How Do You Mine Litecoin?
By David Floyd | Updated January 30, 2018 5:46 AM EST First things first.If you're only interested in owning litecoin ,you should probably just buyit from an exchange such as Coinbase . If, on the other hand, you want to try your hand at mining litecoin because you think you have the time and resources necessary to make a profit, because you want to help keep the litecoin network decentralized, or out of a sense of curiosity this guide will give you a sense of the concepts, anintroduction to the vocabulary, and suggestions for further research. Because the nitty-gritty of litecoin mining depends so much on your hardware, software, operating system and pool,this is not a step-by-step tutorial. If you've gotten those variables figured out, there are good guides available online and helpful forums for when search engines fail you. Depending on your level of expertise, you may want to pass overcertain sections of this guide. Use the links in the table below to skip to a section. In proof-of-work cryptocurrencies like bitcoin and litecoin, mining is the process by which the blockchain a distributed ledger of all transactions ever made on the network is maintained. Miners receive transaction data broadcast by the various participants in the network since the last block was found, they assemble those transactions into structures called Merkle trees , and they work to find an acceptable hash . (See also, How Does Bitcoin Mining Work? ) A hash is the result of running a one-way cryptographic algorithm on a chunk of data: a given dataset will only ever return one hash, but the hash cannot be used to recreate the data. Instead it serves the purpose of efficiently ensuring thatthe data has not been tampered with. Change even one number in an arbitrarily long string of transactions Continue reading >>
What Happens To Bitcoin Miners When All Coins Are Mined?
What Happens to Bitcoin Miners When all Coins are Mined? Bitcoin is celebrated by supporters and admonished by skeptics because of its finite supply. There are only 21 million bitcoins that can ever be mined, regardless of the earths population and its corresponding demand for bitcoins. Once all 21 million have been mined, there will never be any new bitcoins (unless a change to the protocol is made to increase the supply). Also read: The Subjective Valuations of Bitcoin and Gold Supporters love Bitcoins fixed supply because it harkens back to the days of the sound money gold standard . Gold shares many similarities with Bitcoin, the most obvious being its fixed supply. Gold cannot be created out of thin air in arbitrary amounts, it must be extracted from the earth and put into circulation as market prices dictate. A gold standard hinders banks abilities to issue fiduciary media, since at some point the bank will be forced to redeem its paper notes in gold. Bitcoin if it ever achieves as widespread use as gold can accomplish these same things with its own fixed supply. Bitcoin takes golds benefits a step further, though, by being digital. The Bitcoin supply is not only incapable of being arbitrarily manipulated, it also eliminates the need for paper substitutes by being totally weightless and virtually costless to store. With gold being so heavy and taking up so much physical space, people under a gold standard tend to prefer paper substitutes for gold rather than carrying actual coins on their persons. This practice leaves gold in the bank, forcing people to trust the bank to handle their gold responsibly. Thus, even under a strict gold standard, banks can still betray their patrons trust and create new deposits and issue fiduciary media. Bitcoins digital nature elimi Continue reading >>
What Is Litecoin? Litecoin Vs Bitcoin, Which Wins?
Jordan Tuwiner Last updated July 13, 2017 Litecoin is a cryptocurrency just like Bitcoin. It can be sent globally around the world almost instantly, for very low fees. Litecoin was actually one of the first forks of Bitcoin. Its creator, Charlie Lee, was a former Google employee and created Litecoin when he got into cryptocurrency. Litecoin has value for many of the reasons Bitcoin has value. The main reason Bitcoin has value is because its very useful and scarce. Litecoin is the same. Only 84 million LTC will ever exist, which creates the scarcity. Litecoin is also very useful because it can be sent anywhere in the world instantly for very low fees. Litecoin mining is much, much different than it used to be. At the time of writing, Litecoin is about $32. In its early days, Litecoin was very easy to mine because it was cheap and there was no competition. Litecoin is one of the most popular cryptocurrencies, so its actually gotten pretty easy to buy compared to many of the other small altcoins. Coinbase is the easiest way to buy bitcoins in the USA, Europe, UK, Australia, and Canada. You can buy with either a credit card or bank account. If you live in South America, Africa or Asia then the easiest way is to buy bitcoins then convert using Changelly. The number of Litecoin wallets are actually somewhat limited. Bitcoin is still the only cryptocurrency that people really use on a daily basis. So, the demand is not strong for many Litecoin wallets so not many exist. Probably the best, most feature packed Litecoin wallet is Electrum LTC . It is a fork of the popular Bitcoin wallet Electrum. It is open-source software and can be used on Mac, PC, or Desktop. If you want secure storage of your LTC, we recommend using a hardware wallet like the Ledger Nano S or the TREZOR. Tho Continue reading >>
What Will Happen When All Bitcoins Are Mined?
