We’ll explain which coins you can mine with a Bitmain Antminer L3+ in this article and show you the specifics of the most well-known coins.
BitMain sells the Antminer L3+, a piece of Scrypt mining hardware. With a maximum hashrate of 504,000,000H and an 800W power requirement, it can mine both Litecoin (LTC) and Dogecoin (DOGE). Additionally, Antminer L3+ supports every cryptocurrency that uses the Scrypt algorithm. Therefore, you can include projects like DigiByte (DGB), Verge (XVG), Gulden (NLG), GameCredits (Game), Emerald (EMD), Einsteinium (EMC2), Florincoin (FLO), Auroracoin (AUR), and many others. Let’s take a closer look at the ten coins that can currently be mined with this mining apparatus.
The prices of all cryptocurrencies mentioned in the article are indicated as of Jan 13, 2023
What is Cryptocurrency?
A cryptocurrency is a type of digital or virtual currency that employs cryptography to prevent fraud and double spending. Blockchain technology, a distributed ledger that is enforced by a dispersed network of computers, is the basis of many cryptocurrencies.
Theoretically, cryptocurrencies are protected from interference or manipulation by governments because they are typically not issued by a central authority.
- An example of a digital asset that is based on a network that is distributed across numerous computers is a cryptocurrency. Due to their decentralized organization, they are able to exist independently of governments and other central authorities.
- Many industries, including finance and law, will be affected by blockchain technology, according to some experts.
- The advantages of cryptocurrencies include decentralized systems that do not crash at a single point of failure, as well as cheaper and faster money transfers.
- The unpredictability of cryptocurrency price changes, the energy-intensive mining process, and use in illicit activities are some of their disadvantages.
Popular Coins That You Can Mime With Bitmain Antminer L3+
Bitmain Antminer L3+ was designed by chip manufacturers and professional Chinese miners. Large mining farms use it a lot because of its excellent technical and customer support. It can simultaneously mine LTC and DOGE. As long as the crypto is based on the Scrypt algorithm, you can earn a decent return from mining with the Bitmain Antminer L3+.
The Bitmain Antminer L3+ can produce a respectable return when used to mine the following coins.
Market cap: $10,637,312,257
Dogecoin (DOGE) is based on the popular “doge” A Shiba Inu can be seen in the logo of this internet meme. The open-source cryptocurrency was developed by Portland, Oregon native Billy Markus and Sydney, Australia native Jackson Palmer in December 2013 and forked from Litecoin. The developers of Dogecoin intended it to be a humorous, lighthearted cryptocurrency that would appeal to a wider audience than just Bitcoin users because it was based on a dog meme. Elon Musk, the CEO of Tesla, frequently mentioned Dogecoin on social media.
How Do You Mine Dogecoin?
Scrypt technology is one of the ways Dogecoin’s proof-of-work protocol differs from Bitcoin’s. The altcoin also has a one-minute block time, and the total supply is uncapped, meaning that any number of Dogecoin can be mined. You can mine Dogecoin either individually or by joining a mining pool. Doge can be mined using a GPU and on Windows, Mac, or Linux. Since the mining processes for Litecoin and Dogecoin were combined in 2014, you can mine both currencies simultaneously.
What Can Dogecoin Be Used For?
The main way that Dogecoin has been used to reward the creation or sharing of high-quality content on Reddit and Twitter is as a tipping system. Participating in a community that accepts the virtual currency can earn you tips in Dogecoin, or you can purchase it from a Dogecoin faucet. A Dogecoin faucet is a website that offers you a small amount of free Dogecoin as an introduction to the currency so you can start interacting in Dogecoin communities.
Market cap: $6,141,788,848
By utilizing the special qualities of blockchain technology, Litecoin (LTC) is a cryptocurrency that was created to offer quick, safe, and affordable payments.
Check out our in-depth analysis of Litecoin to find out more about this project.
