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The downside here is that you will have to bear the full brunt of the costs of mining. If you don’t want to share the rewards of mining and are interested in learning the ropes yourself, solo mining is the way to go. There are three ways to begin your LTC mining adventure: The costs of a good rig and 24/7 electricity may be in the thousands of dollars. Keep this in mind when you consider how much you want to invest. The days of easy mining are over, but that doesn’t mean you still can’t profit from LTC mining.Ī note of caution: the more powerful your rig the better chance you have of scoring LTC. Unfortunately, as coins grow in both age and popularity, it becomes harder and harder to mine with low-cost equipment. No need to worry now, Litecoin won’t halve again until August 2023.īack when LTC started, it was possible to mine with a standard computer’s CPU or GPU. For a more in-depth review, jump over to our article on Bitcoin halving, which shares many similarities with Litecoin. We won’t get into the details here, but in short, halving decreases the rewards a miner gets for successfully mining a coin. Halving is an important element of any cryptocurrency.
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Faster transaction processing: blocks are processed every 2.5 minutes, compared to BTC’s 10 minutes.More total coins: Litecoin’s maximum supply is 84M while BTC tops out at 21M.Li created this popular altcoin with a few distinct advantages:
LITE COIN MINING HOW TO
With a bit of research, you can become a Litecoin miner.īefore we get into the nitty-gritty on how to mine this precious eSilver, let’s do a quick rundown of just what LTC is and what the main facts.Ĭharlie Li, former Google employee created Litecoin in 2011 to address some of the shortcomings of BTC. While many average miners are priced out of the BTC mining rush, you can still get into the Litecoin mining game.
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Litecoin might not have the sky-high prices of crypto gold, but it sure does command a great deal of interest as a viable alternative to BTC. $4.5B worth of Litecoin are zipping about in cyberspace, and over 25% of the total supply is still up for grabs. This marvelous counterpoint to Litecoin has, since inception in 2011, clawed its way to fifth place for cryptocurrencies by market cap. “Litecoin is the Silver to Bitcoin’s Gold”īoth the average consumer and aspiring miner are stuck on the sidelines with Bitcoin – not so with Litecoin. Well, let me tell you a secret: with Litecoin ( LTC) you still have time. Those of us left watching the meteoric BTC rise secretly wish we had cashed in early. “I describe Bitcoin as “a digital version of gold” eGold.”īitcoin ( BTC) has skyrocketed in value in the past few years, well beyond that of mere mortals. A tutorial with everything you need to know to start mining Litecoin.