1 LTC=$88.09 USD
Looking forward to mine most profitable cryptocurrency of 2019. Mining litecoins is one of the interesting things about crypto. Being interested in how to mining Litecoins you should back up with tough hardware, software, operating system, and pools for larger returns.
The system runs specialized programs and computes the logical arithmetics which computes and solves the blocks(the transaction that occurs on a network) which at the ends fetches you the coins.
As compared to bitcoins the less competitive coins such as litecoins may bring a decent return on investment due to constant rewards.
Mining is a competitive task. Watching hike in cryptocurrency over the years watch Litecoin price prediction in 2019.
What is Litecoin?
Before the release of ethereum, the biggest competitor of bitcoin was litecoin. Created by former Google engineer Charlie Lee. Litecoin has a similar working case as Bitcoin, aims to do transactions faster and making a better for payment schedules. See Bitcoin price prediction of 2019 and 2020 here.
Litecoin was the highest valued altcoin before ethereum. Litecoins is one of the most active crypto-currencies which have daily transaction routines. Talking about scope litecoin is currently accepted by over 250+ online businesses.
How to mine litecoin?
In order to mine litecoins, you should be ready to store the generated litecoins for that the respective wallets are maintained, which you can get from here.
Made for crypto mining you will need a high-end device used for mining which you can buy from bitmain services the largest firm to supply mining equipment worldwide, all through websites.
There are two successful ways by which you can mine litecoins, the main components are as follows:-
- GPUs/CPUs of high level with tough processing power.
- ASICs were developed for Scrypt and now are widely used for mining litecoins.
Although back in the starting phase the bitcoins and other cryptocurrencies use CPU and GPU for mining. Then ASCI were introduced and now mainly for learning purposes, GPUs are used for mining, rather beginners. ASCI is in the race to turn out more profit. Top miners are scoring a great number of returns.
Keeping in a note that Scrypt ASICs can also use to mine other digital coins based on the same algorithm; you can choose the most profitable coin to mine as desired based on relative price and difficulty.
If you are opting for ASIC mining, its hardware likely comes with pre-installed mining software. You just need to follow the instructions to get simply started to Bitmain. Joining the mining pool increases the chances of returns and profitability.
Moving to GPU or CPU mining, you will need to choose your own software. Mainly the GPU mining software is not available, thus all the task is done by command prompt. Keep security in mind before running the scripts in the command line as there may be some kinds of malware may be included which can affect mining.
After mining Litecoin you should have a fixed assigned wallet to yourself where you can keep all the returns(LTC). You need to create the Litecoin wallet from here.
There are many cryptocurrency coins which give you the highest return in 2019 which includes Litecoin. Its profitability is defined by your hash rate, cost of electricity, pool charges fees and the cost of the litecoin. Mining LTC for long-term growth as digital cash could prove to be very beneficial, given its transaction speed as a currency.
There is a number of Litecoin mining profitability calculators which are available online to help you make these complex calculations. CoinWarz is one example of it.
Best Litecoin mining pool
If you are solo mining using GPU or CPU then you will hardly get any Litecoin earning. In the concept of pool mining, there are large numbers of miners combine and distribute the process according to the hash power.
Through the litecoin mining pool, you can have a steady income depending on the blocks you are solving. Litecoin pools like Antpool,F2pool,Litecoinpool.org and so on.
Some pools are reputed to do mining, on the other hand, there are also some pools which are under the spectrum of scams and thefts. Also, check out the best cryptocurrency android/ios apps of 2019.
Before mining kindly do a recon of mining platform, their history, team, customer reviews. Even the best miners there could be under thefts due to hackers.
Litecoin Mining: Summary
Investing in cryptocurrency and other digital cash is highly risky because of its high fluctuation rate. As for the Litecoin mining, you should know the past growth and its price prediction and accordingly you should invest. As like BTC mining the Litecoin mining has the same concept but with a feasible profit rate of both.
If you want to start mining and maintain the profit rate then the hardware such as Bitmain’s Antminer would be a great investment. Just stay updated with the market and improve technology over time to make mining and profit successful.