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Getting Started: Selecting the Right Mining HardwareĪre you new to mining cryptocurrencies? If so, you’ll find out quickly that the computers used to mine are called “rigs.” A personal computer can also be used to start mining by simply uploading the right software and joining a mining pool – or you can purchase one of these rigs. In addition, the scrypt approach to mining makes it easier for people with basic home computers to participate. The scrypt mining algorithm is designed to take a different approach and favors systems with the largest amount of random access memory (RAM) for mining.Ĭomputers with powerful graphic cards (GPU mining) that were used frequently in the past for bitcoin mining but are rarely used today can be repurposed for litecoin mining. For this method, the more processing power, the better. This algorithm favors systems that have the largest processing power (CPU mining) during the mining process. Here is a quick breakdown of the two algorithms. Bitcoin uses the SHA-256 algorithm, and litecoin uses a scrypt algorithm they are very different. The proof of work algorithm is different. As a result, litecoin transactions are confirmed about four times faster than those of bitcoin. Litecoin’s block generation time is 2.5 minutes instead of bitcoin’s 10 minutes. Rewards are earned only when blocks are generated, so the faster you can generate those blocks, the better. The holy grail of mining is faster block generation. Fewer coins available can translate to a higher value for each coin. In contrast, bitcoin has a cap of 21 million coins, and the currency is further along in its growth cycle, meaning that fewer coins are available. Litecoin has a lifetime cap of 84 million coins, which is about four times more than bitcoin. The lifetime cap of the currencies is different. The theory and the setup are similar to that of bitcoin however, there are a few major differences that set the two cryptocurrencies apart. Litecoin was heavily influenced by bitcoin when Charlie Lee developed it in 2011. Litecoin is often compared to the digital currency bitcoin, and for good reason. Prospective miners just starting out and those who have mined other cryptocurrencies but not litecoin in the past may wonder, “What is the best way to get started?” Here is a helpful guide to review before setting up a litecoin mining rig of your own. Segregated Witness, which is also known as “ SegWit,” increased the cryptocurrency’s capability and transaction speed, which are important factors in the mining process.
Best mining software for litecoin upgrade#
The litecoin community, however, activated a technology upgrade this year, which sparked additional interest. News outlet CNBC reported that “Litecoin hit a record high, up nearly 1,400 percent this year.” Litecoin rose in rankings to the fourth-largest cryptocurrency in the world, and it wasn’t the only cryptocurrency experiencing growth – bitcoin, ethereum and many others were inching up as well. The cryptocurrency litecoin made national news headlines this year, mostly for its rapid growth.