How to Mine Litecoin (LTC)

Instructions for choosing and installation of special hardware for Litecoin mining, a client recommended for Litecoin, mining programs and algorithm used and the reason to join a mining pool

We have already compared Bitcoin and Litecoin and understood their core differences, Bitcoin mining process and even Ethereum have been described as well. Now you know all the basics about Bitcoin and altcoins and the mining process at all, but still no idea how to mine Litecoins. Here we are to provide you with all the important information which will help you to become a Litecoin miner.

Litecoin is a cryptocurrency developed by Charlie Lee, a former Google engineer, in 2011. Lee recognized Bitcoin’s major issues and created a more scalable and quicker version. Unlike other numerous Bitcoin clones, Litecoin holds its ground to this day and remains one of the most popular cryptocurrencies. If you know what you are doing, you can make good profits mining litecoins.

Choosing hardware

At one point bitcoin miners realized that GPUs do a much better work than CPUs at finding proof-of-work solutions. They moved to GPU mining, and graphics card companies drove up their prices. It became a lot harder for individual small miners (who cannot afford expensive multiple-GPU-powered mining rigs) to make any profit. Charlie Lee wanted mining to go back to good old CPUs. Instead of SHA-256, his Litecoin uses Scrypt, a CPU-oriented mining algorithm. As time passed, however, hardware companies developed ASICs for Scrypt, as they previously did for Bitcoin’s SHA-256. Today it is almost impossible to make any or at all money without using Antminers L3+ of the world. So if you decided to mine litecoins, do a research into available ASICs, choose one you can afford, go to an online litecoin mining calculator, and do the math.

Installing software

So you’ve got yourself an ASIC for Litecoin mining. Now you have to take care of the software. First of all, you need a wallet to store all your precious litecoins that you’ve worked hard for. There are abundant litecoin wallets available online but, for the security purposes, it is recommended to use the official Litecoin Core client. To become a full litecoin node, you will have to download the entire litecoin blockchain, which, at time of writing, was 18Gb. This may take few days.

Now that you have become a full-fledged member of the litecoin network, you download mining software. Scrypt mining programs, such as sgminer, cgminer and cudaMiner, are abundant online, but you will have to choose based on your hardware and operating system. Keep it mind that mining software may require you to work with the command line but don’t get too scared, everything is pretty googleable. For more detailed info, visit Litecoin’s official website.

Joining a mining pool

As an individual miner, you risk going long periods without any results. No matter how much powerful a rig you have, you present a very tiny fraction of the total hashrate, and your chances are appropriate. This is why you should consider joining a mining pool. A mining pool is a group of miners, who combine their processing power to improve the probability of winning a reward. If even one of the miners in a pool finds the block, the reward is split between all of the members according to the power they’ve provided. Though your share may not be as high as a full reward plus fees, mining pools ensure that you have a steady predictable income. Before joining a mining pool, however, carefully examine their website, read their papers, and familiarize yourself with their payout structures.


32.02 USD 3.06%
0.00884900 BTC 1.60%
Volume, 24h
192,918,480 USD
1,871,257,275 USD

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Bitcoin Miners’ Refuge? Zcash Mining Hash Rate Sees 650% Growth

While the bitcoin hash rate has taken a downward shift during the latter half of last year, Zcash has been on a constant upward movement that could make it a crypto miners refuge. Miners Flocking to Zcash The reports of Bitcoin miners leaving the crypto mining scene has been doing the rounds since mid-2018 after the crash of 80 to 90 percent in cryptocurrency prices. Bitcoin is down about 82 percent from its all-time high at $20,000 to about $3,500. Around October, Bitcoin hash rate took a dip and only started upward descent in mid-December. According to Diar’s latest report, cryptocurrency miners are flocking to Zcash due its block reward halving period. “Cryptocurrency miners have found refuge in solving for Zcash with the block reward still two halving periods behind Bitcoin (Zcash follows the same controlled supply model with differing block times).” The privacy-focused cryptocurrency, Zcash is a code fork of Bitcoin protocol that uses  zero-knowledge proofs to “enable privacy-preserving transaction data.” It first came into existence in late October 2016. The hash rate of Zcash has been growing on a constant upward movement as can be seen in the 1-year chart above. “With 7200 ZECs up for grabs daily the networks mining hash rate has been able to sustain a 650% growth as other cryptocurrencies lose equipment in the face of the ongoing bear market and stiff competition.” Earlier this month, zooko Took to Twitter to share the ongoing developments in Zcash to share that “As expected, the GitHub thread about radically revamping Zcash mining is heating up. … It’s important because at today’s prices there is more than $400K/day of new Zcash issuance” The community is also working on Zcash blossom, a “dual-proof-of-work scheme, where one algorithm is backward compatible with current mining equipment, and another is designed to work well with GPUs on a temporary time scale.” Harmony mining will be affecting the miners as its goal is to make the Zcash ecosystem more resilient by “spreading issuance and political influence among distinct kinds of stakeholders.” The post Bitcoin Miners’ Refuge? Zcash Mining Hash Rate Sees 650% Growth appeared first on Coingape.

Iceland’s “Bitcoin Bandits” Sentenced in Big Crypto Mining Theft Case Worth Nearly $800,000 USD

It has been reported that the primary suspects in the “Big Bitcoin Heist” of 2018 have been sentenced to prison terms following the much-reported heist that saw them steal over $750,000 worth of crypto mining equipment. What Was The ‘Big Bitcoin Heist’? On January 16, 2018, the four men hired three more individuals in order to rob the Advania mines. The crew was able to steal 225 fully functional Bitmain mining rigs with the help from an ‘inside man’ and allegedly wore security uniforms. This particular heist was the crew’s biggest and the robbery reportedly took hours. The ‘inside man’ gave the thieves a security access code and a layout of Advania’s floor plan. Iceland police arrested two members of the gang on February 1, 2018, with an illegal stun gun and more than a half ounce of cocaine. From that point, one of the suspects purportedly turned on Stefansson and his gang, so the police were able to track down each member of the group following the first two arrests. The first of the individuals arrested include Sindry Thor Stefansson, who was originally arrested in April for the theft of mining equipment in the country. Based on translated court documents, another six individuals were tied into the charges, which is a total of ten criminal counts. The full charges include “possession of weapons, cocaine, and theft of over $2 million USD worth of mining computers and equipment.” What added a twist to the drama was when Stefansson escaped from prison. He was placed in the low-security prison a little over a week ago though he has been in custody. He fled through a window before taking the approximately 60-mile trek to Keflavík International Airport, where he used a stolen passport to board a passenger plane bound for Sweden and where security footage spotted him. Interestingly, he was on the same flight as the Prime Minister of Iceland. The Final Sentance All in all, seven men were sentenced for the heist, with Sindri Þór receiving the heaviest sentence. The computers were never found and the men were sentenced to pay Advania, the company that owned the computers, 33 million ISK(close to $270,634) in damages. Stefansson was not charged additionally for his attempted escape and just four and a half years in Prison. Hafthór Logi Hlynsson will serve 20 months and Matthías Jón Karlsson was sentenced to two-and-a-half years. Both Peter Stanislav Karlsson and Viktor Ingi Jónasson will have to spend 18 months behind bars while the others get lighter punishments.
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