Litecoin is often reckoned as an alternative to bitcoin. Although developed on the same source code, there are a few differences. Litecoin is much faster to generate and confirm blocks than bitcoin. Litecoin uses the Scrypt hashing algorithm as against the SHA256 used by Bitcoin. So, the mining rig is different for the two popular cryptocurrencies.
Mining with CPU/GPU is not profitable in today’s competitive world. Consumption of electricity can take away a huge share of the rewards. Another reason is that there is new hardware manufactured that are much faster and more energy efficient than the traditional computer-based CPU mining. The advantage of the new hardware is that it allows the mining of all the digital currencies that are based on the Scrypt algorithm. Users can also build their own rig which will be less expensive but takes away a considerable amount of time.
To build a rig requires purchasing a few hardware components. The miners must have a computer with a motherboard of any specification, power supply units, RAM of at least 4GB memory, a 2.8Ghz processor. There is a need for 4 graphic cards and the miners must possess some amount of technical expertise. Hiring an expert will again cost money. Searching and buying the best components may require some effort and time. Procuring individual components and the shipping and transport costs could almost come to the same buying a readymade hardware.
The readily available Scrypt ASIC (Application Specific Integrated Circuit) mining rig may be slightly higher in price but will enable the users to mine right away. The hardware comes with a guarantee and is relatively much faster and more energy-efficient. The hardware is available at most of the leading online stores like Amazon. The miners can use the mining calculator for Litecoin to determine the profitability of Litecoin mining.
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