How to mine Litecoin, LTC for newbies

How to mine Litecoin, LTC for newbies


Mining Litecoin involves using computing power to perform and solve complex math problems and generate new coins. The following article Taimienphi.vn will guide you how to mine Litecoin.


Miners, miners will be rewarded with blocks, including Litecoin newly mined and associated transaction fees from mining and mining Litecoin.

Guide to mining LTC

Article Table of Contents:

1. What is coin mining?.
2. Litecoin coin.
3. How to mine Litecoin.
4. Mining Litecoin.

1. What is coin mining?

Most cryptocurrencies are based on Blockchain – distributed ledger records transactions. This ledger is made up of thousands of computers that power the network by running mining software. This software continuously solves complex logarithmic equations to confirm transaction information. The mining computer is rewarded with coins.

litecoin coin

Mining fulfills 2 functions of cryptocurrency. Miners (miners) ensure a secure and reliable network by verifying transactions. In addition, if miners successfully mine, they will receive new coins as a reward. This increases the supply and incentivizes other miners to continue supporting the network.


2. Litecoin coin

Litecoin (LTC) was first created in 2011 by Charlie Li, a former Google employee with the aim of solving the shortcomings of Bitcoin. Bitcoin – Hottest virtual currency today.

Highlights of Litecoin vs Bitcoin:

– More total supply: Litecoin’s max supply is 84 million while BTC topped out at 21 million.
– Faster transaction processing: Litecoin blocks are processed every 2.5 minutes compared to BTC at 10 minutes.
– More complex encryption algorithms: LTC uses a more complex Scrypt algorithm instead of SHA-256 like BTC.

how to use litecoin for people


3. How to mine Litecoin

At the time of initial launch, miners were able to mine LTC using CPU or GPU on standard computers. However, as cryptocurrencies become more and more popular and develop, mining these coins is becoming more and more difficult. This means that mining Bitcoin or Litecoin requires miners to equip themselves with high-configuration miners.

There are 3 ways to mine Litecoin (LTC), including:
– Mining Litecoin solo (mining alone).
– Select pool.
– Cloud mining (or cloud mining).

If you do not want to share the rewards of mining or mining and simply want to learn and improve your skills, you can choose how to solo Litecoin. However, the downside of this way of mining LTC is that you will have to bear the entire mining cost.

The essence of choosing a mining pool for Litecoin is similar to when you mine alone, only instead you and other miners pool power, mine resources, and share block rewards.

Also, both solo LTC mining or pooling requires miners to equip specialized mining hardware, ASIC miners or dedicated GPUs.

In case if you want to outsource specialized mining hardware, Cloud mining (or cloud mining) is the most suitable choice. The downside of this way of mining Litecoin requires you to choose reputable and secure cloud miners, choose the right mining plan, and choose a good mining pool.


4. Litecoin Mining

Step 1: Hardware

The computer, the Litecoin mining rig is the most important part, deciding how efficiently it can mine Litecoin as well as other coins. Litecoin mining rigs can have 2 – 5 GPUs or more, take up significant RAM and require cooling for the rig.

Also if you tend to look for specialized and custom Litecoin miners, ASIC Scrypt is a better choice for you.

Step 2: Litecoin storage wallet

In this step you will need to choose an electronic wallet to store the newly mined Litecoins. Here are some wallets that support Litecoin:
– Litecoin Core: This is the official digital wallet of LTC and available for desktop version.
– Atomic Wallet: Also a desktop wallet but supports many other coins besides LTC.
– LoafWallet: LTC Storage Wallet for Android and iOS.
– Ledger Nano WILL: This is a hardware wallet and one of the top Litecoin storage wallets today.

Step 3: Install Litecoin mining software and program

By installing programs, specialized Litecoin mining software to connect you to the pool (mine). From here you can know the hash rate in the mining pool, mining LTC.

Step 4: Select a mining pool (Mining Pool)

If you intend to join the Mining Pool to mine Litecoin with other miners and share the block reward, you need to keep in mind that different mining pools will have different fees and minimum payouts as well. specific hardware requirements.

Here are some criteria and principles to evaluate a mining pool:
– Whether the pool supports your mining hardware: Some pools don’t support GPU-based or mobile mining, so don’t forget to check this before you get started.
– How pools allocate mining resources: Some pools can and do favor miners who own better hardware, distribute payouts to members, miners spend more capital.
Fee structure: Pool fees vary from 0% to 3% or more. Note this cost before joining the pool.
– Is the pool safe: Security is one of the core issues in the crypto world. Make sure the pool you join offers secure connections and is resistant to DDoS attacks.
– Does the pool pay: Pools have different payout thresholds. This means that miners with weaker hardware will have to “struggle” to mine coins and earn rewards.

Step 5: Start mining Litecoin

Now you can start mining LTC.

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The above article Taimienphi.vn has just shown you how to mine Litecoin. In addition, readers can refer to some existing articles on Taimienphi.vn to learn more how to earn Dogecoin Like, the most “weird” cryptocurrency on the cryptocurrency market today.

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