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Litecoin Mining 101

Litecoin is a decentralized, peer-to-peer network that’s used to make payments between two or more people or entities. Litecoin functions in a similar way to Bitcoin. Just like Bitcoins, Litecoins are not controlled by any particular person, organization or government. Also, they’re available to be sold or bought at virtual cryptocurrency exchanges, and they carry a monetary value that decreases and increases with time. Also, just like Bitcoins, Litecoins too can be mined and they also have a limit. However, Litecoins utilise the Scrypt algorithm for their proof-of-work hashing while bitcoins run on a SHA-256 Algorithm. Litecoins have been in the cryptocurrency market since 2011 and they are among the most reputed and oldest cryptocurrencies.

Litecoin mining

Mining for Litecoins is similar to Bitcoin mining. The mining process involves a four-fold setup. Users will need to have four different things in place before they can start to mine. These are:
  • A Litecoin Wallet.
  • Litecoin Mining Hardware.
  • Litecoin Mining Software.
  • Litecoin Mining Pool.

1. Litecoin Wallets

These are similar to having a bank account. Users who intend to mine Litecoins need to have Litecoin mining wallets. These wallets have a private key and a public key. The public key is similar to a bank account number and it’s given to the people who want to pay the user. The private key is like the user’s signature and it’s used to verify transactions. The public key is safe to give out to users but the private key must remain confidential. There are quite a number of wallets which are available for Litecoin users. The wallets can be software, hardware, desktop based, mobile based as well as web-based. Some of the best wallets recommended for Litecoin users are:
  • Exodus
  • Ledger Nano S
  • Trezor
  • QT’s Litecoin wallet
  • Jaxx

2. Litecoin Mining Hardware

Mining of Litecoins in the past used to be possible with the aid of GPU systems and CPU systems just like Bitcoin. However, that changed. As the number of Litecoin miners is increasing with every passing day, so has the Litecoin mining hardware advanced. Today, it’s not profitable mining Litecoins using CPUs. Also, GPU mining would yield little in terms of result. But, dedicated ASIC devices have been developed for Litecoin mining. The Litecoin hardware scene has changed a lot in recent years. The major ASIC device that’s available for Litecoin mining is the AntMiner L3+. This device has just been released into the markets in 2017 and it has become very popular. It has a hashing power of over 500 MH/s.

3. Litecoin Mining Software

The CGMiner program is usually used when it comes to Litecoin mining. However, with the changes in technology, the GUIMiner has become quite popular. The GUIMiner is essentially a GUI version of the CGMiner. Some miners now come with their own dedicated software bundles.

4. Litecoin Mining Pools

These are critical to the needs of miners. Pools are crucial because when users mine alone, they have very limited resources and limited budgets. But when a number of users combine their resources, they can mine together and in the end share the rewards. This guarantees a faster and more periodic mining network is set up which aids in quicker and large profits. However, before participating in a pool, the following four factors should be considered.
  • The credibility of the pool.
  • The rewards payment system of the pool.
  • The pool fees.
  • The pool location.

Litecoin Mining

Litecoin Mining Just like his older brother Bitcoin, Litecoin is an online network that people can use to send payments from one person to another. Litecoin is peer-to-peer and decentralized, meaning it is not controlled by any entity or government. The payment system does not manage physical currencies, such as the dollar or the euro; instead, it uses its own unit of account, which is also called litecoin (symbol: £ or LTC). This is why you will often see Litecoin categorized as a virtual or digital currency. Litecoins can be bought and sold for traditional money at a variety of exchanges available online. 
If you already know Bitcoin, Litecoin is very similar, the two main differences being that it has faster confirmation times and uses a different hashing algorithm. mining profit of litecoin

Should you exploit Litecoins? mining profit of litecoin

Litecoin extraction can be profitable, but only under certain conditions. In the beginning, people could make profits by exploiting their processors and GPUs, but this is no longer the case today. The introduction of specialized mining equipment (commonly known as ASIC), which can extract much faster and much more efficiently, has made block searching much more difficult with general equipment. 
If you compare business cases for a CPU, GPU, and ASIC, you’ll see that CPU and GPU extraction costs far outweigh the rewards, and even with free electricity, profits are so low that they are hardly worth it. 
Unfortunately, the ASIC hardware is far from Potential buyers need to be extremely cautious because different things need to be considered:
Energy consumption: You do not want to pay more electricity than you earn in bednotes. 
Network Difficulty: The difficulty will increase as more and faster miners join the network, reducing your profitability. For this reason, it is important to make a realistic prediction of the evolution of the difficulty in the near future. 
Low resale value: ASIC hardware can extract litecoins extremely efficiently, but that’s all it can do. It can not be redeveloped for other purposes, so the resale value is very low. 
Delays in delivery: You do not want your equipment to be delivered several months after the purchase. In particular, there have been many horror stories about preordained mining equipment.
More importantly, always do your own research and never trust a single source of information. Good starting points are and subroutines / r / litecoin and / r / litecoinmining subreddits. 
You do not want to invest in expensive equipment? It is very good! Everyone does not have to be a miner. In fact, the easiest way to start with Litecoin is to buy an exchange.

