Another major difference is that Litecoin helps you verify transactions faster than Bitcoin. StormGain is a Litecoin mining application that enables you to invest in digital currency without any hassle. This Litecoin mining program offers a user-friendly dashboard to analyze rising and falling asset values.

Setting up a mining rig can be quite costly, so you would want to do it for a coin that won’t fade into obscurity in a few months. You can read our thorough Litecoin price analysis to decide whether you think this coin will be worth mining in the long run. There’s no one answer to this question – it all depends on what Litecoin mining hardware you’re using, your electricity costs, and more. Secondly, you also need to consider the electricity bill and power consumption. Some miners rent out big, spacious buildings like warehouses to store their mining rigs in. Not only is electricity usually cheaper in such places but also the spaciousness will help with the cooling.

Evaluating your capabilities will determine the type of hardware you choose. Also, in the Monero case I mentioned above, the X3’s were eventually used to mine other CryptoNight coins that haven’t forked yet and were actually quite profitable. This system also allows you to get payment in coins that you think have a higher likelihood of increasing in value over time.

Geopolitical Tailwinds Have ‘Strengthened Long-Term Value Proposition’ of Crypto: CryptoCompare Report

However, if can you mine litecoin seriously wondering “can Litecoin make you rich? ” you’ll want to consider an ASIC – essentially a piece of Litecoin mining hardware that specializes in crypto. It’s not too different from a traditional GPU, it just has that special focus. No matter which method you choose, you’ll need a Litecoin miner – a reasonably powerful GPU or CPU – to get started. Litecoin is a cheaper asset, often considered the digital silver to Bitcoin’s digital gold.

Indeed, much of Litecoin’s architecture is similar to Bitcoin’s architecture and has become influential to blockchain developers and crypto enthusiasts. It was created two years later than Bitcoin, making the technology for its creation slightly more advanced. Although much of Litecoin’s codebase is taken from Bitcoin, Litecoin is faster than Bitcoin, with four times the transaction throughput. It was never meant to usurp Bitcoin but to help blockchain technology grow.

How to mine Litecoin in 4 steps?

You can select on the mining pool homepage to see the active hashrate. A LTC mining difficulty of 24,637,435.87, a LTC mining hashrate of 9,500.00 MH/s consuming 3,425 watts of power at $0.10 per kWh, and a block reward of 12.50 LTC at $88.03 . The Litecoin mining profitability results and mining rewards were calculated using the best LTC mining calculator with the following inputs. Enter your Litecoin mining hashrate, power consumption in watts, and costs. Although Antpool does not charge any fees to join, they do keep all of the transaction fees for any blocks that the pool mines.

Of course, this time can vary based on Litecoin difficulty of the blocks. As your device mines, any rewards will be automatically deposited into your wallet. When it comes to Litecoin compared to Bitcoin, there are 84 million possible Litecoin, making the asset much more accessible for everyone. On top of this, blocks are processed every two and a half minutes or so on Litecoin, while Bitcoin is ten minutes. This is an incredibly fast piece of Litecoin mining hardware, and it’s even made by a crypto-focused company called Bitmain.

How Much Can You Earn Mining Litecoin?

Mining isn’t for everyone—acquiring the right hardware and powering it can involve a significant amount of effort and expense. What’s more, you may find yourself competing with industrial-scale mining operations, such as Riot Blockchain, Marathon Digital Holdings, and Argo Blockchain. If you want to go all-in on mining LTC, you should check out the Innosilicon A6+ LTC Master. This beast is one of the most powerful LTC mining ASICs in the industry, churning out 2.2 Gh/s.

There’s little doubt that mining Litecoin now means that you need to spend a lot of money on hardware that is powerful enough for mining. When Litecoin was launched it was still easy to mine it using a graphics processing unit connected to a standard computer. In fact, mining started requiring so much computer power that electricity expenditure became a really big aspect that had to be included in the expense of mining. So, mining is now a good option for people who live where electricity is cheap, or for big groups who could pool their resources in order to obtain computer power cheaply.

You should consider the amount of energy used by an DOGE ASIC miner. The Litecoin ASIC miner, the Antminer L7, uses approximately $10 per day in energy. Your energy bill would increase by more than $3,500 per year, further reducing your yearly profits.

