#TypesofLitecoinMining

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What Is Litecoin- Complete Guide For Beginners

If Bitcoin is a gold coin, then Litecoin is a silver coin. What this means is that Litecoin is a fork of Bitcoin core client and it is almost the same as Bitcoin, but the only difference is that Litecoin іѕ far quісkеr аnd cheaper. It is designed to complement Bitcoin, not to compete. Most businesses accept Litecoin for payments and some of the top-most businesses are VPN, Bitcoin Shop, IT Service Ellenet, Sean’s Outpost, eGifter, Benz & Beamer, KnCMiner, VPN, and Bitcoin Shop.

What is Litecoin

Litecoin is a сrурtосurrеnсу which depends upon a peer-to-peer network. It is also an open-source project launched under the MIT/X11 license. On October 7, 2011, it was launched on GitHub by Charlie Lee. On October 13, 2011, its network went live. The crеаtіоn аnd transfer оf Litecoin completely depends upon a ореn source сrурtоgrарhіс рrоtосоl. Its block mining time is 2.5 minutes. The coin limit is 84 million. Litecoin іѕ nоt under the control of the аnу сеntrаl body. It is a Scrypt-based cryptocurrency. Scrypt is a less complex mathematical equation which does not require a high hash rate as SHA-256 requires.

Charlie Lee

Charlie Lee is a computer scientist, a former employee at Google and a former Engineering Director of Coinbase. He is now working with the Litecoin Foundation. He invented Litecoin in order to complement Bitcoin by solving the underlying issues such as transaction times and fees. The main goal behind Litecoin is to confirm more transactions minimizing block confirmation timings from 10 minutes to 2.5 minutes. In his free time, he wrote a Bitcoin-based blockchain technology while working with Google. He attracted to Bitcoin in 2011. He released Litecoin publicly only after mining of 150 coins. Lee was born in Ivory Coast. At the age of 13, he migrated to the United States. In 1995, he graduated from high school. He has completed his bachelor and master degrees in computer science in 2000  from the Massachusetts Institute of Technology.

Litecoin Mining

Litecoin mining is a process carried out for two purposes viz.,  to add a new block of transactions and to generate new digital coins. Litecoin works on the basis of a Scrypt-based proof-of-work (PoW). The first miner to find the solution of a Scrypt hash function for adding the new block will be rewarded with validated Litecoin. Litecoin Mining Difficulty: It is a mathematical equation updated on the network. It will be based on the hashing power of the total network for ensuring that Litecoin blocks are created on every 2.5 minutes. Litecoin Mining Calculator: Litecoin Mining Calculator is used to calculate Litecoin mining profitability. CryptoCompare.com, CoinWarz, WhatToMine, litecoinpool.org, and CryptoRival are Litecoin mining profitability calculators. Litecoin mining profit depends upon hash rate, power consumption, etc. Litecoin Mining Software: Litecoin mining software includes  BFGMiner, ScryptMiner GUI, CPU Miner, SGMiner, CGminer, CUDA Miner, GUIMiner-scrypt, MultiMiner, and Reaper. Litecoin Mining Hardware: Litecoin Mining hardware includes Antminer L3++, Bittech L1 and Innosilicon A4. I. Antminer L3++: It contains 942 watts of power usage, offers a 580 MHz/s and uses Scrypt. II. Bittech L1: It contains 2600W of power usage, offers 2,300,000,000 Hash/per second rate and uses Scrypt. III. Innosilicon A4: It offers 4Mhs per chip performance and 1.5W/MHs.

Types of Litecoin Mining

You should have a Litecoin wallet to store and secure your validated tokens before you start mining. There are three types of Litecoin mining viz., Solo mining, Mining pool, and Cloud mining. You can choose any of them to mine Litecoin. I. Solo mining: It is carried out without any helping hand. A solo miner may not win the block rewards for a longer time, and if the miner wins, then he will not have to share the profits with anyone. II. Mining pool: A group of miners will have to share processing powers for solving a mathematical equation. The group will have to divide profits accordingly. III. Cloud mining: It is a process of using a remote data center and sharing processing powers without managing hardware and software. You need to contact a cloud mining company and purchase a plan. The profits will be transferred to your wallets.

Litecoin Wallets 

Litecoin wallets store and secure your Litecoin. Hardware: Ledger Nano X Wallet, Ledger Nano S Wallet, and TREZOR One Wallet Mobile: Uphold Digital Money Platform Web: Uphold Digital Money Platform Desktop: Atomic Wallet

Litecoin Exchange

A Litecoin (LTC) exchange is an online LTC business. BitBay, Coinmama, Uphold, Coinbase Pro, and Gemini are cryptocurrency exchanges where customers can buy and sell LTC. The customers can trade LTC for other cryptocurrencies or fiat currencies like USD, EUR, Yen. To learn more about cryptocurrency exchanges, click on the link: Cryptocurrency Exchanges: Complete Guide For Beginners-1 Read the full article