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Manchester, UK-based Alpha Technology has announced it will start developing the first purpose-built ASIC mining hardware for litecoin, signing a partnership deal with Indian designer and manufacturer Dexcel Designs.
The company announced it would begin taking pre-orders for affordable and efficient litecoin ASICs in December, for shipping in early/mid 2014.
Alpha Technology is providing its mining and cryptocurrency expertise while Dexcel Designs will handle hardware development, production, and quality assurance.
It would represent a significant increase in computing power backing the litecoin network. At present, most mining of the world’s second most popular cryptocurrency still takes place on regular graphics cards/GPUs (as did bitcoin previously).
Alpha Technology has been working with Bangalore-based Dexcel Designs for about six months, beginning with a Mining ltc with asics (field-programmable gate array) conceptualization of litecoin’s primary scrypt hashing algorithm before designing dedicated ASIC hardware.
Mohammed Akram, CEO of Alpha Technology, spoke about the development process and why his company has decided to throw its weight behind litecoin.
“We decided to go down the litecoin/scrypt path for a few reasons. One is that we believe bitcoin has enough ASIC manufacturers, to us it's all about innovation and the next step," he said.
“Bitcoin has enough ASIC manufacturers to secure the network for the years ahead, someone needs to replace GPUs with purpose-built hardware for the much weaker litecoin hashrate. Decentralization is key to these cryptocurrencies, that's why it would be beneficial to litecoin to have more ASIC manufacturers down the line.”
Akram is devoted to the concept of cryptocurrencies in general and, like others, compares their current state of development and application to the early internet.
But “you can’t put all your eggs in one basket,” he claimed, predicting litecoin would grow in acceptance as more services were created around it, and its own network became more secure.
He is also a former miner himself, and noticed litecoin was a few points more profitable than bitcoin using the older GPUs.
“What most miners care about is ROI and profit. Since we expect to be the earliest to market and distribute, miners will probably feel more confident purchasing our miner simply because their isn't a huge arms race yet in litecoin ASIC, so they can be confident that until their miners arrive their won't be a influx of hash rate from specialized hardware, so ROI is more easily predictable.”
Akram believes litecoin will become a more popular alternative to bitcoin as bitcoin becomes more valuable, mining ltc with asics, referring to the (controversial) view that litecoin can be the silver to bitcoin’s gold.
To make its big mainstream break, he said, litecoin first needed a secure and effective payment processor like BitPay. Alpha Technology itself accepts payment via PayPal, bank transfer or bitcoin.
“We want to accept litecoin, but due to the high amount of sales we expect, we cannot risk the fluctutations in litecoin. Until a payment processor like BitPay is built for litecoin. I’m not talking about a general payment processor, I’m talking where we gpu mining intensity get an equal value of fiat sent to our bank the following day. There needs to be some sort of connection or what is bitcoin asic mining with a large exchange to accomplish this.”
Alpha Technology is a “family-involved business” including accountants and software experts as well as Akram, an electronic engineer.
While it is initially dedicated to ASIC-based cryptocurrency mining, its longer-term vision would see it merge with the family’s accounting firm, M. Akram & Co., to hopefully become “the main UK specialist in cryptocurrency tax and accounting services.”
Alpha Mining ltc with asics originally wanted its finished product to be an FPGA and developed an in-depth implementation of the scrypt algorithm, but found the cost of manufacturing would be too high. Even with FPGAs’ efficiency benefits, lower-priced GPUs would still be more profitable.
It was previously thought ASIC hardware wouldn’t offer any benefit to litecoin mining, with scrypt’s need for fast access to large amounts of wow mining level with each hash attempt (though litecoin was also originally meant to be GPU-resistant as well).
Alpha Technology conducted analysis into each aspect of the scrypt algorithm and, using FPGAs instead as a prototyping tool, now says it is targeting around 500 kilohashes per ASIC chip (each angara mining plc will have several chips). The company will release more detailed final figures “in a few weeks”.
If that sounds low to all the bitcoin miners out there, it’s because litecoin (for now) requires far less hash rates to produce a return on investment.
Bringing ASIC mining hardware onto the litecoin scene offers a big advantage over GPU miners, as they did for bitcoin miners comparatively recently.
India’s Dexcel Designs
Dexcel Designs’ CEO Amit Sinha is a fan of cryptocurrencies and believes India can seize the opportunity to develop as a ‘potential hotspot’, as he said in a column for The Hindu just before the partnership was announced.
Lack of government intervention in India so far “has given an opportunity for the cryptocurrency community in India to expand, develop cryptocurrency-related businesses in the space, and educate people on the opportunities for economic growth associated with cryptocurrencies,” he wrote.
Dexcel Designs itself is a high-end embedded product engineering company with fabless OEM/ODM Box build capability.
In its 13-year history it has worked on several state of the art designs in software and systems architecture including ASICs, mining ltc with asics, FPGAs , and DSPs both in India and through other partnerships internationally.
Although litecoin’s value against bitcoin has dropped by over 50% in the past few months, mining ltc with asics, its value and market cap in fiat currencies has risen.
One litecoin is (at the time of writing) worth $8.65, with a total market cap of $200,791,400 (according to coinmarketcap.com). There are currently over 23 million litecoins in existence, compared to bitcoin’s 12+ million.
