Litecoin ranks 4th on CoinMarketCap, it was launched on 7th Oct 2011 by Charlie Lee, an ex-Google employee. Litecoin is the fork of Bitcoin. The main feature of Litecoin is it has a lower block generation time of 2.5 minutes and a different hashing algorithm. Litecoins all-time high rate was 375$ on 17th Dec 2017. The current rate of Litecoin is 100$ (while writing). Let’s learn more about Litecoin Mining
Litecoin is the lite version of Bitcoin ~ ANN Thread
It is profitable to mine any coin when it launched first but after a few months and difficulty, it is not profitable. Like Bitcoin, nowadays bitcoin mining is not profitable. The same case is with Litecoin, you can mine Litecoin but you need high-quality equipment to mine Litecoin in profitable ways.
It is said that miners can’t make money using CPUs or GPU’s but using ASICs is profitable. Let’s check out how we can mine Litecoin and in profitable ways. Lee says If Bitcoin is Gold then Litecoin is Silver.
Things that you need to have before start Litecoin Mining are Litecoin wallet, Mining Pool, Cloud mining sites(for cloud mining) & Hardware (for GPU mining), Mining Software, Exchange sites.
The first step in starting mining is having a Litecoin wallet. Without wallets, you can’t start mining because you need to store your LTC somewhere. Click here to get your own Litecoin Wallet. We recommend using Hardware wallets or Paper wallets.
Methods To Mine Litecoin (Cloud & ASIC Mining)
Cloud Mining is low-cost mining but having more risk than ASIC mining. Cloud mining means you are using someone’s hardware. For example, there is a company that has a mining farm and they allow the public to purchase hash/part of the output. The following are some trusted cloud mining sites.
Genesis-Mining: Genesis mining is one of the oldest bitcoin cloud mining companies or sites. The company is based in Hong Kong but the founders are from Germany. 7 coins are available to mine are Bitcoin, LTC, Dash, ETH, Zcash, XMR, and Monero classic. Companies HQ is located in Hong-Kong. The problem with genesis mining is their customer support is very slow.
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Eobot: The site is active since 2013 from LA. EoBot supports more than 10 coins including Ethereum. Outputs are updated every 60 seconds. The fees on EoBot are high and complex to understand, check the fees page of Eobot to understand.
ASIC Mining stands for Application-Specific Integrated Circuit. ASICs are more powerful than CPU & GPU. ASIC is made to mine specifically any one coin which makes it more powerful. You can mine using GPUs but it’s not profitable in any sense. Below are some best ASIC Miners.
AntMiner L3+: It is the “World’s Most Powerful and Efficient Litecoin Miner”. Antminer L3+ is scrypt algorithm based it means users can mine any coin supported on the scrypt algorithm. Currently, there are more than 100 coins based on Scrypt Algorithm including Litecoin and DogeCoin.
AntMiner L3+ can be purchased from the BitMain shop but you can search on eBay and amazon too but make sure to check buyers’ profiles first before purchasing.
Always purchase Mining Equipment from the original manufacturer.
Litecoin Mining Pool
There are two ways to mine Solo and Pool. In solo, you have to mine alone and it may take months or years to mine one Litecoin for solo miners. In a pool, where all miners come and mine as a team. Check some best Litecoin Mining Pools below.
- LiteCoinPool: One of the best and oldest mining pool, started in 2011. The payment system on LiteCoinPool is PPS (Pay-Per-Share). There are a number of features that make this pool different from others you can read features on their homepage.
- ProHashing: Started in 2013 with supporting not only LiteCoins. Users can get the reward in any coins they want for more details visit here. ProHashing is using the PPS method.
Click here to find out more litecoin mining pools.
Litecoin Mining Software
Mostly ASIC miners come with pre-installed software. Users just need to plug in and start mining. Click here to check out all litecoin mining software.
All statistics related to Litecoin can be viewed here.