Just starting out. Looking at Antminer L3+??

[PNW_Steve]

Hello Everyone,

I am just starting out with crypto mining. I have the parts and pieces coming for an entry level GPU rig (5x RX580) and I also want to tinker with SHA-256 mining with an ASIC.

I found some Antminer L3+ miners for $150 each. According to Nicehash They should be good for about $1.30-$1.40 daily.  It ain't much but six of them on a shelf lands me around $230+ a month net. That is enough to get me enthused.

I understand that if Bitcoin and other SHA-256 mineable coins drop significantly then the L3+ will not be profitable. I am an optimist to that end. I suspect a pull back in Bitcoin may happen shortly but folks a lot smarter than I am have told me to HODL through the pull back and Bitcoin may continue solid growth.

I have about 4-5 months left of "heater season". My primary heat is an electric furnace in the basement. If I turn the furnace off and heat the house with the heat generated by the mining rigs I will be getting "free" power for the near future. Hopefully six dated ASIC miners and a five gpu miner will aid me in purchasing more current mining gear.

I have been reading an listening to folks who know MUCH more about crypto than I do. Most of them are in lockstep saying that Bitcoin will continue to gain value over the long term. Guestimates that I have heard start at $80k by the end of 2021. I am not quite that optimistic.... We will see in time....

With the ability to leverage my heating power for several months along with 6x Antminer L3+ and 5x Radeon RX580 I would be hoping for the combination to bring me as much as $380 a month depending on coin value.

Hopefully the local Guru's here can advise me regarding my plan?

Can I rely on the profitability calculators to give me a reasonable estimate. Any reason not to start with the Antminer L3+'s?.

Anything else that you would recommend?

Thank you

S.

[HagssFIN]

The L3+ is a Litecoin (scrypt algorithm) miner, not Bitcoin (SHA-256 algorithm) miner.

GPUs are also for altcoin mining, not Bitcoin mining.

Mining at Nicehash pool is not Bitcoin mining,
even though you get btc as reward.

If you end up with an actual Bitcoin (SHA-256) miner,
this is a good first timer guide -> https://bitcointalk.org/index.php?topic=4636521.0

[NotFuzzyWarm]

To expand on what HaggsFIN said:You need to understand that not all crypto coins are "Bitcoin". Only Bitcoin is Bitcoin.

All other crypto coins are as a family called "altcoins" and are entirely different from Bitcoin. In the altcoin family you have Litecoin, Dodge, Monero and literally hundreds of others. Do be aware that most of those others are also pretty worthless or even outright scams...

Speaking in terms of Fiat, would you call the Japanese Yen a US Dollar? No. Both are money but they are not the same thing and have very different value. The same applies to Bitcoin and the myriad of altcoins.

[PNW_Steve]

Thanks for coming in.

I do understand the various crypto currencies.  I simply stuck with Bitcoin as an example.

My GPU rig will be for Ethereum to start with.

I didn't realize that the L3+ was not suitable for Bitcoin. Thanks for pointing that out. I will have to look closer at the profitability of the L3+ mining Litecoin.



I will ask the same question a little differently:

It appears that older mining hardware has become profitable again with the recent increase in value of various cryptocurrencies. .  I have the opportunity to purchase older L3+'s and S9's. My electricity cost will be a non issue until Summer.

Is running older gear in today's environment worthwhile?  The calculators are telling me that the s9 and L3+ are profitable today. Nothing huge but a few bucks a day is enough for me to get excited. What do you all think?

[HagssFIN]

If your S9 electricity cost is smaller than the S9 mining profit,
and you can get a reasonable ROI time (maybe something between half an year - a year) ,
then sure go ahead.

But beware, they are noisy....

And don't buy the S9k variant, it has breaked a lot.

The original S9 and also S9j, S9i models are ok.

[PNW_Steve]

If your S9 electricity cost is smaller than the S9 mining profit,
and you can get a reasonable ROI time (maybe something between half an year - a year) ,
then sure go ahead.

But beware, they are noisy....

And don't buy the S9k variant, it has breaked a lot.

The original S9 and also S9j, S9i models are ok.

Thanks for the heads up on the  s9k.

The online calculators are telling me about $3.00 a day gross.  Electricity is a non issue until June. I will shut down my electric furnace and plug 3kw+ of mining gear. My house will be warm and I will see very little change in my electric bill.

ROI is looking like about 90 days.

The "gamble" is my expectation that the major crypto's will continue to gain value over 2021 and the threshold for profitable mining will drop further.

[Longhorn901]

If your S9 electricity cost is smaller than the S9 mining profit,
and you can get a reasonable ROI time (maybe something between half an year - a year) ,
then sure go ahead.

But beware, they are noisy....

And don't buy the S9k variant, it has breaked a lot.

The original S9 and also S9j, S9i models are ok.

Thanks for the heads up on the  s9k.

The online calculators are telling me about $3.00 a day gross.  Electricity is a non issue until June. I will shut down my electric furnace and plug 3kw+ of mining gear. My house will be warm and I will see very little change in my electric bill.

ROI is looking like about 90 days.

The "gamble" is my expectation that the major crypto's will continue to gain value over 2021 and the threshold for profitable mining will drop further.

Real world number, I still have 4 L3+ running 24/7, they are tuned for max power efficiency. They are only grossing .05 LTC every 24 hrs.
If electric is a non issue the S9 will make more money. Just know that running 6 S9's 24/7 will cost 3 or 4 times what your furnace would.
Use the calculators as a guide but run your own numbers...