How To Mine Litecoin: A Complete Guide
Litecoin is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. It was forked from Bitcoin in October 2011. LTC mining uses the Scrypt mining algorithm and has 84 million total mineable coins.
Litecoin mining overview
When it comes to how to mine Litecoin, there are two basic options. If you want to purchase Litecoin mining rigs, there is a wide range of offerings ranging from high-end monsters that are all-in-one solutions with cloud mining, to boutique solutions such as GPU miners. This guide will assume you are not interested in the former category and are instead looking at setting up a Litecoin mining rig using a dual-boot setup. For both of these options, you will want to go with a system that can accept both the OpenCL and OpenCL2 plug-in. Setting up the OpenCL miner The OpenCL miner is basically the CPU/GPU compute version of Litecoin mining. It is basically where you will run your mining software.
Choosing a mining pool
Before you start mining, you need to pick a mining pool. A mining pool pools are a collection of miners and they are connected to one another. A mining pool is not for the impatient miner. You need to go with a mining pool that has at least three or four nodes in their network. One of the benefits of a pool is that you are not limited to the speed of mining to prevent slowing down your mining progress. However, be aware that mining with a pool takes a lot of time. Do some calculations. Once the average speed of a mining node is at least 20, you would need at least six hours to mine an LTC block. It is important to keep in mind that every time you will want to dump your LTC, you will have to buy them back.
Mining software
If you’re mining Litecoin with any of the mining software provided, you should already have everything you need to get started. We’re going to assume you have access to a computer that’s at least Intel i5-2500k, and has at least 16GB of ram. Litecoin mining software can be installed and used in two different ways. Some software install as an administrator and some install as a regular user, so check the steps for which you want to run the program to see how to set it up the way you want. How to set up Litecoin mining software for an admin account If you’re running Litecoin mining software as an admin, you will have all the privileges to install it. However, as an admin you have some restrictions on what can be installed on your computer.
Setting up your miner
After setting up your mining hardware, now it’s time to make some adjustments. Here’s what you need to do: 1. Launch the Litecoin mining software. 2. Click the Add miner button. 3. Provide the miner with the desired addresses. 4. Click the Create miner button. 5. Your miner is now running. Mining coins According to Litecoin Talk, the Litecoin miner can be used for mining Bitcoin as well, but the Miners website mentions that it is dedicated to Litecoin. After clicking the Create miner button, you will be asked to enter some information. In my case, I entered my address, along with a comma delimited string of numbers, which is known as an output.
What are shares?
You mine LTC by purchasing Litecoin mining rigs from a number of online retailers. In other words, you use your computer’s CPU to mine LTC. Who is Litecoin for? Litecoin is a small but fast-growing alternative to bitcoin and it has experienced a massive surge in its value over the past few months. It is an ideal alternative to bitcoin, which has had its ups and downs during its rapid rise to prominence as a digital currency in recent years. If you’re new to mining, you should know that mining is risky. Most miners tend to do it as a hobby and put their life savings and retirement on the line in order to successfully mine LTC, which could cost them hundreds of dollars in electricity costs per month.
Conclusion
Each cryptocurrency has its own advantages. LTC mining is just another method to obtain a steady stream of free cryptocurrency coins, with competitive returns. In the long term, cryptocurrencies are a solid investment, and Litecoin offers better rewards for invested time than some of the top 10 cryptocurrencies.