Easy Litecoin LTC Mining

Find out what your expected LTC and USD return is depending on your hash rate, power consumption and electricity cost. Find out if it's profitable to mine Litecoin. Do you think you've got what it takes to join the tough world of. Looking to mine the easy way? Litecoin - 50MH/s - 24 Months - Genesis Mining Litecoin Cloud. Litecoin (LTC) 163.85 USD (1.52%) 0.01615740 BTC. MARKET CAP $9.01 B. VOLUME (24H) $305.86 M. Powered by CoinMarketCap. Much the same as Bitcoin, Litecoin has begun with a mining prize of 50 coins for every square. Easier than mining Litecoin and more profitable than Litecoin faucets.

HashGains present’s Best Litecoin mining pool that comes with high hash. Today’s Litecoin Price. Litecoin mining has never been so easy. Coinwell makes litecoin mining hassel free, convenient and accessible to anyone. Sign up for a free account and start mining instantly. Litecoin mining made easy describes the primary method for acquiring litecoin using standard hardware and available custom software.

Litecoin Mining: A Helpful Guide The made national news headlines this year, mostly for its rapid growth. News outlet CNBC that “Litecoin hit a record high, up nearly 1,400 percent this year.” Litecoin rose in rankings to the fourth-largest cryptocurrency in the world, and it wasn’t the only cryptocurrency experiencing growth – bitcoin, ethereum and many others were inching up as well. The litecoin community, however, activated a technology upgrade this year, which sparked additional interest. Segregated Witness, which is also known as “,” increased the cryptocurrency’s capability and transaction speed, which are important factors in the mining process.

Prospective miners just starting out and those who have mined other cryptocurrencies but not litecoin in the past may wonder, “What is the best way to get started?” Here is a helpful guide to review before setting up a litecoin mining rig of your own. How Is Litecoin Different? Litecoin is often compared to the digital currency bitcoin, and for good reason. Litecoin was heavily influenced by bitcoin when Charlie Lee developed it in 2011. The theory and the setup are similar to that of bitcoin; however, there are a few major differences that set the two cryptocurrencies apart. The lifetime cap of the currencies is different. Litecoin has a lifetime cap of 84 million coins, which is about four times more than bitcoin.

In contrast, bitcoin has a cap of 21 million coins, and the currency is further along in its growth cycle, meaning that fewer coins are available. Fewer coins available can translate to a higher value for each coin. Litecoin has faster block generation.

The holy grail of mining is faster block generation. Rewards are earned only when blocks are generated, so the faster you can generate those blocks, the better. Litecoin’s block generation time is 2.5 minutes instead of bitcoin’s 10 minutes. As a result, litecoin transactions are confirmed about four times faster than those of bitcoin. Mining litecoin is reported to be easier easier due to a lower difficulty in solving a block.

Use a “proof of work” concept during the mining process. The algorithms that each cryptocurrency mining process utilize are also very different (more on this in a minute). Plus, even though earning litecoins is said to be easier, the value of a bitcoin is currently higher than that of a litecoin, so it’s important to put the ease of mining in perspective with each coin’s value. The proof of work algorithm is different. Bitcoin uses the SHA256 algorithm, and litecoin uses a scrypt algorithm; they are very different.

Here is a quick breakdown of the two algorithms. • SHA256 algorithm. This algorithm favors systems that have the largest processing power (CPU mining) during the mining process. For this method, the more processing power, the better. • Scrypt algorithm. The scrypt mining algorithm is designed to take a different approach and favors systems with the largest amount of random access memory (RAM) for mining.

Computers with powerful graphic cards (GPU mining) that were used frequently in the past for bitcoin mining but are rarely used today can be repurposed for litecoin mining. In addition, the scrypt approach to mining makes it easier for people with basic home computers to participate. As a result, a new individual to mining cryptocurrency could get everything set up in an afternoon, join a mining pool, and start earning litecoins right away.

But let’s take a deeper dive into equipment. What exactly do you need to get started? Let’s take a look. Getting Started: Selecting the Right Mining Hardware Are you new to mining cryptocurrencies? If so, you’ll find out quickly that the computers used to mine are called “rigs.” A personal computer can also be used to start mining by simply uploading the right software and joining a mining pool – or you can purchase one of these rigs. Opting for a mining computer does have benefits, including the ability to keep the computer cool, since it runs for long periods of time. Prolonged heat can decrease the life span of a computer, so the ability to cool it is something to consider if you’re getting started with mining.

One popular option for litecoin mining is the ASIC Scrypt Miner. This is a dedicated machine that helps increase mining power.

A low-power model can also help save on electricity bills and help increase your ROI when you calculate all the expenses associated with mining. A benefit of using a dedicated ASIC Scrypt Miner instead of a personal computer is that the technology can typically mine other types of cryptocurrencies as well (some can even mine two simultaneously). Some new miners opt to purchase a secondhand unit from a dependable seller to minimize startup costs. In addition to the hardware, you’ll also need to consider litecoin mining software options.

