Litecoin mining is highly profitable as on date. It has shown a remarkable rise in the past couple of years. Though touching as high as bitcoin may not be possible in the immediate future, it is currently valued at approximately around $250. It started off at about $3 in early 2016. Litecoin is considered the best alternative to Bitcoin mining
Litecoin removes many of the limitations that miners find in bitcoin. In fact, it was the strictness in Bitcoin that made Charlie Lee create Litecoins. He was working with Google when he created Litecoin about 7 years ago in 2011. He resigned from the tech giant office to fully concentrate on developing Litecoin.
However, it is necessary to understand the volatility of the cryptocurrency
industry. Bitcoin itself has seen a downward slide in the past several months. There are many ways Litecoin proves to be more efficient than Bitcoin.
Litecoin network processes a block faster. It requires only about 2.5 minutes to validate a transaction while Bitcoin takes about 10 minutes. This has made it popular as it allows the miners to earn rewards faster. Litecoin mining
can be done on the less cost- intensive Graphics Processing Units.
Litecoin implements the Segwit application. Segwit is expandable to Segregated Witness. It is a process where every transaction is split into two removing the witness signature from the original information. It can make a significant difference in the amount of the blockchain and increases the speed with which transactions are completed while keeping the transaction costs low. Investors find Litecoin the most comfortable and profit-potential.
Choosing a mining pool
instead of toiling on own can result in faster completion of blocks and gain frequent rewards. The rewards are split among the miners when you join a pool based on each one’s contribution.