How to start litecoin mining

To mining how start litecoin ethereum mining pool software

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Since Litecoin is a Bitcoin fork with a few tweaks and changes to its source code, Litecoin mining works similar to mining Bitcoin. Just like Bitcoin, Litecoin is a decentralized cryptocurrency, whose digital ledger is maintained by a decentralized network of nodes instead of one single party. As a result, there is no central entity to distribute the cryptocurrency out into the world. The distribution of coins has therefore been designed in a decentralized manner as well.

The receivers of the newly issued Litecoin units are the so-called miners. These vital network participants are the ones doing the mining and are in return rewarded with the cryptocurrency. The term mining is an analogy that is borrowed from the process of extracting precious metals from the ground as they also need to be mined at the cost of labor and energy.

While costs and energy are incurred for Litecoin miners as well, they are not the result of digging into the ground in the search of precious metals. The energy used to mine Litecoin is going into dedicated computer machines, powering processors in a global competition to solve cryptographic puzzles at the cost of computing power. Whichever miner successfully solves this puzzle first and thereby outcompetes his contenders and gets to add a new block to the blockchain is rewarded with some additional Litecoin in what is called a block reward.

Ultimately, the miners are handsomely rewarded for providing computational power to the Litecoin network and thereby making the network secure for the decentralized handling of peer-to-peer transactions. Similar to Bitcoin, Litecoin also has an upper fixed coin limit. With Litecoin there exists a fixed supply of 84 million Litecoin units that will ever be created. As of July , about 67 million of these have already been created and are currently circulating in the open market.

The remaining supply of about 17 million units are still up for mining until around the year At that time, the supply limit will be reached and no more Litecoin will be issued by the protocol. At the time of writing, In about two years from now, the issuance amount per block will be cut in half with the reward dropping to 6.

From there, every four years going forward, Litecoin will experience another halving, bringing Litecoins issuance down to 0 eventually. Contributing to the mining of Litecoin equals providing processing power, also known as hashpower, to the Litecoin network. Because Litecoin represents an open, permissionless system like Bitcoin, anyone with access to computer processing power can participate in mining.

In the early days of Litecoin it was very well possible to mine the cryptocurrency using home gear computer hardware like classical CPU or GPU both of these are computer processing units. With ever more hash power being provided by more as well as more professional actors, mining has become increasingly difficult. In order to competitively mine Litcoin, so-called application-specific integrated ASIC mining machines are needed.

For Bitcoin, the mining algorithm used is SHA So while ASIC miners used to mine Litecoin cannot be switched to mining Bitcoin, they can easily be changed to mine other coins, most notably Dogecoin, which also adheres to a scrypt-based algorithm. Just like the Bitcoin mining industry, Litecoin mining today is also dominated by mining pools. If someone is in possession of only a handful of scrypt-based ASIC machines, it is best to plug these mining machines into so-called mining farms.

This way, a smaller miner can team up with a lot of hash power, making it more probable that he will get a steady flow of block rewards out of his minings machines. Whenever the respective mining farm finds a new block, the smaller miner gets a share of the rewards proportional to the hashing power he has contributed.

Each cryptocurrency lives on a blockchain, a distributed ledger that records transactions. This ledger is made up of thousands of computers that power the network by running mining software, which constantly solves complex logarithmic equations to confirm transaction information. Mining computers are sporadically rewarded with new coins for solving the equation.

Mining fulfills two functions of the cryptocurrency network. Miners ensure the network is secure and trustworthy by verifying network transactions. Successful miners also receive new coins as a reward, which increases supply and further incentivizes miners to continue supporting the network.

You may be wondering: is mining lucrative? The answer depends on the coin, your resources, and how you choose to go about mining. Li created this popular altcoin with a few distinct advantages:. Here are some fast facts for the current state of LTC:. Halving is an important element of any cryptocurrency. For a more in-depth review, jump over to our article on Bitcoin halving , which shares many similarities with Litecoin.

Unfortunately, as coins grow in both age and popularity, it becomes harder and harder to mine with low-cost equipment. A note of caution : the more powerful your rig the better chance you have of scoring LTC. Keep this in mind when you consider how much you want to invest. The downside here is that you will have to bear the full brunt of the costs of mining.

You may go for extended periods without winning any LTC. On the other hand, a mining pool functions the same as solo mining, except you get to pool your resources with other miners for a better chance to get a payout. For those looking to outsource the hardware requirements, cloud mining is the right way to go. This requires you select an appropriate cloud mining company, choose the right mining package, and select a good mining pool.

Not so fast. Make sure to check in with the calculator when considering your hardware and mining pool costs. If you have questions or need advice, check out the LTC subreddit. This active subreddit can help you design the best Litecoin miner. Your mining computer, or rig, is the critical piece that will determine how effective you are at minting new coins. Litecoin rigs can have from two to five GPUs or more.

The rig will also require significant RAM and cooling for the rig. This is a dedicated mining machine. Below are a few Scrypt miners available on the market. Not all miners are created equal, so do your research on power versus affordability. Below are a few different options.

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