Litecoin is an altcoin of the first phase developed by a former Google engineer, Charlie Lee in October 2011. Lee wanted to create a cryptocurrency faster than Bitcoin and easily accessible, with the goal of processing a block every two minutes and a half compared to ten minutes of bitcoin.
Currently, hashrate for litecoin is 247.29Th / s as shown in the above graph, which means that with the power of the hash of 247.29Th / s it will take 2,396 minutes to find a block.
Litecoin uses the Scrypt algorithm for its reduced blocking time while Bitcoin uses SHA-256 hash algorithm. One of the fundamental differences compared to SHA-256 is that Scrypt can work on the CPU and consume less power and is therefore popular among individual miners. Scrypt is memory intensive, which means that the numbers generated by Scrypt are also stored in RAM so that you can access them continuously before sending the result and it is faster.
Litecoin Mining: –
To minimize litecoin on windows we need: –
1.) Litecoin wallet
2.) An account on litecoinpool.org
3.) Encryption software
Litecoin wallet: –
- First, download the litecoin wallet from litecoin.org and install it by following the prompt. Once installed, open the Litecoin Core application, the following window showing the synchronization of the litecoin blocks at the bottom. Synchronization can take hours, even days, depending on Internet speed, but it does not need to be fully synchronized. Users can start creating a new mining address as soon as synchronization is started.
- To generate an address, click File-> Receiving Addresses as shown below.
- Now click on "New" in the window that appears later. Then write the litecoin wallet name in Label and click "OK". You can call it anything.
- Now the address is generated, you can copy the address by right clicking on the address tab.
- Go to https://www.litecoinpool.org and select the Join tab and create an account by entering your details (requires e-mail verification). Select the main hardware as CPU. If you have something else, select it. This tutorial is primarily for CPU mining, although you can choose your hardware and make changes accordingly.
The other options are
- Now go to the & # 39; Account & # 39; tab of the litecoinpool window aPaste the address in "Payment address" of the litecoin wallet by following step 4 and click Save Settings.
We can add "Workers" according to our requirements, by default c & # 39; is a "Worker" with a default name and password. The operator is used to manage different devices from a single account.
To add more & # 39; Workers & # 39; enter your username and password and click on "Add worker".
Mining software: –
We have created our litecoin portfolio and litecoinpool account, now we need to install software for mining. We will use the cpuminer software that can be downloaded from Here.
Once downloaded unzip the folder.
Creating a batch file: –
Open Notepad and copy paste the configuration code from https://www.litecoinpool.org/minerconfig according to your system. For the author system, the code is: –
minerd -algo = scrypt -url = stratum + tcp: //litecoinpool.org: 3333 -userpass = Priyeshu.1: 1
In the configuration file above, litecoin.org is the server name. There are four servers; you can change according to your location, the following are the server addresses: –
stratum + tcp: //litecoinpool.org: 3333(Europe)
stratum + tcp: //us.litecoinpool.org: 3333(East Coast of the United States)
stratum + tcp: //us2.litecoinpool.org: 3333(West Coast of the United States)
stratum + tcp: //ltcpool5brio2gaj.onion: 3333(Tor hidden service)
Save the file in the same location where the cpuminer is decompressed and save it as a .bat file.
Now we are ready to extract litecoin, double click on the newly created batch file.
You can access the Press History on the Litecoinpool mining page and click View Complete History to view the detailed description of mining activity.
The litecoin can be seen in your wallet, once exceeded the threshold limit that is minimum of .01 LTC, this can be configured in Account Settings: –
So we are finally able to extract Litecoin mines on a laptop. The execution of the same operation using miners and sophisticated hardware can generate extra revenue, the scope of mining that we discussed in this article is purely educational and does not make any financial sense to do so.