Litecoin is one of the alternative cryptocurrencies many people tend to overlook. For miners, it is one of the most profitable networks to explore today. Its mining profitability has hit a one-year high, thanks to the recent LTC price increase.
Litecoin Mining Profitability Skyrockets
For the majority of cryptocurrency miners, it is crucial to turn a profit at all costs. Doing so is easier said than done, unless when the markets are all bullish. In recent weeks, most altcoins have seen a significant price increase, yielding higher mining profitability for enthusiasts. In Litecoin’s case, the current profitability is at a one-year high.
According to Bitinfocharts, one GH/s of Litecoin mining power yields a profit of up to $5.938. A significant amount, considering the mining profitability almost dropped below $1 per Ghash in October 2020. The momentum clearly shifts in favor of Litecoin miners, although it remains unclear how long this situation remains in place.
One crucial factor is the Litecoin price changes. Currently valued at just over $230, LTC has hit its highest values since February 2018. During that bull run, one LTC peaked at over $315. Litecoin may reach this value again in the coming weeks and months, assuming the overall cryptocurrency bull run can remain in place for a while longer.
Thanks to this increase in mining profitability, there is also a notable increase in Litecoin’s network hashrate. The current hashrate is close to a one-year high, indicating many people are raking in mining profits. Given the current mining profitability, anyone can join the network and make a profit, assuming their electricity costs are not exuberant.
Current Litecoin Mining Pool Distribution
When it comes to the overall distribution of Litecoin’s mining hashpower, the situation is rather intriguing. Nine of the mining pools have over 10.75 Terahash per second of mining power under their belt. Finding a popular pool is often the best way to achieve mining profitability, regardless of how much hashrate one entity brings to the table.
Keeping that in mind, it is somewhat surprising to see four pools with nearly identical hashrate. Poolin, Antpool, F2Pool, and ViaBTC all have a near equal share of the Litecoin network hashrate. While they are all behind Easy2Mine, the overall distribution appears to be relatively fair.
It is also worth noting that the majority of Litecoin mining pools provide merge-mining. More specifically, users who mine Litecoin will automatically mine Dogecoin on the side. Thanks to DOGE’s recent price increase, the overall mining profitability will only increase further. A very exciting situation for Litecoin supporters.