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I am looking at getting a Bitmain AntMiner U1 1.6GH/s - USB Bitcoin ASIC Miner to mine LTC and doing a few calculations.

I have used a few LTC profit calculators:

They all seem to vary between about $40 - $70 a day? Is this correct? That seems quite a lot, for what it is.

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You can't mine Litecoin with a Bitcoin miner. Bitcoin uses sha256 hashing, Litecoin uses Scrypt, which is about 1000x slower even when implemented in an ASIC, which is why you are calculating ridiculous profit numbers.

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You are looking at a Bitcoin miner, not the Litecoin miner which you need for Scrypt hashing so the estimates will not even be close.

Once you find the correct type of script miner, keep in mind that

  1. Projections are based on the costs that you enter (including energy costs) so only you can know how accurate they are.
  2. Calculations focus on current difficulty and block reward. If network difficulty increases your share of the network hash rate will decrease (so long as you keep using the same equipment).

Projecting future difficulty levels is always highly reliant on estimation.

  • FYI, it's spelled "Scrypt". – Nate Eldredge Jun 30 '16 at 1:42

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