Litecoin mining equipment

The mining industry of Litecoin is less developed than that of Bitcoin. ASICs, powerful computers designed to solve Bitcoin’s proof of work function, are available for litecoin but hard to buy. Because Litecoin uses a different proof of work function, Bitcoin minors can not exploit litecoins.

It is possible, for example, to buy an ASIC Bitcoin Antminer S7 on Amazon for $ 714. None of these minors are available for Litecoin.

The best Litecoin mining materials available for purchase are graphics cards, but they are not profitable. If you’re serious about mining litecoins, one option is to simply extract bitcoins with hardware like the S7 Antminer and convert the bitcoins you get into litecoin.

How the Litecoin mine works

So, how does the extraction of Litecoin secure the network? Like Bitcoin Mining, Litecoin uses proof of work, which makes mining costly in terms of time and energy. To send litecoins, transactions must be included in a block. The Litecoin miners then verify these transactions with proof of work. Minors check incoming transactions against previous transactions on the blockchain. If no double expense is detected, the miners create a block with new transactions and add it to the existing Litecoin blockchain.

Each new block is then sent to the nodes of the network. Nodes use miners’ work to continue to verify and transmit transactions over the network.

As mentioned earlier, Litecoin mining requires large amounts of time and electricity, which is not cheap. The block reward is paid to miners for each mined block, which encourages miners to contribute their hash power to the network.

What is Blockchain?

The Litecoin blockchain is a public registry of all Litecoin transactions. Unlike traditional payment systems like PayPal, Litecoin is decentralized and distributed. Its public blockchain can be independently verified by anyone.

No old transaction can be erased, and similarly, no counterfeit or fraud transaction can be created without a network consensus. Any attempt to modify network rules would create a fork in the blockchain.

What is Litecoin Mining Difficulty?

One of the main advantages of cryptocurrencies is that the provision of currencies can be programmed and distributed at selected intervals. This is different from gold, silver and other commodities, which often see mining companies mining more quickly if prices rise.

The mining difficulty of Litecoin is perhaps one of the most important characteristics of Litecoin. It is an algorithm updated to the total network hash power to ensure that Litecoin blocks are generated on average every 2.5 minutes.

Imagine this scenario: Gold prices go from $ 1,200 an ounce to $ 2,000 an ounce. The price increase would lead to an increase in production of gold miners and could even push entrepreneurs to create new gold mines. The $ 800 increase could create so many new supplies that the price will eventually drop again.

Cryptocurrencies like Litecoin are different. No price increase can lead to an increase in the stock extraction rate. A sudden increase in Litecoin’s price would probably lead more miners to point the hash power on the network. Unlike gold, however, Litecoin’s difficulty ensures that the new hash power would be simply balanced with an increase in the difficulty of the proof of work algorithm. The difficulty is adjusted every block of 2016, about 3.5 days.

Litecoin Mining Profitability   the  itecoin mining profit

You can use one of the many Litecoin mining calculators to determine the potential profitability of the equipment. The mining profitability of Litecoin will depend on the price of the litecoin, the hashing power of your equipment, electricity costs and the efficiency of the equipment.

Which software to use?

ASIC devices typically ship with extraction software preinstalled on an integrated controller, and require little or no configuration. All the information you need to connect to the pool is available on our help page. Litecoin mine profit
If you have decided to do a little CPU extraction (just for fun, because as we saw above, you will not make any profit), you should download the Pooler cpuminer. GPU extraction is considerably more difficult to implement, and not much more efficient than CPU extraction over ASICs. Therefore, unless you are a historian doing research on the early days of Litecoin, operating GPUs is almost certainly a bad idea.

Basics of Litecoin Mining

What is mining?
For those of you who are familiar with the extraction process, here is a simple explanation of how it works: A hash is an encrypted piece of information that, when successfully resolved, or decrypted, assigns the hacker a number of of coins – the exact amount depends on the type of cryptocurrency. The network registers the property via the blockchain, which records all transactions on the network. You can then exchange these coins for other currencies or goods. On the downside, Bitcoin alternatives are not universally accepted in all exchanges, so extracting to an unpopular currency can simply waste your time and money. Take a look at the Cryptsy exchange if you want to switch to Alt Coin Exchange.
Earn $$ or Litecoins Follow these steps

What hardware do I need to operate Litecoin?
You want to buy an ATI / AMD video card Generally, you want to spend $ 100 or more on this card in the last 2 years, the Upper Extreme card will allow you to extract Mine Litecoins on Windows. If you know what you are looking for, you will see what type of K / Hs per second you want on the mining equipment wiki. Then you can calculate how many dollars you want to earn at Coinwarz Litecoin Calculator.Litecoin-

Where can I spend Litecoin?