Despite being based on the Bitcoin (BTC) protocol, the cryptocurrency has some differences, including the hashing algorithm used, a hard cap, block transaction times, and a few other things. Microtransactions and point-of-sale payments are both suitable uses for Litecoin, which has a block time of only 2.5 minutes and extremely low transaction fees.
On October 1, Litecoin was made available via an open-source client on GitHub. 7, 2011, and the Five days later, on October 2, the Litecoin Network went live. 13, 2011. Its usage and merchant acceptance have since skyrocketed, and for the majority of its existence, it has consistently been ranked among the top ten cryptocurrencies by market capitalization.
The cryptocurrency was created by Charlie Lee, a former Google employee, who intended Litecoin to be a “lite version of Bitcoin,” in that it features many of the same properties as even though it is lighter than Bitcoin.
Market cap: $148,121,680
A platform for creating digital assets, DigiByte (DGB), is open source. As a fork of Bitcoin (BTC), development on the DGB token started in October 2013 and the genesis block was mined in January 2014.
DigiByte is a well-established public blockchain and cryptocurrency that was initially designed to enhance the security, capacity, and transaction speed of the Bitcoin blockchain. It uses five different algorithms to increase security.
DigiByte consists of three layers: a smart contract “App Store,” a public ledger and the core protocol featuring nodes communicating to relay transactions.
Market cap: $46,312,274
Verge is a cryptocurrency and blockchain that prioritizes privacy and aims to outperform the original Bitcoin (BTC) blockchain by providing a quick, effective, decentralized payments network. Along with offering the option to send transactions to stealth addresses, it also has additional privacy features like integrating the anonymity network Tor into its wallet, known as vergePay.
The endeavor prides itself on being open source, community-driven, and dependent on volunteers.
In October 2014, DogeCoinDark, a fork of Peercoin (PPC), saw its initial release. It was rebranded as Verge in February 2016 in order to appeal to a wider audience and set itself apart from Dogecoin (DOGE), with which it has no direct affiliation. The Bitcoin source code is now the foundation of the project.
Market cap: $1.24 M
Gulden is a digital asset platform that seeks to offer a safe and secure trading environment to Users registered with De Nederlandsche Bank (DNB). According to its website, the Gulden blockchain network intends to be one of the safest decentralized networks in the world without large energy consumption. Gulden also asserts that it has a vibrant community that guarantees that all user questions are promptly answered.
As per its whitepaper, the platform intends to solve problems commonly associated with blockchain networks, including double-spend, selfish mining, 51 percent attacks, centralization, and more. Selfish mining is when a miner waits to broadcast a solved block because they want to start mining another one. The same goes for Gulden, which aims to address issues like transaction capacity restrictions and blockchain stalling brought on by an unexpected lack of miners or new blocks.
Gulden states that various measures, which were used to overcome the limitations of blockchain, like alternative algorithms, Proof-of-Stake (PoS), hybrid consensus mechanisms, algorithms for difficulty adjustment, etc., have failed. Therefore, the platform seeks to implement an improvised Proof-of-Work (On the network, there is a consensus mechanism (PoW2) called PoW2 that is intended to thwart 5 percent attacks. In a similar vein, the platform aims to implement a 0-conf solution, a two-layer network that would enable instant block confirmations when necessary.
NLG is the native cryptocurrency of the Gulden platform. The token is created using an innovative mining technique, where miners need witnesses to verify and validate every block created. Therefore, in order to avoid a loss, the miner must share the block. According to the network, this ensures that all miners follow the rules.
Market cap: $2,369,719
The Ethereum network is the operating platform for the ERC-20 cryptocurrency known as GAME Credits. This cryptocurrency is the first to exclusively focus on gaming and transform in-game purchases. Together with a creator community, the platform is currently developing a decentralized metaverse game. The term “metaverse” refers to a vast virtual environment with enormous social and economic potential, in which the use of blockchain enables the exchange of virtual goods for money with actual market value. A multi-utility platform is additionally provided by the network using smart contracts and application programming interfaces (APIs).
