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 >>
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 Is Litecoin Mining? Learn All You Need To Get Started.
What is Litecoin mining? Learn all you need to get started. Litecoin mining is done by specialized computers and hardware. It serves two main purposes: 1) It secures the network and verifies transactions. 2) New litecoins are paid out as a reward to miners. The Litecoin mining industry is less developed than Bitcoins. ASICspowerful computers designed to solve Bitcoins proof of work functionare available for litecoin but difficult to purchase. Because Litecoin uses a different proof of work function Bitcoin miners cannot mine litecoins. Its possible, for example, to buy a Bitcoin Antminer S7 ASIC on Amazon for $714. No such miners are available for Litecoin. The best Litecoin mining hardware available for purchase are graphic cards , but they are not profitable. If you are serious about mining litecoins, one option is to simply mine bitcoins with hardware like the Antminer S7 and convert the earned bitcoins to litecoin. So, how does Litecoin mining secure the network? Like Bitcoin mining, Litecoin uses proof-of-work which makes mining a costly process in terms of both time and energy. In order to send litecoins, transactions must be included in a block. Litecoin miners then verify these transactions through proof-of-work. The miners check incoming transactions against previous transactions on the blockchain. If no double-spends are detected, the miners create a block with new transactions and add it to Litecoins existing blockchain. Each new block is then sent to nodes on the network. The nodes use the miners work to continue to verify and transmit transactions across the network. As mentioned earlier, Litecoin mining requires vast amounts of time and electricity, which isnt cheap. The block reward is paid to miners for each block mined, which provides an incentive for Continue reading >>
Faq - Minergate
How to start mining Bitcoin and Litecoin on MinerGate? MinerGate provides the opportunity to purchase cloud mining contracts for Bitcoin. Just enter the desired amount of hashing power or choose the sum you want to spend and you will start mining Bitcoins the following day. Proceed to the tab Hashing power in your Dashboard. Set up your plan by choosing the amount of power or the desired price of contract. Click the Buy button. You will be transferred to the page with payment details. We will generate a Bitcoin address where you should send money to pay for the contract. Please send the whole amount as one transaction and pay attention to the network fees so the amount is correct. If you send more or less, a contract for the actual sum we receive will be created. You can purchase a minimum of 20 Gh/s. If you send less than this, mining wont start until the minimum amount is received. Note that maintenance costs are not included in the initial price of contract. They are charged in BTC and are calculated according to the USD/BTC exchange rate for the specific day. If there is not enough money for maintenance payments during 3 days, the contract will be cancelled. When you pay for the contract, it will become active from 00:00 UTC. You will receive your first reward the following day after you start mining. Note that if you make payment after 23:00 UTC, there is a slight chance that your contract will be activated only in 1 day, as some time is required to process the order. When your contract is activated and the first day of mining passes, you will start receiving daily profit from it. You can always check your overall Bitcoin balance and withdraw it in the Dashboard. To access detailed information about a contract, click on its number in the tab Hashing power. We advi 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 >>
All posts must be related to Litecoin or Litecoin mining. Discussion of other currencies should go in their relevant subs. Coin switching/multicoin pool posts and advertising are not allowed as they do support the Litecoin network. Pool advertising is allowed but should be kept to a minimum. Excessive updates and/or posts will be removed. No advertising for products. Discussion is allowed, but it must be done via self post and not contain a link to the buy page of the product in question. No crossposts to other crypto subs unless the information is also relevant to Litecoin. In general make sure your posts and comments are good natured and courteous. No Buy/Sell posts. Please keep these to /r/ltcmarket , /r/CryptoHardware , or /r/hardwareswap . Please do some research before asking for help. You can find great resources via our sidebar, our wiki, and the reddit search function. For more information on this rule, click here . Please post your configs if you are asking for help, or if you are submitting pictures of your mining rig. For more information on this rule, click here and here . Continue reading >>
Litecoin Mining (the Ultimate "how To" Guide) | Genesis Mining
The cryptocurrency litecoin made national news headlines this year, mostly for its rapid growth. News outlet CNBC reported that Litecoin hit a record high, up nearly 1,400 percent this year. Litecoin rose in rankings to the fourth-largest cryptocurrency in the world, and it wasnt the only cryptocurrency experiencing growth bitcoin, ethereum and many others were inching up as well. The litecoin community, however, activated a technology upgrade this year, which sparked additional interest. Segregated Witness, which is also known as SegWit , increased the cryptocurrencys capability and transaction speed, which are important factors in the mining process. Prospective miners just starting out and those who have mined other cryptocurrencies but not litecoin in the past may wonder, What is the best way to get started? Here is a helpful guide to review before setting up a litecoin mining rig of your own. Litecoin is often compared to the