What Will Happen When All Bitcoins Are Mined? Last updated on December 12th, 2017 at 10:45 pm There are only 21 million Bitcoins available for mining. Once all of those Bitcoins have been mined, no more new Bitcoins will ever be created. This stands in stark contrast to national currencies, which are constantly expanding. Governments like to encourage inflation, so they generally increase the money supply. This leads to the devaluing of currencies, however, and in practice, it can reduce the wealth held by individuals and families. For Bitcoin, there is no parallel devaluation. If anything, Bitcoins should become more valuable over time as the number of Bitcoins entering the system decreases. Not only is the total supply of Bitcoins capped at 21 million, but the flow of new Bitcoins into the market has also been tapering off. Roughly every four years, the number of Bitcoins awarded for mining a block is cut in half. When Bitcoin miners mine a new block of transactions they are rewarded freshly minted Bitcoins. Originally, 50 Bitcoins were earned for mining a block. Then it dropped 25 Bitcoins, and then to 12.5 Bitcoins . In 2020, itll drop to 6.25 Bitcoins. Thus, while a government may constantly increase its money supply, Bitcoin has built-in features that encourage the exact opposite. The decreasing flow of new Bitcoins and the 21 million cap will help ward off inflationary pressures. Also, there are many lost Bitcoins that were stored on old hard drives that were thrown away and can no longer be recovered. This makes the total supply of Bitcoins actually lower than 21 million. If youre already familiar with the whole bitcoin mining process and how the blockchain works, feel free to skip down to the next section. If not, well quickly bring you up to speed. Bitcoin mi Continue reading >>
A Closer Look At Litecoin Mining: Is It Worth Doing?
A closer look at Litecoin mining: Is it worth doing? The era of Bitcoin mining on the GPU is dead. A year ago, a single Radeon graphics card could crank out a reasonable fraction of a Bitcoin in a single day. Today, that same GPU earns a thousandth of a Bitcoin in 24 hours, generating little value while consuming a substantial amount of power. The shift to ASICs for Bitcoin mining mirrors the shift from CPUs to GPUs, but the market isnt content to just turn those mining rigs off not when theres an alternative currency available for which ASIC miners dont exist. That alternative is Litecoin and theres reason to think that buyers have emptied the shelves of AMDs Radeon hardware to build mining platforms. First off, theres the fact that over in the US at least you cant find a high-end Radeon in stock at the moment. Newegg and Amazon.com are both out of stock, while over at Amazon.com, the lowly AMD Sempron 145 a single-core, 2.8GHz chip with a $30 (18) price tag is the fifth most popular CPU. Further proof of this trend is the Litecoin network hash rate, as shown here: Clearly Litecoin miners are coming online, and theyre coming online en masse. Many of these are undoubtedly Bitcoin miners switching over now that GPUs are no longer cost effective, but some of these systems are probably driven by new miners. Litecoin, like Bitcoin, is a cryptocurrency, but its based on scrypt, not SHA-256. Scrypt is a different cryptographic algorithm thats purposefully designed to be difficult to parallelise. While that hasnt stopped it from moving to the GPU, it requires far more memory than Bitcoin mining several gigabytes worth, as opposed to several dozen megabytes. Litecoin confirms transactions faster (every 2.5 minutes, rather than every 10 minutes for Bitcoin) and it contains more Continue reading >>
Litecoin Beats Bitcoin's Price In 2018: But What Is It? | Fortune
With digital currency Bitcoin taking the spotlight in 2017, its hard to remember the other cryptocurrencies that have been growing in its shadow. An increasingly-prominent example: Litecoin . The fourth largest digital currency by market capitalization has gone positively vertical this year, with Litecoin prices breaching $320 for the first time Tuesday. Since the start of 2017, Litecoin has risen 7,291% against bitcoins 1,731%. So why the rise? There doesnt seem to be a single eventthough the recent surge in interest surrounding cryptocurrencies may have pushed some investors into becoming more adventurous. Some investors may also think the price of bitcoin is overdoneand are seeking other investment opportunities. Meanwhile, Litecoin only became somewhat easier to purchase earlier this year , with Coinbase adding the cryptocurrency to its listing. One of the several clone cryptocurrencies that stemmed from Bitcoin, Litecoin forked off