Litecoin is a cryptocurrency that offers fast transaction confirmation, on average 2.5 minutes, and uses an algorithm known as “Scrypt” and the Proof of Work confirmation type. This makes it available for mining on conventional computers and graphics processors that most people can afford. There is no need for specialised devices.
Litecoin became the first cryptographic currency of the top five that implemented a SegWit solution to scale. Today many people seek to mine this currency, but the problem is they don’t know how. Read on to find out how you can mine Litecoin and what you need to do it.
What is the process for mining Litecoins?
Mining is a process that is based on a series of calculations completed by the user’s computer. The miner is then rewarded with a cryptocurrency like Litecoins. To begin the process, it is necessary to install on your computer a special program.
You must take into consideration that at the beginning, the size of the earnings can be very good, but it will depend directly on the type of the graphics card that you use and its performance, since this is vital for all the operations to be performed. The majority of mining experts indicate that an ATI video adapter is the best for this activity.
Therefore, it is advisable that before proceeding with Litecoin mining, you buy a good computer, especially with a high-quality graphics card. For litecoin extraction, you can use a CPU instead of a graphical adapter, but this is not advised as method is less efficient and does not supply good earnings.
Once you have purchases the computer, you can install the graphics card and if everything is working well, then you can proceed with the activity.
After you buy or upgrade a computer, install the graphics card and everything is working perfectly, you can proceed directly to the activity.
For that, you can follow these steps:
Install a Wallet of Litecoin-qt type on your computer. This is a very simple to achieve, the entire search, download and installation process takes only a few minutes. It is advisable to choose the most recent version, as it is the most convenient for this type of operations.
After this, you must download and install the Litecoin mining program. There are several methods you could follow, but the easiest way is to go to the official Litecoin site.
If you want to get a higher income, you need to install a productive graphics card. After downloading the mining program, you should start doing some research into which mining pool you feel will be most suitable for you.
You should take into account that in the digital world there is a fairly large number of pools for mining, one of the oldest and most popular is called “Pool-X.eu”.
After you have found a suitable pool, you must register with it. To do that, all you have to do is go to the site of this pool, click on the registration button and complete the form.
The registration process is almost the same as a similar action on any website or forum. After completing the registration, you must set a password. In the folder where the miner is located, you must create the required file containing this information. Keep in mind that the number of threads is not constant, it will always change. At the end of all these operations, you can run the miner and start earning Litecoins.
Mining Litecoin individually is not effective enough, so this why participants are united in these pools, putting all of their effort and computer power together. All the participants in the group are dedicated to solving a cryptographic problem.
Remember that the amount of Litecoin mining’s income depends on three main factors. These are the time that will be devoted to the work, the technical characteristics of the computer and the current course of the cryptocurrency.
So, if you want to start mining Litecoin, don’t worry, the mining process is not difficult. Even starting from scratch, you can count on getting your first pay out pretty quickly.