digital currency bitcoin, and for good reason. Litecoin was heavily influenced by bitcoin when Charlie Lee developed it in 2011. The theory and the setup are similar to that of bitcoin; however, there are a few major differences that set the two cryptocurrencies apart. The lifetime cap of the currencies is different. Litecoin has a lifetime cap of 84 million coins, which is about four times more than bitcoin. In contrast, bitcoin has a cap of 21 million coins, and the currency is further along in its growth cycle, meaning that fewer coins are available. Fewer coins available can translate to a higher value for each coin. Litecoin has faster block generation. The holy grail of mining is faster block generation. Rewards are earned only when blocks are generated, so the faster you can generate those blocks, the better. Litecoins block generation 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 >>
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 >>
How To Start Mining Litecoin In 2018
Litecoin is a fork of Bitcoin. Considering Bitcoin as gold, Litecoin is said to be the silver with the aim of having a cryptocurrency for everyday purpose. It was created by Charlie Lee who is an ex-Google employee, who had the vision to create a lighter version of Bitcoin. Cryptocurrency mining, in general, include two functions; to add transactions to the blockchain, and also to release new currencies, and each block added by miners contain a PoW (proof-of-work). In mining, you need a computer and a special software program that helps in solving complicated mathematical problems. With huge computer resources, miners attempt to solve blocks having transaction data using cryptographic hash functions. Litecoin uses some fundamentally different algorithm for processing, called the Scrypt. Initially, it was easy for people with personal computers to mine, technological advancements brought about special mining machines called ASICs (Application-Specific Integrated Circuit) that now process Scrypt coins like Litecoin, this makes it difficult to mine without a substantial investment. Setting up a miner for yourself will take some hours and joining a mining pool will give you instant returns on investments. Whether you are mining for yourself or joining a mining pool, you need a Litecoin compatible cryptocurrency wallet to store your mined coins. Wallets are likened to physical wallets that are used to hold fiat currencies. Because cryptocurrencies are digital, digital wallets are required to store the Litecoin cryptocurrency. The Litecoin Core wallet can be downloaded from the litecoin.org official site. There are few other wallets used to hold Litecoins; the Ledger Nano , Jaxx , Exodus , Coinomi , LoafWallet , and LiteAddress wallets. You can store your Litecoins on an exc Continue reading >>
How To Mine Litecoin: A Guide To Litecoin Mining At Home Can You Become An Ltc Miner?
High power consumption, maintenance costs and the exorbitant prices of mining rigs have driven a wedge wedge between first time bitcoin miners and the crypto markets. Similarly the high entry point of bitcoin makes it difficult for many to buy their way into the tokens, unless they have $8,000 (5,707.52) to spend per token. Luckily a whole plethora of virtual currencies, known as alt-coins, are at hand to give newcomers a helping hand with their first steps into the crypto-community. One of the more popular choices is litecoin LTC, a peer-to-peer crypto token often referred to as bitcoins little brother. Announced in 2011 as the silver to bitcoins gold, today litecoin is among the top most valuable digital currencies with a market capitalisation of over $7billion (4.9billion). If you are interested in mining your very own litecoin tokens, here are the steps you will have to take. Litecoin news: When does LitePay launch? Where will LitePay be... 1. Get a crypto wallet that supports litecoin Securing a safe wallet for you virtual currencies is the most crucial step in any mini guide, for any cryptocurrency. Crypto wallets come in various shapes and sizes, but they alls serve the same basic function. They store your hard-earned tokens safe from theft. In the case of litecoin, the recommend choices range form desktop wallets to mobile ones on Android and iOS. Find the full list of compatible wallets here . Litecoin says: Litecoin is securely stored in a wallet on your computer, tablet, phone or laptop. Download yours and start sending and receiving payments with an address and a click. Continue reading >>
How To Mine Litecoin Cpu Mining
Litecoin has seen some big gains lately. Within the last week of November, the price has skyrocketed for more than 400% and is now resting comfortably at around $30. If you are not familiar with Litecoin yet, it is a decentralized digital peer-to-peer currency used over internet based off the concepts of the popular Bitcoin. Litecoin runs on the network of users that employ it. Compared to Bitcoin where transaction confirmations takes 10 minutes, Litecoin has a faster confirmation time of 2.5 minutes. The number of Litecoins will reach its limit when 84 million is produced as opposed to Bitcoins limit of 21 million, and its projected that it wont occur until 2040. Litecoin uses a scrypt based algorithm, unlike Bitcoins SHA-256.The scrypt algorithm is more reliant on memory, not processing efficiency. That is the reason those specialized hardwares developed for Bitcoin mining will not work with Litecoin and making CPU mining more effective. Before getting started, i would like to share that GPU mining would produce a much higher result than CPU mining if you are equipped with a decent GPU. You can learn more about GPU mining on our next tutorial, GPU mining guide . To start mining crypto-coins, you will need a wallet to store the digital currency. The client could be downloaded from the official Litecoin site . Choose and download the Litecoin client for your operating system then proceed to install it. The client will synchronize with the network to download the blockchain which contains all transactions ever performed. Remember it runs on the network of its users? It will take fairly long, so let it run while we move on. I highly recommend that you take some measures to secure your wallet. The Litecoin client has a built in encryption which can be activated by going t Continue reading >>