the Bitcoin ledger in late 2011. It was intended to be the silver to Bitcoins gold: a faster, more lightweight version of the Satoshi Nakamoto-created cryptocurrency. Instead of the approximately 10 minutes it takes for a Bitcoin transaction, a Litecoin transaction only takes 2.5 minutes. While making transactions four times faster, Litecoins creator also Charlie Lee quadrupled the maximum number of coins that can be mined. While bitcoin has a total of 21 million, Litecoin totals 84 million. And the total market value of Litecoin is currently lower: $18 billion to Bitcoins $291 billion. It is the fourth largest cryptocurrency market behind Bitcoin, Ethereum, and Bitcoin cash. The higher number of Litecoins, meanwhile, could make it psychologically more attractive to buy small-ticket items using the cryptocurrency. The vision is always I Continue reading >>
Litecoin - Wikipedia
Litecoin (LTC or  ) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license .  Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority.   While inspired by, and in most regards technically nearly identical to Bitcoin (BTC), Litecoin has some minor technical differences compared to Bitcoin and other major cryptocurrencies. Limited release ( geometric series , rate halves every 4 years reaching a final total of 84 million LTC) Increasing difficulty per every 2016 blocks produced. Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee.  The Litecoin network went live on October 13, 2011.  It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm ( scrypt , instead of SHA-256 ), and a slightly modified GUI .  During the month of November 2013, the aggregate value of Litecoin experienced massive growth which included a 100% leap within 24 hours.  Litecoin reached a $1 billion market capitalization in November 2013.  By late November 2017, its market capitalization was US$4,600,081,733 ($85.18 per coin).   In May 2017, Litecoin became the first of the top-5 (by market cap) cryptocurrencies to adopt Segregated Witness .  Later in May of the same year, the first Lightning Network transaction was completed through Litecoin, transferring 0.00000001 LTC from Zrich to San Francisco in under one second.  Litecoin is different in some ways from Bitcoin . The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin's 10 mi Continue reading >>
Mining Litecoin 2018 | Complete Guide To Mining Litecoin
Litecoin is a cryptocurrency that uses an algorithm known asScrypt. Litecoin is convenient as it can handle big numbers of transactions because of its fast block generation. Litecoin mining is the process of doing mathematical calculations with computer hardware, for confirming transactions. As a miner, you need to gather transaction fees, confirm them and be awarded Litecoins for each block that you verify. If you are interested in mining Litecoin then you are in the right place. Do you want to know how to mine Litecoin? Well, here are some methods of Litecoin mining with their pros and cons. If you dont want to spend a lot of money on equipment, but youre very much interested in Litecoin mining then cloud mining is a good solution for you. Cloud mining services rent out their facilities. It is a good alternative for minimizing costs as a miner (cheap electricity, low fees) and for being more productive. Cloud mining rates for Scrypt algorithm miners is $7.50 per 1 MH/s, with a minimum hash rate of 1MH/s, maintenance fee $0.005 / 1 MH/s / 24 hours. As you see, mining Litecoin may be rather profitable and you can have a breakeven in around 100 days. The hardware costs vary depending on speed, to give you an idea about the current prices: Radeon HD 7990 speed 1100 KH/s, power 375 W, Price $600 Radeon HD 7970 speed 700 KH/s, power 250 W, Price $310 Radeon HD 7950 speed 600 KH/s, power 200 W, Price $255. When you do solo mining, you keep the rewards just to yourself. Currently, the award per block is 25 new Litecoins (the number is halved with every 840,000 blocks). The rewards might not be as sustainable as in case of pool mining and might be a bit more complicated to start with. Solo mining the costs are a lot higher and to have a better idea you should check out the sp Continue reading >>
What Is Litecoin
