Scrypt Miner Review

Anisa Batabyal
| 06 May, 2020 | 2 min

The Scrypt Miner is an algorithm developed as an ‘ASIC-resistant’ to prevent Bitcoin miners from joining the Litecoin network. 

Table of Contents

What is a Scrypt Miner?

Scrypt plays its cards by creating plenty of fake numbers that would be forced to store in the RAM of the computer. This allows only the computers that have higher memory power to participate in mining. It reduces the hashing power of the device, thus reducing the number of Bitcoin miners in the network. 

While Bitcoin used GPUs or high-power computer graphic cards for mining in the past, it has now moved on to CPUs. But the use of Scrypt miner has opened the opportunity to make use of those old computers for mining. Additionally, it allows people who have home computers to join crypto mining. Another advantage of Scrypt miners is that it uses less power for functioning. Moreover, it makes the mining process more efficient. 

Advantages of Scrypt Miner

  • The use of RAM rather than power makes the Scrypt Miners more user-friendly. 
  • It is GPU-friendly so that all those unused computers have found a fresh usage
  • The Scrypt Miner Litecoin uses more memory, making it energy-efficient than other mining options. 
  • The low-power consumption gives way for better profits for the miners, who otherwise would have to pay more on power bills and get lesser income. 
  • Scrypt Miner successfully reduces the advantage the ASIC Bitcoin miners have making the playground even. This allows more players to try their luck. 
  • The convenience of usage of home computers as rigs allows more participants and better competition as well. 
  • The introduction of the Scrypt ASIC miner made Litecoin mining more efficient and faster than the CPUs or GPUs can. 

Scrypt Mining Calculator 

Scrypt mining calculator is useful in finding out how much profit you can generate from a particular miner that you are using. You must understand that the calculated readings do not always show a profit. There are certain fields that you need to fill in to get the findings. 

  • Difficulty factor: This determines how difficult it is to mine a Litecoin at any given moment. When there are more people mining, the difficulty increases. This is a field that is auto-filled, and you need not do anything regarding this. 
  • Hardware cost: This depicts the expenses you had to incur to get the miner equipment in use. 
  • Hash rate: The hash rate defines how powerful the miner in use is. The mining reward increases with a higher hash rate. Hash rate would be specific to the requirements. It will be available from the manufacturer or given in the manual. 
  • LTC/USD exchange rate: This exchange rate gives you an idea of how much money you can get for one Litecoin at that time. 
  • LTC/Block reward: This explains the total number of Litecoins that would be released with the release of each block as a result of mining. In order to keep the flow of money in check, this number of Litecoins released will be reduced in half after regular evaluation. The last assessment was done in August 2019.
  • Pool fees: Miners often pool in their money to get more profits. Smaller polls will have higher rewards. These miner pool hosts charge a certain percentage as their fees. This is considered as the pool fees. Each host will have different fees. You must enter the fees incurred by your host to get the accurate calculations. 
  • Power: As the name suggests, here you need to enter the power used by your miner. Each miner has different power usage, which you can easily find out from the manufacturer. 
  • Power cost: In this field, you must enter the details on how much you are spending on electricity for a kilowatt/hour. Since power consumption is a huge factor in mining, knowing the rate of electricity charges is essential to calculate the profits or earnings. 

Best Scrypt Miners For Sale

As per the reports, Antminer L3++ is the best among the Scrypt miners for sale in the market. This miner is manufactured by Bitman. 

It provides better value for the money when compared with the power consumption and is also considered the best for this factor. It can run for power usage of 943w. The hash rate it provides is nearly 580mH/sec. The previous version of Antminer L3+ had only 504MH/s. 

This device has a better hash rate to get more rewards. It is considered to be more suitable for beginners since the price is low and is easily available on Amazon. 

Conclusion

Cryptomining is a profitable business only if you can reduce the power consumption. The Scrypt Miners are an excellent solution to this problem. Make full use of the miner calculators to estimate the profits if you are a new miner. 

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