Litecoin is in the top ten of all cryptocurrencies by market capitalization. Websites are rapidly adopting Litecoin as a method of payment as well. If you yourself want to accept LTC as a business, you can refer to these merchant manuals. Alternatively, if you would like to explore websites that accept Litecoin, head over to /r/AcceptingLTC.

Here are also several of our favorite merchants accepting Litecoin.

Where can I securely store Litecoin?

Litecoin (and other cryptocurrencies) is stored in a digital wallet. When you store Litecoin, you want to make sure that you trust the place where you store them. That’s why it’s best to store them yourself through the electrum wallet. It is strongly recommended that you do not store your Litecoin in an exchange (such as Coinbase, Poloniex, Bittrex, etc.) because you do not control private keys. If the exchange becomes disconnected or becomes insolvent, your Litecoin essentially disappears.

Some other options are:

Electrum Lightweight Wallet
Official Core Wallet
LiteVault Secure Web Wallet
Paper Wallet Generator

If you are a fan of mobile devices, then Loafwallet is the wallet for you. Developed by a Dev Litecoin Foundation, this mobile wallet works great! And do not forget to always make sure to write your seeds.

Hardware portfolios are another great option, in fact, they are the safest way to store cryptocurrencies. Here is a list of flexible material wallets of litecoin.



Beginners Guid for Litecoin

Litecoin (LTC) is one of the oldest existing cryptocurrencies and launched in October 2011 as a Bitcoin fork. It shares many of the same characteristics as Bitcoin but strives to be lighter and faster and, therefore, has shorter block generation times of around 2.5 minutes. This both speeds up transactions and, in turn, reduces transaction costs compared to Bitcoin.

The team behind Litecoin describes it as a peer-to-peer Internet currency that allows instant and near-zero cost payments to anyone in the world. Litecoin is an open source, mathematically secure, fully decentralized global payment network. The Litecoin team is also looking to incorporate technology that enhances the key functions of the room. Litecoin benefits from sector support, trade volume and substantial liquidity, is a proven means of exchange and one of the most recognized digital currencies and internet expenses. Litecoin aims to facilitate an increase in daily digital transactions and also aims to work in addition to Bitcoin.

Who is behind?

Litecoin was developed by Charlie Lee, a former employee of Coinbase who stopped working at the exchange in the summer of 2017 to focus on Litecoin full-time. Lee planned to create a currency that would be complementary to Bitcoin and would operate as a “digital silver” to Bitcoin’s status as a digital store of value similar to gold. Lee acts as a vocal and transparent front man for the project and can often be found sharing his thoughts on a number of topics affecting the cryptocurrency community in general.

While being responsible for all day-to-day operations related to the operation of Litecoin, Lee is also a member of the Litecoin Foundation, a Singapore-based non-profit organization that strives to advance Litecoin for the benefit of society by developing and by promoting state-of-the-art blockchain technologies. The foundation is composed of:

Board of Directors: Charlie Lee (USA), Xinxi Wang (SG) and Franklyn Richards (UK)
Managing Director: Charlie Lee
Director of Operations: Keith Yong (SG)
Full Time Sponsored Developers: Adrian Gallagher (Thrasher , AU)
Part-time developers: Loshan T. (UK), Fan Yang (CN)
Litecoin is also made up of the Litecoin Core development team which brings together all the Litecoin developers and the Litecoin and Core Foundation teams work closely together and share technical and financial support.

Litecoin Features

Litecoin is an open source software and is open to independent verification of binaries and their corresponding source code. Litecoin also seeks to implement technological advances that allow it to maintain its leading position in cryptocurrency. These included:

Blockchain – The Litecoin blockchain is designed to handle a high volume of transactions compared to Bitcoin. By implementing frequent block generation, lightening and segregated control (SegWit), the Litecoin network supports high volume transactions without having to modify the software in the future. This makes Litecoin more efficient for merchants and customers who have faster turnaround times and lower fees.

Mining – Litecoin uses an algorithm called Scrypt that determines the process of exploring new parts, and Scrypt allows for higher parallel processing and is generally more accessible to new miners than a more traditional algorithm. Using Scrypt makes it easier to extract Litecoin without using the ASIC data mining hardware needed to extract parts using the SHA-256 algorithm. The miners currently receive 25 new Litecoin per block, an amount that is halved every 4 years or about every 840,000 blocks. The Litecoin network is expected to produce 84 million Litecoin, exactly 4 times the maximum supply of Bitcoin.