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin . The Litecoin blockchain is capable of handling higher transaction volume than its counterpart - Bitcoin. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future. As a result, merchants get faster confirmation times, while still having ability to wait for more confirmations when selling bigger ticket items. Miners are currently awarded with 50 new Litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks). The Litecoin network is therefore scheduled to produce 84 million Litecoins, which is 4 times as many currency units as Bitcoin. Wallet encryption allows you to secure your wallet, so that you can view transactions and your account balance, but are required to enter your password before spending Litecoins . This provides protection from wallet-stealing viruses and trojans as well as a sanity check before sending payments. Litecoin is an open source software project released under the MIT/X11 license which gives you the power to run, modify, and copy the software and to distribute, at your option, modified copies of the software. The software is released in a transparent process that allows for indepen Continue reading >>
Litecoin - Total Ltc In Circulation
Bitcoin > Litecoin Data > Litecoin - Total LTC in Circulation Chart showing the historical number of Litecoin in circulation over time The SECs analysis of DAO tokens being securities will have what sort of impact on token sales going forward? (select all that apply) Token sales will fall in quantity but rise in quality More token sales will start requiring accreditation More token sales will start excluding potential U.S. investors Investors will be more cautious and diligent on the token sales they invest in Exchanges will not list tokens as quickly and nonchalantly Venture capital funding will rise relative to token sale funding None of the above, token sales will continue similarly to how they have been I would like to receive the following emails: CoinDesk Weekly - Insights for the week ahead CoinDesk Daily - Our snapshot of the day's news Subscribe to our free newsletter and follow us Continue reading >>
Mining Reward - When Will Litecoin Be Fully Mined Compared To Bitcoin? And At What Years Will Each Halving Occur? - Bitcoin Stack Exchange
When will Litecoin be fully mined compared to Bitcoin? And at what years will each halving occur? Litecoin block reward halves every 840,000 blocks, which is roughly every 4 years (block time of 2.5 minutes). The first halving to 25 LTC per block happened on 25 August 2015, and the next is predicted for August 2019, when the reward will halve to 12.5 LTC per block. So because litecoin halves as often as bitcoin, it'll be completely mined only a couple of years after bitcoin is Continue reading >>
A Litecoin Mining Guide: All You Need To Know To Get Started.
trade over 4 cryptocurrencies to: www.bittrex.com How to mine Litecoins Litecoin Mining Guide The Litecoin Mining Guide is all about Litecoin, which is is a cryptocurrency like many others, although it uses a distinctly different algorithm for processing transactions. This algorithm is known as Scrypt. Initially, it was possible for everyday individuals to mine cryptocurrency with their own computer, but special mining hardware known as ASICs can now validate these coins more quickly. Nevertheless, if you want to try your hand at mining, you can make significant progress in just a few days. When you join a mining pool, you can see lucrative Litecoin returns yielded almost immediately. 1. The Litecoin Mining Guide introduction Mining algorithms become more complex as more money is mined for. The mining pools were created to give individuals a better chance of making money from mining. Mining pools apply all potential processing capabilities of its members to generate blocks. If a block is validated by a participant in the pool, all members receive a share of the reward. You will get far less reward than if you had finished the block yourself, but secure a higher chance of seeing actual results. 2. Litecoin Mining Guide common difficulties With high electricity prices, the costs of 24/7 mining can often exceed the value of earnings. Litecoin Mining will only grow in difficulty because constant requirements for power is a fundamental principle of mining for cryptocurrency in general. If you use Litecoin for speculation or as an alternative payment method, it is usually better to simply buy the cryptocurrency. Computers used for mining coins are called rigs. To make mining Litecoin profitable, you need a computer with two or more GPUs. However, it is better to set up five Continue reading >>
Beginner's Guide | Litecoinpool.org
