Apr 30, · Litecoin can be mined after choosing the best Litecoin mining hardware and software. You always choose considering your feasibility and Litecoin mining difficulty rate. Litecoin mining is similar to Bitcoin mining. Go through the entire Litecoin mining /5(). Jun 25, · 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. The Litecoin mining industry is less developed than Bitcoin’s. ASICs—powerful computers designed to solve Bitcoin’s proof of work function—are available for litecoin but difficult to purchase. Because Litecoin uses a different proof of work function Bitcoin miners cannot mine litecoins.
Bitcoin litecoin miningHow Do You Mine Litecoin?
On the other hand, if your priority is security, it's best to keep your litecoin stored in one or more cold wallets — ones that have never been connected to the internet. Others use paper wallets , storing their keys in physical form as QR codes or strings of numbers and letters.
Some even advocate "brain wallets": remembering a series of random "seed" words that can be used to recreate a private key. Relatively, that is. Even the best exchanges experience frequent trading outages. Exchanges keep your private keys in custody, so while you might legally or notionally control your litecoin, you cannot move it. You can only ask the exchange to do so.
Choosing a pool can be stressful. So can choosing a wallet. Which is why the process for setting up a worker is such a nice respite: basically no precautions are required. A worker represents a computer or mining rig on a pool. You might have just one, or you might want to set up several, each corresponding to a different machine.
Each worker will have a username all housed under your username at the mining pool and a password. You can make the password "" or "password," if you want. If someone compromises your worker, all they can do is mine cryptocurrency for you. Calculating the profitability of your litecoin mining operation depends on a number of factors: your hash-rate, the fees your pool charges, the cost of your electricity, the upfront cost of your equipment, and the price of litecoin.
A number of mining profitability calculators are available online to help you make these calculations. CoinWarz is one example. Hopefully, this guide has helped you get a grasp of the concepts involved in litecoin mining, the decisions you'll have to make, and some of the considerations that should factor into those decisions.
Forums are the best place to get answers: your question has probably already been asked, but if it hasn't, you can pose it yourself. Your Money. Personal Finance. Your Practice. Popular Courses. Table of Contents Expand. What Is Mining? Why Mine Litecoin? Mining Hardware.
Mining Software. Pool or Solo? Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Related Articles. Bitcoin Bitcoin vs. Bitcoin How Bitcoin Works.
Partner Links. Related Terms Bitcoin Mining Definition Breaking down everything you need to know about Bitcoin mining, from blockchain and block rewards to Proof-of-Work and mining pools. Litecoin Mining Litecoin mining is the processing of a block of transactions into the Litecoin blockchain. Blockchain Explained A guide to help you understand what blockchain is and how it can be used by industries. Bitcoin Bitcoin is a digital or virtual currency created in that uses peer-to-peer technology to facilitate instant payments.
It follows the ideas set out in a whitepaper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Cloud Mining Cloud mining enables mining of cryptocurrencies, such as bitcoin, without installation of expensive mining hardware. Investopedia is part of the Dotdash publishing family.
So with bitcoin, twenty-one million bitcoins can be created. But with Litecoin, eighty-four million Litecoins can be created. Secondly, the amount of time that it takes the network to create new coins is a little different.
The bitcoin network creates twenty-five coins every ten minutes. The Litecoin network creates fifty coins every two and a half minutes. A lot of people have different takes on that. So each one point of Litecoin can be divided into a hundred million smaller units. So if you want to skip the tutorial and download all of the software, go ahead and try it out.
And we want to make sure that we go to Litecoin. This is a trusted source and we can download the Litecoin wallet for Windows, Mac or Linux. So it goes fairly quickly. The first thing that we want to do is click on receive. So click on new address. Click on okay. Now this is the easiest software to use. Anyone can use it. So we can download GUIMiner-scrypt from guiminer.
This is the original website to download the program. You might need to go into your settings and configure them to allow you to download this program.
