Litecoin appeared in 2011 and immediately proved to be a very stable and serious virtual monetary unit. It’s popular all over the world. Cryptocurrencies, unlike fiat, have a number of advantages and Litecoin is a direct proof of that.
Its developers tried to be honest with their customers, so they made the program code open, allowing anyone to look at it and see how it works. In fact, professional miners call bitcoin an analogue of gold, and litecoin is compared with silver.
Leading experts in the field of electronic cash transactions argue that litecoin mining is now as popular as it is stable. Many platforms exchange this coin for other money, services, same as bitcoins, really. More and more people are trying to mine litecoin and understand its fundamental difference from bitcoins.
Difference between Litecoin and Bitcoin
There are many differences between the two crypto currencies, which will immediately make it clear which one will be more applicable:
- Litecoin uses CPU for mining;
- The coin is generated several times faster than bitcoin. It takes no more than 150 seconds, speeds up all transactions with litecoin;
- ASIC-miners complicated the mining process and this mostly affected Litecoin, because it is generated due to large memory capacity;
- Verification periods for litecoin are longer, because the currency has a significant level of block generation;
- There are litecoin mining pools (one of the best is hashflare (scrypt)), but there is also SOLO mode, which has a number of advantages;
- Fccording to experts, fast generation makes cryptocurrency less secure. Litecoin fraud schemes are more frequent than with bitcoins;
- Its developers allowed 84 million currency units to exist online simultaneously. For bitcoin this indicator is way lower, amounting to only 21 million.
Every cryptocurrency has its advantages and disadvantages. It’s up to you to decide which one you will mine.
Litecoin mining basics
The essence of mining is that the computer makes specific calculations. They are conducted automatically and do not require direct participation from the user. All you need is to install software for litecoin mining on your PC and you can start earning money.
The income and litecoin savings depend only on the capabilities of your GPU, because all mining is conducted on it. Experts emphasize that you can use any gadgets, but ATI video are most suitable for Litecoin mining.
You will have maximum revenue with them. Therefore, the key parameter is the computer and the higher its performance, the better. If the GPU does not fit the parameters, you can use CPU, but in this case you will not earn much.
When the PC is configured and ready for litecoin mining, you can easily get down to business, but first you need to do a number of things:
- First of all, you need to upload litecoin-qt wallet (or open a web version). You can easily find it online, this will not take much time. It should be noted that it is best to use the latest version of the wallet.
- Next, you need software for mining litecoin. After installation, depending on your OS, you can configure the GPU, but better wait. The first step is to register in the mining pool. There are several options: coinotron.com, litecoinpool.org, give-me-coins.com, ltc.tbdice.org
- You need to register in the pool. The form is same as other sites or forums, so it will not take much time. After setting the login and password, we return to the miner software and configure it for the selected pool. We enter the same parameters that we used during registration and we proceed to mine litecoin.
Now that everything is set up, you can start mining litecoins. Just check that the blocks are correctly registered and the income is received on your litecoin wallet.
Litecoin cMining with GUI Miner Scrypt
The GUI Miner Scrypt software is more suitable for novices, who have decided to try Litecoin mining on GPU. It does not require specific knowledge, experience or skills. The software is similar to Bitcoin GUIminer and is user-friendly. Other similar services for Litecoin mining crypto currency will require you to know the UNIX and Windows command line, so it is not wise to start with them.
The GUI Miner Scrypt allows you to install the latest drivers for your video card, otherwise there will be a regular error indication that you will not be able to bypass. You antivirus can also display an error.
The GUI Miner Scrypt code is public and transparent, it is safe and therefore is not a threat, however, for your antiviruses, it is something new and not completely clear, therefore it can regarded as a threat.It is recommended to disable the antivirus software during the miner installation in order to avoid problems.
Next we have to connect to the Litecoin mining pool. At the moment there are many. We connect the pool to the GUI Miner Scrypt and enter litecoin-qt wallet so that the generated coins can be accumulated in your wallet.
Litecoin mining in a nutshell
After the few days of cloud litecoin mining (without deposit or with a small one), you will begin to accumulate funds. When the amount is tangible, we ask ourselves how do we withdraw the money? Some keep it on their wallets for a long time, accumulating and multiplying it, but many want to have the best Litecoin experience and withdraw it. There are several options. You can connect your wallet to one of the payment systems or withdraw the money to an exchange, where you will be able to exchange litecoin for fiat, bitcoin, or invest in something that interests you.
But before you do anything, you should create a personal, unique address for receiving payments. It is important that it is well protected and that no one can hack it.
The number of bitcoins blocks grows every day, so mining becomes difficult. Users have to upgrade their GPUs in order to make at least something. Because of this, many of them begin to look for alternatives, one of which is litecoin mining. This cryptocurrency has appeared not so long ago and consequently, it is still far from stagnation and global problems.
Before you start mining litecoin, make sure that your video card has the necessary characteristics. Find out what chip is based on it, how much memory it has and its bandwidth. All this affects the earnings and if the characteristics are not that good, then you need to think wisely. If you are satisfied with the amount received for the month, which you can use to pay for the Internet and the electricity bill, then no need to change anything.
However, if you strive to earn more, you should get the latest gadgets and use them. The main thing to remember is that litecoin mining does not require any daily efforts and its process can bring you a solid profit even at the initial stage, without any contributions from you.