However, the downside of this way of mining LTC is that you will have to bear the entire mining cost.
#How to start mining litecoin how to#
If you do not want to share the rewards of mining or mining and simply want to learn and improve your skills, you can choose how to solo Litecoin. There are 3 ways to mine Litecoin (LTC), including: This means that mining Bitcoin or Litecoin requires miners to equip themselves with high-configuration miners. However, as cryptocurrencies become more and more popular and develop, mining these coins is becoming more and more difficult. – More complex encryption algorithms: LTC uses a more complex Scrypt algorithm instead of SHA-256 like BTC.Īt the time of initial launch, miners were able to mine LTC using CPU or GPU on standard computers. – Faster transaction processing: Litecoin blocks are processed every 2.5 minutes compared to BTC at 10 minutes. – More total supply: Litecoin’s max supply is 84 million while BTC topped out at 21 million. Bitcoin – Hottest virtual currency today. Litecoin (LTC) was first created in 2011 by Charlie Li, a former Google employee with the aim of solving the shortcomings of Bitcoin. This increases the supply and incentivizes other miners to continue supporting the network. In addition, if miners successfully mine, they will receive new coins as a reward. Miners (miners) ensure a secure and reliable network by verifying transactions. Mining fulfills 2 functions of cryptocurrency. The mining computer is rewarded with coins. This software continuously solves complex logarithmic equations to confirm transaction information. This ledger is made up of thousands of computers that power the network by running mining software. Most cryptocurrencies are based on Blockchain – distributed ledger records transactions.