Have a look at the official forum thread on Bitcointalk. If we click on that link there, that will bring us to the official thread and we can download the program from here. So that will work as well to download GUIMiner-scrypt. Go ahead and download that program. Here is GUIMiner-scrypt. And it should pop up after launching the program. Here is the program, but I have no idea what to put in any of these text boxes.
So the first thing that we need to do is we need to find a host. But if we check out this website here, Litecoinpool. And we can compare all of the pools. And this would just kind of give us a little bit more information, especially on the fees for that pool and we can just kind of do our homework on the pool.
So I definitely recommend checking out the pool that you plan out joining before you join it. So put in my four-digit pin that I created when I created my account.
And that will change our payment address. And so that means every time we mine one Litecoin, it will automatically send that Litecoin to this address, which is the address in my wallet.
Now we need to create a worker, and so we can add a new worker down here at the bottom and we can really put in anything we want here. This is just a name for our worker. Here it is. Right on the main page, we can see the servers here. But you can see there are a number of servers in the United States, in Asia. And the very first thing that we need is they host. And if we hover over this text box, we see a little hint there. It says host addresses or host address without the http prefix.
It should look very similar. But the port is three, three, three, four. So make sure that the port here three, three, three, four. Now the user name is going to be our worker that we just created.
My password was very simple, just one, two, three. Now my device is going to be my graphics card, which is this one here. You can see my processor, my CPU is available. And I could select that. Here are the two links for AMD drivers. Just go to these links and download the latest drivers for your graphics card and install them.
GPU Thread, the default value was one. Work size, default is two fifty-six. Now the intensity, this is really where — this is — this number here is going to make the biggest difference in your kilohertz per second or your megahertz per second speeds. So intensity, twenty is really high; ten is really low.
I think fifteen is good. We want to make sure stratum is clicked yes. And my speed is a hundred and seventy-nine kilohertz per second. And you might find that by selecting something in the GPU default, it helps you out and it works for some reason. And the only number that really changed was this number here and my intensity. So if we increase our threat concurrency, and this is in kilobytes, we can increase our speed. It could potentially burn them out, overheat them. All in all, these are good numbers to go with, to start off and to see what your speed is for mining.
And then you can increase the intensity or increase the thread concurrency a little bit as you see fit, to see if you get better results. So if I click on stats, I can get to my stats here and my dashboard here on the left-hand side.
I hope you enjoy part one of the Litecoin For Beginners video series. Please rate, comment and subscribe. All right. The first thing you need to do is join a Litecoin pool using CoinHunter. You can find tons online. When you get to one of these sites, first thing you need to do is create an account for the site.
You can click that button down there. So once you are in, this is what the interior of the mining pool website looks like. All you really need to do in here is go to your account to Workers, which is on the sidebar there. Click that. And then you just need to create a new worker. Just create that worker. You can see now that there is a new worker created. The first is your username, which is Ardo in my case.
The next is the worker name, which in this case is worker 2. And then you also have to know the worker password, which in this case is worker 2, as well.
The last thing you need to know is the host name of this pool, which you can find in help. So the next thing you need to do is download the actual software to do the mining. Go ahead and download that. Now to run this, we need to use an application called Terminal. You can find that in your applications folder under Utilities. It should be all the way at the bottom here, yep, double click it. You open up a Terminal, it looks like this. You then need to change the permissions on minerd.
So, you type chmod minerd, which is going to allow you to run the file. The first thing you need is dash O and then you paste that host name that you copied earlier.
The next thing you need is dash U, which is going to be your username. You need to put your pool username dot your worker name. After that, you need dash P, which is going to be your worker password.
In my case, this is worker 2, as well. This has been running for about thirty minutes. The hash rate is a little higher now.
But more importantly, you see these accepted messages which means that you are, in fact, generating valid Litecoins. If you zoom out now and go back to that mining pool website, go ahead and refresh that.