According to the whitepaper, gamers used to be able to trade game assets with the traditional gaming industry. The main issue was that players could only trade these items while waiting for the game’s creators to approve it. If the project’s developers decided to end it, players would be unable to use these resources. Through the use of blockchain technology, cryptocurrencies, and non-fungible tokens (NFTs), GAME Credits aims to find a solution to this problem. This platform completely controls in-game assets through NFTs in order to allow players and developers to enjoy the game. Players can now transact with each other or exchange in-game goods using smart contracts and NFTs on the network using GAME Credits.
The asset has a number of gaming tools that make use of blockchain technology. The GAME Foundry NFT creator tool, GAME Exchange, GAME Tournament Organizer, and GAME Reward System are a few features. Furthermore, the platform aims to make it possible for game developers without any prior blockchain expertise to create games effectively. By making NFTs on GAME Foundry, developers can also earn commissions.
The token’s ticker is GAME. These tokens can be created, traded, and transferred between users of GAME Credits. These tokens can be used by players or communities to participate in or host GAME tournaments. Keeping these tokens enables players to acquire more in-game items.
Price: $ 0.0036309
Market cap: $ 69,413.02
Emerald is a fault-tolerant, unstoppable, and decentralized cryptocurrency wallet and payment infrastructure with a non-custodial security focus.
Market cap: $1,469,271
The community-driven cryptocurrency Einsteinium (EMC2) uses blockchain technology to raise money for scientific research.
This is achieved through the imposition of a mining tax, which builds a fund reserve from which grants can be awarded to deserving candidates. The community will vote on which scientific project to support after mined blocks make a mandatory 2.5% donation to the Einsteinium Foundation’s fund. The Einsteinium Foundation seeks to promote numerous initiatives and causes by incorporating crowdfunding into the process. According to reports, the Foundation has already given 16 million EMC2 coins to research projects.
EMC2 is a Scrypt coin that uses the Kimoto gravity well to democratize mining with a 50% block reduction and a 60 second block time. Wallets for Android, Windows, and Mac are all supported by the EMC2 coin.
Market cap: $375,771
Fast transaction processing is a feature of the scrypt-minable cryptocurrency FLO. Transaction comments are a new function offered by Florincoin. These transaction comments allow Florincoin to support a variety of special blockchain enhancements and applications.
Price: $ 0.0318
Market cap: $ 473,985
On January 24, 2014, Auroracoin (AUR), a peer-to-peer cryptocurrency, was introduced as an Icelandic replacement for bitcoin and the Icelandic króna. Half of the 21 million total coins were premined for the 330,000 Icelandic citizens who reside in Iceland by an unidentified creator or creators using the pseudonym Baldur Friggjar Óðinsson.
Phase I of this groundbreaking national ID-enforced airdrop began on March 25, 2014, with 31.8 auroracoins allotted to each claimant. Phases II and III came to an end in 2015, with 318 and 636 auroracoins per claimant, respectively.
Out of the 10.5 million premined coins, about 40% were claimed, 10% were donated to the Auroracoin Foundation (M1 fund), and 50% were actually destroyed.
A multi-algorithm (PoW) code change experienced a hard fork in 2016. There was also a block-time change from 10 minutes to 61 seconds, a corresponding change in block-reward, resulting in a “halvening schedule” change and increase of maximum coins to 23.3 million. ( Adjusted to 17.97 million after 5.345 million burned )
In order to increase Auroracoin’s blockchain advocacy efforts in Iceland, it was decided to liquidate 80% of the M1 fund in 2018. This allowed for the establishment of the Icelandic Blockchain Foundation (Rafmyntaráð).
With the aim of providing a substitute for fiat currencies that experience inflation, Auroracoin released another significant major release in 2021 and has since maintained its volunteer-driven, open-source business model.
Given how volatile the price of cryptocurrencies can be, treat these profitability estimates with caution. It may rise, making mining even more worthwhile, or it may fall, resulting in lower profits. How profitable it is to mine with the Antminer L3+ depends on the network difficulty as well.
