Litecoin mining is simple, safe and profitable if you avoid scams. You also need to be aware of regulations and taxes in your country. More importantly, choose the most efficient method of mining for you based on the information provided above.
If you are into cryptocurrency world for a while now, you must have heard and knew about Litecoin, the so called younger brother of Bitcoin. As new Bitcoins are generated through the process of Bitcoin Mining, similar is the case for Litecoin. Bitcoin mining getting competitive and difficult day by day, crypto enthusiasts are now exploring the options of litecoin mining. In this article you will get to know ” How To Mine Litecoin”
But before jumping directly to litecoin mining, here is a short explanation to Litecoin (LTC).
What is Litecoin?
Just like its elder brother Bitcoin, Litecoin allows people to send funds digitally using the Blockchain technology. Litecoin is peer-to-peer and decentralized, meaning that it is not controlled by any single entity or government. If Bitcoin is Gold, Litecoin is Silver.
The payment system does not handle physical currencies, like the dollar or the euro; instead, it uses its own unit of account, which is called Litecoin (LTC).
If you already know Bitcoin, Litecoin is very similar to it with the following two main differences:
In Cryptocurrency Mining, you need resources like a computer and a special software program that helps in solving complicated mathematical problems while mining a cryptocurrency. (Eg, litecoin, bitcoin).
In the early days people could make profits by mining cryptocurrencies with their CPUs , but that is no more the case today. The introduction of specialized mining hardware (ASICs – Application Specific Integrated Chips), which can mine cryptocurrency much faster and much more efficiently, has made finding solution to the blocks (NONCE) much harder with simple CPU’s and GPU’s.
To get started with litecoin mining yourself, you would need to purchase or build a Litecoin mining rig. In the world of cryptocurrencies a mining rig is simply a collection of technically advanced computers which are then being used to mine cryptocurrencies.
In order to be effective, you will need a computer with at least two graphics cards. These can be purchased online or you can build them yourself.
Alternatively, you can also consider the option of having your own ASIC Miner. They have dedicated mining machines that increase your cryptocurrency mining power. This machine is expensive due to huge power consumption costs, so you can also consider switching to ASIC miner that comes in low-power models and also allows you to save on electricity supply.
Cryptocurrency Miners put a lot of their thought into considering the right miner to mine their desired cryptocurrency. It is important to make use of the fastest and the most efficient miner for mining in order to recover invested funds in quick time, make profits, while also not exposing your own resources to high expenses.
Antminer L3+ is currently the most powerful Litecoin mining machine by Bitmain. It boasts a 504MH/s hash rate with a power consumption of 800W for roughly around $1600. You can also mine Litecoin through a cloud mining contract with Hashflare or Genesis Mining.
You can buy Antminer L3+ directly at Bitmain webiste or at Amazon.
Apart from the impressive hash rate and low power consumption, AntMiner L3+ is also lightweight and weighs only as much as 6.5kgs to be exact.
The L3+ ‘s selling price is around $1,600 USD. With its hash rate, one can generate upto $3,266 USD annually by Litecoin Mining. But these figures are calculated considering the Litecoin price, level of difficulty as on the date of publishing this article. If you are really serious about Litecoin Mining, i would suggest you to visit WhattoMine.com
On WhatToMine, you will get the exact profits you can earn by litecoin mining or mining of any other cryptocurrencies.
Though the earnings you will get on completion of each block would be lesser, but you have a much better chance for a steady income by joining a litecoin mining pool. A mining pool is simply a pool of cryptocurrency miners who club their resources and share the profits earned on the proportionate basis. Clubbing your resources with other miners will give you a better chance to earn bigger rewards for completing blocks on the blockchain.
In case if you are also interested in Bitcoin Mining, here is a “L
ist of Top 5 Best Bitcoin Mining Pools.”
Regardless of that fact if you are mining litecoins for yourself or joining a litecoin mining pool, getting a litecoin wallet for yourself is extremely important to store and protect your cryptocurrencies from fraudulent deeds that often committed because the currency is digitally transacted online.
The Litecoin Core wallet looks like the prefect fit for the litcoin storage and protection. It can be downloaded from the litecoin.org, the official site of the Litecoin cryptocurrency.
We have discussed in detail about various types of Litecoin Wallet in details. Read:- List of Best Litecoin Wallets To Safely Store Your Litecoins
You may store your Litecoins on cryptocurrency exchanges if you are looking for trading them on regular basis. Although it is never advised to store your cryptocurrencies for long term. In case you are looking to hold your Litecoins for a longer term, I would suggest you to store it in cold storage hardware wallets.
Read this article in which you will learn about different types of cryptocurrency wallets and how to protect your cryptocurrencies:
How to Protect your Cryptocurrencies ? What is Cold storage, Hardware and Paper wallet?
Litecoin mining is simple, safe and profitable if you avoid scams. You also need to be aware of regulations and taxes in your country. More importantly, choose the most efficient method of mining for you based on the information provided above.
Litecoin mining is simple, safe and profitable if you avoid scams. You also need to be aware of regulations and taxes in your country. More importantly, choose the most efficient method of mining for you based on the information provided above.
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.
Rohit Kukreja
Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures & Options Market and now Bitcoins & Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain & Crypto communities all over India.
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