Industry Integration – Litecoin was originally a Bitcoin fork and therefore both currencies still share many of the same characteristics. Litecoin is therefore one of the most integrated crypto-currencies in the industry and enjoys wide support throughout the industry. Litecoin is well supported by exchanges, ATMs, online and offline merchants, web casinos and developers. He is also supported by a loyal and passionate community.

Litecoin vs. Bitcoin

Bitcoin and Litecoin are generally considered complementary and Litecoin often acts steam by implementing changes and upgrades that can also benefit the Bitcoin network.

Litecoin has strived to be faster and more efficient than Bitcoin and deliberately aimed at being adopted by merchants and sellers. In addition to implementing frequent block generation, Litecoin also uses the Lightening and Separate Indicator (SegWit) network to ensure that users can rely on a network capable of handling a high volume of high-speed, low-speed transactions. . Cost. Litecoin has also recently been used to perform a cross-chain atomic exchange that allows users to exchange cryptocurrencies directly using a smart contract and without the need for a third party such as an exchange.

These improvements give Litecoin the advantage in terms of overall efficiency; However, it is almost inevitable that these features are incorporated by the Bitcoin blockchain.

Despite its status as a top 5 cryptocurrency, Litecoin still remains in the wake of Bitcoin when it comes to popularity. Bitcoin is currently trading around $ 7,000 and has a market capitalization of around $ 117 billion. It is also capable of recording 24-hour transaction volumes, up to four times more than any other cryptocurrency. Litecoin currently has a market capitalization of $ 3 billion and is trading around $ 60 (as at November 15, 2017).

Bitcoin is considered the top value store and the Bitcoin network can never exceed 21 million pieces. Litecoin can accommodate up to 84 million pieces and its lower price makes it more suitable for the purchase of goods or services at low prices, and as crypto-currencies get closer to massive adoption, Litecoin can help narrow the gap with his older brother.

Litecoin Wallets

There are a number of different wallets that you can use to store your Litecoin, you can store them in a hardware wallet: Trezor and Ledger support Litecoin. You can also download a number of portfolios from the official website for Windows, Mac, Linux, Android, iOS and so on.

Litecoin Wallets

How to buy Litecoin

Litecoin is one of three cryptocurrencies that you can currently buy with Coinbase’s currency, making it one of the easiest and most attractive purchases for newcomers to cryptocurrency. You can read our full review of Coinbase here.

Registration at Coinbase

For first-time buyers of crypto currency, we recommend using Coinbase to make your first purchase – it’s easy to use, fully regulated by the US government, so you know it’s one of the safest places and most reputed to buy cryptocurrency. Coinbase offers the possibility to buy Bitcoin, Litecoin and Ethereum with a credit or debit card or by sending a bank transfer. Charges are higher for cards, but you will receive your currency instantly.

You will need to perform an identity verification when registering as they must comply with strict financial guidelines. Make sure you use our link to register, you will be credited with $ 10 in free bitcoin when you make your first purchase of $ 100.

Coinbase website

To begin, click on the “Register” button where you will be redirected to a registration form where you will have to enter your name, your e-mail address and choose a password.

Coinbase will then send you a link by email to check your email account, once you click on the link in the email, you will be directed to a verification page. You must then add your phone number and upload a photo of your ID card. This can be a passport, a driver’s license, etc. You must also add your payment information to add your bank account or a debit or credit card. after a short period, your account will be verified and you can make your first purchase.

Coinbase verification

Buy Litecoin

In Coinbase, visit the “Buy / Sell” tab at the top, select “Litecoin”, choose your payment method and enter the amount you wish to purchase – you can enter an amount in US dollars or a LTC number.

Buy Etherum

You will then be asked to confirm your transaction. If you pay with a card, you may need to check with your card provider. Once done, your Litecoin will be added to your account and we recommend that you move them from the exchange to a wallet where you control the private key.

Market performance

For most of its life, Litecoin generally traded around the $ 3 to $ 4 mark with a market capitalization that was generally not more than $ 200 million. LTC experienced an increase in value in the winter of 2013, but quickly returned to normal levels. It remained stable for a long time and was still trading at $ 4 by March 2017. However, Litecoin would soon raise its prices and set new high prices at all times. In September, LTC’s shares traded at over $ 80 and had a market capitalization of approximately $ 4.2 billion, with 24 trading volumes of approximately $ 1 billion.

Litecoin was well positioned to benefit from a global increase in cryptocurrency as cryptographic markets in countries like Japan and China became more developed. However, part of the current popularity can be attributed to Litecoin’s adoption of features such as Lightning Network and Segregated Witness (SegWit), technology that allowed the network to process more transactions and be used on the web for pay for goods and services. Litecoin’s value increased significantly in 2017 and LTC is currently trading at just under $ 60 while maintaining a market capitalization of approximately $ 3 billion. While 2017 is Litecoin’s flagship year,

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