How to mine Litecoin | ChangeNOW | Blog
How To Mine LTC
Speaking as simply as possible, the mining of Lightcoins is the process of performing computational operations that are provided by the network. The whole point of these calculations is to generate a new block of transactions. For the block generation, a reward is given for each miner whose equipment participated in the process. The amount of payments corresponds to the specifics of the work done by the machine. This is how to mine Litecoin in simple words.
Since today Litecoin mining is rapidly gaining popularity (due to the fact that this cryptocurrency gradually becomes more expensive), more and more people want to join this activity. It significantly drops the Litecoin mining profitability. However, newcomers are faced with two more obvious questions: how to mine Litecoin on Mac and Windows and how long does it take to mine a Litecoin. Today we will try to answer them in as much detail as possible.
For Litecoin mining, you can use one or two video cards or build a whole solo Litecoin mining pool consisting of 6–10 cards. The latter will bring you much more profit, but you will need to invest a huge amount of money (starting from $ 4000–5000 and more), arrange the wiring in advance and get ready to receive impressive receipts for the electricity usage. And given that Lightcoin, like any other cryptocurrency, is volatile, paying off the costs of hardware can take a very long time. Use some Litecoin mining calculator to estimate how long it will take you to make any kind of profit at all.
How To Mine Litecoin Mac
Given that Litecoin is one of Bitcoin Core’s forks, its mining profitability on a central processor is really questionable. Formally though, mining Lightcoin is possible on a central processor. How long does it take to mine a Litecoin on Mac? If you leave your Mac turned on for a whole year, with an average hash rate of 15 hashes per second, you will be able to get 0.0003841 LTC. It takes 45 years to mine 1 LTC at such a pace! You would do much better investing in proper Litecoin mining hardware.
The second point concerns the hardware of your computer because the power of Litecoin’s mining cryptocurrency directly depends on its power. Mining LTC can be carried out using a video card or processor (although the second option is used less frequently). If you decide to mine LTC on video cards, it is recommended to give preference to one of the Radeon models, like RX 470 and higher.
Mining on processors is much less popular. Nevertheless, we will look at chips that can help you mine your first Lightcoins. In the beginning, when choosing a processor, you need to focus not only on the number of cores and their clock frequency but on the supported number of threads. In this case, the more the better. Of course, you have a wide choice, but it is recommended to pay attention to the INTEL CORE I7–6700K and higher generation models. This is how to build a Litecoin mining rig.
If you want to get really big profits, you should pay attention to Litecoin mining hardware ASIC devices. These are specialized devices designed exclusively for mining. By and large, you can use any models of ASICs, functioning according to the Scrypt algorithm.
You can also mine Lightcoins without buying ASICs. To do this, you must look at Litecoin cloud mining. It is provided by various sites that rent you their computing powers for a fee.
How To Mine Litecoin On Android
Litecoin mining android app is an option that received an impetus to development with the growing popularity of the Litеcoins and the appreciation of the cryptocurrency currency. Of course, mining coins with the help of a computer in pools, on ASIC equipment or by renting the capacity of cloud services brings greater profit. But Litecoin mining with the use of the phone is easier, there is no need to spend money to pay for electricity and equipment. Also, there’s no need to sit near the computer as the phone is always nearby. It’s as close to free Litecoin mining as it’s going to get. With the help of Litecoin mining calculator, you can consider how to mine Litecoin with the help of special applications for the phone, what to take into account when setting up, and what the final earnings can be.
There are many applications on Google Play that allow you to mine Litecoin using a mobile phone. The greatest advantage is that the person does not need to make investments, they download the application, install an appropriate Litecoin wallet, perform the necessary settings and start earning virtual coins. The accumulated money is transferred to the wallet and then could be exchanged for fiat money.
Litecoin Mining Software
One of the best Litecoin miners is Litecoin GPU mining. This application uses the computing power of the video card and it is best used for mining through the pool. So, to start mining Litecoins, do the following. First of all, download the specified program. Go to the pool site and sign up on it. After that, go to the My Account tab and create workers there. Each worker is a separate video card taking part in mining. If you have one card, one worker is created, if two are two, and so on. Install and run the GUIminer program. In the field “Username” enter the name of your worker. In the field “Password” enter the host and port. The host will be the address of the pool used, and the port is selected on the site page. You will be offered several options, but it is better to choose the very first.
Litecoin Mining Pools
If viewed from a practical point of view, in the pool there is a greater likelihood of getting the currency faster. As they say, two heads are better than one. If you have made a choice in favour of the Litecoin mining pool, it is worthwhile to find out in more detail which one is right for you. Let’s start with this.
There are a huge number of pools (miners’ associations): some only a single currency; others mine several coins; the third mine is only profitable “coins”. But, in addition to mining coins, you need to pay attention to the methods of payment in the pool. They are also different. Among the most popular methods of payment of funds: PPS, PROP and PPLNS.
If you are interested in mining only Litecoin, the pool for a single currency will be most convenient for you. Until the other miners joined the network you have a good opportunity to earn coins when the competition is low. But, as soon as the number of miners increases, your reward will decrease, reducing the opportunity to pay off the costs of your equipment. To choose the best pool you may consult with the list of best Litecoin pools 2019.
Originally published at https://changenow.io on May 8, 2019.