Three Months As A Litecoin Farmer
On the 3rd of August, it will have been 3 months since I fired up my Litecoin farm. I dicked around for a few weeks in April with Litecoin rigs at home, but had all 14 of my rigs working simultaneously on the 3rd of May, 2013. In fact, this feature marks pretty close to three months since I started mining full time. So lets take a look at the issues Ive faced, if Ive made any money, and the status of Litecoin in general. I wont explain the ins-and-outs behind the decision to mine Litecoin (aka LTC), as Ive already attempted to justify that on my own blog, in detail, before Reckoner started. Feel free to read the four posts, if youd like a nice background on the whole Bitcoin & Litecoin mining scene, the gear Im using and the theories behind it all. From the outset, my plan with Litecoin mining was to amass as much computing power and mine as many coins as I could afford. Id hold on to those coins, then cash out in a blaze of glory when the price bubble inflated to some crazy amount, but just before the market would (probably)crash. I figured this would happen some time in June, to co-incide with the release of Litecoin trading on Mt. Gox . Needless to say, thishasnt happened. Mt. Gox trading LTC hasnt yet occurred and the reality of the situationas opposed to my plansare quite different. What has happened is a massive rise in difficulty, without a subsequent rise in the value of Litecoin. The chart below illustrates this (the difficulty line is messed up the data source for LTC appears to be broken): For the same amount of effort (time & electricity), Im mining significantly less coins, which arent worth more to reflect that effort. In mid-May, difficulty was around 600, which with my hashrate of 16.8Mh/sec nets about 28LTC/day. But now, with difficulty at 880, at the Continue reading >>
How To Mine Litecoins: 13 Steps (with Pictures) - Wikihow
Understand the basics of cryptocurrency mining. Traditional currencies are printed to increase the amount of cash in circulation. Cryptocurrency such as Litecoin is generated by machines that solve complex algorithms. Whenever a "block" of algorithms is finished being processed, more currency is released into the market, usually as a reward to the miner that finished the block.  Mining algorithms become more difficult as more currency is mined. This is intentional as it helps prevent all of the possible currency from being mined immediately. The practical side effect is that the longer you wait to start mining, the less likely you are to solve blocks on your own. Mining pools were created to help individuals have a better chance at making money from mining. The mining pool applies all of its members' processing power to solving a block, and if the block is finished by any member, all members get a share of the reward. You'll get far less reward than if you finished the block on your own, but have much higher chances of actually seeing results. Consider alternatives to mining. Unless you're willing to drop thousands of dollars on a dedicated mining machine, or you don't pay for electricity and don't care about the lifespan of your home computer, there's very little reason to mine Litecoins instead of just purchasing them. The electricity costs of mining 24/7 often outweigh the value of anything you mine, especially if you're using a home computer, and running constantly puts a serious strain on your hardware components.  Litecoin mining is only going to increase in difficulty, as this one of the fundamental principles of cryptocurrency mining. This means that it will get more difficult to mine at a profit unless the value of the Litecoin sees a significant boost. Continue reading >>
A Full Guide To Getting Started With Mining Litecoin
A Full Guide To Getting Started With Mining Litecoin Missed out on making millions with Bitcoin ( whats Bitcoin, you ask )? Dont worry youve still got time to jump in on alternative cryptocurrencies, like Litecoin and Feathercoin. Thanks to a different algorithm at the core, those can still be mined by anyone with a graphics card expensive ASIC Bitcoin miners wont work. What are you waiting for?! Kannon published a tutorial back in July about getting started with Litecoin Missed Out On The Bitcoin Gold Rush? Get In On The Litecoin Silver Rush Instead Missed Out On The Bitcoin Gold Rush? Get In On The Litecoin Silver Rush Instead If you missed the Bitcoin mining craze and still want to get in on pick-axing a virtual currency, youre in luck! In 2011 Litecoin established itself as a major player within the world of electronic... Read More , but the software tools have improved since then, so I thought it would be worth publishing an update. One point to note is that at the time of Kannons article, Litecoins were worth less than $3, theyve now increased to 10 times that value and are significantly more difficult to mine. If you were paying attention, unlike me, then congratulations on your newly acquired fortune hold onto them! Disclaimer: There are a lot of alternative cryptocurrencies out there, some of which are attempts to get rich quick by the coins creator. Im suggesting Litecoin because its the next largest cryptocurrency thats still possible to mine, but obviously I cant guarantee the whole cryptocurrency bubble wont be a complete failure and be banned in every country in a few years. Thats exactly what stopped me mining Bitcoins two years ago now, a decision I clearly regret. Worst case scenario, youre investing in a nice gaming machine. If youre willing to take a Continue reading >>