Here is one more (almost alike bitcoin) powerful cryptocurrency-litecoin, and one of the main questions for this is how to mining litecoin?
The digital currency litecoin is the fork of the crypto currency bitcoin. Litecoin was created in 2011 and even despite the fact that the virtual currency exists relatively recently, has become one of the most popular.
- How to mine litecoin
- What is litecoin
- What is litecoin mining and how to set up mining
- Features of the litecoin mining process and more about how to litecoin mining
- How to mine litecoin?
- What is Litecoin?
This electronic money have their own unique properties. For the designation of lightcoins (Litecoin), the abbreviation LTC is most often used. Interestingly, the creators of light-wallets immediately opened the code of their software, which gives them an unprecedented level of transparency, allowing them to check how they work for all who want to do it. Among those who are actively engaged in electronic mining (generation and accumulation of crypto-currencies), the opinion has been established that bitcoins are an electronic analogue of gold, and litecoins are silver respectively.
According to experts, the market of litecoin is very stable, many electronic exchanges exchange them for bitcoins without problems. More and more users want to start doing litecoin and they are no doubt wondering what the difference between this cryptocurrency and bitcoin is.
What is litecoin mining and how to set up litecoin mining?
Extraction of currency consists in carrying out by a computer of the user of a series of calculations. They are needed to interact with the litecoin electronic payment system. To start the process of generating and accumulating crypto currency by the method of mining, it is necessary to install on your computer and run a special program called “miner”.
The size of earnings here can be very decent, but it will directly depend on the type and performance of the video card, since it performs all operations. Experts say that ATI video adapters are better than others for this. They provide the greatest income.
Therefore, before proceeding to the mining, you will need to purchase a good computer, necessarily with a high-quality and high-quality graphics card. However, for extraction of litecoin, you can use a CPU instead of a video adapter, but this method is much less efficient and does not promise good earnings.
After the computer is purchased or upgraded with a focus on mining, the video card is installed and working normally, you can proceed directly to earn a cryptocurrency. You need to do the following:
Install a wallet of type litecoin-qt on your computer. It’s very simple, the whole process of searching, downloading and installing takes a few minutes. Preferably, from all existing versions of the wallet (there are several), choose the most recent one, since it is most convenient in operation.
It is necessary to download and install the program-miner. There are several ways for this, but the easiest way is to go to the appropriate link. As mentioned above, in the absence of a suitable video card, it is possible to extract litecoins through the processor, but in this way it is not possible to earn a lot of cryptocurrency. For a decent income you need a productive video card. After downloading the program-miner, it is required to make its adjustment. It is better to do this after completing the registration in the pool. Now there is a fairly large number of pools for mining, one of the oldest and most popular is Pool-X.eu.
Having found a suitable pool, it is necessary to register on it. It’s easy: you need to visit the site of this pool, click the registration button and fill out the form. In general, the registration process is almost the same as a similar action on any website or forum. After the registration is completed, you must set a password. Now it is fashionable to configure the miner to work with the corresponding pool, using the created password with login. In the folder where the miner is located, you will need to create the required file containing this information. Note that the number of threads is not constant, it will change. At the end of all these operations, you can run the miner and start making money in this way.
Features of the litecoin mining process and more about how to litecoin mining:
After the start of mining, you will quickly get a certain amount of litecoin and the question is how to deal with them. There are several options. You can bring them to your litecoin-purse and store them there. And you can transfer the cryptocurrency to the exchange, where they can be exchanged for bitcoins or simply sold for real money. So there will be no problems with the implementation of the digital currency. Please note that before you start operations with cryptocurrencies you need to create your unique address to receive payments. This address should never be forgotten and it must be made difficult enough to hamper attempts at hacking as much as possible.
We note that as the total mass of bitcoins increases, the process of their extraction with video cards becomes more complicated and slows down. Now it has slowed down so much that many miners began to look for alternative possibilities for converting the capacities of their video cards (after all, many bought them specifically for mining). And here a good way out is to switch to mining litecoin, the total mass of which is the network is still far from the critical value.
To effectively extract litecoin, you need a video adapter with a chip from 5850 and higher. In addition, it should be taken into account that the speed of the video adapter’s memory exchange is of great importance for the speed of mining. The higher it is, the better. One of the most suitable pools is LightCraft, which allows you to instantly translate received litecoins into regular money, by output to the WebMoney system.
Strictly individual LTC mining is not effective enough, therefore its participants are united in so-called pools. All participants in the pool (more precisely, their computers) are engaged in solving one cryptographic problem. After finding a decision by the computer of one of the participants in the pool and receiving confirmation from the Litecoin network, the entire pool is awarded a reward that is distributed among all its participants. These rewards (or blocks) are the main source of litecoins for everyone who earns by mining.
The amounts of income from litecoin mining depend on three main factors. These are the technical characteristics of the computer (primarily the video card) of the participant, the time that will be devoted to the work and the current course of the crypto currency. Practice shows that when using a mid-level video card, the revenue will not be too much, but it will be enough to pay for the Internet. When using really powerful video cards, the amount of virtual currency that is extracted can increase at times and even by orders. At the same time, we note that the mining process is not difficult, and even starting it from scratch, you can count on a fairly quick receipt of the first return.
So these small descriptions of how to mine bitcoin, we sincerely hope, will help you to set up litecoin mining.