... So what makes Litecoin mining interesting is :
- scrypt runs the SHA256 in a loop (1024 times)
- uses about 128K of memory
... the end result is that scrypt rates are slower (in the range of 1000+ KHash/sec) while bitcoin (using straight SHA256) is in the (1000+) MHash/sec areas. As a result, the difficulty level should be lower for scrypt. In addition, the Cyclone V appears to have more than enough memory to run scrypt without going external. This makes mining Litecoin (and running scrypt) appear promising to me.
Well, you're going to have some competition (as a little googling would have shown) http://www.litecoinfpga.com/ (yes funny pic, but very serious dev guy, click on "you can ask here" for the forum).