What is Litecoin and how to mine it?


Share the knowledge 馃殌

What is Litecoin?

Litecoin (LTC) was introduced in 2011. It is one of the ancient digital currencies. It is a cryptocurrency just like Bitcoin. After Bitcoin, it is a third-largest cryptocurrency. However, you can purchase Litecoin, and you can also mine it to be waged with LTC.

Similar to bitcoin, it uses a distributed ledger named as the blockchain. It is controlled by a lot of miners who utilize computing power to confirm transactions and protect the network.

In short, miners are accessible with mathematical equations. By solving mathematical equations, miners can authenticate blocks of Litecoin transactions. In return, they will get LTC.

What can you use to mine Litecoin?

vStart by selecting your setup

In the initial days of Litecoin life, it was likely to mine the currency while using computer and make a profit. This is no longer the case. Although Litecoin mining is not as advanced as the industry of bitcoin mining, it is now a resource-intensive procedure than it utilized to be. There are three choices for mining Litecoin.

聽聽聽聽聽聽聽聽Solo mining

聽聽聽聽聽聽聽聽Joining a mining pool

聽聽聽聽聽聽聽聽With a cloud mining service

1.聽聽聽聽Solo mining

For Litecoin mining, instead of using a CPU or graphics card, you can buy particular hardware made for mining cryptocurrencies based on Scrypt. So-called as ASIC miners, these are considerably more potent than CPUs and thus have a better chance of getting mining rewards.

You will have to purchase an isolated power supply cord as well as fans to avoid your system from overheating. The biggest benefit of solo mining is to not share your mining rewards with someone else. But, the disadvantages are that you have to pay the electricity bill to run your equipment, and you can go for a long time without getting any block rewards.

2.聽聽聽聽Joining a mining pool

You can consider a mining pool, if you think there is security in numbers. These mining cooperatives let you to join forces together with other miners and set your mutual computing power to mine Litecoin.

It means, LTC rewards are pooled between the group, then while you will achieve a small portion of themined LTC, you will obtain payouts more regularly instead, if you mine Litecoin on your own. You should consider:

Pool size:There are more chances of getting LTC, if the pool size is large.

Fees:Pay a fee for the license of joining a mining pool, thus you need to know how much the payment is and how often it is paid.

Minimum payouts:Figure out what lowest threshold applies before you are permitted to transfer the mined LTC into a private wallet.

3.聽聽聽聽With a cloud mining service

If you do not want to handle the hassle and cost of purchasing and keeping the required equipment, you should think about cloud mining services. These providers, for example, Genesis Mining as well as HashFlare, let you hire Litecoin mining equipment.

Hiring computing power is economical than making your own rig. This means that you can prevent the issues related to running your personal mining operation, for example, equipment conservation, overheating dangers, and the use of electricity.

But, there are disadvantages. These services are not free of cost, and you will be keen to surrender a definite level of mechanism to the company you pick. There is also the danger of a scam cloud mining facility, hence it鈥檚 important to thoroughly study any company before selecting.

How to mine Litecoin?

There are different ways of mining Litecoin. These are:

Litecoin mining at home

聽聽聽聽聽聽聽聽Generate a Litecoin wallet

聽聽聽聽聽聽聽聽Select your hardware.

聽聽聽聽聽聽聽聽Install mining software.

聽聽聽聽聽聽聽聽Start mining

Litecoin mining while using a mining pool

聽聽聽聽聽聽聽聽Make a Litecoin wallet

聽聽聽聽聽聽聽聽Select your mining hardware

聽聽聽聽聽聽聽聽Install any essential mining software

聽聽聽聽聽聽聽聽Pick a mining pool

聽聽聽聽聽聽聽聽Start mining

Litecoin mining via a cloud mining service

聽聽聽聽聽聽聽聽Select a cloud mining company

聽聽聽聽聽聽聽聽Choose a mining package

聽聽聽聽聽聽聽聽Picking up your mining pool

聽聽聽聽聽聽聽聽Start mining

Make sure before mining Litecoin that, you are well aware of all your choices and risks included in each method. By doing research and getting the correct setup for your requirements, you can eventually make a profit while mining Litecoin.

Read More

Bitcoin鈥檚 $9,000 Price Stays Steady as Sentiment Stays Positive

OKCoin takes new chairman - Hong Fang, as the cryptocurrency exchange's new chief executive.

Is cryptocurrency is legal in Nigeria?

what is an asset token?

What are Cryptocurrency Airdrops and how it works

Out of 11 African Fintech Startups Selected for the CATAPULT Africa Programme, one is Blockchain-based.

What is ETH faucet

Highest paying Bitcoin faucets

Best Bitcoin faucets聽

Bitcoin Finally Breaks Through -Passes the $9,000 Mark, a Key Psychological and Technical Resistance.

How does BTC faucet work?

what is AWS Mining and how does it work?

Bitcoin Trading Above $8, 500 after Breaking Key Resistance Levels

6 Things You Need to Know About Cryptocurrency Taxes

7 Blockchain-related jobs opportunities in 2020

Blockport, a Dutch Crypto Exchange, ceases operation and Vows to Return

Is Technology Changing the Way we Read?

Open source website Receives 14 Bitcoins ($120,000) as an Anonymous Donation

Can Bitcoin or other kinds of Cryptocurrency beat down the U.S. dollar hegemony?

What is the difference between Cryptocurrency and Blockchain?

EY Has Built a Blockchain that can identify authentic wine and much more.

A new 2019 record for Bitcoin鈥檚 Price; Above $8,900.

Bitcoin Exposed to $7200 Support, an early in the day Price Dip.

Government Shuts Down Internet for a Short Time in Benin

A Nigerian Commemoration of the International聽'Girls in ICT' day.聽

what is Litecoin
what can you use to mine litecoin


Comments here are not of the author's opinion. Users are responsible for their comments.


Professional writer

Follow on Twitter

Related Post

How To Xeno Coin


How To Xeno Coin

What are the Key Components of The Blockchain Network?


What are the Key Components of The Blockchain Network?

Blockchain: Understanding Blockchain Layers and its Architecture?


Blockchain: Understanding Blockchain Layers and its Architecture?

Understanding Blockchain Social Media


Understanding Blockchain Social Media

Blockchain-as-a-Service (BaaS) and its Benefits


Blockchain-as-a-Service (BaaS) and its Benefits

Blockchain Technology for Green Innovation


Blockchain Technology for Green Innovation

Introduction to EtherMail: A Secure and Private Web3 Mailing Service


Introduction to EtherMail: A Secure and Private Web3 Mailing Service

AI-Blockchain Projects: The Top 5 You Must Know


AI-Blockchain Projects: The Top 5 You Must Know