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.

Litecoin

LTC
Price
60.05 USD 0.30%
0.01500000 BTC 0.54%
Volume, 24h
808,391,248 USD
7.50%
Marketcap
3,692,900,835 USD
2.6%
Emission
73%

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Litecoin Price Holds its own Above $60

The top cryptocurrency markets are not necessarily performing as expected. That is completely normal behavior when Bitcoin turns ever so slightly bearish once again. It puts a lot of strain on other top markets, although the Litecoin price is still doing its own thing. Sustaining this current upward momentum will be a bit troublesome, but so far, there is no reason to panic. Litecoin Price Stays Above $60 for now It is evident Bitcoin leads the dance when it comes to determining the perceived value of alternative cryptos, tokens, and assets alike. This year, however, Litecoin has shown to not be too bothered by Bitcoin’s momentum when things get sour. It still benefits from a bullish BTC run like every other market, but the altcoin can stand on its own two legs without major issues. Today is another interesting example in this regard. To put this in perspective, the Litecoin price has gained 1.8% in USD value and 2.14% in BTC value. It is especially this latter aspect which triggers some cautious optimism. Sustaining gains over Bitcoin is crucial to ensure the USD value doesn’t plummet right away. For now, one LTC remains at a value of $60.87, although it seems further gains may be difficult to achieve. It would appear the traders and speculator son social media do not favor Litecoin’s chances at this point. Bully the Bear, for example, expects “heavy dumps” to materialize in the hours to come. So far, the market has not shown any real signs of weakness, although one never knows if that might be a mirage. Calling for heavy dumps seems a bit odd at this point, however. $LTC update.. We gonna witness heavy dumps … watch out. #LTC #litecoin #Crypto pic.twitter.com/XP7ik1Lk3V — Bully The Bear (@Bully_TheBear) March 23, 2019 A similar sentiment is echoed by Frenchy’s Crypto Charts. This user sees a problematic near-term future for the LTC/BTC chart, although it remains to be seen if these predictions carry any real weight. A drop to 0.0135 BTC would not be that problematic for Litecoin by any means. It would represent a near 10% decline, though, which seems rather steep given the current trading volume and overall momentum. LTCBTC Has Hit a Wall Large Cluster of Weekly Candles Above RSI Just Overbought and Turned Over SRSI Coiled Up and Overdue for Downside Next Likely Support: 0.01350 BTC If you like my posts, please RT! #BTC #ETH #Crypto #Bitcoin #Cryptocurrency #LTC pic.twitter.com/ubBpQHXrFd — Frenchy's Crypto Charts (@FrenchysCrypto) March 23, 2019 For those traders who want to get the most bang for their buck, an interesting triangular arbitrage opportunity involving Litecoin has appeared. With a potential profit of just over 49%, there is a lot of good money to be mad. That is assuming there will be sufficient liquidity across all of the involved exchanges. Kraken and Binance should pose no problems, but Livecoin is usually a very different story. Hurry! 49.39% triangular arbitrage considering volume in #QTUM via #Binance. If you buy #QTUM in #BTC market from #Kraken and convert it to #LTC in #Binance and sell it on #Livecoin. — KoinKnight (@KoinKnight) March 23, 2019 All of these signs seem to indicate Litecoin is successful in bucking the bearish trend at this time. Even though traders and speculators expect this uptrend to collapse fairly soon, there is seemingly no indication those predictions will come true. As the day progresses, however, there can always be unexpected changes which cause a ripple effect. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. Image(s): Shutterstock.com The post Litecoin Price Holds its own Above $60 appeared first on NullTX.
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