Invented on 7th October 2011 by Charlie Lee (former Google employee), Litecoin is an open-source digital currency that is based on cryptographic protocol. The decentralized cryptocurrency is technically identical to Bitcoin and allows a number of transactions in a given point of time. Litecoin has zero payment cost and works around four times faster as compared to Bitcoin. Litecoin features faster transactions, great storage efficiency, and low transaction fees. The digital currency has 84 Million fixed market cap.
The Litecoin blockchain can easily manage higher transactions volume. To mine Litecoin, miners have to solve the complex mathematical problems and add a new block in the blockchain. On successfully adding a new block in the blockchain, miners get rewarded with 50 Litecoins per block. The transaction time is also less in Litecoin as compared to Bitcoin.
Litecoin is a peer-to-peer digital currency that gives you a power to modify, run, and copy software. It follows a transparent process with security. However, when talking about this cryptocurrency mining, there are various methods to mine Litecoin. The list includes –
One of the best methods to mine Litecon is join a mining pool. However, if you have enough budget, you can mine Litecoins on your own, if not then mining in a pool is a best option for you. Look for a pool in which multiple users are mining together in order to get Litecoin and then share the earned Litecoins. For doing so, you can register yourself at a reliable mining site, choose my account, and change your coins to Litecoin.
To begin mining Litecoin, you need to first download a wallet. Go to the official Litecoin website, select and then download the Litecoin wallet. After downloading, start doing transactions – send or receive Litecoins.
This is one of the most effective methods for Litecoin mining. As per the system, miners can download the software on their operating system. For example – Windows 32 bit, Linux 32 bit, Macintosh 32 bit, and more.
Cloud mining is the most preferable mining ways nowadays. In the market, hordes of cloud mining service providers are available. However, before selecting a mining partner, check out their website and customer reviews carefully, as lot of scams are happening in this industry. To start with Bitcoin cloud mining, all you need to do is choose a reliable and trustworthy mining partner, make your account, purchase a plan and you will be provided with a hash rate. Post that, using that hash rate you can mine Litecoin and with the time earn profits on the investment.