What is Scrypt?
Scrypt was one of the initial hashing algorithms used on blockchain networks. It is an effort to advance the SHA-256 hashing algorithm, which was used previously.
Password-based Key Derivation Function
Scrypt is a key derivation function (KDF) that uses passwords. A key derivation function, or KDF, in cryptography is a hash function that uses a pseudorandom function to derive one or more secret keys from a secret value like a master key, a password, or a passphrase. Attacks that use brute force to guess passwords are typically successfully thwarted by KDFs.
However, prior to the creation of Scrypt, FPGAs and ASICs could only be partially circumvented by KDFs like Password-Based Key Derivation Function 2 (PBKDF2). While not memory intensive, PBKDF2 and other password-based KDFs required a lot of computation. Scrypt was made to take up a lot of memory and have a high computational cost.
ASIC mining rig dominance and the subsequent centralization of cryptocurrency mining were both addressed by the development of Scrypt. Scrypt is meant to outperform SHA-256, which is used in the Bitcoin network and other Proof of Work networks that support digital currencies, in terms of blockchain.
Miners must quickly produce random numbers due to Scrypt’s design. The processor’s RAM, which must be continuously accessed before submitting a result, must be used to store these numbers. In comparison to SHA-256 networks, Scrypt networks typically have a much lower hash rate. For instance, Litecoin (LTC) has a hash rate of about 138 TH/s as of the time of writing. Around 93,000,000 TH/s are used to calculate the hash rate of bitcoin.
Origins of Scrypt
Scrypt was created as a memory-hard algorithm to increase network security and thwart attacks from specialized hardware. In contrast to other hashing algorithms like Equihash and CryptoNight, which were created especially for Proof of Work blockchains, Scrypt was first created for a different use case and then added to blockchain networks.
Prominent Projects That Use Scrypt Algorithm
Three well-known projects that use Scrypt are Litecoin (LTC), Dogecoin (DOGE), and Einsteinium (EMC2). The use of Scrypt by each of these networks and its efficiency in preserving network security will be examined in this section. We’ll also take a look at a few projects that used Scrypt at first but later switched to other hashing algorithms.
Advantages and Applications of Scrypt
- Less complicated than other mining algorithms.
- Significantly less energy is used than with other algorithms like SHA-256.
- Scrypt coins generally require lower fees for transactions on their blockchains
- Mining Scrypt is four times faster than mining Bitcoin.
- Excellent method for encrypting files, passwords, and wallets.
Conclusion: Litecoin is the Most Profitable
The Bitmain Antminer L3+ (600Mh) is a Dogecoin and Litecoin merge miner (it can mine both coins at the same time). It mines the Scrypt algorithm, with a maximum hashrate of 600 Mh/s and a power consumption of 850 W. You can mine Dogecoin (DOGE) and Litecoin (LTC), Utilizing the Scrypt algorithm, it is used by DigiByte (DGB), Verge (XVG), Gulden (NLG), GameCredits (Game), Emerald (EMD), Einsteinium (EMC2), Florincoin (FLO), Auroracoin (AUR), and other Scrypt-based coins. Among which the most lucrative cryptocurrency are both Dogecoin and Litecoin.
What is the Most Popular Coin to Mine With Antminer L3+?
The L3+ runs on the Scrypt algorithm and is one of the most profitable ASIC miners on the market, which can mine both Dogecoin and Litecoin.
How Profitable is the Bitmain Antminer L3+ (600Mh)?
A Dogecoin miner is the Bitmain Antminer L3+ (600Mh). At the current DOGE price of $0.08, the Bitmain Antminer L3+ (600Mh) is mining $1.33 a day before power cost is subtracted.
At an electricity cost of $0.08 per kwH, the daily profit of this miner would be $-0.30.
How Much Dogecoin Does the Bitmain Antminer L3+ (600Mh) Mine Per Day?
The Antminer L3+ (600Mh) currently mines 8.85 DOGE a day.