This article is about:
- necessity of pools for LTC mining;
- why miners hunt the blocks;
- actual obstacles for mining;
- types of pools by payout ways;
- how to set up the miner.
No matter how much it was told that “safety in numbers”, there are still individuals who believe that it is possible to mine LTC alone completely without a litecoin mining pool. Of course, such business attracts users with its anonymity: nobody wants to show their incomes and expenses, purchases and money transfers. Before the cryptocurrency became so popular as it is now, any banking transaction could be easily tracked, because the whole monetary system – it is still about the fiat money – was under government control. Nevertheless crypto coins exist independently; there are many types of them which are fully anonymous hence litecoin pools are independent and decentralized services. Moreover, if you are planning to mine LTC, you can not do without their help.
Let’s find the block together!
The main idea of the mining is collecting all the new transactions that appear in the litecoin network in one large bundle called block. In turn, you need to find a cryptographic hash that meets certain requirements. To search it computer equipment has to analyze a huge number of hashes to find one that matches the criteria. If this is done by one miner, then his actions can be compared to a fishing rod, and when a large number of participants are accepted, then the fishing net is in use. The chances of catching a “goldfish” are much higher. So this network can be compared to a litecoin mining pool.
Is LTC worth mining?
Are you sure that namely litecoin can be a currency of your dream? First, in 2017 the top-level cryptocurrency mining became more difficult. Graphic chips and CPU are general-purpose devices and let them be toys for school children. If you plan to receive a substantial income, then you need to acquire a special mining hardware. Surely you’ve heard of ASICs. These devices work much faster and more efficiently. Experts recommend before you get involved in this business you need to take into account the following features:
- High power consumption
- Growing LTC difficulty
- ASIC Limited Features
- Difficulties of delivery
Mining equipment consumes a significant amount of electricity. Can you connect to a cheap source or have to pay huge bills?
Such an indicator of difficulty depends on the participants' number in the system. It increases every day. Therefore, to assemble the block is no longer as easy as it was a year ago.
ASIC will not work for other purposes. This is not a universal device, such as a graphics chip or a CPU. The latter can at least be sold or used for PC upgrading.
If you decide to buy a specialized equipment, delivery time and cost are important. These conditions must be acceptable, otherwise, this game will not be worth the candles.
When litecoin pools are used
So, you decided not to give up, and even with small start-up opportunities, are a plan to start mining litecoins. Your ASIC or modern chips have been installed and are waiting for the start. The OS is debugged, all spyware is deleted. From this moment we act step by step:
Register the wallet
Wallet is the space on your hard drive, a separate device or place on a remote service where your private keys will be stored. How to register and use wallets, what is the address and private key, has been already mentioned here.
Your LTC address is required to transfer funds. When registering to the pool, it must be specified along with other data – username, password, email.
Choose litecoin pools
Services for collective litecoin mining are divided into specialized and multi-pools. The first ones work exclusively with LTC (litecoinpool.org, WeMineLTC). The second is used for so-called merged mining and considered to be one of the most convenient, because you can mine several coins and not really follow the LTC rate. The service will automatically switch to the most cost-effective position.
There will come a moment when the mined coins will have to be divided among all participants of a pool. Pay-per-share (PPS pool) is an immediate payment system for each share. In PROP pools payments are issued proportionally depending on the percentage of the miner per round. PPLNS (pay-per-last-N-shares) considers last N shares, regardless of round boundaries. In total, there are more than ten reward types, so before you give preference to a particular service, you should carefully understand its payout system.
When choosing, pay attention to information such as transaction fees. They can be kept by pool or shared. For some users, it is of fundamental importance to know in which country the server is located. The reputation of the pool can be studied on forums, social networks and with the help of users’ opinions. When was the resource launched? What is the size? While doing litecoin pool comparison you should mind it too.
Set up the soft
Let’s observe setting up on the CPU example because nobody excludes the possibility of LTC CPU mining. It is still available despite criticism. Of course, an industrial scale mining is out of the question but newcomers can try this way. Why not? There is a special program, which is called CPUminer. It is not difficult to download and install it on your home Windows OS. The main thing is to write the script correctly. Here you will need the parameters of the selected pool. Changes are made to the .bat file, which is opened via notepad. The formula for the entry is as follows:
The path C: \ cpu-miner-pooler indicates the location of the program on your computer. If the software is on another drive, specify the correct path. URL and PORT is the address of your pool and the corresponding port number.
For Europe the line stratum+tcp://URL:PORT looks like
(of course if you choose this pool)
Username and userspace are login and password that were used for registration. Have you made this and saved the file? Activate the program with a double-click.
Similarly, the program is configured for the LTC GPU mining. The script will be a bit different:
If you purchased specialized ASIC equipment then, as a rule, soft is already attached to it. The program is preinstalled in its memory, so minimum settings are required or the products will be fully ready for use. ASIC in the process of work is also directed to one of the stratum servers.
So, we have seen from the above how important litecoin mining pool is for successful and efficient operation and what technical characteristics of the service you need to know in order to set up the soft. If beginners in the field of mining want to make their equipment fine-tuning, for example, you need to configure the hidden Tor service or have to work behind a firewall, they’d better consult programmers or experienced users.