If Bitcoin is said to be the ‘digital gold’, then Litecoin can very well be termed as the ‘digital silver’. Just like Bitcoin, Litecoin is a digital platform that may be used to make online transactions between two individuals or groups. Litecoin is a decentralized, peer-to-peer network. This essentially implies that it is not governed by a single entity or any kind of centralized body. It is essentially a virtual currency, unlike fiat currencies such as Euro or Dollar, and uses the Scrypt algorithm. The Litecoin network spreads widely across a closely-knit grid of miners who accumulate newer transactions on the Litecoin blockchain in the form of blocks. Litecoin makes sure that only one blockchain exists, by ensuring that the blocks are extremely difficult to produce. Miners cannot create blocks at their sole discretion, but rather have to produce a specific cryptographic hash of a block which meets the set criteria. The best and the only way to find it is to try and compute as many as possible until you get lucky with one. In the world of crypto mining, this is known as hashing. Any miner who creates a block successfully will be rewarded with 25 newly minted LTC. Every other day, the difficulty level for mining is adjusted and it all depends on how quickly blocks are forming. More the competition between miners, more effort is required to locate a block.
Today’s Litecoin Price
1 LTC = $ 180.23
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Litecoin mining can be done using special computers and hardware. Litecoin mining industry is far less developed than that of Bitcoin. The powerful ASIC devices that have been specifically designed for Bitcoin mining are also available for Litecoin but these are limited in number and difficult to purchase. Since Litecoin uses a completely different PoW algorithm, BTC miners cannot mine LTC. The best option for Litecoin mining is CPU and GPU (essentially graphics cards). But these do not generate such good profits. When considering between these two options, it is always better to go with GPUs. But the problem with GPU mining is that it requires a graphics processor- one that may be configured with your desktop computer. Intel’s in-built integrated graphics cards as found in laptops are not suitable for this job. To ensure faster mining, most cryptocurrency miners set up out-and-out machines using computer motherboards that can hold multiple graphics cards, usually through riser cables.
Litecoin mining has never been so easy before. All you need to do is register yourself on the HashGains site. Once you have created your account, make the payment and start earning mining rewards.
The mining profitability for Litecoin depends on multiple factors. Initially, people would use CPUs or GPUs, but with the surging popularity of Litecoins, more and more people have started mining LTC. This has led to the launch of special mining hardware or ASIC which enables efficient and faster mining. Now, mining via standard hardware such as CPUs or GPUs is all the more difficult. When you compare the profits earned from using CPUs, GPUs and ASICs respectively, you will realize that CPU or GPU mining costs exceed the mining rewards. Even when you are not paying for the electricity charges, the profit margin is really low. At the same time, ASIC devices do not really guarantee sure shot rewards and potential buyers should be aware of the market trends before investing in such a powerful and expensive equipment. The important points to be taken into account include:
The total supply of Litecoins stands at 84 million. The Litecoin block reward halves itself every 840,000 blocks. Initially, 50 Litecoins were allotted for every new block.
LTC mining is a costly process. And its productivity depends on factors such as the current price of Litecoin, hash power of the hardware, hardware efficiency, and electricity costs. Furthermore, mining calculators may be used as well to calculate the profitability of your hardware. There are many Litecoin mining calculators available in the market using which you can determine the profitability of your mining hardware.
HashGains is a leading cryptocurrency mining service provider in the world. The company has adopted cutting-edge technology in association with its Green Mining Data Centres that completely runs on renewable sources of energy. You do not need to invest in mining equipment anymore. All you need to do is buy a hashing rate and start mining. HashGains provides excellent mining services at an affordable rate. The HashGains mining platform simplifies the Litecoin Mining process and provides the newly mined coins in the easiest way. The list of services include –
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Litecoin mining rig is the setup of various complex hardware units. Rigs are generally used to generate higher hash rates and block generation, for which a heavy setup is required. You can build your own mining rig or can even purchase from various websites.
Litecoin mining uses hard hashing techniques, so a computer with a good or decent GPU and a good amount of graphics card is required. GPU can be a good deal for Litecoin miners. GPU mining consumes less energy and we do not have to worry about the systems storage.
Pay per system is the method by which Litecoin share is transferred. The payout criteria for Litecoin mining is 0.2 LTC per day. The payout criteria may differ with the criteria of Litecoin mining pools.
Litecoin mining pools, like every other mining pool, is the shared network place, where other miners share their processing power to generate more rewards. These rewards are automatically distributed among the pool members. You can join a pool if you are thinking of earning Litecoin without investing much of your time.
Shares of any cryptocurrency describe how much work the computer is contributing in the process of mining. Share is basically a hash which is smaller than the target for difficulty of 1. Basically, a share has no value. Share is used to monitor the functioning of the mining process and keep a check on rewards that are equally distributed among the users by fair means.