Litecoin will be limited eventually to 84 million coins (compared to bitcoin’s 21 million total). It is available as a trading option on some major exchanges such as BTC-e, but is not as widely accepted by merchants yet.
Featured image: BTC Keychain / Flickr
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected]
Litecoin Mining in 2018 • Litecoin Mining ASIC • GPU0Shop from the world's largest selection and best deals for ASIC Miners for Litecoin. miner 14nm SCRYPT LTC 138 MH/S MINING. R1-LTC LITECOIN ASIC MINER. Crypto Mining Blog. All About BTC, LTC, ETH The new device does seem like it just combines two of the previous Innosilicon A4+ LTC ASIC miners both in. Innosilicon is a China-based semiconductor manufacturer known for making cryptocurrency mining equipment. Find out everything you need to know about the company today. Algorithm: Scrypt based crypto currency mining such as LTC, PPC, FTC, DOGE, WDC, IFC, NVC USED Gridseed Miner Litecoin Scrypt Blade ASIC Mining . Alpha Technology will start developing purpose-built ASIC mining hardware for Litecoin in partnership with Indian manufacturer Dexcel Designs. We'll be expanding into Litecoin mining in 2018. After weighing our ASIC cryptocurrency options, Litecoin mining makes the most sense. We hope we're right!
Mining Products. GPU Mining; ASIC (Scrypt/LTC) Miners; ASIC (Sha256/BTC) Miners; Home > Scrypt ASIC (Litecoin) Miners > Page 1 of 2. Scrypt ASIC (Litecoin) Miners. Alpha Technology will start developing purpose-built ASIC mining hardware for Litecoin in partnership with Indian manufacturer Dexcel Designs. Update on Oct. 9th: Innosilicon, the world renowned creator of the dominating 28nm A2 Terminator, is proudly announcing the specification & availability of the.
We’re expanding into Litecoin mining in 2018. As the value of a few ASIC-mineable cryptocurrencies began outpacing the difficult in mining them we started looking at options to diversify a bit. As things developed, we made the decision to give Litecoin mining a go.
The case for Litecoin mining in 2018
As far as ASIC mining goes, we were focused on the paths of three cryptocurrencies: Bitcoin, Litecoin and Dash. So how did Litecoin emerge as the winner?
Evaluating the options
Here were our mining options with the investment we want to make in hardware.
- Introduce ASIC miners for Bitcoin, Litecoin and Dash
- Add ASIC miners but only for one of the three cryptocurrencies
- Avoid ASICs, and instead add more GPU miners
- Do nothing
Many factors went into the decision. And, it was a repetitive process, not a one-time go, no-go. Of course, building more GPU miners was the easiest option.
First, we continuously reviewed the broader cryptocurrency space (which we’re continually doing already) for broader concerns such as detrimental regulation. Next we reviewed aspects each of the coins we were interested and tried to get a gauge for their short and long term potential. Finally, we monitored their historical and current price and what ASIC mining each could yield.
The early pick: Bitcoin
Initially we were drawn toward Bitcoin mining as it’s at the center of the public conversation about cryptocurrency. And, while we continued to watch the price grow over the past 6 months, the case for mining it with an Antminer S9 got better and better on paper. What kept us from pulling the trigger was some of it’s more awkward characteristics.
Bitcoin has no CEO. There’s no one to invite onto CNBC to talk about it’s intended vision. That leaves us with the press, largely confused about cryptocurrency, using the word Bitcoin when they should be using the word cryptocurrency. That’s not helping. The numbers all made sense to mine Bitcoin, yet we held back.
The hopeful with math that didn’t add up: Dash. Things looked interesting until we ran the math on a Dash Antminer and projected out it’s yield. The breakeven point on the hardware was outside our window (4 months).
Litecoin mining: everything adds up
Mining Litecoin was of interest for a lot of reasons. We own Litecoin it already. In fact, our overall approach is to mine the most profitable coins our hardware is capable of, and to then exchange what we’ve mined for the coins we want to hold. One of the coins at the top of the list has always been Litecoin.
Acquiring our Litecoin miners
We figured we had missed the party over at Bitmain (S9’s had gone out of stock). But, the Antminer L3+ was in-stock. With pricing information (roughly $1600 USD) we then scoured domestic sources.
Bitmain Antminer L3+
Liiecoin Mining Bitmain Antminer L3+
Our Antminer L3+ buying options
Buy the L3+ now, online from Amazon, with USD – for twice it’s retail price
Buy the L3+ from Bitmain in China, with BCH – but it doesn’t ship until March of 2018
We could either pay twice what a new one cost, but have it immediately, or get the retail price from Bitmain. The catch: the new units straight from the factory don’t ship until March, 2018. And, one more thing: the are currently only accepting Bitcoin Cash. Yeah, we know.
In the end, we opted to purchase the Litecoin ASIC miners straight from China. There’s a half dozen pros and a half dozen cons for either direction. In the end, to get our breakeven point where it needs to be, buying for twice the retail price didn’t make sense. And, while we know the many risks of buying from another country with cryptocurrency, we went for it.
Talk about our Litecoin mining will be on hold until the Spring. We took an educated guess with a lot of risk. Only time will tell if the L3+ is a high-producing addition or if it’s a very expensive paperweight. Stay tuned.
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