It is a basic law of the market economy that “the scarcer the commodity, the higher the value”, which also applies to cryptos. If there is anything for certain in the crypto market that can stimulate positive sentiment this year, it is likely to be the upcoming Litecoin halving. After the halving, the daily supply of Litecoin will be cut in half. Therefore, it is a noteworthy opportunity for both value investors and miners upstream in the industry.
In 2022, the crypto market experienced a domino effect brought by the collapse of FTX, and even some top mining companies failed to survive. However, as 2023 kicks off, DeFi has made a comeback, NFTs have rebounded, and with the upcoming Litecoin halving, positive market expectations have emerged ahead of schedule. According to relevant data, compared to the figures early this year, the price of Bitcoin has risen by 74%, Dogecoin by 30%, and Litecoin by 47%.
As the prices of these cryptos keep rising, mining profits are also much higher than the level early this year, which is good news for miners. Currently, ANTMINER L7, which supports the Scrypt algorithm and is designed by BITMAIN specifically for mining LTC and DOGE, is the most profitable ASIC miner on the market in terms of daily mining revenue. The rated hashrate of this model can reach 9.5 GH/s, with a power consumption of 3,425 W. Based on an electricity price of $0.1 kWh, the daily net profit stands at $15.26.
* The data is as of April 20, with LTC at $91.6 and DOGE at $0.088.
As the saying goes, “a good horse should be equipped with a good saddle.” As the overall network hashrate is on a steady rise, we can tell that users are vigorously updating their mining machines in order to capture the benefits from the halving that happens once in four years. Under such circumstances, a user-friendly and matching ASIC firmware becomes essential. There are ASIC firmwares on the market that can increase the hashrate of the original mining machine by 20-30%, bringing in extra $30-50 for miners.
According to data provided by mining service provider Hiveon, if ANTMINER L7 is overclocked to 11 GH/s using Hiveon ASIC firmware, the average monthly revenue will be $31.8 higher than the revenue brought by the original hashrate. If the firmware is set to the underclock mode (reduced to 7 GH/s), although the revenue is $93.4 less than before, the power consumption could be reduced by 1,065 W. With the prices at a relatively low level, the underclock mode may generate even more revenue than the overclock mode.
For miners who own hundreds or even thousands of ANTMINER L7 models, Hiveon ASIC firmware can earn them additional tens of thousands of dollars in monthly revenue, compared to the original firmware. No wonder Hiveon ASIC firmware is considered an ace to increase mining revenue. It is also worth mentioning that excellent ASIC firmware on the market can not only increase the hashrate of mining machines but also allow miners to manually adjust mining machines to the sleep mode and the low-power mode, which is quite user-friendly.
Apart from boosting the hashrate by nearly 30% and cutting power consumption by nearly 44%, Hiveon ASIC firmware, which is for ANTMINER L7, can protect the mining machine from viruses and extend its lifespan. Useful functions such as Farm mapping and chip preheating for startup ensure that the temperature of the mining machine does not rise sharply, which demonstrates Hiveon’s professional dedication in creating ASIC firmware products.
Users of ViaBTC Pool can click on the link below to go to the firmware download page.
Link: http://download.hiveos.farm/asicextra/custom_fw/viabtc/2023-04-18/
Q: What does Hiveon ASIC firmware (compatible with ANTMINER L7) charge?
A: Hiveon ASIC firmware (compatible with ANTMINER L7) charges 3% of the revenue as development fees. This is done in parallel mining, without hashrate dips or suspension of the main mining process.
Q: After I install the Hiveon ASIC firmware, if there is a power outage at home and the mining machine stops working, will there still be any charges?
A: If the mining machine is not working, there will be no charges for using the firmware.
Q: What should I need to prepare before installing Hiveon ASIC firmware?
A: Before installation, you need to prepare a 16 GB SD card, as all installation operations will be completed through this SD card.
Q: What should I do if I encounter any problems during the installation process?
A: If you are already mining LTC in ViaBTC Pool and want to switch to Hiveon ASIC firmware, you can join the official community for consultation or contact bee@hiveos.farm for assistance.
Q: What if I don’t want to use this firmware?
A: You can simply remove the SD card from the mining machine.
Looking back on historical trend of market prices, miners have been proven to be one of the biggest beneficiaries in the previous two halving events. The third halving of Litecoin will take place in just about 100 days, and at that time the reward will be reduced from 12.5 LTC to 6.25 LTC. Litecoin miners are running out of time. In this dog-eat-dog market, speed is the miner’s asset, and only those who act fast could seize the opportunity of halving.
Disclaimer: This article offers no financial advice.