It’s a known fact that mining is the basic and the best way to accumulate cryptocurrencies. Like Bitcoin, many cryptocurrency users mine Litecoins. Since the Bitcoin block has become harder than ever, it has become impossible to mine Bitcoin using a regular gaming rig. So, it’s now time to move on to Altcoins unless you’ve an ASIC device. Litecoin mining requires ASIC devices to make it profitable. However, you can try to mine Litecoin free using your PC.
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What is Litecoin Mining:
- Litecoin Mining is done to verify the Litecoin transactions and secure the Litecoin network.
- While Litecoin mining is carried out by the miners, a small amount of new Litecoin will be rewarded to the miners.
- Litecoin mining is the one that maintains a perfect ecosystem in the Litecoin network.
- If you’re new to Litecoin, read What is Litecoin?
How to Mine Litecoin:
- Litecoin mining is the process of performing mathematical calculations to confirm the Litecoin transactions. Litecoin transactions cannot be modified or altered by an individual or an organization or even by the government. The miners from all around the world take care of the Litecoin network.
- The Litecoin is mined using mining software on computers or other devices specifically made for the mining purpose.
- Litecoin mining could be non-profitable if we use devices that underperform. Here, the electricity cost and mining investment would become higher compared with the mining income.
- So a rig with perfect hardware is important to mine Litecoins. Though old-school PCs with the graphics card(s) were profitable previously, now it is really hard to make some with PC.
- Miners now build mining rig(s) with a series of devices specially made for cryptocurrency mining.
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Requirements to Start Mining Litecoin:
- To Mine Litecoins, you need a minimum of at least a Nvidia graphics card(GTX 16, 20 series or better) or a high-end AMD graphics card installed in your PC. If you aren’t a PC gamer, it’s a waste to invest money in buying the
- Your PC must run on the 64-bit operating system to make use of the maximum power of devices installed on your PC.
- You must join the mining Pool and download mining software to your PC to mine.
- You must have an LTC wallet to receive the mining rewards and store the LTC. If you don’t have a wallet, learn how to create a Litecoin wallet.
How does the Litecoin Mining Work? How to Make a Profit:
- As an individual user, it is very hard to mine Litecoin because mining requires a lot of hashing power to complete a block.
- So, people work together to mine Litecoins faster and to increase the probability to earn mining rewards.
- The mining pool formed to work together and share rewards based on their performance.
- As a new miner, join a mining pool instead of working as an individual, then make higher profits as a group.
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How to Mine Litecoin:
- Before mining Litecoin, calculate your device hashing power, power consumption to find if it is profitable to mine Litecoin.
- Join a mining pool – Mining Pool. You can compare different mining pools here.
- Download the mining software and set up your account in the software. Don’t forget to add your username during the setup.
- Once set up, run the Litecoin mining software to make the profit.
- If you don’t have a good mining rig, you can also hire/buy hashing power from the mining pools.
The reason you should consider Litecoin Cloud Mining:
- The cloud mining has become very familiar recently and it is a good thing for starters to invest money in mine Litecoin.
- Cloud mining companies sell hashing power to the users for a certain value where the users can make the profit out of it by investing some money.
- Unlike like self-mining, cloud mining is hassle-free. The cloud mining companies have built huge infrastructure just to mine cryptocurrencies.
- Unfortunately, most of the cloud mining sites are scams. There are very few countable mining sites in the world that are true. Click the link given below to read the review about the best mining companies to invest money.
Click here – Best cloud mining sites in the world reviewed.