So you've heard about Litecoin mining and you want to find out more.This page is for you.See the Litecoin Association's introductory video to Litecoin.Just like its older brother Bitcoin, Litecoin is an online network that people can use to send payments from one person to another.Litecoin is peer-to-peer and decentralized, meaning that it is not controlled by any single entity or government.The payment system does not handle physical currencies, like the dollar or the euro; instead, it uses its own unit of account, which is also called litecoin (symbol: Ł or LTC).This is why you will often see Litecoin categorized as a virtual or digital currency.Litecoins can be bought and sold for traditional money at a variety of exchanges available online.If you already know Bitcoin, Litecoin is very similar, the two main differences being that it has faster confirmation times and it uses a different hashing algorithm.Instead of having one central authority that secures and controls the money supply (like most governments do for their national currencies), Litecoin spreads this work across a network of “miners”.

Miners assemble all new transactions appearing on the Litecoin network into large bundles called blocks, which collectively constitute an authoritative record of all transactions ever made, the blockchain.The way Litecoin makes sure there is only one blockchain is by making blocks really hard to produce.So instead of just being able to make blocks at will, miners have to produce a cryptographic hash of the block that meets certain criteria, and the only way to find one is to try computing many of them until you get lucky and find one that works.This process is referred to as hashing.The miner that successfully creates a block is rewarded with 25 freshly minted litecoins.Every few days, the difficulty of the criteria for the hash is adjusted based on how frequently blocks are appearing, so more competition between miners equals more work needed to find a block.This network difficulty, so called because it is the same for all miners, can be quantified by a number; right now, it is 255,206.

Litecoin mining can be profitable, but only under certain conditions.In the early days people could make a profit by mining with their CPUs and GPUs, but that is no more the case today.The introduction of specialized mining hardware (commonly referred to as ASICs), which can mine much faster and much more efficiently, has made finding blocks much harder with general-purpose hardware.litecoin forum downIf you compare the profitability analyses for a CPU, a GPU and an ASIC, you will see that the costs of CPU and GPU mining largely exceed the rewards, and even with free electricity the profits are so small that they are hardly worth the effort.goldman sachs bitcoin researchUnfortunately, ASIC hardware is far from being a sure-fire investment either.free bitcoin voucher code

Potential buyers should be extremely careful, as various elements should be considered: Most importantly: always do your own research, and never trust any single source of information.Good starting points are LitecoinTalk.io and the /r/litecoin and /r/litecoinmining subreddits.Don't feel like investing in expensive hardware?Not everyone needs to be a miner.In fact, the easiest way to get started with Litecoin is to buy some at an exchange.bitcoin ticker nyseAs we've seen above, finding a block is very hard.bitcoin mining profit formulaEven with powerful hardware, it could take a solo miner months, or even years!bitcoin sheffieldThis is why mining pools were invented: by sharing their processing power, miners can find blocks much faster.bitcoin market arbitrage

Pool users earn shares by submitting valid proofs of work, and are then rewarded according to the amount of work they contributed to solving a block.The reward systems used by mining pools can be roughly subdivided into two categories: proportional systems and pay-per-share systems.Choosing a mining pool can be a very personal decision, and several factors should be taken into consideration, including features, reliability, reputability, and user support.setup bitcoin ubuntuASIC devices usually come with mining software preinstalled on an integrated controller, and require little to no configuration.litecoin miners wikiAll the information you need to connect to the pool is available on our Help page.litecoin pool forumIf you have decided to do some CPU mining (just for the fun of it, since as we've seen above you are not going to make any profit), you should download Pooler's cpuminer.mine litecoin with asic

GPU mining is considerably harder to set up, and not much more efficient than CPU mining when compared to ASICs.Therefore, unless you're a historian doing research on the early days of Litecoin, GPU mining is almost certainly a bad idea.Cryptocurrency is back in a big way, that much has become abundantly clear to me while pottering around the show floor at this year’s Computex show.que es hash bitcoinAnd it’s making AMD’s 500-series cards pretty thin on the ground.ethereum block statsYeah, yeah, crypto-mining... whatever.ethereum trade symbolThese are our pick of the best graphics cards for gamers.bitcoin dvrThere are a bunch of different motherboard vendors at the show, such as ASRock and Biostar, displaying boards specifically designed for mining these crypto-currencies.valor do bitcoin hoje

These are motherboards with more PCIe slots than you’ve seen Half Life 3 rumours.Cryptocurrencies, like Bitcoin, Litecoin, and any other word+coin you can think of, are basically digital currencies, but the only way new units of currency are generated is by unlocking them from the hidden depths of complicated mathematical equations.The equations are solved, and the currency therefore unlocked - or mined - using the parallel processing power of your PC.enjoybit bitcoinYou can use a CPU to mine cryptocurrencies, but the GPU inside your graphics card is much better at chewing through the weird mess of maths needed to uncover whatever ‘coin' you’re mining for.bitcoin kullanan yerlerAnd AMD GPUs are much better at it than Nvidia's.bitcoin mollyThat’s why every single monster mining rig on display on the Computex show floor was rocking anything up to 13 graphics cards, and why most of them were using AMD’s Radeon RX 470.dogecoin to dollars

You might think, ’meh, let ’em get on with it,’ but the recent introduction of a different kind of cryptocurrency more easily mined with current graphics cards, called Ethereum, has had an impact on the number of AMD GPUs actually available for us normies to buy.I spoke to a representative from Sapphire, AMD's largest board partner, at the show and he said that, while it’s great for their bottom line, they're not loving it because it’s not really doing anything for the brand.dogecoin to dollarMiners don’t really care who makes the graphics cards, they aren’t that interested in any features board partners have added in to differentiate themselves from the competition, they just want to run the GPU ragged until it dies.litecoin wallet idWe’re so far down the road with mining now that you’re not going to get very far with your own bedroom setup; those days have long gone.sälja litecoin sverige