So you've heard about Litecoin mining and you want to find out more. This page is for you. See the Litecoin Association's introductory video to Litecoin . Just like its 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 that it is not controlled by any single entity or government.The payment system does not handle physical currencies, like the dollar or the euro;instead, it uses its own unit of account, which is also called litecoin (symbol: or ).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 it uses a different hashing algorithm. Instead of having one central authority that secures and controls the money supply (like most governments do for their national currencies),Litecoin spreads this work across a network of miners.Miners assemble all new transactions appearing on the Litecoin network into large bundles called blocks,which collectively constitute an authoritative record of all transactions ever made, the blockchain. The way Litecoin makes sure there is only one blockchain is by making blocks really hard to produce.So instead of just being able to make blocks at will, miners have to producea cryptographic hash of the block that meets certain criteria,and the only way to find one is to try computing many of them until you get lucky and find one that works. This process is referred to as hashing.The miner that successfully creates a block is rewarded with 25 freshly minted litecoins. Every f Continue reading >>
I'm Done Mining Litecoin - Reckoner
In my previous Reckoner feature about Litecoin , I came to the conclusion that I had three options on the table at that stage of my experiment mining the crypto-currency: Option 2 keep mining at my current rate. Option 3 buy more rigs and mine even more Litecoin with the hope that the price rises. Option 1, the path of least resistance. Thats the choice I ultimately ended up at. My Litecoin mining adventure wasnt profitable and if Im honesta waste of time. To redeem something out of the experience, I can at least share with you what I did wrong. If you are thinking about mining Litecoin or some other sort of crypto-currency, you can learn from my mistakes. The main thing everyone wants to know is how much money did you lose, man?! $16,056.10 on set up (hardware, equipment, shelving) $5,075.00 on electricity, rent & internet access $10,709.78 on selling the gear (post ebay fees, postage, etc.) That puts me at a total loss of $8,183.24. However, I do have 894LTC in my wallet. The current price of LTC right now is hovering around $2.50 (ugh), which means if I was to sell my entire LTC stash, I will have lost $5,948.24 all up. A good scenario is the price of LTC maybehitting$5 once its announced on Mt. Gox (see their blog post which addresses this further). Which means, realistically, I will have lost $3,713.24 in total. Ideal circumstances? If I was to sell that LTC for $9.15 per coin, I could break even on the whole thing. If I sell for $10, Id make $756. If I sell my stash for $72.50 per coin, Id be able to buy a sweeeeeett Mercedes Benz A250 Sport . What went wrong? What could I have done better? I was naive enough to think that the price of LTC would grow so quickly, that it could meet the minimum repayment on my card and cover the costs of electricity, rent & an inte Continue reading >>
How To Mine Litecoin And Other Altcoins
CoinDesk Launches 2017 Year in Review Opinion and Analysis Series While it is now considered too late for hobbyists without expensive ASIC processors to start mining bitcoins , many of the alternative digital currencies are still well suited for mining on your home PC. In this guide, well take you through all you need to know to start digging up a few litecoins, feathercoins or dogecoins without any costly extra equipment. For the most part, cryptocurrencies employ either SHA-256 or scrypt as their proof-of-work hashing algorithm, but many of the newer currencies have opted for scrypt. Row of Gridseed litecoin miners set up. Copyright: Arina P Habich Scrypt tends to be the more memory intensive of the two however, home PCs with reasonably powerful graphics cards can still mine those cryptocurrencies quite effectively, as there are no dedicated ASICs to compete with yet. Perhaps surprisingly, its still possible to use just your computers CPU to mine some of the digital currencies. This holds true, even if you have only a laptop with integrated graphics; though this may not prove terribly effective and is not a set-up we would recommend. Before you start mining, you will need a wallet to keep your hard-earned coins in (see our guide to storing bitcoin ). A good option is to head to the homepage of the currency you intend to mine and seek out the download link for the default wallet app. If you would like to do more research into litecoin specifically, we have a guide on how to get started. If you find yourself in need of help and advice, most altcoins have community forums, as well as their own subreddit . The majority of wallets are based on the original Bitcoin-Qt client. Be warned, though, that before these wallets are truly usable, you may face a lengthy wait while t Continue reading >>