In cryptocurrency, LITECOIN mining is a process of creating coins through the proof of work mechanism either by individual miners or a group of miners collaborating through a pool. Mining involves the usage of computers and certain software and hardware for advanced mining but this process can also be carried out on a phone too.
LITECOIN Mining a coin involves solving mathematical puzzles and also includes verification of transactions as per the data provided by the investors. Mining any cryptocurrency depends upon the software, hardware, pools and operating system.
Litecoin, a fork of Bitcoin, appeared in the crypto market in October 2011 by Charlie Lee. He was then an engineer in Google who proclaimed the creation of this new coin. This coin offered certain modifications in Bitcoin to deal with its scalability issues. It called a lite version because it has some features that make any person mine or invest in it. As we know Bitcoin termed as gold in value, its fork Litecoin called silver.
Litecoin often serves as a substitute for Bitcoin. Because it is a lite version, it is easier to mine with fewer resources and more storage in the blocks. Its formation done to make it user friendly in its approach. In terms of popularity also, it is equally famous as Bitcoin. If required, you can refer to the information on this website profit revolution to get a better insight into it.
HOW IT IS DIFFERENT FROM BITCOIN:
In the following aspects it is different from Bitcoin:
- Litecoin’s block formation time is much less as i.e., 2.5 minutes compared to bitcoin that is 10 minutes.
- More transaction processing than Bitcoin
- Large block size and can process more transactions than Bitcoin.
- Different algorithms for both of the coins.
- Litecoin is comparatively more scalable than Bitcoin.
- It consumes a lot less electricity than Bitcoin.
For mining a Litecoin you need the following things to become a miner, and that is:
- A software
- A hardware
- If you want to mine on big platforms, you may join a mining pool.
- Other things such as workers, other resources for better performance.
In mining a coin, you need certain equipment to be with you before initiating the mining process. The foremost thing needed is a computer and with it, the other sources that you need are hardware. Litecoin in its earlier time could be mined through the computer’s CPU. Central processing unit but when the GPU mining left by the Bitcoin and it upgraded to the ASIC hardware, Litecoin too switched from CPU to GPU hardware. Hence the hardware primarily used for Litecoin mining is GPU.
Talking about the software in certain applications, software pre-installed for mining. The software and hardware are the two most important things for mining. Further, for keeping the coins mined, you need an online wallet too. So, you need to generate an online wallet for storing the coins that you are going to trade-in.
After that, you can own a coin after it has been mined and start with the trading, investing and do the thing that possessing a coin offers. Be it buying and selling goods and services or generating profitable returns.
The topic discussed above pertains to the mining of Litecoin cryptocurrency. It discusses, in brief, the mining of a cryptocurrency, a brief introduction about Litecoin and its disparities with the Bitcoin cryptocurrency as it is its fork.
I hope the topic provides you with the quintessential information about mining Litecoin. I wish the topic would have served the purpose of removing your doubts regarding this topic. Have a nice time mining Litecoin crypto.