If you purchase an ASIC device, many of the setups come with preinstalled software, so you should be set. If you don’t have software installed, here are a few options to consider. This program was originally designed for bitcoin but can mine for litecoin via scrypt as well. This mining program is designed for a variety of cryptocurrencies, but also has the ability to mine litecoin. This program can mine for litecoin, bitcoin, and a variety of other cryptocurrencies. Once you have a computer and your software set up, it’s time to start thinking about where you’ll keep all the litecoins that you’re awarded during the mining process.

At this point, you may wonder, “How can I set up a wallet?” Setting Up Your Wallet With fiat currencies, you have a physical place where money is stored. Maybe it’s a bank or a simple wallet inside a purse or a back pocket. Cryptocurrencies are similar in that you need a place to store the altcoins; however, the storage method is much different. Wallet encryption allows you to secure your wallet and view balance information and transactions from a desktop or mobile device. The wallet is password protected, requiring you to enter key information prior to sending litecoins, but it also offers protection from viruses and Trojans that may try to infiltrate and steal your altcoins.

Download a wallet at Litecoin’s website, which allows you to securely store litecoin on your computer, tablet, phone or laptop. Here is a link for. On the download page, there is also a visual at the top left-hand corner that verifies the current price per litecoin so you know today’s current value or if you are liking to buy litecoin.

Now that you’ve secured a litecoin wallet, let’s discuss the mining process in more depth. At some point, you will question whether working alone is the best choice or if you should join a group. The answer to this question will depend on your experience with cryptocurrencies and a few other factors.

Let’s take a look. Mining for Litecoin: Work Alone, or Join a Litecoin Mining Pool?

Working alone is an attractive option, mostly because you don’t have to share the rewards, which adds more money to your wallet. But don’t be fooled by this appeal, especially if you’re totally new to mining. Mining pools are beneficial to new miners because everyone’s resources are combined and block discoveries occur more frequently, meaning you are lowering the litecoin mining difficulty. For example, working alone, you may discover a block once a year, but when you work in a group, those discoveries – and payouts – are more frequent. Key to joining a group is understanding how the rewards are paid and split. Here is a breakdown of the two most common methods.

The proportional system. Everyone in the pool works, and once a user finds the block, the reward of that block is distributed among all users. The amount of payment received by each person is proportional to the number of shares that each member submitted. The drawback to this type of setup is that it’s easy for a person to cheat the system. For example, “pool hopping” may occur, which is a method in which miners exploit payment mechanisms of various pools to increase their personal profits. Pay-per-share system.

For this approach, users are not rewarded based on how many blocks the pool actually finds, but instead on how many the group is mathematically expected to find. As a result, the group is paid a fixed number of litecoins, which is determined by the mathematical laws of probability. The advantage of this approach is that users can enjoy a steady stream of payouts without the need to wait for blocks to be found and confirmed. The drawbacks affect mostly the operator of the group because he or she takes on the risk of having bad luck.

If you’re new to mining or want to start out slowly, join a group and measure the results. Payment is more frequent, and you can earn as you start to learn more about the mining process. Most headaches are off-loaded to the administrator of the pool, so the learning curve isn’t so intimidating. When talking about mining, it’s also interesting to talk about mining profitability. How much will you earn, and what does that amount translate to in your currency? And equally important, will it offset the upfront cost of getting started? Let’s find out.

How much can you earn? How Do You Get Decred DCR From Mining. Let’s say that you join a group and your group is awarded a block. What is the value of that block, and how does it compare to fiat currency, such as the U.S. Currently, miners receive 25 new litecoins for each block. This amount is halved about every four years – or 840,000 blocks. As of October 3rd 2017, a litecoin is $51.92.

Keep in mind that the value can fluctuate greatly, but that is the value at this moment. For example, let’s say that you’re mining alone and you’re awarded a block – worth 25 litecoins. If each litecoin is worth $47.74, then you would receive $1,193. But remember that if you’re mining alone, the amount of time it takes to receive a block could be very long – a year or even longer. Also, if you’re part of a mining group, the amount that you receive if your group discovers a block will vary, based on the rules and the setup of that group. But you can keep on top of the current value of litecoin by using a, which shows today’s rate, market cap and trading volume.

The cryptocurrency site also displays the value at the top-right corner of the. Outside of up-front costs, you will have the consistent cost of electricity that needs to be factored in to profitability.

When building a mining rig, you will need to take account of the power supply requirements based on the size of your rig and how many graphics cards are being used. Efficiency is very important in order to maximize profitability, so don’t take the cheap route when choosing a power supply unit (PSU). Mining Litecoin: Worth the Investment? Mining for litecoin is a worthwhile task for many, but at the end of the day, cryptocurrency is based on math, so it’s important to understand whether the ROI is penciling out for your situation.

