Litecoin and Dogecoin currently rank amongst the top 20 cryptocurrencies according to CoinMarketCap data, making them one of the most popular crypto assets to mine.
The profits you will make while mining these cryptocurrencies depends on the mining hardware you pick. Well, considering the number of miners available in the market, it isn’t that easy to choose a profitable miner that suits your requirements.
To ease your research, I have analyzed several mining options and found that Antminer L3 is a profitable miner for mining Litecoin and other Scrypt based cryptocurrencies.
Keep reading to get an in-depth review of Bitmain’s Antminer L3 miner. I will cover everything from specifications, pros, cons, and profitability to public sentiment.
The Bitmain Antminer L3 Review
L3 is a successor to the widely successful L3 and adds on to it some much-needed features and a few improvements.
Much like its predecessor, the L3 uses the BM1485 chip. It works almost exactly as the L3, but with a few exceptions. First of all, the L3 receives a massive boost in its hash rate, which is almost double of what the earlier model used to have. Nonetheless, the L3 also consumes almost double the power than the L3, which means energy bills are only going to get higher if you are planning to upgrade.
Things to Consider
Now since high hash rate has always been the most sought-after quality in a miner, Antimer has taken great pains to ensure that their customers find no reasons to worry and all the more reasons to celebrate. The hash rate of the L3 has been amped up by as much as almost 100%. While the older model offered a hash rate of around 255 MH/s, the L3 miner offers an extremely impressive 504 MH/s.
One of the next biggest factor while purchasing a miner is the amount of energy it consumes. Contrary to the hash rate, this happens to be an undesirable quantity which must be limited to the minimum.
After doing some calculations, it was found out by experts that the Antminer L3’s electricity consumption, which is roughly about 400W, should amount to only a 10% of your total profits in a year. These stats, when compared with other miners from the same market, paint the L3 in a pretty good light.
But when it comes to the L3 , things get a little tricky. Owing to the increased and almost doubled hash rate offered by it as compared to its predecessor, the L3 is also guilty of using up almost double the electricity, which is around 800W.
The L3 clearly takes the cake here. Weighing at only about 2.5 kg, it is surprisingly lightweight and can easily be carried around. The L3 , on the other hand, isn’t that flexible. It weighs around 4.4 kg.
Note that the weight of a rig takes critical importance when it comes to shipping since heavier items generally ask for a higher shipping cost as compared to lighter ones.
Another critical factor which comes into play when talking of miners or mining rigs is the sound generated. Since most miners prefer to operate from their residential houses, it only makes sense that the rig should make as little noise as possible.
The sound generated is usually measured in terms of decibels, and is desired to be kept as low as possible. As for the L3, it houses a single fan and emits a minimum of 60 dB. In contrast, the L3 houses dual fans and as a result emits anywhere between 75 dB to 95 dB of noise, when running at an ambient temperature.
To sum up, while the L3 isn’t soft enough to be operated from within the confines of your bedroom, but at the same time, it definitely isn’t loud enough to cause a ruckus for your neighbors.
When it comes to the machinery of any kind, the one thing that always matters is the size of it. If it is too bulky, then no matter how good or efficient a piece of hardware it is, it won’t ever live up to its full potential simply because of the fact that it would be too much of a hassle to operate or even move around.
For mining rigs too, size happens to be critical. People prefer their miners to be compact and space-efficient. First of all, a relatively small miner highly simplifies shipments and packaging.
Secondly, if the rig is small enough, perhaps you won’t need to think much about where to set it up. If the current location doesn’t work, you can simply move it to a new location without bothering much about the associated complications.
As for the L3, it is actually decently sized at just 23 cm by 13.5 cm by 16 cm. The L3 miner, on the other hand, is much larger and sized at 35 cm by 13 cm by 19 cm.
L3 Bitmain’s first ASIC miner for mining Litecoins. It was quickly sold out after its release. And considering that higher variants in the L3 series are now released, there are less chances of you finding the old L3 miner in the market.
However, the Antminer L3 series is available for sale at almost all major retail outlets and e-commerce platforms such as Amazon, eBay or AliExpress. Additionally, you can also buy it from a dedicated crypto mining supplies distributor website.
As for the L3 , you can purchase a pre-owned machine for nearly $1,350 on Amazon whereas a new miner will cost you $1,999 as of now.
Extreme caution must be exercised while ordering an L3 miner from any of the above websites since a lot of them are fraudulent schemes where the selling price is way above the actual market value.
Essentially, obscure or unknown crypto mining sites must be avoided, since it could very well be a carefully crafted scam existing for the sole purpose of duping its customers. The only thumb rule to follow here is to always order from a reputed and well-known seller.
To Invest or not to Invest?
Comparing the two models, we can easily see that the L3 model comes with double the hash rate of the L3 and a higher efficiency.
Bitamain’s Antminer L3 comes in two variants. The lower variant has a hash rate of 504 Mh/s, while the higher variant generates 600Mh per second. Thanks to such impressive hash rates, Antminer L3 still stands as a profitable mining hardware even after four years of its release.
To accurately calculate the profitability of a mining hardware, we need to consider several factors – hashrate, power consumption, electricity costs, mining rewards, mining difficulty, mining pool fees, and the current price of the mined crypto asset.
As for Antminer L3 , the lower variant generates a maximum of 504 Mh/s and consumes 800W per hour. If we consider the average electricity cost in the U.S to be $0.12 KWh, Antminer L3 (504 Mh/s) gives you a profit of $2.58 per day.
This implies, if you mine using Antminer L3 (500 Mh/s), you will make an annual profit of around $910.30 as of writing this. On the other hand, the Antminer L3 600 MH/s variant consumes 850W per hour, and it will give you an annual profit of $1,124.
A pre-owned Antminer L3 (504 Mh/s) will currently cost you nearly $1,350 on Amazon, whereas a new machine costs $1,999. Considering this, it will take you almost 18 months to recoup the cost of the used miner and start making profits on your investment.
Bitmain is amongst the largest manufacturers of crypto miners. They have over 100k followers on Twitter and more than 60k followers on Facebook.
Bitmain has been delivering quality crypto mining hardware for years now, and therefore, people trust Bitmain’s miners. Nonetheless, their customer support has received harsh criticism from their customers.
As Litecoin and Dogecoin gain more popularity, the demand for profitable Scrypt based miners will also rise. The mining hardware you choose will make all the difference when it comes to the profits you will make while mining Litecoin, Dogecoin, or any other cryptocurrency.
You should purchase mining hardware only after careful evaluation of your return on investment. After considering the hashrate and power consumption of Antminer L3 against the miner rewards, the mining difficulty, and the average electricity costs, I have found that Antminer L3 is currently a profitable miner.
Can Antminer L3 Mine Bitcoin?
You cannot mine bitcoins with the Antminer L3 miner. With Bitmain’s Antminer L3 , you can only mine cryptocurrencies based on the Scrypt algorithm, such as Litecoin and Dogecoin.
Is Antminer L3 Still Profitable?
Antminer L3 is a profitable option for mining cryptocurrencies like Dogecoin and Litecoin. Once you recoup your initial investment, you can make upwards of $1000 in profits a year (based on current prices) with Bitmain’s Antminer L3 miner.
Anish loves reading, researching, and writing about crypto and blockchain. He started his crypto journey early in 2017, what started as a fad is now a full-time hobby. He curates guides after thorough research on platforms and is responsible for the most in-depth guides on the site. You will find him walking his dog (not Doge) when he is from his Laptop.