Wanting to earn LTC, you still need to pay for the possible high cost of electricity usage. Additionally, you must decide to mine for extra money or hold it and sell it later. These considerations should help you determine if mining is a good path. Because Bitcoin inspired Litecoin, mining for Litecoin is also quite similar to mining for Bitcoin. They both require devices and computers with specialized hardware and software that can solve extremely complex mathematical processes. Litecoin , created by former Google employee Charlie Lee, was released in 2011 as an alternative to Bitcoin and has gained popularity ever since, with various users mining it.

Just enter your LTC mining hashrate, power consumption, and costs and you can find out the potential profit you can get in one day. This can be a good way to plan out your mining operation if you’re serious about it. This is another good ASIC Litecoin mining hardware option if you’re looking for reliable Litecoin ASIC mining hardware. Although this rig is more expensive than the basic version of Antminer ($500 vs $300) and is less powerful, it has its benefits. Firstly, it has much lower power consumption, so it can be more profitable in the long run.

As described before, each hardware solution has its limitations of hashrate. Initially, LTC’s hashrate was very low, allowing normal computers and laptops to use their CPUs. After the miners are up and running, the performance statistics are expected to be live in approximately 10 minutes.

As we can see from the charts, the first time the Litecoin hashrate really gained traction was in mid-2017. Litecoin mining is labor-intensive and requires substantial investments. If you feel that mining is not for you, there are alternative ways of gaining valuable cryptocurrency. So, with Prohashing you don’t have to put all your eggs in one basket. You can get paid via any number of coins, with any weight you assign.

Thanks to Procan you mine litecoining’s smart system you’ll likely make more Litecoins than you would have by just mining Litecoin on another pool. This way you’re spared from making all the calculations in the hunt for the most profitable pools. Joining a mining pool is a good way to make a constant revenue stream with your miner. In this chapter I will show you how to set up your L3+ with two different mining pools, depending on the way you want to be paid out. In this guide I will use the Antmier L3+, a very powerful ASIC miner that uses Scrypt to mine Litecoin.

That being said, the best way to mine Litecoin is still through an ASIC. However, an ASIC for Litecoin specifically, already has customizations that suit the blockchain. The one you want to look for is the Antminer L3++ as those have much of the recommended specifications needed. The problem with looking out for this ASIC, however, is that you might have a rough time finding quality ASIC miners. There is a world where you can grab one of these on a website for around $500 but you should carefully vet the person you buy it from. And remember, an ASIC’s purpose is only mine cryptocurrencies.

https://www.beaxy.com/ is based on Bitcoin, so if you're familiar with Bitcoin mining, then learning about Litecoin mining will be easy. Even though mining Litecoin is a lot like ADA mining Bitcoin, there are a few key differences. For starters, instead of 10-minute block times, Litecoin has 2.5-minute block times. Instead of a maximum supply of 21 million coins, Litecoin has 84 million coins.

From there, every four years going forward, Litecoin will experience another halving, bringing Litecoins issuance down to 0 eventually. Litecoin can be mined at home on almost any computer, but that doesn't mean that the computer will mine Litecoin profitably. Even so, any computer can download and run the Litecoin mining software to earn a bit of LTC. Anyone can mine Litecoin on their home computer, the question is whether they will be profitable. Unless miners are running specialized hardware called ASICs, it is unlikely that they will make any money mining Litecoin. When Litecoin began, 50 LTC were given to the miner that solved each block.

• Despite its age, Litecoin has never had as much popularity or name recognition as other crypto coins of similar age like Bitcoin and Ethereum.
• To counter this, LTC uses an adjustable mining difficulty that increases the complexity of the calculations as more computing power joins the network.
• If you bought a car, after a few years you might want to sell it to help pay for a new one, right?
• In return for verifying a full block a Litecoin miner gets a reward.

Individual miners cannot compete with the large mining farms backed by mining companies. Individual miners can combine their computing power with the group to collectively compete. You will need to pay a fee to the operator of the pool and rewards are slightly lower but using a mining pool will ensure rewards remain frequent. Look around and compare pools, as there are different fees and payout structures/frequencies. After selecting an appealing pool, the next step is to start mining and receiving crypto payouts. Hashshiny is cloud mining software that allows you to find profitable mining pools with ease.

Miners are the backbone of any blockchain network and as such, they are the ones that not only secure the Litecoin network but are also progressing the chain. They confirm all transactions through PoW and therefore ensure that double spending is not possible. After the settlement is completed, mining income will be credited to your Binance Funding Wallet.

This is meant to handle many problems, such as energy consumption, of Proof-of-Work. Proof-of-Stake operates on mining power based on tokens a user owns. It doesn’t need the large computational power of older generation blockchain mining.