Accomplish this by adding up the cost of all equipment – the rig, software, electricity – and match these costs against the litecoins that you’re earning. Naturally, the first year will be less profitable because of that upfront investment, but if you’re breaking even (or getting reasonably close), that’s a good start. When the numbers look bleak, don’t worry. Take a break from mining and purchase litecoins on the exchange market, participate that way and dabble in mining in the future. But in the end, it’s all about testing, learning and staying flexible to find the best and most profitable strategy moving forward. What Is Genesis Mining? Genesis Mining offers you a smart and easy way to invest your money.

Our solution is suitable for those who are new to the world of cryptocurrencies, as well as for cryptocurrency experts and large-scale investors. Genesis Mining is the world’s first large-scale multi-algorithm cloud-mining service, offering an alternative to those who would like to engage in bitcoin and altcoin mining. For more information, visit us at today.

In May 2017, Litecoin became the first cryptocurrency to adopt Segregated Witness (or SegWit, for short). The system splits every transaction into two segments, removing the signature (the “witness” part) from the original data. This makes the processing of every transaction faster, one of the key advantages of Litecoin over bitcoin. How is Litecoin different from bitcoin?

While there are a lot of similarities between Litecoin and its more widely-accepted competitor, bitcoin, Litecoin states that it has a few distinct advantages when it comes to mining, transaction verification speed and security: • Higher volume of transactions. The Segregated Witness process increases the rate at which transactions are verified on the block, reducing the time for confirmation of payment from 10 minutes (for bitcoin) to 2.5 minutes (for Litecoin).

• More secure. This faster processing time also helps maintain a secure environment by reducing the chance of double-spending attacks – a hack in which the attacker spends the same money twice to pay for two different transactions. • Larger coin limit.

While bitcoin has a maximum coin limit of 21 million coins, Litecoin has an upper limit of 84 million coins. • Harder to mine. This might not be seen as an advantage at first glance, but because Litecoin uses scrypt hashing (instead of SHA-256) mining cannot be accelerated by using parallel processors, as can be done when bitcoin mining. This has created a much more level playing field as opposed to the race that bitcoin mining has become.

Where can I use Litecoin? You can use Litecoin nearly anywhere you can use bitcoin. Since its release it has become the second largest cryptocurrency after bitcoin, and merchants have been quick to adopt it. The Litecoin website has an of services, merchants and providers that accept Litecoin, ranging from financial consulting services to health and beauty product merchants. How do I buy Litecoin?

As with most other cryptocurrencies there are quite a few ways to put some Litecoin in your wallet, provided you have done your due diligence and are sure you want to acquire LTC: • Purchase directly from an exchange. The easiest and most straightforward method of acquiring Litecoin is to buy some from an exchange. Exchanges mostly accept credit card payments, cheques, and some even money transfers, and will in turn deposit Litecoin into your wallet. Exchanges also usually charge a percentage fee for their service, typically in the 0.5-2% range, depending on the service provider and the volume of Litecoin you’re exchanging. • Receive payment in Litecoin.

Whether you’re providing a service or selling goods to a consumer, you can always accept Litecoin as payment just as you would any other currency. With its lower fees, commissions and costs, compared to receiving fiat money (ie, government-issued currency), receiving payment in Litecoin results in more money in your pocket. Additionally, Litecoin transactions are known to be secure, faster and less susceptible to fraud. • Earn Litecoin through mining. Generating Litecoin through the process known as mining is slow and requires specialised equipment to be worth the effort, but it is nonetheless a legitimate method of generating coins. You can just put your computer to work, validating and verifying transactions made on the Litecoin network by other users, and in return you are paid in Litecoin.

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There's nothing else to it. What to watch out for Not unlike its bigger sibling, Litecoin has its disadvantages. Here are a few of the cryptocurrency’s shortcomings that have become evident: • Not as widely accepted. How Much Money Do BitcoinDark BTCD Miners Make more. Litecoin is still growing and while its acceptance has become more and more common, bitcoin is still the most commonly recognised cryptocurrency. • Not different enough. Many consider Litecoin’s technical improvements too subtle and this might hinder Litecoin’s growth. Faster transaction times and more difficulty in mining might be good enough reasons for specific-use cases, but in the grand scheme of things many are of the opinion that it does not differentiate itself from bitcoin enough to sustain long term growth.

The future of Litecoin Litecoin’s market cap growth is not expected to slow down anytime soon which may lead to more and more businesses adopting the altcoin, either alongside bitcoin or as a complete replacement. Additionally, a lot of work is being carried out on improving the network Litecoin runs on, which will improve the speed at which transactions are verified even further and will, more importantly, allow Atomic Swaps. New Litecoin ATMs being installed and a growing number of companies are slowly making the switch to Litecoin. Potential buyers should consider these developments before making decisions about purchasing LTC. Disclaimer - Hive Empire Pty Ltd (trading as finder.com.au, ABN: 18 118 785 121) provides factual information, general advice and services on financial products as a Corporate Authorised Representative (432664) of Advice Evolution Pty Ltd AFSL 342880.

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