First came Bitcoin, then a slew of other coins, and then Litecoin joined the scene. Just like Bitcoin, Litecoin functions as an online platform where users can send and receive payments. Since Litecoin also works on a decentralized network, its peer-to-peer transactions are not controlled by any monopolistic authority. Compared to its ancestor, there are certain differences in Litecoin. First, the confirmation time of its transactions is faster. Secondly, Litecoin makes use of a separate hashing algorithm. However, apart from these, its inception follows the same process as Bitcoin; through a process known as Litecoin Mining. Litecoins: by buying them using traditional money at several online exchanges.
For those interested in Litecoin Mining, it is important to understand what mining is.
Understanding Litecoin Mining
Instead of a central government, the Litecoin supply, the work is spread across a network of computers, with users known as miners. Into huge bundles known as litecoin platform blocks. These blocks, when assembled, form the decentralized ledger known as the blockchain.
To assure that just one blockchain operates on the Litecoin network, the process of creating blocks is made difficult. The block creation process is known as hashing. During this process, miners produces a cryptographic hash which belongs to a specific block. However, they have been trying to find one that fits the specific criteria of the block. Those miners created successfully receive a reward of 25 newly minted Litecoins.
The difficulty level for hash creation is adjusted every couple of days. The basis for this degree of difficulty is the frequency in which the block appears. Work to find each block. The network difficulty is equal for all miners, and is quantifiable, which at present is 6,857,057.
Before beginning Litecoin Mining
Before the users involve themselves in Litecoin mining, it's important that they keep the digital currencies in. For instance, in Litecoin's case, they can be downloaded from the default wallet link. For any support or advice regarding Litecoin, there are many community forums like https://litecointalk.io/.
Users should be aware of it before the wallets are completely operable. Litecoin blockchain to download.
Hardware for Litecoin Mining
In the absence of particular hardware mining, users can employ two methods for Litecoin mining. One involves the Central Processing Unit (CPU), and the other involves the Graphics Processing Unit (GPU). The dairy is based on the graphics card and offers enhanced performance for the required cryptographic calculations. For those who are new to the mining, it is still possible. However, it will be at a much slower rate.
Similarly, it is not recommended to use the simple graphics processor that Intel offers. For maintaining respectable speeds, most Litecoin miners invest in building dedicated machines. These machines are able to house several graphics cards, mostly through riser cables. Since the process is highly system intensive.
Making use of a Mining Pool
Miners can work alone or become part of a mining pool. In these pools, users combine all their processing resources and divide the rewards among everyone. When working alone, the user can keep all the reward. However, this method has less chance of success. Contrarily, a mining pool enhances the chances of success, but the rewards are divided among all participants.
Therefore, for novice miners, it is wise to start with pool mining. In mining only, the configuration of the software becomes a complicated task. In fact, only people with sufficient expertise and experience can carry it out efficiently.
Setting up Litecoin Mining software
- One way of Litecoin mining involves the use of a CPU Miner.
this CPU miner is handy software where the computer has to be able to use a command line. One way to download the software is from Source Forge. This program is available for various operating systems including, Windows 32 as well as 64-bit, Linux and OSX.
- The first step includes downloading the appropriate file for the particular operating system. The user can extract the zip file anywhere on their hard drive. Though it is a "folder on a computer drive".
- Script for batching files, constituting one-line script for launching the miner. Considering a beginner uses a mining pool, the launch will include the correct parameters for the pool.
- The user needs the following details before the launch:
1. The directory's full path which will store the mining program.
2. Stratum URL, belonging to the server of the mining pool.
3. The mining server's port number.
4. The username in the mining pool.
5. The worker number or name.
6. The worker password
- Next, in the text editor of the notepad (not MS Word), one needs to enter the script. The script will use a formula that will depend on the algorithm which the currency uses. Examples include Scrypt or SHA-256.
- Based on the formula, a text will appear. Ending with an extension ".bat".
- Double-clicking on the file will activate the miner program.
- Additionally, the web-based mining pool interface will identify the user as a mining worker.
Another mining method involves the GPU Miner
In the same way that users employ CPU Miner, they can make use of GPUs or other USB Mining hardware. Miners can use the cgminer program, which they can download from the website of the developer. Here it is important to ensure the updated status of the graphics driver. As with the CPU miner, users should download the program on their specific operating system.
However, in this case, the computer needs to detect the graphics card. Next, depending on the algorithm, users enter a command in a particular folder, like c: cgminer . Finally, the program creates a batch file and double-clicking on it will activate the miner program.
Activation of the mining program is just the tip of the iceberg in the Litecoin mining process. Substantial information involving the currency, pooled blocks, and hashing speed, such as across the command line terminal. With more practice and experience, miners can improve their Litecoin mining technique.
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