Since its creation back in 2011, Litecoin has always been one of the most requested cryptocurrencies to have ever reached the market. Litecoin is not only attractive for the time being in the 7thth position on CoinMarketCap, but also because the network is almost four times faster than Bitcoin.
Although it is designed to improve on Bitcoin with its blocks checked every 2.5 minutes (rather than every 10 minutes), Litecoin still uses a PoW (proof-of-work) algorithm such as Bitcoin. This means that it can also be extracted. One of the most effective ways to extract any cryptocurrency, including Litecoin, is to enter a mining pool.
In the case of Litecoin, there are many excellent mining pools to choose from. However, before doing so, here are a couple of tips and tricks to consider when choosing the next Litecoin pool.
Things to consider before choosing a Litecoin mining pool
The first thing you want to do is check the geographic proximity of the pool. Of course, it is advisable to choose the mining pools closest to you to increase mining performance.
Secondly, it is worth doing a thorough research on the tax system used by the aforementioned pools. The lower the taxes, the more profits you should be able to acquire. Another very important aspect worth considering is the minimum payment level. The main rule here is as follows: shorter payment intervals are better.
When it comes to choosing the best Litecoin mining pool, there is no simple or direct answer. Ultimately, this is a very personal choice and should reflect your current needs rather than your long-term wishes. To help you get started, here is a list of the best Litecoin mining pools.
Litecoin mineral pools
LitecoinPool is a great choice as it is one of the most renowned and oldest Litecoin mineral pools in the industry, launched in 2011 by one of Litecoin's leading developers. One of the main reasons for choosing this pool is due to its eight servers spread all over the world.
Other advantages include the fact that it is a pay-per-share pool and a combined data mining pool. This combination of features ensures that you get paid even if a block is somehow "made orphaned" by the network. It is also worth noting that this is one of the first pools to offer safe mining on Stratum connections with TLS encryption.
As its name clearly states, viaBTC is a multi-cryptocurrency mining pool that started life as a Bitcoin mining pool in June 2016. Today it includes mining pools for Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Dash, Zcash and Litecoin, which makes it one of the most versatile mining areas in the world.
Just like LitecoinPool, viaBTC offers its users a pay-per-share payment method. In addition, it offers a pay-per-last-n-shares, or PPLNS, payment scheme. One of the main advantages of using this pool is the fact that it offers cloud mining, making the process accessible to users who can not afford the sometimes expensive mining hardware.
Miners are required to pay a small 4% maintenance fee for PPS payments and only 2% for PPLNS payments. Although it is not "completely free", viaBTC is still a very good option for Litecoin extraction, as the service pays 800 DOGE for each LTC extracted.
Launched somewhere in August 2014, ProHashing is one of Litecoin's largest mining basins and certainly one of the most advanced. It allows its users to extract Litecoin and other scrypt coins and also has coin mining pool with algorithm SHA-256, Equihash and x11. One of the main advantages of ProHashing is the fact that it allows you to extract it automatically, thus increasing the profitability of mining activities.
The pool stands out from its competitors through a single payment system similar to the PPS model. The system guarantees that it can extract various currencies and be paid in others (or even in fiat currency). The service does not charge a transaction fee, but requires users to pay a 4.99% flat which includes access to all of its features.
P2Pool is a different type of data mining pool, as it is a peer-to-peer public mining pool. It can be reached by anyone without registration, which makes it incredibly accessible. It is also completely decentralized, which means that it guarantees greater security. It works by assigning miners pool shares to the completion of each piece of work.
The mining pool uses a specific sharechain, used to guarantee the commitment of various actions. In short, once a pool finds a block, all miners are paid directly in accordance with their participation.
Coinotron is one of the most popular multi-currency mining pools that includes support for ETH, LTC, DASH, ETC, FTC, PPC, VTC and VIA. The platform includes the PPS, RBPPS and PPLNS reward methods, making it an excellent option for users who want to diversify their extraction activity.
The platform charges a 0.4% average drawing fee, the minimum payout is 0.1 ETH and allows its users to "merge mine". This means that users can combine mine by withdrawing another currency (for example, joining my Litecoin and withdrawing Dogecoin).
Last on our list is the umpteenth popular mining pool (and supposedly the largest mining pool in the world) – F2Pool. Some of the highlights include support for three different languages, combined mining availability, multi-currency extraction, real-time speed monitoring, DDoS protection and full Stratum support.
Founded in 2013, the Chinese mining pool Bitcoin now offers support for the extraction of multiple cryptocurrencies such as BTC, ZEC, LTC, SC, ETC, ETH, DASH, DCR, XMR and XZC. F2Pool has servers in the United States and Asia and requires registration so that users can access it. The average fare is between 0.04 and 4% and the minimum payout is 0.1 ETH, 0.001 BTC, 0.01 LTC and 0.1 ZEC.
We hope this list will help you in your efforts to become a successful Litecoin miner. Before choosing, take some time to calculate the profitability associated with each mining pool.