]. Available: https://www.statista.com/statistics/1201845/litecoin-mining-profitability/